tv Street Signs CNBC August 20, 2009 2:00pm-3:00pm EDT
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light volume? look at city group. the 200 day moving average, 4.26. earlier in the day it hit 4.26 and the stock took off. in the total volume, you look at the stock exchange and the trading on the new york stock exchange, 90 million shares traded behind me. the total trade here on the whole floor is 500 million. 20% of the volume on the floor, citigroup. back to you. >> thank you very much. scott wapner. i believe we have shocking headlines on one stop for many coffee drinkers. >> starbucks apparently saying that starbucks can charge as much as 25s ens more for some of the drinks and not translating into the move. starbucks is flat on the day and up about 7 cents and translates to 4/10 of 1% given that the
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stock is trading at 19.o the real story centers around the large cap stocks, specifically google being added to the conviction at goldman sachs. they bumped up to $560. they like the growth prospects into next year and also the monitization of you tube. it translated into a rise in n google and across the board, it's a decent picture. apple shares are up by 1%. research in motion and microsoft on the plus side. you have disappointing news and i know we talked about sears soldings and what's going on there. the shares are getting banged up and net is a loser and pet smart is say loser by double-digits as well.
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>> that's helping the case for the fixed income. when stocks are moving up, we see yield move up with it as they take on a little less meaningf meaningful portion of the landscape. treasury prices are up and why? i can't tell you any solid reasons except for it's quiet here. we have 109 billion in supply and that doesn't seem to be any cause for concern. i will point to the fact that in august, the refunding should be a big event by pressury side. that's not dismissed. you will have to wait for the next employment report.
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every year this time in august, they are here to make sure of the crisis and where we are headed. steve leesman is there. i saw you catching a fish. >> we have been working pretty hard. it's not all fun and games. we will tell you there is a sense of panic much less than in years past. plenty of concern about where they go from here. you call the meeting where the fed will visit the ghosts of financial decisions, past, present, and future. let's look at the fed agenda. they will see what they have done and how well that worked in the first order to try to see what it tells us about the fut skpurt turning point. talking more about that in the second and third and a lot of growing concern about fiscal deficits and how that will play in with policy in the coming year. for example, what does the fed do if there is a trillion dollar deficit? i talked with monetary policy
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expert jacob frankel. he is often on the restructuring team about this issue of deficits. >> the situation in the fiscal side is i believe very severe. we have budget deficits that are huge not only in the united states. all over. this is a huge certainty that actually is an obstacle for the success of the budget. it works against the stimulus. we talked to him about this issue of exit strategies for the fed and the treasury. >> it's not just to implement, but to articulate clearly and it's not too early how the treasury is going to turn around
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the care. the same by the way for the fed. they need to articulate how the exit is going to work out. a lot of doubt as to whether or not that will be the case. >> sets us up perfectly for the conferring. he talked to many people. a one-hour special called the fed, crisis, and recovery. it will be live from the beautiful jackson hole tonight. the numbers leaked out of next tuesday. estimates to 1.6 trillion. a possibility of a cash for dishwashers program.
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the senior economist at deutsch bank, great to have you with us. it is broken down into three areas. karl, you first. talking about how important deficits are and say we won't need the extra tarp money for the banks and cut to 1.6 trillion. still an astronomical number. at what point do they need to address it? the lack of demand and where the curve is. >> how much time do they have before they have to address it? >> they have a lot less time and the problem is that the fed has been supporting the pressury markets and they do look like monetizing the debt, but technically they are not. we don't think the market can survive without the get's open market operation.
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they have a very short period of time where they have to get it in order. >> a short period of time, how short and at the end, does that mean rates need to go up or something else? >> as in the period of the next several months or years at most. rates will have to go up. they are is you pressing rates right now through the balance sheet and trying to keep the calks going by buying them back a week after why is there second talks. there is talk of the second stimulus. >> i don't think it's ridiculous. looks like the economy is beginning to gain momentum for a
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recovery. if that's the case, we won't need a second stimulus. if we get into the first or second quarter of income year and we are seeing a quarter of a million jobs being lost, perhaps it's time for more economics to kick in. >> would you do that even with the deficit? at that point you would say the economy is so weak, it put the deficit on the back burner? >> that's the way we have to address it. the recession first, economic crisis first and deal with the deficit in due time. i don't want to make light of it. it's a significant problem at these levels, but situation number one is get the tax revenue back and get the economy back on track. >> what are do you say on round two? >> round one was last year with the $400 rebates. we had two rounds and it doesn't seem to be working. anybody noticing that if we try failed projections, maybe they are not working as well?
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they buy it now and when you get to next year, you have a drop off in sales. i don't think they are creating activity, but just rearranging the time schedules and rearranging in the long run doesn't help much. i don't think the first two help and a third would be that good of an idea. >> now, a third is coming. let's call it 2.0. and this is the coupons. you got a coupon and it was good to get a dish washer and that would eliminate the propensity to save it. i didn't know this. $300 million available unused in the stimulus for rebates and the federal government would give them if they bought a washing machine or a dishwasher. do you think they will do it and it will work? >> i think they will do it. will it work?
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define work. will it increase sales? yes. you know what we are finding out is cash for clunkers is not a great deal. you are trading in a $3,000 car for a $4500 credit and paying sticker for the car and price is going up because demand is high. you are not getting that governed a deal and sales for cash for clunkers is plummeting. >> the fact that we can do this, but once you get the rebates, you have this big pop and it doesn't sustain it. we had them on. car buying interests have plunged. >> what we can do right now to deal with the situation. while a lot of these stimulus plans have a short-term effect and we found out about under problem is in the second quarter, stiles it's just a short dose of medicine that is needed. going back to the earlier point,
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i would make the argument that it is working to a significant degree. we haven't worked past the halfway point. we have more stimulus and government spending growing at about a 5% pace both last quarter and the next couple. this adds a full percentage point and that is not significant. that's about what housing was subtracting for the economy. >> i said we would do a bonus. bernanke, stay or go? >> stay. >> go. >> wow! jim, i know we have a hard rap, but in five seconds, why does he go? >> here doesn't need bernanke and he appoints who he wants. >> we will follow-up on that one. i must admit i department know what to expect. they thinks to both and we will follow-up on that. next on the show, california can't afford the prison system. 30,000 inmates may be released
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california needs to cut $1.2 billion from the prison bill. proposing releasing about 30,000 inmates fra from jail saying the average inmate costs the state $49,000 a year. the state legislature discusses how to reform the prison ps and one leader of the s sem blee said it would cause the largest jail break in california history. california clearly has a crisis, but so does the rest of the country. one in 100 adults are in jail and they spent on prisons. only medicate is growing faster than spending on prisons. why are costs surging? the incoming ceo in america is the largest prison company in the nation. good to have you with us and appreciate you taking the time. what is your view on why costs are rising so quickly? >> thank you so much for having me on.
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it's an honor. the big challenge for california, they are dealing with the cost of operating within state, but also the rising cost of medical services and rising cost of construction services. the high cost to operate in california. all the issues compound on the fact that they are severely overcrowd is creating issues for them. >> and california has a lot of problems, including a decision they made a while back to put people in jail for even minor infractions. other states have problems as well. on average, one in every $15 is going to prisons. obviously you are in the business of running prisons. if you are able to run more prisons as a public company, would you be able to cut costs as opposed to state-run prison? >> one of the key things we are able to offer to california is it's expense testify build a prison. you have real estate that has a
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57-year live skpth upfront cost and repairs and maintenance. the thing we bring as value to finance it and design and frukt and there is no up front cost. they are scarce and precious and reallocate to universities and schools and going forward, we can control the cost relative to maintenance and provide value in the cost per day basis. >> the savings are 5-20% when you come in as opposed to the public system? >> that's correct. we can provide from 5% to 20% based on the level services they need. when we talk about real estate markets, we are not confined to an area. san francisco and los angeles is expensive because of the workforce and the medical
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service are expensive. we are not constrained to a certain location that is much more cost-effective. >> some people may say look, you are sitting here and make money by more people going to jail and they may discount what you say because of that. that's why i want to bring up this point. only about 8% of prisons are run by public companies like yourself. you can grow without anybody more going to jail. >> absolutely. you have california and we talked about the severe overcrowding situation. even the federal bureau of prisons, the largest system in the united states is at 137% of the designed capacity. there is a lot of systems with severe overcrowding and become more and more costly to operate and we can provide part of the solution to help with overcrowding and long-term growth. >> we're appreciate you taking the time. the incoming ceo from the
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largest publicly traded pichb company in the country. only about 8% of prisons are run by public companies like corrections corp. would letting companies run prisons cut cost? the budget analyst and the health care policy for the largest labor union. good to have both of you with us. let's get straight to this. public companies running prisons. would it cut cost? >> there is a recent study out of vanderbilt university less than a year ago that shows absolutely. if you let private companies become more involved, it saves money. that being said, i'm not sure that's the main issue. more fundamentally, you have the criminal justice issue you have. we have 5% of the world's population and 25% of the world's prison population. whether it's public or private, i think you have to look at the criminal justice system and ask why we have people in prison.
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>> he gets to a key point and i want to address it and give your concern about public companies running prisons. there is a real trade off, right? >> i don't think there is evidence despite what folks have said. private companies will run them more efficiently and the representative said that most of the savings comes on the financing and the real estate end of things. from an operational vantage point -- >> they are 5% to 20% cheaper. >> we are looking at real estate cost and the financial operations. the u.s. department of justice and studies by the university of cincinnati and others have demonstrated that there is no cost advantage from runs prisons privately versus publicly. they documented that the quality deteriorated sig 95 kannif deteriorated sig 95 kanniicants. you have inmate assaults.
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you have lower medical care and you have substandard food provisions. all of these things have to go into the equations. >> numbers to prove that and more violence in the public? >> absolutely. george washington university has a study of documents and all of that. i think we have to look at the quality of the prisons. society has a responsibility and they deny somebody liberty. liberty needs to be denied in punitive circumstances, but there is a responsibility on society when it does so. they have to be run appropriately and we are have to treat people properly. >> if you talk about prisons, what is the only thing growing more quickly than prisons and that's medicaid. we are looking at making possibly whether it's better to have public companies run from hospitals to prisons. these numbers are very important. >> let's get back to this quality of care issue with the
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prisons and let's look at california. that's what we are talking about and that's the news right now. in california if you look at the publicly-run correctional facilities, 70% of the cost is in union, labor, wages and benefits. only 5% goes to actually helping rehabilitate people come into the system so when they get out they become more productive members of society. the unions have spent millions funning political action campaigns and other interest groups, trying to get three strikes you're out and tougher sentencing laws. why? they want more people in prison. they get more money and their membership has gone through the roof and their salaries have gone through the roof. all this talk about the civic responsibility on this other stuff from the union friend, what is it about from the membership. money, money, money and the expense of the taxpayers to boot. >> i want to give you a chance. i heard on mpr, the
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representative for the california union worker who is run the prisons there. it was a pretty damning interview. i have to be honest. every increase in union membership and earnings all appeared to come as a result of more people going to jail. >> i can't comment on what the california union is saying. that's not part of the organization. i can comment about what we do. in wisconsin, we supported sentencing reform laws. we don't want to see nonviolent offenders locked away. we see the damage it does to individuals and to society. this union is not in favor of locking up folks and throwing away the key. if we are concerned about that and overvowed crowding and unfair sentences, what do you think is going to happen when we have corporate america in keeping people locked away. i don't think they will advocate
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in reducing the terms of sentencing. they have a vested interest in keeping people locked away. in fact, they have the representative that said based upon the fact that most prisons are overcrowded. they build prisons on speculation. they are speculating that states will transfer the overcrowded population to their private prisons. if the prisons are no longer overcrowded, they have a lot of empty beds and the stock price goes far down. >> thank you very much. a lot to think about there. let us know what you think. do you think having the prisons publicly run would help things at all on the cost front or would it make it worse? what is your thought? we have 5% of the world's population and 25% of the world's prison population. there 11 stock exchange up more than 1,000%. the first of a series and a tale of industrial espionage.
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all on the winner's list today and finance suggest definitely in the headlines. making sure dealers don't get a raw deal in the cash for clunkers program. they cover the government repates while being processed. sales over the past two months exceeded forecasts on 60,000 vehicles. the government is having a lot of trouble deeping up with the demand. we check back with honda. you may remember when brian was on our show. we spoke to him at the beginning of the program. he sold 1,000 cars in 30 days. he hasn't yet received any money from uncle sam that shows why this issue of reimbursements is so important. a new ethics blubder for boeing. a company sat in on the presentations at a recent trade show. the managing editor broke the story. what happened here?
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this was true espionage. >> that's a strong word. it's like a bad chevy chase movie. the only thing missing was the mustache and glasses. this was an effort whether or not it was a rogue effort or something that people higher up in the company knew. something the company is trying to determine. they were in a clups i way trying to hijack the debate and pose independent reporting with someone really who was the company employee, but misidentified as an independent blogger. this is something they should be ashamed of. they should be out and i think everyone is fascinated not just in the defense industry, but the social media tools. i think this is what got them into trouble on this. >> does this shom people to go in and give identification and lie about who you are and say you are a blogger and you get to
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go? >> what's so surprising is as far as registering for a trade show, almost anyone can register as media. we have a difficult time deciding who is legitimate or not. this was a former employee and to think he would not be recognized by his former company is kind of strange. i guess this makes me wonder who else really knew about this. what the website was going to be and told on the independent reporting. boeing was going to have people writing for it. to their credit, they will take swift action, but they need to hold a lot of people accountable with the structure and executives involved. the whole thing is very
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stranger. >> it is and we should say according to your reporting, boeing said their policy is clear. that was unacceptable behavior. >> they're said they had no desire for putting them out of business. they wanted to make that clear. we will see where this goes. >> we're will and thank you very much. interesting story. jim kramer is looking at the next banking behemoth. back from the brink and up 1,452%. that's percent and different than the number i gave. it changed in the past day. "street signs" back in a moment. e 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...
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we're america's health insurance companies. supporting bipartisan reform that congress can build on. but i've still got room for the internet. with my new netbook from at&t. with its built-in 3g network, it's fast and small, so it goes places other laptops can't. i'm bill kurtis, and wherever i go, i've got plenty of room for the internet. and the nation's fastest 3g network. gun it, mick. (announcer) sign up today and get a netbook for $199.99 after mail-in rebate. with built-in access to the nation's fastest 3g network. only from at&t. ♪ yes, you're lovely... ♪ what do you think? hey, why don't we use our points from chase sapphire and take a break? we can't. sure, we can. the points don't expire... ♪ there is nothing for me... ♪ there's no travel restrictions... we could leave tomorrow. we can't use them for a vacation. you can use the points for just about anything. i know...
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>> it's not like the government wants to be citigroup shareholders, but anyone who bought that made a fortune too. >> okay. so let's get to all of the names you got. you got a bunch and you wanted to share something. let's talk about a new thing. >> you probably have been there. you have been to every country. >> almost. >> this will get that guarantee, a bank in texas lost its way. 14 billion in assets and own a conference banks and can abe dominant player. the stock is at 16 and think it can go higher. it was a 23 back in the spring of last year. before it emerges there will be
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more. >> they reported that fdic has a better shot and that is how much capital they have. she is trying to put it with good banks regardless of who they are. >> i'm debating about something. >> a washing machine? you know i love that one. you were the first to point it out. >> i was not aware there was a secret 300 million -- a still lis plan they could use for rebates. >> when you read it, did you know it passed? >> 90. what amazing me was i don't know anyone who knew it and it was there. they were doing t. >> whirlpool. taking it up from the get go and
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seers and kenmore was doing poorly. maybe it's not such a bad bet if we have cash for dishwashers. they sell a huge number. >> now, they want to do sears. author are this is where you go with the checks on the appliances. the kenmore brand is whirlpool. how about the people who sell it? other places shall not be named, but it was sears service? >> tires were cheaper than costco. >> it was $400 and i said please don't say whether that's one or four. >> and they ruined the floor mats. that made the difference. >> i have something i want to share with you. a survey and this was amazing. which industry would americans like the most? what are the ones they like the most?
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>> the computer industry. >> there you go. look, number three. we are not too far. media is on the list. and radio. look. >> radio is nonprofit. that's like investing in pennsylvania or duke. >> think about it. we used to be with this group. >> lawyer? banking. >> the government. this is a list you don't want to be on. this is a list of what america views as the biggest bottom dweller industry. >> it's not the nfl. >> we are usually on it. we are not on it. >> i think the most popular was banking. >> totally right.
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they had a positive reading two years ago. that is right. you honed in on the exact point. >> there was a guy who came become from iraq and he had done this great book and he was made for going into banking and instead he went to work for pepsi. that's the last place he wanted to go. >> one more stock. this is the google call and jim is skeptical. >> i went through it with a fine tooth comb. they are coming back 1% to 2%. they called it multiple expansi expansion, you know other reason or you can't take any more. that's never a good reason to buy a stock. >> thank you. jim tonight on "mad money" at 6:00 and 11:00 eastern here on cnbc. coming up, market hit bottom on march 9th and the s&p is up more than 40%. what about a company over the exact same time frame up 1400%.
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you will meet the ceo and here is the secret to the bottom success. we'll be right back. when this hotel added aflac to compliment their benefits package aflac! it made a big splash with the employees yeaaaahhhh! find out more at aflac!... ...forbusiness.com (laughter) finally, good news for people with type 2 diabetes or at risk for diabetes.
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. we are kicking off a series of interviews with a special list of companies. stocked that gained over 1,000% since the march bottom for stocks. we are pleased to introduce the first member of the "street signs" 1,000 club. boise inc. it changes second by second. right now we are at about 1,536% of a gain since the march 9th low. the president and ceo of paper and packaging products and many
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may remember it and thanks so much for being with us. appreciate it. >> thank you for having me. >> i don't say this to offend you, but this is a story of a company that almost died and has risen from the ashes, right? >> we were actually in very good tealth through most of the period. this hit us hard and the market recognized that that is so. at the bottom, our market valuation was about the same as a monthly ebitda so certainty a far-depressed market valuation of what would be normal. i want people to understand what you came through. the stock exchange warned you would be delisted and 30 days and the stock was below $1.
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you laid people off and you are now profitable. what did you do to turn it around? >> three things. we have grown our targeted product trgly in the labels and premium products. we did a credible job and got tax credits because that was recognized and those three facts drove the recovery. from here, what do you see? anything that deals with paper and housing and the economy. are we at bottom or better than that? >> we have certainly see a leveling out and most of our products and some slight recovery in others. we make office papers and label papers and packaging products
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and all of those will see nice growth. we are cautiously optimistic about the future. we have containers which is an estimation. labels which could be what are people sending. lots of things it could be an indicator of. does anything stand out? >> a stabilization in office papers which is driven by white collar employment and as it recovers, so will office papers. our packaging boxes are largely driven in our case by demand for foot productions and that continues to be strong although the makers of the foot products people buy have changed. they get package and we see a recovery there when the economy pulls up. it's very much driven by economic activity and packaging demands.
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again, as the economy bottoms out and recovers slowly and faster, that will do well for us. >> president and ceo of boise. the communications, you will find out what they do tomorrow. up 1200 percent kprs and of the biggest marketing communities right here on "street signs" tomorrow. we now have official news, literally in the past couple of seconds that the freed libyan locker bee bomber landed in libya and reports are that there were thousands of people there to greet him. that is significant. it's true. here's why. scottish authorities released the agent on humanitarian grounds. he is dying of cancer. he just landed a few moments ago and president obama this afternoon said he objected to letting that bomber go.
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that libya should be sure the man is not welcomed back in some way, but should be under house arrest. keep in mind, libya only wanted normal relations after paying the situation goes south, u.s. big business has a lot to lose. libya sits on the biggest oil reserve in africa. it's worked hard to get off the terror list and back in the global economy since the bombing. and if you see this here, there are big business deals at stake. there's a construction project of american firm ae com. we visited libya. it's the single biggest infrastructure project for that company. 40 foreign oil companies are working in libya, including all the american giants, occidental, exxonmobil, chevron, and conoco phillips. you heard the president. he just said there there should be no welcome. but thousands were greeting the convicted bomber. this is perhaps a very big story for business, and we will keep following it. but up next we're going to take you back to the trading floor to get the latest on what's moving as we approach the final hour of the trading day. word on the street, and what's really going on behind that 22%
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surge for aig. we'll be right back. these days, when you have to spend, shopping online can help save. doing it with bank of america can help save a lot more. up to 20% cash back from over 300 online retailers with our add it up program. just sign up and use your bank of america debit or credit card when you shop online. it's one of the many ways we make saving money in tough times a whole lot easier.
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. one hour to go. what should you be watching? dave bravelli with cancard adams. peter costa with me on the floor. one hour left. what do you think is going to matter? >> unfortunately, i wish i had something great to tell you, but there's absolutely nothing going on. i'm talking to a lot of institutions, a lot of hedge funds. no one understands why we're not seeing a correction but at the same time there's no volume. like i said this morning never short a dull market. so we're creasing higher. >> that's as good a reason as any, which is people are up, volume is low. it's going to keep going higher. do you think it goes up or -- >> today we're going to stay at this level. it's going to be, you know, obviously not a -- we'll probably not even break a billion shares down here. but longer term i do think we're going to see a little bit of a correction. but you know, everyone keeps
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saying it's a trillion dollars on the sideline. you always have to be aware what it's going to do. the market's going to bottom in certain points and that money's going to come back in. so i don't think there's a lot of room on the down side at all. i think there will be a correction but it will always get stopped by this money that needs to be invested. >> and dave rovelli just to confirm you think we creep higher the next few weeks but then we get a correction? >> there's a lot of things going on. if this health care bill passes, people that make over $250,000 a year, they're going to get a 4% tax probably. less money to be spent. the consumer's on the brink. and you know, the housing market, we do see some signs of life, but there's still a long way to go. i'm just very, very nervous. i'd honestly like to see a correction. i'd like to see us come into 950 so the bulls can step back in and get some better value. >> oh, man. >> i love this argument. and all you guys make it and i know it's the way markets work. but if it's strong enough to go higher, why does it have to pull 10% back before it goes higher? >> talk to the technicians that
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understand that. you know what i mean? >> it's psychology. >> yeah, it's psychology. a lot of it's psychology. and you know, what everyone has these price points where they get involved. 950 on the s&p is a big price point. trade off of it. why not? if you're going to be a day trader or a short-term trader, definitely trade off. definitely trade with that. >> peter, dave, thank you. break. we'll be right back. tdd#: 1-800-345-2550 if i'm breathing, i'm thinking about trading. tdd#: 1-800-345-2550 i always have my eye out for a stock on the move.
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you've seen the ads and now you can see darryl rovell's updated documentary "as seen on tv." he's in the control room with a sneak peek. >> thanks, erin. and the $150 billion infomercial industry, there was no one more recognizable than billy mays. but two months ago mays died leaving an industry in search of a voice and a future. i sat down with anthony sullivan, mays' fellow pitch man, business partner, and friend. >> hi. billy mays here for the grip and lift. when you need some extra help for those outdoor chores, it's a
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must have. >> why did billy mays work? >> to this day i still don't know how or why billy worked. i think if you went to salesman school 101 they would not say wear a blue shirt, dye your beard as black as you can, and shout at the top of your lungs and come up with crazy phrases like powered by the air you breathe and activated by the water you and i drink. i think at the end of the day it was just straightforward old-fashioned tenacity. when he revved up his engine and just floored it, eventually if you sat there for long enough you would pull your credit card out and you would buy. >> now, even though mays passed away, his commercials are still running. tonight we'll have interviews wall the insiders, including anthony sullivan. it's "as seen as on tv" tonight at 10:00 p.m. on cnbc. >> thanks very much to you, darren. and we're going to be going to "news now." yes? no, we're not. we do just want to check on a couple of the main moving stocks as we're coming into the final hour of trade. we are up about 48 points. and perhaps that's a victory in and of itself.
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you just heard our traders saying low volume, we probably won't break a billion, but that could mean we keep moving higher inch by inch. one other thing just to highlight, crude oil is back up, just about 12 cents at the close of the session, at 72.54. thank you very much for watching. we appreciate it. and let's hand it off for that final hour of trade. "the closing bell" with maria bartiromo. and there it is. a live picture of the floor of the new york stock exchange. we enter the final stretch of trading. once again stocks on the up side. some pretty good economic news as there's a rally in financials. hi, everybody, welcome to "the closing bell." i'm maria bartiromo, today along with matt nesto. how are you? >> great, great, happy to be here. thanks. and you know what's interesting, maria, i'm looking at this marketplace, we're up for what, the third day in a rope. clearly financials are leading us. but if you you just step back a little bit, folks, you can see the financials are not the leader on the week, it's still the health care stocks. pretty much everything is
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working today, but if you step back a little bit you can still see there's a defensive whip in this marketplace. >> that's a good point because health care has been the place to hide certainly in this most recent rally. we have some very important things out today. economic data, private research group saying the forecast of economic activity rose for a fourth straight month. you had pretty good numbers on the factory order side of things for the mid-atlantic region. the philadelphia federal reserve survey. and of course the financials as matt just noted, rather. we had citigroup up 6% today. richard bove at rochdale securities saying this is a triple. we've got money moving into citi once again here. >> a lot of people have been saying the government wants to get out and people know that. so somebody's looking to buy that share knowing that there's going to be something going on. but with all that good economic news, 50 points? we've prespent our optimism, i think. >> i'll take. dow industrials at 9330. not bad. we see the nasdaq not too bad. at the
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