>> i'm also a little more impressed with volume as we approach this final stretch than i usually am at this time. up more than 700 million is decent. it's not great. under a billion. but we're entering the final stretch with pretty good volume numbers here. >> and the key of course is going to be whether we get positive comments on the earnings front, and that's what we're waiting for. so far, folks, take a look at the s&p 500, you heard from maria, we're at the highest level since november here. the old june high, if we get above that. and there you see we are right now. the story is pretty simple. we're going to get moving and we're going to hit new highs very quickly. here's what else is important. here's the bull-bear argument. it's a fascinating debate going on right now. the bull argument is they're beating expectations. they're doing a little bit better than expected overall. remember, the expectations have been fairly low. you look at the inventory levels of all the companies right across the board. retailers, industrials. inventories generally on the lower side here. and here's the key argument, that the p/e, price-earnings multiples are going to get better in the second half of the

year. and particularly in 2010. not just because of cost cutting. because revenues are going to go up and that's going to go right to the bottom line, because cost cutting has been very efficient. now, let's talk about what the bears say. the bears say that that third argument is completely wrong. the main thesis of the bears is that stocks are going to sell off in september and october because everyone is going to realize that the top line growth everyone is building into their models is just wrong, it's not going to happen. philosophically there's also arguments about whether there's real drivers of growth out there and what they could possibly be, but that's a little bit more on the abstract here. let's take a look at some other things that are moving here. the important battleground here is going to be caterpillar. they'll be out with the earnings tomorrow. bulls and bears are on both sides of here. but we're looking for some kind of construction bottom. remember this company, their big global, two thirds of the sales outside of the united states. so you're going to have a lot of talk about the china stimulus package and its effect on caterpillar sales. and number one, remember brazil has been outperforming. brazil is less bad than the rest of the world. one of the countries that have

held up comparatively well. they're a big buyer of construction and agricultural equipment here. what's the rest going on? there's that argument. p/e multiples are going to expand because 2010 revenues are going to be strong sxefsh thinks 2001 -- and acknowledges 2001 is not going to be great. bank of america actually upgraded the stock this morning partly on that thesis. take a look at caterpillar. like a lot of the big stocks out there, they are struggling to break through to new highs. eaton corporation beat expectations. johnson controls beat expectations. but these stocks with a few exceptions are still below their highs for the year. we're not seeing significant breakouts. but we're not far from that. take a look, and you see some of these big cyclical names here. bottom line here is we're on the cusp of potentially breaking out, but you need stronger guidance for the second half of the year. tradertalk.cnbc.com. for more let's go round the horn, talk to all my friends at the nasdaq, the nymex, the floor of the cme. first let's go to scott wapner standing by at the nasdaq. >> that technology run 

continues. nine straight days. 3/4 of 1%. the catalyst today has been cisco. up 3% in the upgrade today came from credit suisse before the beginning of the market date today. but take a look at not only the chart, but take a look at exactly what credit suisse is saying about cisco's business, particularly its enterprise business, because that's what's most significant here. upgraded to outperform from neutral is the call over there. they cite improving orders and visibility in north america. and that's helping to make up for some other weakness aaround the world. says those improvements are steady and measured, not exactly robust, and the improvements are coming from the enterprise biz, which is so closely watched over at cisco. service provider business over there continues to be a weakness. elsewhere in technology, maria mentioned apple. it's been positive and negative territory for about the last half hour. it's just ticking modestly higher right now by about .1%. out with its earnings tomorrow after the closing bell along

with yahoo. yahoo getting a little lift ahead of that. ebay out this week, up 1%. microsoft out this week with its numbers as well. so it's a real critical week on the technology front. and don't forget about texas instruments. after the closing bell today it's going to give you a real indicator of what's happening with the chip space. microsoft shares up about half a percent. let me quickly mention human genome. it's a stock that's been surging today. mike huckman, pharmaceuticals reporter, has been mentioning it throughout the day. up 200%. its experimental drug for lupus has met the goals for a late-stage study. and that stock is off to the races today. but let me just say nasdaq adding a little momentum here during the report. just shy of 9%, up nine days in a row. and again led by cisco systems. let's go to shack at the nymex. >> we're back to the correlation between crude oil and the s&p 500 and the dollar. remember on friday we actually had a stronger dollar and oil was to the up side. basically, the bullishness of the housing data led to that gain. if you take a look at the intraday chart, though, we did dip into negative territory a

couple times before, finishing in the positive part of the territory. now, steven schullk telling me the next key levels are 67.29, if those are breached to the up side we could hit 75 relatively quickly. if we don't breach those to the up side the down side way back to 50. but that's a worst case scenario for the bulls. nat gas, it's the weakest in the complex. the ceo saying prices of nat gas not going to come up anytime soon, the supply picture doesn't merit it. gold flirting with the 950 area. the conversation is once again can we get to 1,000. george jeerer of rbc says we broke through some key levels to the up side despite bearish fundamentals. but we will see we failed here once or twice or several times before. lastly, copper. a lot of focus on it right now. finished at nine-month highs. it's one of those things where it's basically a play on economic recovery. now, the question is as i toss

it out to rick santelli, is it -- actually, we have breaking news. we're not going to go to rick santelli. we're going to go back to steve liesman, who's got some breaking news. steve? >> brian, thanks very much. as we've been reporting earlier, the cit deal, the $3 billion finance deal agreed by the boarn of directors last night, is going to be split into two pieces. now, we have some details on how that's going to be split up. we had said earlier that they would get one piece of it immediately. well, now we understand it's $2 billion in the first piece and then $1 billion in the second piece. and that second piece could be as soon as ten days later. some may have read this as perhaps a snag in the deal. this does not appear to be a piece of it. very much along the lines of what has been laid out to us by sources familiar with the talks. the question, though, that does remain is we had understood that this announcement was going to be out early this morning. it has yet to come out. we had been told during the day that it has to do with the idea that 7 of the 10 bond holders, top bond holders are the ones

providing the financing and there were seven teams of lawyers to go over it. we don't hear of any snag in the financing, but it is a question as to why the official announcement or even the filings with the s.e.c. have not been done yet. maria, so it will be ten days, they'll get that second piece, a $2 billion piece and then a $1 billion piece. maria? >> you know, it's really an amazing impact on the markets here, steve. because as you were reporting and as this sort of is being confirmed over the last couple of moments this market is higher, adding on to its gains, now up 95 points on the dow industrials. do you think investors are looking at this as sort of less of anxiety or a cap on the anxiety over small and mid-cap businesses being able to get funded? >> yeah. i mean, this would definitely be a feather in the cap of the economy if this company were able to continue its financing of the small -- over 1 million businesses, maria. so it is a large number of businesses if not a very large amount of lending. remember, though, everybody needs to be cautious with this

story. there have been a lot of press reports that haven't panned out the way we thought they would. so just stay tuned on this one to the bitter end of this saga. let's go to rick santelli now. >> well, thank you, steve. and that is part of the news in my market as well. here's the four top reasons why traders think yields have moved lower today. and believe me, they have, from the 3.70s back into the 3.50s for the ten year. reason number one, rate unlocks. you know, when there's supply, you sell treasuries to hedge. as the supply gets close to pricing or does price, you take off those hedges and buy. a lot of the selling occurred late last week and early this morning, and deals like citi, walmart, t.j. maxx, republic of poland, some of them are close to pricing or already priced. that's one bid. the cit news steve pointed to has been fluid, and it has been a positive for buying, pushing yields down. let's not look long-term. the short-term implications of all those enterprises that have funding relationships with cit.

mr. bernanke tomorrow. that is another reason that they've been buying, covering some shorts. and the last reason, when rates were higher earlier today and toward the end of last week the curve steepening was a big trade. unwinding that trays has been a positive. and there ufr it, bob, maria, back to you. >> thanks very much. we're talking about the impact of this cit financing. particularly on the retail sector, bob, the garment center is one of the key customers for cit here. you could see a real fallout in the retail sector at a time when people are not spending anyway. >> it's pretty simple. you've got a big guy like walmart, cit's the middle man. they collect money fray guy like walmart, pass it on to the small retail manufacturers. if you had a bankruptcy, what happens to those small manufacturers? they can't hire a lawyer and stand in line and become creditors. they're tiny businesses. so this is important, to keep businesses, small businesses going. >> and it makes sense for this market to be rallying on that notion. dow industrials up now about 1 hurn points. let's bring in our guest for the next few moments. rich peterson, director of market and risk strategies at

standard & poor's. bob pavlik chief market strategist at -- >> thank you for having us. >> give us your assessment of earnings. >> what we're seeing from our capital iq estimates better than expected results. but the fact is only about 12% of the s&p 500 companies have reported. we're putting the cart before the horse. if you look ahead for the next 12 months, s&p's earnings $63 a share. we're trading out a 15 multiple a year ahead numbers. we're getting a little lofty in terms of valuation. >> you know, the bulls have been arguing and successfully arguing the risk is to the up side, not the down side, that any commentary about top line growth is going to move the market up dramatically because cost cutting has been so efficient it goes right to the bottom line. >> and let's not forget all the money on the sidelines. >> i think that's where the argument's really coming from. >> have we seen dramatic evidence, though, of any kind of real top line growth? we keep waiting for it, and yet

the market keeps anticipating. >> some of the companies you're seeing some of that top line growth. it's returning at a slower pace. i think that's indicative of the economy we're in. we're still in a contraction. the improvements are showing their hedge. it's starting to come. i think the market's going to be going an inhale and exhale and you're going to get some positive news out of the economy and eventually i think it will all start to turn positive. >> you think the market has gotten ahead of itself. >> i do. on a short-term baasis i think it has. we're up 7% in a week, and it took about a month for us to really retrace that 7%. i think, you know, if we can continue to get these positive earnings then the market has a chance to move forward. but i think this 950 level really represents a level of resistance that the market's going to have a hard time getting through. >> 950 on the s&p. we're at 949 right now. >> all day long we've been bumping up against that level. we haven't really been able to surpass it. if we can close on higher volume above that 950, that's going to be a positive figure. >> but rich, doesn't it surprise you here about the up side risk? the market goes up on the

slightest shreds of positive news here. eaton beating earnings. they go up dramatically. even though they don't say anything great about the quarter. and look here, the market doesn't really go down much on bad news. >> to go back to the analogy of like a shamwow market, just wringing out all the bad news -- >> shamwow. love that guy. the shamwow guy. >> but the fact is as bob mentioned economic -- what is the longevity? here we are in the 20th month of economic contraction since december of '07 and looking forward. where is the stimulus going to be in terms of job creation, in terms of investment? there's -- >> sounds like you need more evidence. but we've got to get to the heart of all of this. what does this mean to me as an nifrtd? how do i want to be investing? >> it's short term. if you think the earnings are going to come in weaker than they have been coming in you want to be selling into some of the strength. if you believe earnings are going to continue to beat then you want to buy on any kind of weakness in this market.

longer-term invested-u warrant to be buying, positioned in the lower cyclicals. we've been overweighted financials, consumer discretionary. it's really paid off. but i think three years down the road, then two years down the road you'll be happy you positioned that way. >> since the march 9th lows obviously financials and i.t. has done very well. >> great to have you on the program. we so appreciate it. robert pavlik, rich peterson, we'll see you soon. 45 minutes before the closing bell sounds. near the highs of the afternoon. dow industrials up 100 points. 98 points here. the nasdaq also stronger. despite the fact money is coming out of some select technology and bank stocks for today. >> we're at the highs for today. and you're right, it's the cyclical stocks that are leading. just like goldman sachs here. up next find out what the latest earnings results are saying about the health of corporate america. >> we've got a lot of companies to take a look at this week. and thn we're checking on oil. the energy trade in today's "fast money" final call. is now the time to place more

bets on oil services as the latest contract has oil above $65 a barrel? >> and after the bell maria one on one with economist nouriel roubini. his comments about the worst part of the recession passing by had moved the markets last week, but where are we exactly in the current downturn? we'll hear from him 4:00 p.m. eastern time. >> after the market moved he said the comments were taken out of context. we go to the source. hear from nouriel roubini at 4:00. there's the action and where the most heavily traded stocks are on wall street today. back in a moment.

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or with your insurance company. we can even help with financing. if there's a way, we'll find it! so don't wait any longer, call the scooter store today. welcome back. a lot of earnings out this week. i just want to read off a handful of names because over the next two hours we're going to get you positioned for these numbers coming out this week. yahoo, apple, texas instruments, caterpillar, ebay, morgan stanley, amazon.com, microsoft, all set to report their quarterly numbers this week. so far things have been better than expected overall. mary thompson right now is at the nerve central of earnings central at headquarters. she has more on the earnings period today. mary. >> hey, maria. it is one of the busiest weeks for earnings with 12 dow

components and 143 s&p 500 firms reporting. most of those reports coming later, but here's how it stands as of this afternoon. of the 59 companies that have reported so far, 69 have posted better than expected results. 22% have missed. and 8% have reported results that were in line with expectations. that's a higher percentage than normal, but it's beaten estimates at this stage of the game. helped by the big banks. most of them surprising on the up side thanks to sales and strong performances in their trading and investment banking units. still, second quarter profits for the s&p 500 are forecast to be down a hefty 35% from last year. as the weak global economy continues to take its toll on both sales and earnings for these companies. now, among the firms reporting today, halliburton, profits there falling 48%. once you take out items that earn 30 cents a share, that was three cents ahead of estimates, you can see its stock up 3% on that. revenue dropping 22%, though, given weak exploration and production activity, especially here in north america. hasbro reporting and its stock moving higher in the wake of

that. second quarter profits rising 5% beating expectations. strong sales of transformers and g.i. joe products upsetting declining international sales. international sales hurt because of the stronger dollar. hasbro earned 32 cents a share. once you take out items, that was nine cents ahead of analysts' estimates. tomorrow some big blue chip companies reporting. coca-cola, dupont, merck, and caterpillar all coming out ahead of the opening bell. maria, back to you. >> all right, thanks very much. mary thompson with the latest there. meanwhile, we're breaking down the numbers. show you what the picture looks like and how invest in this environment where we are looking at a number of companies beating their targets. rob insana is thestreet.com's portfolio manager as well as cnbc manager. michael crawford ceo of the philadelphia trust company. good to have you on the program. michael, i'll kick this off with you. how are you investing in light of these earnings coming out for the second quarter? >> well, we're basically staying fully invested. we've got a lot of technology stocks. we're still in this consumer staples because we like the dividend plays there. we're also in industrials and

energy. we think this market's got some room to run although i'm not ready to say it won't revisit the lows. these earnings have been less bad than everyone was expecting. >> certainly the financial system feels that way. ron, a lot of people talking about one-time gains within the quarter for some of these banks. but really in many ways looking at the banks you definitely do see the credit crunch loosening at least a bit. >> not only that, maria. there's hope they're recapitalizing. the greater the capital base the more they can do business when business turns around. and i'm actually transitioning from the less worse camp into the starting to get better camp. remember that earnings start to improve as a consequence of cost cutting even as companies cut down to the bone during a recession and that sets them up for when the recovery comes to have immediate accretion to the bottom line. so profits in future quarters, which is where we should be and why we should be investing today, might grow more quickly than anticipated.

we're at that stage where the cost cutting has wrung out the most that it can. and now if and when the top line growth comes it will be very, very beneficial. >> well, that's what really the point is. i mean, less bad, you know, starting to look okay. is this enough to justify this market move year to date? 7% in the last couple of days? >> i don't think so. i think the market will probably retrace part of this. and i think the market is definitely anticipating better revenues. in fact, a lot of these companies that have beaten on the earnings side have still disappointed on the revenue side, which i think is kind of interesting. the market seems to be anticipating that this revenue picture will reverse sometime in the third or fourth quarter. so if revenues start to pick up and earnings continue to get better or they continue to be less bad in the third or fourth quarter, then buying stocks now is going to look like a really great move. but if they don't, if revenues don't improve and if earnings don't continue to be less bad, then i think we could really have a pretty significant follow-up in q3, q4. >> bob pisani, good to see you, old friend. how about that argument they

were just making the central argument of the bulls is they're going to see p/e expansion in the third quarter not just on cost cutting but as top line comes in with cost cutting that will accrue very quickly to the bottom line. the bears are arguing you're not going to see anywhere near the kind of expansion you anticipated. where are you on that? >> there's absolutely no point arguing with bears at this juncture. the market has gone up more than 40% from its lows in march. if you missed the move, you missed a big one, whether you're a bull or a bear. if you sat on the sidelines, you made a big mistake. now we're breaking out technically. the advance-decline line is going up. the s&p just popped through the june 2nd high. momentum is building. i'm not sure you want to fight the market yet. we just had a 7% correction and the market got it back very, very quickly. and it's the old rule. you don't fight the fed, you don't fight the tape, and right now both those are still in your favor. and that augurs well. it did in 1982, where there may

be the most similarities coming out of a recession. and why bother to fight it when it's happening? >> but you know what, bob, you made a really important point in your blog today, tradertalk, and that is that we're really going to get a sense of how well the global economy is doing when we hear from companies like caterpillar, which is tomorrow. some of the more industrial names, as we move away from all of this focus on the banks. >> the important thing about a company like caterpillar is two thirds of the sales are outside the united states, so you've got a company where you're going to hear about china's stimulus package and the impact we're going to be having there. we'll hear about the impact from brazil. and brazil's been outperforming the rest of the world -- or doing less bad, as everybody would note at this point. we're going to start hearing -- we're going some kind of settlement of this bull-bear argument very quickly. and ron, the bears' argument is it's not going to work, we're not going to get the top line growth, september october -- now, i'm with you. don't fight the tape. i learned by being with you 16 years ago. >> i don't care what you want to call yourself. you're dead. you're a dead bear. and the other thing-w respect to

the global argument, there are so many opportunities in the domestic market. i'm not a fan of emerging markets right now. a lot of them have run up even more than the u.s. china's up almost 100% from its march lows. those are even bigger numbers. and i'd be less interested in those markets than i am in the secular opportunities that you have here at home. >> and yet some people say that the emerging markets are going to be the part of the global economy that really lifts the world. that's certainly what the imf used as part of the reason to increase its gdp expectation for next year. michael, real quick here, do you think that the market is going to be higher or lower than it is right now at year end? >> i think it will be higher at year end. i think we'll have a little bit of a hiccup in between now and year end. but i definitely think it's going to be higher. because even if the market's anticipating q3, q4 returns to normalcy we won't get it there will be a rally at the end anticipating q1, q2 returns. so we're close enough to the turn where you should use any weakness to position the stocks you think can make it.

>> we'll leave it there. gentlemen, great conversation. we so appreciate it. thank you. ron insana, michael crofton, we will see you soon. and we have this market at the highs of the day with a 100-point rally in the dow industrials. citigroup, jpmorgan, two dow components not participating, both in the red. >> but some of the other regional banks like m & t which had earnings they're doing fine. >> wells fargo reports this week. it's also higher. >> up next our charlie gasparino, some new insight on the future of goldman sachs and some changes that could be coming its way. all that, back in a moment. have arthritis pain, a du you could end up taking 4 times the number... of pills compared to aleve. choose aleve and you could start taking fewer pills. just 2 aleve have the strength...

will we see a goldman sachs atm card anytime soon? on-air editor charlie gasparino spoke to a senior goldman official today. charlie, goldman sachs has come under a lot of pressure as of late, some of it from you, by the way, for profiting from risk while being a commercial bank and having access to the fed. >> couldn't happen to nicer guys, right? listen, i got my goldman sachs toaster right here, next to my atm. no, you're not going to get an atm from goldman. i don't think they're going to ever -- i'm talking to senior people there today. yes, they came crawling back to me after i beat them up all last week to give me their side of the story. i don't think they're going to become a bank in the traditional sense of a bank. but here is their side of the story. and they're not -- and as they're doing that, they're not going to turn in their sort of -- i guess their status as a

commercial bank that the fed has given them. but here's their side of the story. they're saying, listen, charlie, we take this risk, yes, we are taking more risk, we are making a lot of money trading, but we are doing it not for ourselves. we're not like a hedge fund in the sense that a hedge fund trades, you know, for its proprietary for its portfolio, for the investors that invest in the hedge fund. we are doing this on behalf of clients. so when goldman sachs takes a position, say, in a bond market, it's doing it and they say like 90% of the time on behalf of pension funds, mutual funds like fidelity, and they're providing what is known as liquidity. now, liquidity is not something that you can really measure or put a dollar sign on, but it is something that is necessary for the market. and one of the problems with the markets, back late last year and sometimes early this year was that bob, there was a lack of liquidity. and what goldman is doing is this. yes, we're a commercial bank by name, we get fed backing, we get cheaper -- we can borrow and get cheaper financing terms because of that. you can say that's subsidized by the government. but we're doing it basically not

just for ourselves, we're doing it because we are providing a necessary service, which is liquidity. now, i will tell you that i did this report earlier today and a bunch of these bloggers started attacking me as being bought out by goldman, on goldman's payroll. you know, they make a call in to ge, who calls me up and said, you know, tell gasparino to stop. this is so absurd. alls i'm doing here, bob-s what journalists should do, and that's provide the other side of the story. this is goldman's side of the story. and i don't think ugg just totally discount it. i mean, we need liquidity. one of the reasons why the fed has given them this designation is so they can trade, they can make some money trading and that will provide liquidity for their clients. i think it's a legitimate point to make. >> charlie, i think what's interesting here is the whole world wants deposits as a way to fund loans. goldman sachs is not indicating they need that much. in a sense they're relying on cheap fed funds at this point. what happens when those cheap fed funds goes away, though? >> right. there's two ways of looking at

it. you can say that as a bank with deposits you can borrow some of those deposits, it does lower your cost of borrowing by having those deposits readily available. they are customer deposits. and then you have the other side, what goldman's saying is this. we don't need the deposits to borrow cheaply, we do have the fed, we do have the access to the discount window. and by the way, if you look at the history of what went on in the financial crisis having those deposits didn't necessarily mean that the banks were safe. look what happened to b of a. look what happened to citigroup. and combining securities firms and banks hasn't worked out that well. >> one final point, charlie, we've got to go, but goldman sachs has just passed the price that it was on september 12th. i believe they were 154 on september 12th just prior to the lehman bankruptcy, they went down to 135. look where the stock is now. it's back up -- >> they went lower to 135. >> well, they went down to 50. guys, they were around 50.

this is an amazing move. if you pull the chart a little further back, you'll see they reached their high -- >> end of november, december when it went all the way down to -- >> but it went up -- goldman's high was $250 a share, i believe, wasn't it? >> yep. >> and they're marching their way back there because the street knows that these guys are pretty smart. they are subsidized. but they're doing it for liquidity's sake. >> did everybody see the cover story of charlie in the "financial times" this weekend? he is loved, he is hated. but most importantly, he is feared. he was feared. >> and i was called by lucas van praagh, the flack for goldman. >> he said the same thing to you. >> all right, charlie. thanks very much. >> the market up 93 points. about 25 minutes before the closing bell sounds on wall street. >> coming up, new york jets owner woody johnson will be our special guest. he's ringing the closing bell today. we're getting his take on not just football but also the current state of the economy and whether or not he thinks we're due for a rebound soon.    

welcome back. with the market up about 96 points, believe it or not, as football season is on the horizon, right around the corner, the training camps are about to open, the season isn't too far behind, we've got the owner of the new york jets with us. woody johnson. he is here, ringing the closing bell in a few moments. nice you have to on the program, woody. >> thank you very much, maria. >> it's amazing that football season is just around the corner right here. let me ask but what you've been doing. you're extending season ticket offers to this season for people waiting on the waiting list. obviously, the environment out there is tough. how are you seeing things based on where you sit? >> well, i mean, i think this year it is tougher. i mean, we've been sold out for 35 years. so the fact that we have unsold tickets and are working through our waiting list is unprecedented. we're working through it, and we're confident. >> you've got the yankees cutting prices on their high-end seats. giants cutting prices on their high-end seats. how confident are you that you can fill the stadium without going down the road of cutting

prices? >> well, we've cut prices in a way. we don't have personal seat rights on 27,000 seats. so we did that up front, recognizing that we wanted to have something for everybody. >> so can you give us a sense of where you are in terms of the percentage of the stadium that you've sold so far for 2010? >> i'll say this. we're confident that by a year from now we'll be sold out. >> so you've got a lot riding on your newcomer mark sanchez. tell us about this. last time we talked a lot about brett favre, obviously. >> yeah. >> what can you tell us? >> we have a lot of confidence in mark. we drafted him number one. our first pick. and you know, without pads and doing the spring training he did great. he did great. but kellen clemons is also great. should be a good duel. >> placing so much faith in a guy who only played one year as a starter.

>> yeah. it kind of depends. when you see it, you know it. and we saw it, and we were confident in what we thought was right. >> so let me get your take on where we are. i think the last time we were together it was during the xarngs the presidential campaign. you were doing fund-raising for john mccain. as a businessman, as somebody looking on the other side of the aisle, how do you think things have played out in the economy and in terms of the new policy coming out of the administration? >> well, i think the economy is improving. i mean, it always has. so the economy will eventually reinvent itself. i'm a little bit nervous about overstimulating and government interference bays don't think we -- when we do that i'm not sure we know what's going to happen. you know, go slow and, you know, let's see what happens. >> you put a lot of money into that stadium. and you know, do you know that it's going to pay off now, or do you have to -- it's sort of a wait and see, show me -- >> no, it will pay off. i think it will be great for the fans and great for the jets and

it will enable us to be a good team. we want the government to basically stay out of the way rather than get in the way. >> we're looking at pictures when i was with you the last time you showed me around the new stadium. >> oh, yeah, look at that. >> and looking at really all the time and enji and money you put into it. what can you tell us about teams in the nfl? have they been more conservative in terms of how money is being spent? >> yes. as a rule they have. i mean, everybody's watching, everybody's being very careful in terms of staffing and extraneous expenses that are not necessary. yes. >> what does coming here today do for you? ringing the closing bell, obviously. >> first of all, it's a great honor to be here for all of us. to be in the heart of the financial world. and i just think it's one of those things that brett has never been down here. so he's going to enjoy himself. >> pump up the audience before the season starts. get a quick kickstart for you. >> yeah. being with you was great.

>> we breesh iappreciate you st by. woody johnson, we'll be watching you ring that bell in 20 minutes. >> we're sitting right at the highs for the day. up next the "fast money" final call. we'll get the energy trade and tell you if any commodity names are worth buying right now. then after the bell maria's one on one with economist nouriel roubini. he was one of the guys who called the current financial crisis. we'll see if he thinks we're finally turning the corner today, 4:00 p.m. eastern time. welcome to the now network. population 49 million. right now, 1.5 million people are on a conference call.

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welcome back, everybody. good to see you. time for the "fast money" final call. crude prices moving higher toward an important resistance level. it could mean higher prices. with more on this i'm joined by addison armstrong, director of market research at tradition not ji and a cnbc contributor. i'll tell you the thing that puzzles me a little bit, addison, and that is crude oil is moving with the stock market pretty directly. i know commodity prices can sometimes move with the stock market, but if we can get up a one-month chart of crude versus the s&p 500, but heavens,

it's -- they almost match. >> yeah, they sure do. >> it moves down, it moves down. they move up -- the amplitude is a little bit different. >> sure. >> why is this happening? >> well, you know, i think it's happening because oil without the direction being presented by the equities, which of course are discounting the future growth of the economy, the fundamentals of the market really are in the doldrums. everybody knows that we're oversupplied and that demand has not rebounded yet. so you know, combined with a return of a risk appetite, which we see in the falling vix and the falling dollar, you know, i think that this is the way oil's going to trade until we get some kiebds kind of a break. >> i should note oil has moved down more than the s&p has moved down. but we were at what, addison, $72 in june on oil? >> yes. >> can we get close to that? >> i think it all depends. over the past two weeks, two and a half weeks, we've had a very

nice come down and now we're trading back up. we formed a very nice u-shaped bottom. we're looking at something called a cup and handle formation on the technical charts, and today was a consolidation point, and if we get a good break to the up side above 6510 from this handle we could really move back up. >> keep this chart up. that's the cup and handle. it hasn't quite got the handle part but you see the cup part. a little technical analysis. >> that's right. >> what is the implication of a cup and handle? >> well, you know, if we get that consolidation here and it fails to move higher from that, that's an indication that the market does not have the momentum to follow through to the up side. and i think we'll be trading back and testing that level back down below 60 that we were at earlier last week. >> so here's a chance to educate the audience a little about when it goes like that it dips down and then starts dipping up and then just moves sideways, it's an indication that the stock's getting resistance, that it's meeting -- it's getting some selling pressure. it's not getting sufficient buying interest. >> that's right. there's no buying interest to

follow through and push this thing further back to the up side to match the entire scope of that move down. >> addison, i'm going to have to leave it there. coming up on "fast money," folks, the hasbro ceo joins the "fast money" five to talk about the company's stellar quarter and what he sees for the consumer heading into the second half of 2009. plus the top-rated analyst on the street gets you ready for apple's earnings. melissa and the traders are going to be live at 5:00. >> checking this market with about ten minutes before the closing bell sounds. jpmorgan positive. the banks that are really under pressure is bank of america down 5 about the 25%. citi is down better than 7%. but this market is strong due to strength in tech as well as the investment banks. and do you see any -- >> all the big commodity cyclical names. and remember, goldman sachs this morning made that big call saying cyclicals are going to lead the market. >> we'll talk about the economy with nouriel roubini coming up. last week the market rallied 7%

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welcome back to "the closing bell." we have a response right now from the treasury department to the eye-popping number of the inspector general earlier today in testimony that he was going to give tomorrow about the $23.7 trillion cost of the treasury and federal reserve programs. the treasury saying that those numbers, or that number itself is inflated. they're saying actual cash outlays for the financial crisis so far are less than $2 trillion. and they're saying the inspector general failed to take into account charges and different fees that the government will get to compensate taxpayers for risk. and most importantly, they're saying that the inspector general fails to account for the other side of the ledger, that the government has assets on the other side that will offset some of the risks. i will say that the treasury did

not say what it believes the correct number is for maximum exposure. but we have reported that the inspector general did include in some of its accounting there programs of which there has been absolutely no use. for example, the use of the money market insurance fund from the federal reserve. so maria-n response to that eye-popping number from neal borowski, the special inspector general, for the tarp, the treasury saying not so much. maria? >> all right, steve, thanks so much. meanwhile, human genome sciences stock soaring today take the entire biotech group with it. human genome now up 300%. after half a century of failures there is new hope today for the treatment of lupus. and that is what is moving the stock. take a look. 274% higher on human genome. not the only good news coming out of the drug sector, by the way. cnbc's pharmaceuticals reporter mike huckman now on the story. mike? >> yeah, maria, amazingly the rally is building into the close this afternoon. the machblth analysts who cover human genome sciences were bearish. they did not think this drug would work, in part because lupus has proven to be such a

tough target over the years, and that's why you're seeing such a huge move in the stock today on jien orms volume of, get this, over 100 million shares. hgsi's lupus partner, glaxosmithkline is also the biggest dollar and percentage gainer in big pharma. and shares of genetics. lupus strikes mostly women of childbearing age, many of the minorities. hgsi and gxk's drug helps the majority of patients feel better. and if these results -- if the results, rather, of a second similar study expected late this year are positive as well, the companies expect to file for fda approval in the first half of next year. >> the news here is really great for the million and a half lupus sufferers in the u.s. roughly 5 million worldwide. if there is possibly a drug here within the next few years that can help these people. there hadn't been a new drug approved for lupus in over 50 years. >> meantime, shares of orexigen

therapeutics leading higher. the other two being viv suchlt and arena. orexigen revealed positive results reporting 56% of patients on its pill lost a% of body weight and those are key thresholds to win approval of a weight loss drug. it has another pill called empadic not far behind and in an exclusive interview on "squawk on the street" this morning the ceo said there's room for everybody. >> there's room in the market for many. the obesity epidemic has grown to completely unsustainable proportions and the market needs tools for intervention. and the empadic results are due out later this year and we expect the two items will create opportunities for us and potential partners. >> they should have their late-stage diet drug results out later this year. maria, bob, back to you guys. >> did you sigh ginormous?

it's a makeup worlde up word. >> c nnsnbc's jim goldman has a preview. >> optimism into texas instruments' numbers. consensus for 18 cents a share on $2.4 billion in revenue but a consensus saying eps will be north of 20 cents and they have to beat on the top line in order to justify the nice run these shares have enjoyed. couple that with good news from isupply this morning about a chip industry bottom and that bodes well for t.i. and the broader sector as well. t.i.'s report is just minutes away. of course we'll break it all down for you about 4:15 eastern. >> i know you'll be there, james. coming up the closing countdown. >> and then after the bell my interview with nouriel roubini my special guest. he moved the markets last week after saying that the worst of the recession is over. then he told me that the markets

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it's 4:00 on wall street. do you know where your money is? hi, everybody, welcome back to "the closing bell." i'm maria bartiromo on the floor of the nyse. here's what we're following at the close tonight. a strong kickoff to the week as stocks build on last week's 7% rally for the market. that following goldman sachs today raising its forecasts for the s&p 500 by some 13%. that would be the biggest second half move since 2003. as a result the s&p right now sits at the highest level since last november. the market also cheering word cit group is about to secure a $3 billion lifeline in a group of bond holders. we will tell you about the two-step tranche that the company is expecting. reports of a big day tomorrow. it is in fact a very big week. this hour we hear from texas

instruments. we'll tell you what that says about semiconductors and about the tone set for tomorrow. here's a look at how we finished the day on wall street with the dow jones industrial average back above 8848. as you can see there, with a gain on the session of 104 points. momentum at the end of the day today. up better than 1% on the dow and the nasdaq. nasdaq today up 22 points. it was biotech really leading the fire there. back above 1900 on the nasdaq. the investment banks doing well with a gain of 1% on the standard & poor's at 950. we get all the action right now from bob pisani, our eye on the floor of the nyse. robert. >> big mo for the bulls. so now do do we have? seven days to the up side. the key headline they'll be talking about tomorrow, s&p 500 closing at new highs for the year. >> my headline, though, technology on fire this year. nasdaq up 20% year to date versus the dow industrials not even up 1% for the year. >> you're right. tech stocks have led the early part of the rally. now the debate is whether or not those big cyclica