tv Street Signs CNBC August 18, 2009 2:00pm-3:00pm EDT
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you can't get the market down two days in a row. there is that 10% pull back. they are 2%, hardly a correction going on here. you know what the bears are saying. there will be no sign of consumer spending. that's out of nonsense. we all realize it and the markets will drop. the bulls are saying guess what. have you been listening what's going on with the retailers and did you listen to what home depot said? here's the dig story. sales will not be positive until the second quarter of 2010 or the second half of 2010. they are pushing it is recovery out further and further, but if the stocks are getting hurt, home depot is up 3%. this makes the bears crazy. they are pull their hair out and getting away with it. that's correct. also note the financial strength. bb and t successfully had a
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secondary and they priced it right where they closed. they will have a big add to the s&p at the close. there will be a lot of people around and financials are up on that news and of course on that master trust data positive yesterday. >> at the high of the session, / rick, as you take it./ >> t bill auctions are only fun during the real crisis months./ the 12 1/2 basis points to yiel/ of the 32 billion one-month bills was a two-month low yield. i still find it fascinating how much interest is coming back at a time where we all expect as bob said a correction. why hasn't it occurred? it's counter trend tuesday. the other thing we are looking at is yields in general and how they are so correlated with respect to what's going on on the equity side. when they come back up and price yields go up. and you saw it play out yesterday. the markets are waiting for
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supply next week and huge end of the month buying adjustments. speak ultors play that game early. >> matt nesto. how is the nasdaq. >> we have been zigzagging around and got a burst. we are back up stronger than 1.2%, close to if not at the high of the session. a couple of themes we are watching, is big name upgrades. we talked about apple and palm and rim all being upgraded. that continues to help. joy global is a rebounding theme. we have seen the industrial stocks bouncing back like that. also upgraded by goldman sacks and strong here today. coat tailing on the home depot and a bid in the retailing like seers and urban. jim cramer up and a goldman play
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and upgraded again and we are seeing some of them coming in again. it is neutral-rate and huntington bank pounded 8% and giving back half of that. financials are not part of the nasdaq. they are in the nasdaq composite, but one of the strongest here today. first solar was stronger earlier in the day. solar has been a real tug of war. we had capacity and oversupply issues that put these stocks under pressure. they signed the deal with southern california edison. that is to build more plans. that's what we are tracking. we are about halfway back from the points we lost yesterday. >> thank you very much. and let's get straight to the question everyone has been asking. is this market rally for real or
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further. we thought they would crunch the numbers. look at the s&p since the fall and found 54 of the 500 stocks are actually up since then. excuse me. i know that 27% rally for the overall market to go back to where it was before lehman fell. clearly we have a way to go. of the winners, about 27 are up. double-digits and the biggest gainers, ford, whole foods and all of them up 37%. or more. with names like these that hold the key as to whether they are holding it or getting started. here to help us chart the course, the advisors and chief market technicians at oppenheimer asset management. good to have both of you with us. let's start with you. you had been looking at the stocks that are moving up. to get a sense of whether we are really seeing the brought based rally that might be encouraging or not. >> sure.
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it is of all things the most important tools to study and observe. on the way down and widespread selling and breath on the way up. on the way we track, the value line index which means it's not cap-rated. it's equal weighted. you will see this in 70 or 74. 02-03 and with a value up 38% year to date versus the s&p up only eight or nine. the breath is good, but it's rare where it's ripe, riper, rotten. it's almost so good that now you have a divergence with the large cap names. the big index. they need to come along now and otherwise it's all suspect. we are not in the 1200 camp. we don't think that's any time soon. >> what about your view.
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it's important to you as well. you are focused in on volume. >> i think what carter said is absolutely fascinating. part of that concern is that the dow and the s&p have not gotten above november peaks and haven't been able to move out of consolidation range. the volume has been oddly charactered. volume is a weapon and you need volume to go up and accompany the bredth. we talked about the fact that we will never see the 30 to 40 times leverage in our careers again. that pushed the market up to 2006, 2007. volume has been in the process of trying to find a new volume norm, if you will. you still need volume to sustain a rally and if you look at the chart we had, you can see that there was some volume accompanying the may rally and
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then there was practically no volume as the market moved up in june. it came off quite a bit only recently have you seen volume yet again accompany the rally to date. if you notice that the current peak in volume as the new york stock exchange is at new highs, that did move out to a new reaction high because the smaller mid-cap stocks have been leading. the volume peak has not exceeded the may volume peak. you have here another negative divergence in place where the volume is not totally confirming the advance we have seen to date at the least we are due for a pull back here and the odds are still out as to whether this is more than a bear market rally. >> carter, when do we get that extra. you have to go up 27%. never mind the highs luis was referring to in 06-07. when do you think we get back to where we were? >> that's 1200, but 20%.
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we don't think that's in the cards this year. that's for five months after december. if anything it would be late, late in the following year. we are talking about 18 months out. at best. >> quickly before we go, do you think in the next decade we get back to the highs of october of 07? >> i don't know if we get to the highs of october 07, but we have been very much in the camp that we are in the 1930s period and now we are probably in the first 1938 rally which carried 60%. so the dow and s&p are up, but nasdaq and the 400 and 600 are close to the level. it's a question of whether we trade bear and bull market progressions into an equivalent of 1942 lows. >> unfortunately we have to leave it there. thanks to both of you. we appreciate the perspective and try to decide what to do. up next, the battle for health
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care getting nastier every day. is all this fighting a good sign? the top negotiator for the republicans told cnbc what he thinks. we will find out what all the jockeying means for health care trading. america is starting to create jobs. but are they the ones that get workers into the middle class and get them spending again? the future depends on the answer for that. we will be back.
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we are going to have breaking news in a couple of moments. we are waiting for that. something from the auto industry and as soon as it crosses, we will have it. america weighing in on the health care reform debate. it heated up over the last month. we are well aware of that and most people are split when it comes to the public option and whether that is a public option or just the first step towards something a lot bigger. in a new poll, we asked whether you would favor or oppose creating a public health care plan that would compete with the health insurance companies we have and the results are consistent over the past month. 43% favor the option and 47% oppose it. 10% still not sure.
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what will it take to get health care reform passed. jane wells got insight from chuck grassley. she really the chief voice on the republican side. what can he you? >> he told me we may have a ways to go. we are here in this peaceful and diplomatic backdrop. this is where we found him. he invites every embassy to visit iowa and trade opportunities. no health care visits yet, but it was a topic among diplomats and talking to the senator about reading in the "washington post." i asked the senator what it would take for him to approve a deal. >> if there is no public option, if there no panels, are you on board? >> first of all, this death panel thing is just a diversion from the fact that the house bill does not -- it increases
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the deficit and raises taxes horrendously and doesn't do anything to cut down on inflation and health care and the president brings up to thing about advising people on the situations. that's a diversion that i'm not going to let them get away with. i will talk about what's wrong and serious things that are wrong about this house bill and it doesn't cut down on health care inflation. it increases the deficit and tacks. and it gets bureaucrats between you and your doctor. >> he does think a bill is possible, though he is not as confident as two weeks ago that it is imminent because of the town hall meetings. it's difficult to gauge the impact. people show up at his town halls and have been quiet in talking about their concerns. what he doesn't know is whether these town hall meetings will have momentum and maybe killing a deal at least in the short-term. we will have to see.
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>> thank you very much. we will get reaction to that, but as promised, the headlines are crossing and we will break in and go to phil and get the latest from general motors. some of these starting to appear and what are they saying? >> general motors is going to be increasing production by 60,000 vehicles through the remainder of the and most in the fourth quarter. more importantly, general motors and they will increase production schedules at the plant as well as the plant in canada. and a broader scope of what happened here. the inventories were so low for so long. and saying we need to increase production schedules and that's
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what they did in the third and fourth quarter by 60,000 vehicles. >> for sounds like the vehicles, you can tell a little bit about what vehicles are being bought through this announcement. chevy cobalt and what others? >> that's where the real demand is. the cobalt and aveo are in high demand because the fuel-efficient models are moving. they are seeing demand for the equinox. the demand will be across the board for all automakers. in particular for your small cars and fuel-efficient cross overs. that's where the greatest demand is and why gm increasing production where the cobalt is made and the aveo. you are seeing that because of cash for clunkers. >> thank you very much. if we get more, we will let you know. we am talk about whether the cash for clunkers is going to continue helping the industry whether this announcement makes sense. someone who knows coming up later in the program.
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we want the battle for health care. the latest hype between the president and congress. what does it mean for wall street. we saw insurance companies react a bit. where are we headed? what does the senator's word mean? good to have you with us. you had a chance to listen to the gm news and jane talked about that with the senator. he asked to give his talking point and it is other side had theirs. what's your perception as to whether we will get a bill? >> i think a bill is possible even though we are hearing a lot of negative talk. i covered chuck grassley and remember when he was the lead guy on the republican side on the bush tax cuts. that was a mammoth deal-making process and some of those days felt like we were never going to get a bill. everything was fall apart and
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negotiations were breaking down and people were storming out and you got to the 11th, 12th hour and a deal came together. that's the history of the mammoth things and always looks like it's falling apart before something comes together. that's the way it goes. >> we will likely get something and i'm curious as to your view. you know, senator, you know all the players. what is this co-op potential option? is it likely going to be indistinguishable from a public option? >> it might be. it's hard to tell what it is. we don't have a lot of detail on paper about this thing. that's part of what's confusioning this debate. people knew and understood inside the beltway and maybe not out in the country what a public option was and this nonprofit co-op is a little bit fuzzier and taking people a while to get their head around that. that's putting people at odds
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with each other and don't know whether they want to support it or not. all the maneuvering is affecting stock prices and for traders, you have to look at what's going on. i would be careful, assuming that anything happening right now is real and going to happen in the real bill or the real deal that comes this fall. >> for wall street gets service, every headline is moving health insurers. it sounds like we will get something, but it's unclear what and when. when do you think we are going to know? >> probably mid-september. we will have a lot more detail and once bills start hitting the floor, we have a good sense of what's in there. you can really figure out for your industry what this thing is going to mean. there is a great statistic out earlier this summer which is there six health care lobbyists for every member of congress. clearly the industries that are most affected and all these
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drafts. those folks know what's going on. for the wider financial community and consumers at large, we will have a better sense of it in september when we see something hit the house and senate floors. >> thank you very much. appreciate t. >> thank you. perspective we need. ramping up production and will cash for clunkers stall as promised. the first survey of whether americans are buying cars. plus president obama said it's all about jobs, but it's more than that. it's all about wages and whether or not the jobs we are creating will let workers get a piece of the american dream. we will explain when "street signs" returns.
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he was the target of the largest sex discrimination in history. helpfully to the ceo. i have to talk to the workers before i felt comfortable believing the announcement. >> as an example. >> let me talk about broader. indisputable that the labor movement created the middle class. they get 30% better wages.
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i would argue that the current crisis we are in is not because of bernie madoff, but the result of not just 10 years of wages, but 30 years of being flat and workers not getting the benefits. the best program in america is unionizing the workforce. >> not related to the segment -- >> they like my point. >> what do you think though. this is a fair point that union worker are by and large paid from nonunion. there is also the case that they have gone bankrupt. that's in part. i know you will get excited. in part because of the costs. do we have to have unions? >> we do not. labor unions are becoming largely irrelevant for the vast majority of american workers. unions are a kind of leukemia on u.s. industry. labor imposes steep cost that are higher than the productivity
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gains and restrictive work rules and studies grow more slowly and grow in market shares. look at the big three. >> all of the information and get unsustainable union contracts. they lost business not so much to imports, but the plants in the south that were creating good-paying middle class jobs and just not tied u with the pay and benefits. >> that's not true. >> other shows that have been on here with the auto industry and what we don't want to recognize, cost is the major issue and you talked in segments about the debate. maria bartiromo haut it made the most sense with a single pair of systems and many of the
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companies we are talking about in the auto industry would be healthy. what's weighing down industry in america, small and large business is the unsustainable health care costs. >> let me get harry in here. can you talk about how you handle health care? >> go ahead. >> in all due respect, when we come up with innovation and increased our productivity, we shared it with the workers and couldn't have gotten where we got without working with the team. it's always been about working together. in 2000, the employee his lost their jobs by the previous owner. we hired them back and took it upon ourselves. if you want to come see for yourself because you said you would have to come down, i invite you to come down to the company picnic and challenge you to the next contest. i won the last to five years and you are welcome to see for yourself that the employees that work here in alabama in the
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factory are middle american. they may not be middle american what other people consider, but they are middle class in alabama and have a good standard of living and we are proud that there is about 100 families that come from excel outdoors because we have been able to provide them jobs. >> we would be happy to take you up on the invitation. frankly i'm not familiar, but to the larger macroquestion, productivity has been rising dramatically for the last 30 years and wages have been flat. putting aside the increases that you can describe to technology -- >> a lot of that gain belongs to workers overseas. that's a fact. >> that's a question for us to really deal with. do we want and this is a result of our trade policy, do we want in america where wages are declining because of competition from what i call slave labor? that is not a sustainable path.
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it's not a red herring. it's fact. just fact. >> the use of the word slave is a bit strong. >> the fact is that trade policies of this country have done one thing. that's drive down wages. they are all about getting the lowest wage possible. >> the final word to dan. >> the typical middle class american family worked and they are nonunionized. the better paying jobs we created have been service sectors that pay more than the typical manufacturing job and there is a reason why more and more americans are not belonging to labor unions. we don't need organized labor and it's a burden on industry. >> people fired people. >> that is the final word. jonathan and daniel, and that by the way i know you snuck in. that's a point of dispute and another conversation to have. good to have all three of you. we appreciate it and hope that
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you get to meet up. get ready to stop trading. wealth funds are sitting on $3 trillion. cramer is going to tell them. still ahead, all over again. bret is back and so is big business. the instant love aware and vikings have the demand that can't stay retired. is this from last year when we have breaking into coverage from him landing here in new york or is this the landing this time? we will be back. (announcer) illness doesn't care where you live... ...or if you're already sick... ...or if you lose your job. your health insurance shouldn't either. so let's fix health care. if everyone's covered, we can make health care as affordable as possible. and the words "pre-existing condition" become a thing of the past... we're america's health insurance companies. supporting bipartisan reform that congress can build on.
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>> per time to stop trading. the latest numbers are in for the fund. they came out with a survey and more money than hedge funds at least in the u.s. 37 of them and they have 3.2 trillion. they got burned and went to a lot of these banks. some of them are sitting there and want to know where to put it. i thought it's perfect. jim will be on in an hour and them. >> i do what i did and shake
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fund did in 1990. i would buy 10% of citi. >> 10% of citi? >> go to the government and say listen, you have that big position. 34%. i want it. >> buy it from the u.s. government. pa. >> i will pay you 5 and 1/. we will get in luft like we did below in the old days around this time with 5 and 1/4. i would put that money to work in citi. you would not regret it. the rest of the banks, i have to tell you. they are flying too. they do that deal buying perhaps the most -- i was going to use the word corrupt but i'm a statesman. the deal 26 is flying. this is where the sovereign fund should be. and apple. 10% of city. >> i would call sheila and you
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want to put the pins in, but this is what i would do with my money. i would do just like prince did in 1990 and take down a lot of city. >> we have to be fair and want everyone to know since we reenacted what the dolls have. i have a sheila doll. >> you have a sheila doll? >> just the other side. i will bring it back tomorrow and reenact. >> he doesn't have pins. i think that -- it's the daley lam a. this is the natural sovereign fund bet like in 1990. you have a government that wants to sell and wants to get back the money just lost in colonial. this is a very marketable piece. citigroup is the biggest bank in every country in the world. u.s. bank other than our country. i think it's the way out of the money jam. >> okay. so like i said, i will bring it
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tomorrow. you have a bunch of names and you mentioned city, let's talk about this bb and t secondary. this is important. >> looked like it was not going to hold. most of the people took about five bulls on the market. this deal was not solid and just sprung on the people monday morning. boom. it gets solid and numbers go up. this is a deal and think it's important. this is the blueprint. we give good banks the bad banks and they can swallow them. thank you, tim quite mer for doing this. they are able to acquire a bank if they wanted to. that's monumental. this is bb and t offering the future. it's what happened with fleet bank up 500%. bb and t rocks. >> what was the other? first niagara. another winner.
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>> that's harleysville. they stole it. stole it. >> i remember that. >> they stole it. >> now, there two tech names today that i wanted to ask you about. first of all was apple. market shares in two places. >> they are on fire. japan is one out of four songs is performed on i tunes. japan and canada on fire. by the way, we are getting smart phone data from europe. they have almost caught up to nokia. nokia will just be a river in finland and not even a phone company. i feel that apple is taking market share and mind share, don't forget 35% of all profits come from apple and even though they are less than 3% of the smart phone business. this is a sovereign wealth plate to go. i would buy a lot of -- 10% of the oil companies and most of which don't know what they are doing. >> all right, mr. cramer. >> i'm done? >> you're done.
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you are going to have a lot more tonight. >> citigroup. >> buy 10% of citigroup. >> 10%. >> it's about flying planes on ethanol. >> love it. thank you. >> 6:00 and 11:00 from mr. cramer. next a story you will see first here, worries with the run away hit, cash for clunkers may be running out of gas. we have the woman who knows. set to bring us depail tails in the moment. the first big hurricane of the season lurking in the atlantic. is it a threat?
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we have a cover from the storm's track and begin with meteorologist nick walker. nick? >> we are looking at a strengthening hurricane. could very well have a major hurricane by the time we get to this evening or tomorrow. the u.s. air force hurricane hunters are getting ready to fly into the hurricane right now. it has a well-defined circulation and a large and well-defined high. that's around the central portion, butted get news is we expect this to take a normal turn, missing most of the antilles and grazing the northbound antilles and probably puerto rico, cuba, the coast of the united states will be spared as bill moves towards the north and then very close to permuda. you mentioned bermuda. they need to take precautions and get preparations in place. bill could make a close pass to bermuda by the early part of the
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weekend. >> then where does it go? the oil is in jeopardy and brian, what are you hearing? >> today's rally includes really a head scratcher for a lot of traders. some said maybe it had a little bit to do with the storm fears, but that would be reflected and that's down. listen, today's rally not so much storm-related, but there is a little bit of chatter down here. adson armstrong said it was a technical rally and the dollar weakened and look at the chart. the data we saw a dip and it was a steady rise all the way through the entire day. yes the dollar weakness was a factor, but this smuk up on a lot of traders today. a lot of head scratching on the floor. 4:30 eastern time. we got the api inventories and a bill of a million barrels and 1.4 million barrels of gas and this will be a bill of 400,000
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and that will be today at 4:30. we will have all the information for you as it breaks. a lot of people are a little bit stun said at what happened in the latter part of today to crude. >> thank you. we will keep a close eye on the electronic trade. now, the big headline. the race to auto dealers for cash for clunkers. is it fading fast? a new study raises a worrying red flag. in an interview you will see first here, good to have you with us. it caught our attention and an analyst say this and you are looking at the purchase intend. down 31% from the peak, right? >> right in the cash for clunkers program, that translates to the sales and we
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saw that decline so rapidly. >> you are saying that this purchase intent, you run the correlation historically as to whether that is linked to sales of cars. is it? >> we tracked the website behaviors reflect a change in sales. what do consumer dos when they buy cars and don't buy cars. we came with the purchase intent mechanism that can tell us which direction the sales are headed and we are seeing they pretty much really just drop off. >> you can tell why? is it that people were just looking because of cash for clunkers or is it linked perhaps to automakers getting so excited, they thought they had pricing power and this purchase intent is showing they don't? >> a little bit of both, but the majority is that cash for clunker frenzy we saw was just
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absolutely crazy. we saw so many people come to the site because bigger cars translated to the kind of sales. that pretty much tapered off and couldn't sustain. we didn't know how it would drop off, but we are seeing that. the inventories have gone down and they pulled out of a lot of cars and inventories dropped and that makes it a bit unfavorable for people who want to jump into the new car market. >> let's say we go down to the performing intent index indicates we will go. do you have a sense of how many -- where does it put us in terms of the number of vehicles sold annually? that will be the big question. >> the way it's going looks like by next week or the week after, we will return back to normal levels of performing. in that week with cash for clunkers going big, that was to replicate every week and stole 19.6 million vehicles. obviously that's not going to happen. it looks like we are going back
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to a normal behavior that we had this year. that's somewhere in the neighborhood of 900 to a little over a million vehicles. that's what it looks like. heading back to that right now. >> thank you very much. thank you. caldwell, thank you very much. giving us the numbers there. this morning the chatter on street was about a 10% pullback. let's get reaktd action. bern eye mcsherry, what do you think about what jessica just said? eerp at 19.6 million with cash for clunkers. we're back to normal. i hope you heard the number. it would sound like we were back before any stimulus, did she say in the nines? >> i couldn't get it either here. but getting back to what she was saying, i think that the whole cash for clunkers program to me seems like it stopped up a lot of cash out there. the retail action we're expecting to see, going to be disappointing because families have spent a lot of money on
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cars. a lot of people thought let's go out and grab this while it's available. >> what do you say, jamie, if this goes away and there isn't any kind of lasting stimulus here what, does that translate into when we're talking about this rally? >> well in, terms of the broad market rally, the automakers stocks don't comprise that much of a market cap to really make a significant impact. >> but consumer spending. >> yeah, i mean certainly those numbers need to come in positive for the rally to continue. >> all right. so bernie, what would be the take away here? obviously you might say okay, so then people have more money to spend on other retail items, right? we can make that argument or could you make the argument that people really don't have money to spend and without stimulus, they're not going to spend. >> you talk to folks around a anecdotally at least, we're
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going to need business spending to get us back. for right now, i'm looking for business spending. at the close tonight is going to give us a good idea where tech spending might be. >> jamie, coming into into the close, where are you focused. >> we're focused on the rally. big high yesterday with equity volatility stepping up to its highest level in 30 days, but this rally really seems to be holding it down some today, and we're really seeing less fear in especially the near term. >> all right. thanks very much to both of you. appreciate it. and we did just confirm again that number from jessica that it would be returning to a level is that what they're saying of between 900,000 to a million vehicles a month, just shy between 11 and 12, which is a little bit better than some people might say. some people might say that's not so bad, all things considered. obviously, we'll be talking a lot more about the implications there. here's back, brett favre cannot
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stay away. when he gets off the plane in minneapolis, he's going to be a big winner, but he's not the only one. we'll be back. he ran off with his secretary! she's 23 years old! - oh, come on. - enough! you get half and you get half. ( chirp ) team three, boathouse? ( chirp ) oh yeah-- his and hers. - ( crowd gasping ) - ( chirp ) van gogh?
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( chirp ) even steven. - ( chirp ) mansion. - ( chirp ) good to go. ( grunts ) timber! ( chirp ) boss? what do we do with the shih-tzu? - ( crowd gasps ) - ( chirp ) joint custody. - phew! - announcer: get work done now. communicate in less than a second with nextel direct connect. only on the now network. , hard of hearing and an people with speech dischities accessac.sprintrelay.com. my daughter was with me. i took a bayer aspirin out of my purse and chewed it. my doctor said the bayer aspirin saved my life. please talk to your doctor about aspirin and your heart.
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brusque. >> brett favre is back again. we're not kidding. although we're having trouble counting how many times the nfl quarterback has unretired, the man who is drumming up a stead by business in the land of lakes. he's back, darren. >> you talk about quick work. obviously he said there was no chance he was coming back again.
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we know favre is now back again. you might be saying same old story but don't tell that to the folks in minnesota. let me show you what was on front of the vikings website this morning. the team was offering half season tickets, which is pretty much a desperate move for an nfl team. the vikings have since killed ha plan and are now only selling season tickets on the website. they say limited season tickets available right there. are you ready for some football? see the little text under there? at 2:30 p.m., they changed their page to all favre offering everything from favre jerseys in every size to favre pins, posters, and yes, even favre jersey earrings. stub hub says the average selling price for the vikings packers game in green bay on november 1st is now $322. and that today is now the highest grossing ticket day in the history of stub hub for both the packers and the vikings in terms of tickets. for what it's worth the folks at
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accuscore say the vakings not the packers will win the nfc north. the way this totally turned around, obviously, given what they were selling this morning, the vikings didn't know this was going down today because some pretty lucky people got in on a half season ticket package including that packers game in minnesota and now they're calling it a steal. >> all right. i can't believe he's back. do you remember last year, we were taking the helicopter shot when he came to new york? >> it's great annual tradition. >> all right. thank you, darren. coming up a couple of movers and a take on what that cash for clu clunkers survey may mean. we'll be back.
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here's where they say we're going. we were running at an annual rate of 19.6 million. now we're going back to a level of 10.and 12 million cars a year. that's above the 10 million the industry says they need to be normal. time for the closing bell. >> and there's a live picture of the floor of the new york stock exchange entering the final stretch on wall street where we are looking at a worldwide rebound. nearly all of the major s&p sectors now trading on the upside as we enter the final hour of the trading day. i'm maria bartiromo along with scott wapner entering the final stretch with a nice rally. >> unbelievable. look, the market had every reason to be down, everybody thought the market was going to be at the start of this correction and we get not great news out of the retail space. certainly it was better than
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yesterday. housing starts were a little bit disappointed. >> you did get good news on the housing front, single family homes up fifth month in a row. earnings data supporting this rally. after the close we look forward to the hewlett packard quarter. has the recovery actually begun for hewlett? that could set the tone for tomorrow. we'll have those numbers as soon as they report and give you the insight what's going on in the corner. enterprise and the pc business, very important for hewlett. >> technology is having a really good day. rbc upped the price target on the smart phone. names like apple which the nasdaq is up by 25 points. >> don't forget about the banks, higher across-the-board. the dow up 85 points. nearly 1% back above 9221. nasdaq strong, 24 points higher, 1.25%, back at 1955 on nasdaq. the s&p 500 higher by ten points. not as broad based as you would like to
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