>> they were leading the charge going to buy it in the trump administration, walmart, too. tomorrow, cpi, consumer price inflation, was january an outlier or do we get another hot number? how does the market deal with that as market prices in four cuts for the feds. >> and in the middle of a blackout window on the fed. >> quiet until next week. >> let's get to the judge and half. >> welcome to "the halftime report" i'm scott wapner. momentum inwind as several trades are reversing. the investment committee now looking at whether that continues. joining me today, joe, amy, steve, jim, we'll take you to the markets today. we're slightly red across the board, dow, s&p and nasdaq all giving back. our focus is on nvidia, amy.

which is red again too. a few moments ago it was green. this is the big story. questions about whether it's topped, an unwind is coming. we haven't seen you in a few weeks. you've been trimming this name like many others. >> yes. we owned this name for a long time. when a stock doubles a relatively big position in three months it's prudent to trim. we trimmed. it's okay we still own the stock. it has the perfect set up right now. buyers with a lot of cash flow, concentrated positions. too little capacity, too much demand. we think it -- there's nothing to stop it in the near term. but from a long-term perspective it's prudent to take profits we think. >> price target to 1200 from 900. as the stock has elevated the chase has continued on the street. you keep getting price targets

going up up and away. i'm wondering how you view the stock, if you view that as a moment that was $100 higher on friday, and then the reversal, whether we need to pay attention to this stock more than any other in the market. >> unfortunately i do think we need to pay attention to it more than any other in the market. now having answered your question i will say at some point nvidia is going to roll over and correct but not something worse than that. bears point out the multiple, 35 times forward earnings saying it's expensive for a chip stock, this is a chip stock growing 50% year over year. that's going to come to a stop, just not any time soon. at some point you get the double and triple ordering but there's no indication of that right now. if there is a correction, 5, 10%, i expect the dip buyers to come in on nvidia. if you owned nvidia, amy talked about trimming it because you owned it for a while.

i owned it eight months it's up 100% in that eight months. at some point you have to trim these. i'm at 14% in the chip space not because i'm a hero but the chip space has rocketed. at some point you have to think about taking money off the table. for me the trigger is going to probably be cpi tomorrow. we think it's coming in a little hot but as long as it's in line with expectations, the trade continues. if it's too hot maybe that's the time to take off some money. >> i'm wondering who else is in danger of any kind of rollover from the chip trade that's been on fire not just the smh which is reflective of the trade itself but supermike crow up 350%. you have arm and amd up more than 100%. taiwan semis up 53%. broad com is up 53%. there's others on my list. do we need to look down saying

that one could be in trouble, that looks like it's susceptible. maybe the a.i. halo got ahead of the fundamentals? how do you look at this? you own taiwan semi, right? >> reporter: >> yes. to amy's point from last year it's up 50%. i trimmed a little off, which was prudent because it got to be too big a position. it's an easy answer to your question. go and look at nvidia reported after the close, just go and look at what the top performers, what the stocks that did the most on the day after they reported, and that will tell you what's more susceptible than others. i think some are clearly ahead of themselves. some clearly have no valuation support. i don't know that nvidia is there. forget about what the stock has done, 35 times forward. and jim had it right. if you're going to keep growing

your earnings 50% but they won't keep growing 50%. that's the issue. the points is where do you get off? i think there's a lot of people that want to come in that haven't bought yet. >> nvidia. >> yes. i don't know if the floor is 600 or 700. here i own very little on it. i bought it on a dip last week. for me it's not that important to my portfolio but taiwan semi is. >> they outperformed, expecting stronger growth market. >> it's a market multiple. if you own nvidia you have to look at taiwan semi, because guess who's manufacturing those chips for them and the others? so they're basically the supplier in an arm's race. they supply to all of them. you have to get a major part of their production. but also asml we were just talking about it right before

this, they've just got new products coming out. they will be arming meta and microsoft and intel. so amy has owned it for a while, i own it. i think the future is bright there. but it's not cheap. go out a year and a half it's 25 times. >> this is a question about momentum which is why i saved joe for last your whole investing strategy professionally is around momentum, obviously. >> yes. >> if you look at whether we're in early stages, early innings if you will of a momentum rollover, where you're going to have money going into the laggards, meta, amazon, salesforce, broad com, uber microsoft are all lower. apple, tesla, alphabet are all higher. you're all over the list of the biggest winners since november 1st, whether it's your amd or your crowd strike or your

palantir, broad com, salesforce, aris ta -- that's just for startings. you have all of these holders and all are up from the most recent bottom. >> yes. that is why i have the overlay of quality on top of momentum. exactly for the sbienvironment t you're in now. when momentum rolls over you don't have exposure to the single factor. let me speak to what's going on right now in the market. the concern i have is this is the next several weeks going into the federal reserve meeting. one of the more dangerous periods of 2024 for investors. they're going to attempt to make decisions based on the price performance of the past. no new fundamental information, we're past the earning seasons and right now the technicals are in control of the market. it's obvious momentum has

broken. look at nvidia you have to know your technicals in nvidia, the low last week was 834, the low this morning is 841. so that's a support area. but the technicals are going to be in control for the next several weeks and the ntechnicas don't set up well. what you're also witnessing you don't see a lot of broadening out with momentum. overnight japan broke down. have we seen crypto break down? that's arguably the hottest area of momentum in the market right now. so i think there's more to go in cooling off this white hot momentum that we've had so far year to date and i just urge the viewers to understand that the process of correcting momentum is technically oriented. that's a dangerous place to be when you don't have fundamentals. >> this market, for all of the

momentu momentum/froth/exuberance/ euphoria has had the ability to self-correct without falling apart. spacs corrected, nfts corrected. all this other nonsense self-corrected so maybe you have the momentum names ahead of themselves. but you have the rotation. money coming out of nvidia maybe it's finding a home in apple or maybe finding a home in tesla or alphabet. >> let's not lose sight of the fact that the s&p 500 small caps has outperformed s&p. >> is that new high for the equal weight s&p 500? did you realize one fifth of that index hit a new 52-week high recently. so it's not like you've had a vacuum. you had the stocks at the top go down and nothing else is shoring

up the foundation. >> yeah. well i -- that's the point. the broadening is happening. it's possible for the rest of the market to come up to meet where the magnificent seven or fabulous five, what are they are. it's possible to come up and meet that performance. i think it's happening. i do see the broadening. i mentioned it in equal weight and small caps. but i don't see the breakdown we're talking about here in terms of momentum. i see nvidia up two and a half percent the last week. that's pretty strong momentum. if question look at friday sure it was down but that's one day. >> talking about the reversal from friday which was powerful and had follow through -- >> it's just one day. >> i'm not disagreeing with that. >> it is just one day and one day doesn't a trend make. when a stock like nvidia rolls 100 bucks in a day. that's something that gets your eyes wide open. >> let me say this quickly. 100 points in one day, i got

you. but also equally strange is that it was going up 2% every day for two weeks. that was strange, that was odd. that needed to be corrected. >> i think we focus too much on the big stocks, the dollar price movement rather than percentage movement and away from nvidia on friday. and away from perhaps even meta. meta is down 20 bucks today. i bought on the flush but it's down 4% on the highs it's nothing relative to where it's come from. i think the momentum is dictated by cpi and then ppi on thursday and right now setting the stage to be more dovish. it's only natural. joe is looking to february for the correction. the market has to consolidate at some point. no matter what the tailwinds are it has to take a breather. sure valuations are extended but for others they're not extended. >> a breather is a lot different

than a slumber. a breather means you take a rest and you don't go into a full long-term slummer in these names and you have things like alphabet and apple. tesla has its own issues, too. alphabet for example, are things really that bad? the narrative in the news so negative every week on this. saying although sentiment is not as dire as the market's mood around meta in october of 2022, we hear ourselves urging investors to stay the course and have trust that leadership will innovate through the challenge. it's hard to get negative on apple and alphabet but we've heard only negative sentiment on those names. this now they're working. if they continue to work you don't think about nvidia every day. >> quite as much. there's so much around these stocks. look at the biotech the last couple of weeks. it's done well.

there are other areas of the market to focus on. i do think if apple continues to correct it becomes more interesting but still trading at a 25 times multiple for a stock with almost no growth and a very high market capitalization. they have the buy back to support them. so it puts them in a different category. i would look for this to broaden out, the market to broaden out. if cpi comes in as i expect and inflation continues to wain, that will support the market. but i encourage people to look beyond the maf gnificent seven today. >> wolf goes to 5,300, quote, shifting to the no landing scenario. the bull still has plenty of fight, barrens. ubs, it appears the support of the equities still remains in place. nobody is ready to give up the ship because you could have a

momentum reversal. >> without question i think we're all saying the same thing. i think we're trying to guide the viewers towards what's going on right now in this environment. it's clear. i don't think anyone has changed their overall bias towards 2024 being a positive year for risk assets. you have the conditions, fundamental conditions set in place from 2023 from the federal reserve to coming out of the earnings recession. to innovations reflected in earnings, witnessed from artificial intelligence. no one is saying that. i think what we're acknowledging is the price action on friday in nvidia, the price action in other stocks which has appreciated the same extent. you can make the same argument. eli lilly, amd, all stocks up significantly year-to-date that are finally experiencing a much needed and healthy correction. and i think that's full stop. that's what we -- right now

that's what this is about. it doesn't mean it's an inflection point but doesn't mean it ends in 24 hours. >> to your point, amy will back me up when we worked together over 20 years ago, i don't think a year went by where people said, intuitive surgical look how overvalued that stock is. that's what they're saying now. they're saying in two years i should have bought intu tiff surgical back then. that's why i bought more. it was maximum activity. talking about google, a presidential election where advertising picks up. and one of the two winners in a.i. right now, being microsoft. and selling at a discount to the market when they added to it. those are when you have to take the opportunities. >> do we think apple found footing here? >> yes. >> got back up now almost to

173. you've had finally some buying in that name. >> you had buying because capital is moving out of the hot momentum area, the winners if you would, and moving to apple and it's looking to apple and utilizing apple as a port, so to speak, a source of where almost a defensive element and the element of listen we know this company buys back a significant amount of their shares, raise a tremendous amount of cash flow, so it's nothing more than a rotation. >> with 25 times earnings. >> i want you to be right, joe. i have a position. if it goes down to 160 i buy more. the technicals this is your domain, look a little ugly. >> they look lousy. >> yes. i look at the 200 day about to roll over. the idea the trend on the 200 day would go negative in a rising market is ugly. the 50 day wants to cross the 200 day and you don't want that.

let's hope you're right. i want you to be right. >> you look at these names, the ones i mentioned to you and say, i'm most worried about x stock that -- >> tesla. >> i know but that's -- but that's one that has had no momentum. i'm talking about ones that have had a lot, gone up a lot and you're all over the trades. you're saying palantir is up 67% -- i'm just using it as an example not saying anything, it's up 67%. they're deemed to be an a.i. player and winner. crowd strike up 80%. >> if i worry about the momentum trade i worry about the strongest pillar of strength, and that's nvidia. to me nvidia tells you everything about the momentum trade itself. >> you just answered the question. if nvidia has lost the momentum in the near term you're telling me that arm is going too and amd and these other names too.

>> correct. it's all part of a universal momentum factor. and in 2024, the momentum factor was up nearly 20% year-to-date. you had strategies that were allocating towards the momentum factor and saying okay in the universe of momentum which are the stocks that qualify as strong candidates in momentum in 2024. we're going to buy those stocks. it's factor investing at its best. >> nvidia is the litmus test that's what we're saying? >> without question. >> all these other names -- >> you asked this before when i asked -- i wanted to state this more dramatically. >> don't you own kwqualcomm? >> i am. i think bigger point i want to make, scott you were making it before, outside of tech, chips, things are starting to work again. things i've been known and ridiculed on the show a little

bit for, i get it, things like gm is working, qualcomm, citi group, things like the airlines. there's a lot of stuff. >> know you couldn't get through anything without mentioning cleveland clinic. >> couldn't get through the first block. >> it's do canning great. >> if we're going to worry about nvidia, i'm with you, joe, we can take comfort that the rest of the market is doing well. >> listen, i think you're misunderstanding -- >> i'm not disagreeing with you. >> i know. what i'm trying to communicate is i'm just trying to define the environment. okay. you're making a fundamental argument. >> yes. >> and i see everything you see in the fundamentals. but what i am telling you is that if nvidia is going to continue to have negative momentum, then everything associated with momentum is going to correlate with that and move in the same direction --

>> irrespective of the fundamentals. >> absolutely. >> just to be clear i'm not disagreeing. i'm adding to what you're saying. >> let me tell you how i look at that. i look at that as opportunity. i'm not buying because they have momentum -- >> you are. you're in bitcoin. >> that's the one thing. without a doubt. >> that's the one thing. >> but that's my investment. >> that's the fundamental. >> doctor i cut back on everything to get my health in order. i'm only having three drinks a night. >> it's not momentum. it's not momentum. momentum is there. what i'm buying is the marketing prowess of fidelity and blackrock. >> let's be clear that's the epitome of the momentum trade is bitcoin. >> without a doubt but i'm not buying the momentum. >> you know why i added today? >> because it goes up? had. >> no. because uk approved it for

funds. that's why i added to it today and some moron on "squawk box" talking about using it to buy gold sneakers. >> but you wouldn't be doing it if it didn't have this renewed momentum behind it. for whatever reason. >> i'm glad you can read my mind but you're not doing a great job. >> when it had -- >> i don't understand why you're so defensive. >> i'm not, i'm trying to straighten you out. we don't have enough time left in the block. when bitcoin reached 60,000 before i didn't own any of it, okay. this is the time i own it. again, because you have every fund out there. every fund company out there saying you have to buy bitcoin that's as fundamental to me -- >> what do you mean you didn't own any of it before 60000. >> i'm saying 60,000 when it hit years ago. >> i thought you were talking about when it got back to 60

now. >> every fund company in the world is rushing to market with a bitcoin product. that's why i own it. i'm betting fidelity and black rock putting millions of dollars. if it had just momentum i wouldn't own it. so that's why i own it. >> if it goes down 15%, would you sell it? >> no. because i'll tell you why. because you still have the marketing of it. if it goes down 15%, i may not buy more, i have enough it's a speculative position, which i keep tight but as long as that keeps happening. now you have wealth managers saying okay because the s.e.c. approved it. i can put it in my client's portfolios. >> you can allocate towards it. i need to get to washington with breaking news. megan at the white house we're learning more about the president's budget for this year, aren't we? >> reporter: that's right. the biden administration is proposing a 2025 budget today

that would spend about $7.3 trillion. that's a 5.5% increase from last year. in order to have more money to devote to social security, reduce the cost of child care and offer more loans to small businesses. the white house expects to raise $9.5 trillion, an increase from last year, with a hike on taxes in the corporations and the wealthy. the white house sees the deficit falling to $1.8 trillion next year. as the deficit falls the cost to service the debt is on the rise. that reflects in part an expectation by the white house that the long-term ju neutral rate has risen. those costs will rise from there throughout the decade. overall, biden is proposing a trillion dollars for discretionary nondefense spending and a stepped up

$9 billion in defense spending. >> we're going to take a quick break. amy has made a lot of moves since we saw her in february. we'll document those. along with our calls of the day. we'll do it next. personalized financial advice from ameriprise can do more than help you reach your goals. i can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. glp-1 drugs used in weight loss treatments stand out as the biggest global blockbuster, but these treatments require cumbersome injections. with lexarias patented oral delivery technology, early studies suggest a better way. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

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welcome back. we're going to document some of these moves that amy has made. all are on february 20th. everyone understands that. but we haven't seen new a while. american express, new position. >> yes. >> tell me why you bought it. >> we were looking for consumer exposure, underweight the k consumer. and we were looking at the different categories which led us to american express which is a financial but it's trading at a below market multiple, not well loved that's where we went. >> nutera, a new position as well. >> yes. >> ntra. >> a bio company, we think it's

exciting. it tests -- if you have cancer it takes a sequence of your cancer and takes multiple blood tests to see if your cancer is coming back. it had a clinical read out on ovarian cancer which was able to find it 10 months earlier, the company is growing fast and will be cash flow positive this year. you bought acn. >> yes. >> tell me. >> the expectations for accenture is low. we put our splunk proceeds into accenture to keep our tech rating. >> some big winners you trimmed. >> we trimmed berkshire, straight up a big winner for us. we like the company just trimming. >> joe laughs because he took it

out of his etf. i saw that. >> it's not quality. >> it's not quality. it's the definition of quality. >> costco. >> yes. >> that's another stock that's been around a new high. >> it's been around a high, a tough earnings last week but we trimmed it at lower levels from even after the decline of earnings just straight up the last couple of months we like the company but very expensive at this point. >> what about regeneron? >> it's one of our biggest positions making room for natera that has more upside going forward. vertex we like as well but a lot of good news from their pain medicine is in the stock. >> steve, you sold free port fcx, why did you do that? >> >> i didn't want the economy exposure. still uncertain about china. so when it bounced down to like 35, 36, and i bought a little more but i just wanted to get

out of it. it turned out to be a nuisance. and probably own it through the joe t. >> i saw you laughing at that too. >> if you want me to fire him up i can paraphrase. he sold it because it's not going up anymore. >> momentum. >> i sold it because it's too small. i sold because i don't think fundamentally the economics can drive it higher. >> you bought more adm. >> pure momentum play. >> finally the truth comes out. >> the companies come out and reiterated that any changes resulting from the investigation aren't going to change the earnings guidance for this year and it's a small problem. so that's why i bought it. when that comes out, the stocks go right back to the 80s. >> let's do a few calls. let's do lilly. talking about momentum, two calls today reiterated overweight at morgan stanley,

outperform at bmo. so morgan stanley said price target is 950. they maintain that. bmo maintains at 865. >> okay. >> you own it. >> agree with both. fundamentally the story is as compelling as any story that you can find in the health care sector. the stock has benefitted from momentum. it has benefitted from a technical breakout, but potentially the journey that it is taking might find itself spending some time sitting in traffic or maybe having to get off, use the rest stop for a little period before it goes back on the journey. >> what are you talking about? >> the reason for that again goes back to momentum. >> i don't know he veered off. >> i lost you there. >> into the woods. call the tow truck joe needs help. >> netflix, price target goes to 725 from 615.

that's at oppenheimer. they reiterate out perform obviously they like the long term subscriber growth and upside. >> i bought it on a dip a few months ago, they're winning in the streaming. they have pricing power, adding content to it. and all the others continue to try to catch up to netflix. so if there's one real winner one profitable winner it's netflix. the stock bounced before i could make it a meaningful position so it's a small position. i'm not selling it. i don't think it's, you know, like cheap at all. so i just can't buy it here. but fundamentally they're a winner. >> amy, nike, which you trimmed last year. is this turning any time? >> i hope so. >> goog hiem said it's breaking out. >> it's early. i like nike, we trimmed it. a lot of exposure to china, more

competition than it's had in the past. i think it will win but i'm not sure this is the time to add. >> there was another human tea -- humanitarian aid drop over gaza today. they dropped more than 27,000 food supplies and almost 26,000 bottles of water into northern gaza. marcia fudge announced she's stepping down from her cabinet position this month saying after decades of public service she is retiring and returning home to ohio. fudge told usa today affordable housing is not a red or blue issue but an american issue. public universities in virginia will no longer be able to consider legacy in admissions. republican governor glen youngkin signed the ball into law friday. preventing apply kanlt --

applicants to use their family to their advantage. colorado has passed a similar law. scott. >> contessa thank you. bitcoin etf is ofin re today. bob pisani is following that today in etf edge right after this break. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

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we are back with bitcoin hitting another record high today breaking through 72,000, almost 735 now let's get to bob pisani. >> for the etf community, bitcoin is the gift that keeps on giving since the ten spot bitcoin etfs began trading in january flows have increased. let's talk to a manager of one of the bitcoin etf, matt hogan, he runs the bit wise bitcoin trust. they started trading the nine spot etfs since january i've seen 1.3 billion into your etf.

gray scale is seeing outflows. who's buying? is it retail? institution? do you have a sense who's buying? >> it's everyone, everyone where all at once. right out of the gate it's initial investors but we're seeing hedge funds, venture capital lining up. soon we'll unlock the morgan stanley and wells fargo and seeing corporates lining up to get into the funds. a lot of floodgates are open. it's some retail demand but there's increasing demand and that share is growing. >> that's my next growing, what kind of institutional acceptance or resistance, how many of the wire houses are allowing trading in spot bitcoin etfs right now. >> allowing it on an unsolicited basis so if a customer asks they

can facilitate the trades. soon we think you'll see it allowed into the bitcoin e tfs. so advisers can say it might be helpful to add a small amount of bitcoin exposure. and that's when you see massive flows from the platforms. that's what i expect. >> if you're merrill or morgan stanley and you ask you might be allowed. >> you may be able depending on the situation. >> a lot of new investors coming into bitcoins through etfs may not be used to the volatility. we had a low of 39,000 in january to over 70,000 today. is there a correlation that bitcoin is correlated with that can satisfy investors corned about it? it doesn't seem to be an inflation play, is it correlated to tech, nothing? it is a different asset class?

>> bitcoin is its own asset. before the etfs only a small fraction of the markets could access it. now everyone can and we're seeing bitcoin reprice as a result. one thing that's been nice to see. if you strip out gbtc, which had artificial selling, if you just look at the new nine etfs, investors added exposure when the price went from 50 to down to 39000. and they added exposure as it's gone up to 72. in other words they weren't panicked by the pullback and haven't gotten overexcited by the run. they're steadily adding to bitcoin exposure. that gives me confidence they're here to stay. i think most of them are long term investors in the space. >> we'll have more coming up on how the bitcoin etfs are changing the landscape, that's etf edge coming up at 11:00 p.m. eastern time. and talking about a wave of weight loss etfs.

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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. s&p earnings starting after the bell today with oracle. jimmy, this is your stock. >> yeah. they had a terrible quarter -- not terrible. a bad quarter last quarter came down to the data centers they're building to fuel future growth so obviously we want an update on that in this quarter but we have to recognize these data centers are the long term growth center for the company i'm not sure i'm going to get twitchy if

they tell us they're building them out quicker than expected and they're more expensive. so i think it's a hold here. >> adobe is thursday after the bell it got rerated buy from jeffries. >> the general feeling and perception is that adobe is not doing enough in communicating what their a.i. strategy is. that's reflected in the price performance. basically this stock is in the same place it was last july. >> down 6.5% year-to-date. >> and relative to the software peers it's unperforming whether it's salesforce or service now. this is an important earnings report and one could argue the earnings conference call thereafter is going to be more important. they have to jump start the momentum with some fundamental understanding of what the a.i. strategy is. >> you got another one after the bell, casey's general stores you

just bought it last week. >> just bought it last week not likely to change my long term outlook on the stock based on what they report. talking about a gas and convenience chain in the midwest. it gives an insight into how the health of the consumer is doing. new stock for me, i'm not expecting fireworks up or down after this report. >> quick break and we're back with rick santelli on his midday word.

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we're back with our senior markets commentator mike santoli. interesting moves in the market this momentum reversal into some of the laggards. i'm sure you think it's too soon to declare a full trend change, but tell us how you're thinking about the markets today. >> yeah. for sure. it doesn't look like a whole lot except for the sharpness of the decline from friday's highs and most of these metrics. it hasn't done much to undo the buildup of outperformance, but i do think it's relevant that you're able to see the market so far more or less handle this. the s&p 500 is back to a level it was at a couple of weeks ago for the first time. so you have these repeated excuses for the market that maybe slow down, cool off, flatten out and it hasn't really caused damage.

so the big concern for me is oh, no, the leadership has broken stride. it is, does that trigger some kind of other mechanical stress in the market and then we're starting to talk about another quant quake or armageddon and we're seeing no signs of that right now and that's the good news if we can digest it along the way that's meicro over macr at this point. the macro's kind of calm and it's really a lot of dispersion within the market as opposed to living and dying by the economic print. cpi, does it change that? does it cause yields to decisively break one way or the other? we'll have to see. >> you know, it does help, obviously, if you'll have some loss of momentum in some of those highest flying names. obviously, it helps that apple, alphabet and even a name like tesla are picking up some of the slack. that's why you haven't had some of the more dramatic role or whatever word you want to put to it. >> for sure, in a way it seems

logical because what you're seeing is the trade that was on is now all of a sudden cooling off and reversing partially. theed they travis on as you guys were talking about owning nvidia against alphabet and apple. if you're unwinding it, both legs the go the other direction and for now, that's what it is and we'll see. we talked about how oversold apple looked and some of the smarter analysts are timing upgrades to say enough on the down side. we'll see if it has legs behind this reversion. >> we also decided that last month's cpi was a seasonal blip. tomorrow morning it will be interesting to see if that's actually backed up or if we ned to re-think stuff. >> for sure. we did have a little brief bit of upset in the market after the january report. we'll see if this, you know, enables anybody to make the case that a trend has changed and it's not just a little bit of a bumpiness along the way down in inflation. >> all right. thank you. we'll see you on closing bell.

mike santoli, our markets commentator. we'll step aside and come back with final trades. lfmeg e you followinth hati report podcast? what are you waiting for? follow the halftime podcast now. they're waiting for you. hey, do you have a second? they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause]

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i will see you on "closing bell" at 3:00 eastern. liz young will be there along with emily rowland and let's see what's going on with the market. let's do some final trades. amy raskin, you're first. >> an $11 million market cap and we think that can go much higher. >> that's a few buy for you. >> yep. >> farmer jim. >> quietly, the streamers are showing some life here and the safest way to play that is disney which is projected to have profitability in disney+ by the end of september. >> you're in that, too, right? >> i am. >> mr. weiss. >> momo. >> it's not a momentum trade, but they're sold out in new product in '24 and probably '25.

this one is just a great story. >> the o.t. >> benefitting from strong fundamentals, insurance premiums move higher and higher and very strong momentum. >> okay. of course. >> keep your eye on yields. we do have a bond auction at the top of the hour and yields have been falling around 410. i will see you on "closing bell." "the exchange" begins now. ♪ ♪ and welcome to "the exchange," everybody. i am brian sullivan. here's what's ahead. stocks are lower and the yields higher and bitcoin cracking 72k for the first time ever. although volatility ticks up with earnings in the rear-view mirror what is the next catalyst for the markets and your money and what should you do now? the market strategist brings some buys. eight bucks, that is the new cap for credit card late fees thanks to a new rule, but the u.s. chamber of commerce, the bankers association and other