this market has had a good run. that is fairly richly valued. few, though, are willing to say we're facing an imnept correction. the fear is always there. but the rally does indeed continue. we've cut that post-fed decision rally in half and gotten back almost to levels where we were before. if you look at what has brought us back in line, it continues to be the weakness in the energy stocks. i just glanced up at the board. i notice the transportation sector is also weakened up. look at the interday comparison of how strong telecom is. going into today, the worst performer in this two-week-long rally has now gotten positive on a month-to-day basis with a big 3% pop here today, led higher by at&t, verizon and sentry tell. all strong today. jim cramer was on earlier talking how interesting and notable it is to see weak oil and energy, and rising stocks. that indicates maybe a september mental change.

we've talked a lot about who's following who. we're looking at the currency markets, following the dollar, looking at the oil guys, looking at the stock guys. today clearly the stock market is the leader in terms of bullishness on the recovery. some other story stocks i have to mention to you include shares of ford. one of the best performers right from the opening bell, as we look at the closing bell. the stock has been very, very strong. we've recovered it thoroughly. but very bullish on the outlooks for the company. or at least less bearish, i should say, cautiously optimistic. general mills very strong today with better than expected results as well as increased forecast. let's get to the rest of our market reporters and get the lowdown from them from the fed and before. and we start with scott wapner at the nasdaq. >> matt, thanks so much. maria mentioned how mope is moving into technology. the nasdaq higher by more than four points. we'll focus on this area of the wall here. where the widely held large cap

technology stocks trade. and they are to the upside. google, new 52-week high hit earlier today. eric schmidt out in pittsburgh said in his words, acquisitions are back on. apple, another 52-week high. the stock up 2% today. research in motion reports its earnings after the bell tomorrow. it's up 3% ahead of that. dell, meantime, is up 3% as well. the price target taken higher by a couple of terms today. gart talking about pc shipments improving in the fourth quarter. yahoo! is up better than 3% as well. reiterated by over at citi. xilinx is up 6%. raised their q2 outlook. that gave a lift to the overall chip space, like intel, up better than 3%. you're really seeing where the strength is today in the nasdaq. it's no those widely-held large-cap technology stocks throughout the semi conductor index as well. i'll show you that the soxx is

also up. >> how much longer can dollar weakness keep these oil prices at this level when we have so much supply out there. today traders got another glimpse at just how much supply is in the u.s. stockpiles. we're looking at crude that fell today nearly #, because of this inventory report we got today from the energy department. we did see oil supplies rise by much greater than expectations. same for gasoline and fuel supplies. even though we're now seeing dollar weakness since the fed statement, we are still seaing weakness in oil, though off of the lows of the day. keep in mind, though, the dollar action has played a big role in the rise in oil prices so far this year. but a year ago, we were talking about oil prices at $100 a barrel. the last time the dollar was at these levels. what has kept the cap on oil has been the level of supply. and that supply impact is seen

across the board. gold, another factor that got an impact from the fed statement today. we're looking at gold prices that rallied after the fed's decision. rick santelli, to you in chicago. >> thanks, sharon. let's keep the notion of what moved on the statement and what stayed at its extreme levels after the statement. in my opinion, the winner of that is the first chart, ten-year note yields. but all yields. they moved to the lowest yields of the kay. the highest price after their statement. and they stuck. why? asset purchase program. no new information. it continues to seem as though they could even appropriate more money down the road. no terms of exit in that regard. you can see it on that chart. if you look at the next three charts, the currency markets, the dollar got hurt in every case, as you'll see. but the market price did come back a bit, although the currencies are still higher. euro currency still a 148 handle. if you look at the pound versus the dollar, it's still closer to

$164.40. it's stronger. the yen is also stronger. but that is the dollar chart on the dollar/yen. which side of 76 the dollar index closes, it went under that level briefly after the statement. maria, back to you. >> rick, thanks very much. let's look at the other business headlines on wall street today. and it is conflicting data for ely lilly. showing that the drug helped the sub set of colon cancer patients live 3 1/2 months longer. another trial found no significant difference in survival rates. the mortgage bankers association today reporting that mortgage applications were up 12.8% last week, to the highest level since late may. that's due to the fact that interest rates on 30-year fixed loans fell .10 of #%. the architecture building index, nonresidential construction

spending fell to 41.7 in august. that is a three-month low, because developers are having trouble finding financing for new projects. >> all right, maria, thanks very much. let's talk about this market action here today. we rallied, we've pulled back, but the reality is, that we're still higher. we've been up 12 out of the last 14 days here today. joining me on the floor is david pearl, coach investment officer at epic investments, as well as tobias at citigroup. let's begin with you, david, you're right here next to me. what do you think about this reaction? we had a big pop there, and we're up 5 # points now. >> the reality is, this was expected, frankly, that the fed would not want to change rates, would signal that it will remain low for a long period of time. so the money that's coming into the market continues to come in slowly, but there just really isn't any new news. the real basis of the sustained recovery just isn't here yet. that's consumer demand and corporate spending.

what we're seeing is money coming into the market because you're not making any money in bonds for any asset class. unless there's demand, you just can't have a sustainable revenue growth driving real profitability. >> tobias, what do you do? everybody more or less can see the market is a little rich, that it's looking a little overshootish, if you will, if that's a word. you know what i mean. how do you balance the overshoot over just the correction risk? >> i think the correction risk is growing as we keep moving up here on essentially where earnings are going to be. investors already expect third quarter earnings will fall over the second quarter pattern and generate a better return than expected. you really need way better expected earnings to generate the next pop. we're a week or two away from the first earnings company announcements coming from the companies. i think that's going to be the real tell tale sign if the market wants to move higher. as money flows in, we can go to the ridiculous levels flts we've seen this before. i've been saying, we could see

the overshoot on the s&p, we're within a hair's breadth of that now. if people want to throw money at the market, it can go higher. it's starting to get less justifiable. >> what are your expectations? can we actually give the street the better than expected results they need? >> numerically, you have easy comps, year over year. companies have cut costs and laid off people. you have inventory restocking if you're a manufacturer from really no level in december. so numerically, it looks easy. the bad news, the valuations have skyrocketed. you essentially have higher expectations. in this case, the question is, will these good earnings be good enough. and that's where the risk will be. >> your bull's-eye on your pulse report is talking about the valuations where as far away from the bull's-eye as we can get in terms of it right now. >> you're talking about over 20 times earnings. we go back to the 1940s and look

at the data when we have that kind of trend. on average, you're down 7%, a year later 60%. you lose money. those aren't great odds anymore. but it is a critical issue is going to be what's the market already embedding. we've looked at the market. if you hold these levels, you're talking about an ism of 70 by the spring, 75 on the index. that's a 20-year high. not saying it can't happen, but it's already priced in. >> you have to be very stock specific. what's happened is, we've had a rally on the lowest quality companies. if you're not going out of business, you've had the biggest gains. but that cannot go on forever, because there is no business there. yet some of these companies, some banks, you know, they're being bailed out, but they're going to have to raise more equity and deal with the shareholders. you need companies that have specific revenue cycles, new products, new technologies, and demand. >> guys, thank you very much. i wanted to talk about positive indicators out there, and the

fear of missing it all. david, thank you, tobias, always good to see you. appreciate it very much. we've got not quite 48 minutes to go until we close it up. the dow up almost 30 points right now. which is about half of where we were. the nasdaq still positive as well. it's up about ten points right now. >> matt, up next we're talking about the state of the consumer. we will talk with the chairman and ceo of visa. when he thinks we'll start seeing americans open up their wall lets again in a sustained way. and after the bell, i'll sit down with british financier rothschild. and his thoughts on an international standard as it relates to financial reform. as a courtesy, a check of the low priced stocks. i mean the new york stock exchange, citigroup always on

the list. bank of america, ford, cemex and ge. esesesesesesesesesesesesesess

welcome back from new york, and the clinton global initiative. managing money successfully, a key theme at the cgi in new york. leaders are looking to educate the consumer. one company at the forefront of the effort is visa. the firm announcing plans today to educate 20 million consumers worldwide by 2013. that's double the original plan, that the company had in place. and the visa chairman and ceo, joe is with me right now to talk a little more about that. good to have you on the program. >> thank you. >> the importance of financial literacy, getting -- rising and getting more important every day. can you tell us about the commitment you've made at cgi? >> we've made a commitment to make sure that we put financial literacy programs out to as many individuals as we possibly can. it's impossible to electronicize the money transfer without having people understand how to use it.

so i think it's essential to the development of the economies around the world in the long run. the. >> absolutely. so give us your sense of where we are in terms of spending money right now, and the consumer activity out there. we're all talking about a recovery that has been muted so far. recession, recovery, whatever you want to call it. what do you see in the landscape today? >> consumers are doing things, they're using debit cards more frequently but spending less money than they did. i think when you look at what's off, it's luxury hotels, airplane travel, high-end restaurants. what's exploding are sales at mcdonald's, or purchases at walmart. people are simply spending less than they did. >> so they're looking for value. >> they're looking for value. >> for a long time, we were at 0% savings, right? now obviously people have been trying to horde cash, save more money. do you think this is a shift

that is long-term in nature? do you think we've seen a real mentality shift on the part of the consumer and how long lasting would you say it would be? >> i think the consumer felt that their savings were in the value of the real estate that they own. now that the value of that real estate has i diminished, i think they feel the need to put money in the savings accounts. the question is, to what degree will that happen and at what point will they think that they have enough. and traditionally speaking, i think they have a little bit more to go. but i don't think that far. >> is this a global story, or just the u.s. story? >> well, i think people in different parts of the world have always had different habits. it's very common to save in china, for instance. >> sure. >> it's essential to the economy. so i think that what you and i were just talking about, the u.s. phenomenon for the most part. >> as far as the mentality, the china favors for so long.

does that mentality shift as china tries to effort transitioning its own economy from an export-led economy to a consumer-led economy? >> i don't think that it's our position or our desire to change cultures. it's our desire to provide convenience, no matter how somebody wants to manifest it. it's the use of plastic instead of cash or checks. that we think we can do something about. and we think will make the world a better place to be. so that may take the form of a debit card or credit card. >> what's the difference in terms of debit versus credit in terms of margins, in terms of profitability? what kind of an impact might that have on business that people are using debit cards more so than credit cards lately? >> we're a technology company. we transfer funds.

we charge fees for transferring those funds. we don't lend money, we don't separate, we don't do anything of that nature. so our fee structure is fairly similar, whether you're using a debit or credit card. now, part of our fee structure includes a charge for the size of the transaction. in that regard, a credit card transaction is somewhat more profitable. but there is a much higher volume of debit card transactions. and when it comes to the bottom line, we make the same quote. >> it's interesting about the debit card phenomenon. does that represent any safety precautions that we need to know about? some people feel that using a debit card is not as safe as a credit card. what do you think about that? >> well, it depends on what your definition of safe is. >> in terms of security, in terms of if somebody gets your debit card and uses it, if it gets into the wrong hands. do you think that a debit card is more risky than a kret card? >> no, i think they're both the

same. >> what are you expecting going into the holiday season? this is obviously one of the more important moments of the year for businesses in general. of course, the retail sector in gem. any guidance? any expectations for the coming couple of months? >> i have no data that i look at that would suggest that anything is getting better. the what i have seen would suggest that it isn't going to get worse. >> why is that, sir? >> because we've been fairly flat for three or four months. so the volumes aren't going down. but they're not going up. they marginally went up last quarter. we put out an 8k. when i say marginally, i mean very marginally. the only evidence that something would get better would be anecdotal. and really, i can't be in a position of guessing. so right now i'm not sure. >> do you worry about commercial real estates having a problem in

2010 adding to the upset? >> i think it's common knowledge that there are issues with commercial real estate. i think the economy is doing better. i think we're above the bottom. the question is, is the recession going to be a v shaped recession or take longer? i don't believe it will be a v-shaped recovery. and so i think we have to bide our time and wait and see. i think it's going to be a little bit more agonizing, because i don't think that individuals are in the position to spend, or in the mood to spend as much as they did before. >> so where is the growth in the world today in your view? >> it seems that asia may be leading the world out of this particular recession. having said that, the united states is critically important to anything that happens.

and i'm very confident and bullish in where we'll wind up a little bit down the road. >> so you're expecting international growth to really be the sort of jewel of the business for you anyway and for so many american companies? >> particularly for us, because we haven't penetrated the rest of the world to the extent that we have the united states. so we have two things going on. the improvement in their economy in the secular shift from checks and cash to plastic. >> i see. well, you know, it's interesting, because we've had a number of people come on the program this week and talk about africa. i'm not sure if you're looking at africa as the potential for growth or an opportunity for investment. i recognize asia has been the place where the growth has been. and people continue to believe that's the case. but what are your thoughts on africa? >> well, as it rets to electronic payments, it's going to take a while in africa. we have a strong business in south africa. there are other countries that

we intend to invest fairly heavily in. but as a continent, it is not a significant contributor to our volume right now. nor do i think it will be in the short run. i think it will in the long run. >> mr. saunders, real quick on the regulatory reform that we're going to see, what are your thoughts on the reform on the table so far? obviously government playing an unprecedented role in business today. we could have a consumer protection agency. what are your thoughts on that? >> i think that there were a lot of things that needed to be addressed. i had thought that they were addressed in udep, but they are in the cardec. as far as a consumer agency, i think that the government is going to do what they think they need to to protect consumers. and i hope and believe that

there will be a dialog that will make that an effective oversight matter. >> are there drawbacks to a consumer agency? >> there's a drawback in my opinion to overregulation, period. >> mr. saupders, good to have you on the program. >> thank you very much. >> we so appreciate it. joseph saunders chairman and ceo at visa. we've got the kotick, "tick by tick. "we'll take a look at what the charts say about this rally sustainability. back in a moment.

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folks, we're back. good thing, the dow about to slip negative. citigroup doing nothing. bank of america, easing off. jp, the same. a lot of financials there on the week board if we look at the big picture. >> yeah, look to be losing a big portion of this rally here on wall street. as you can see, by the widely held stocks. and the markets across the board. higher for much of the day today. but at this point, giving up some of the rally. let's see if this rally is running too far, too fast. joining me with a look at the

chart, jordan kotick. what's your accepts in terms of this market rally from the lows in march? you don't think the market has come too far too fast is this. >> no. we discussed this a few weeks ago on that very point. when you look at the first chart and put it in perspective, most of the markets in russia and the middle east, they're still below where they were 12 months ago. substantially below their all-time highs. they're still a lot of work to do. we're still very much below where we were a year ago. >> you think we still have a momentum on the upside for u.s. stocks then? >> we do. the leaders in south america, what's fascinating right now if you look at brazil, mexico, venezuela, they're about 10% to 15% below their all-time high. right today, chile, the general index is about to make an all-time market high. that's the equivalent of the dow at 14,200. we have real leadership going on in some of the markets around the world. >> this is really interesting. what do you think is going on in

chile? what is the story with south america? and the fund men tals there? have we seen any change what is driving this rally in your view? >> first of all, the currencies have done well. the with every move you tend to get leadership in '02-'07 they led to the top side. if you have leadership, you have a bull market trend. as long as we see that, we want to keep the equity focused higher. >> do you think there's also an opportunity to invest in brazilian stocks, chilean companies that trade in the u.s. that perhaps are also benefiting from what we're seeing going on in these countries? >> the market seems to be saying the answer to that is yes. given the extraordinary gains we've seen in latin america and the currencies as well, when you have something like the soft markets in chile, there's a message there. a message we have to pay attention to. >> a lot of people talking about the emerging countries, particularly brazil, in terms of being the growth areas of the world. perhaps that is one of the reasons that you're seeing so

much money move into this market. >> clearly commodity based could help. and brazil, russia, india, china, have led to the top side. the rest of the markets are following suit. as long as you have that kind of environment, it does seem to be a good supportive environment for risk. now, as far as currencies are concerned, you're looking at the where zil yan ream, what other currencies are benefiting from the dollar weakness? >> it's the diminished volatility. if we roll it to the third chart, what you can see is one-year implied euro is falling. falling back to the levels it was in '02 to-a 07. it's telling us the market is getting back to normal. that's helping all of these currencies. >> circle back to where we started, u.s. stocks, based on the charts and what you're seeing in terms of the technicals right here. what would change your mind, make you believe that the market has run its course? what do you look at in terms of those barriers? >> i think many of us would agree, the markets are still in for a correction in september and october.

if some of these global leaders start to fall off commodities start to implode, the bond market get an aggressive bid, that would be the market's way of saying there's something wrong here. as long as we don't see that, signs are still in the opposite direction, you have to stay with what's called the risk entre, which seems to be the modus operandi since the vacation ended. >> jordan, always great to see you. we appreciate it. the markets have turned negative. dow industrials and nasdaq negative by a fraction. just a little while up against the bell. we've got about 25 minutes before the closing bell sounds. >> another shakeup in the markets, and a shakeup possibly at ubs. charlie gasparino is going to be our on-air editor when the "closing bell" returns.

welcome back to the "closing bell." new developments at ubs. we know bob mccann is up for the wealth management job but he might even be in the running for a bigger one. the man he might replace is robert wolf who runs the u.s. subsidiary of ubs. author, philanthropist, athlete, i won't even get into all the

italian nicknames. charles gasparino jins us with another story that you broke here on cnbc. >> that music is totally appropriate for that book, i want you to know that. >> and you. >> and me, that's right. and bob wolf. and bob mccann. bob mccann, the former held of merrill lynch's broker department, there are talks right now of moving him not just as the head of the broker division of ubs, we actually first reported that. but also, possibly head of the entire u.s. subsidiary of ubs where he would run not just wealth management, but investment banking, and basically reporting to ozzy grubbel, the head of the big swiss investment firm, financial firm, and if he does that, from what i understand, he would be replacing robert wolf who now runs the show over there right now. wolf's a prettyisting guy. you know, he runs the investment bank there, runs the americas. he's the major obama

fund-raiser. i believe he's recently playing golf with the president. the last thing is really interesting, examined in the auction rate securities probe of new york attorney general andrew cuomo, gains testimony from what i understand in that case. was not charged. i don't think anybody -- nobody at ubs was charged. i believe ubs reached some settlement with the attorney general. and from what i understand, he is not, according to the people inside ubs, we have yet to hear from cuomo's office, he's not expected to be charged. but if he does -- if this happens, he will be, from what i understand, moved out. it's not a done deal. from what i understand, it's in the talking stages. what's kind of interesting, wolf is pretty controversial. i don't know if you recall this, a major health care investment banking team went from ubs to jeffreys. one of the top groups in the country. every time they move, they get another $50 million to move. i covered the story about that

back in 1998 in the journal, where i believe they left for $75 million. >> every time you write a book. >> every time i talk on cnbc. when they made that move, ubs wanted jeffreys to pay them some money because they brought over investment banking deals. from what i understand, jeffreys said if you force us to make that payment, we might spill the beans on wolf's involvement in the auction securities problem. by the way, we ran that by both and they had no comment. >> just five seconds, is bob mccann's noncompete lawsuit cleared up with bank of america? >> no, it's not. from what i understand, they're pretty close. they were in -- he was in court last week. from what i understand, that is pretty close. remember, merrill lynch, bank of america bought merrill lynch. he was head of the broker department there. he wants to work. >> good to see you, charlie. thank you very much. appreciate it. we're counting down, 0

minutes before we go to wrap it up. we've given it all back and then some. the dow down 25 points. the s&p lower, and nasdaq lower and price of oil down 4.5%. we're talking about oil. talking about energy, matt. my one-on-one interview with duke energy chairman and ceo, james rogers. why he thinks solar power is going to become the clear leader of alternative energy and why he believes oil has been on this run, and what happened today. after the bell, former british prime minister tony blair sits down with me to talk about the global economy, in particular the uk. are we on the road to recovery or are we stalled. he joins me at 4:00 p.m. eastern today.

the finish line here. cue the submarine. aviation supplier, aar, down 30% to $10.2 million because of a 5% drop in the revenue. but wall street said, hey, that's better than we thought. we'll give you 10% of the

marketplace. up she goes. online restaurant reservation service, open table. priced their public offering, secondary offering, 7 million shares at $28 apiece. that's more than 4% below the chosing price on tuesday. the stock down $7 on the news. investment bank jefferys in senior notes due in ten years. up nearly 7.7%. rick santelli will tell you what the spread of the treasury is on that one. i can't do it off the top of my head. maria? >> matt, thanks very much. climate change, one of the hot topics here at the clinton global initiative. my next guest runs the biggest power utility company on the east coast and he's betting will be the leading source of renewable energy. jim rogers, president and ceo of duke energy welcome back to the "closing bell." i'm delighted to be here. thank you for having me. >> the commitment that you just announced, duke energy and

chinese based company enn group, starting a clean energy technology agreement. what does this entail? >> what this really means is, this is one of the first memorandas of understanding between a chinese and u.s. energy company for the purposes of working together to find low carbon solutions to the use of coal, to the development of solar, and to really help us build a bridge to a low carbon world. >> the couple times i've mentioned china, and spoken to chinese officials about the air quality, about the water quality and the fact that so many factories, china, the producer of products to the world, spewing out all of these emissions, they talk about an acknowledgement this is an issue for air quality and water quality, but you don't actually see action in terms of what they're doing. do you think the chinese is changing their mentality and really making this -- beginning

to make a difference in terms of changing the climate? >> i've been to china twice in the last three months, and this is my impression. they lead the world in the development of solar panels. they lead the world in the development and building of wind turbines. they're committed to battery technologies. they're building 14 nuclear plants, and we're not even turning dirt on one in the united states. their behavior reflects the recognition and the reality that we're going to live in a low carbon world, and that they've got to make sure they grow their economy, but do it in a way that minimizes their carbon input. >> that's good to hear from you, actually. thank you for that. why do you think solar power will be the leading form of alternative energy? >> i think over time, solar, because it's distributed gen, and because the technology's improving so fast, will blend better, particularly when we

have a smart grid in place. wind, unfortunately, is located in areas where there's not a demand for electricity. you have to build huge transmission lines to get it to where the customers are. that incremental cost is a disadvantage over time. so my belief is, with a smart grid, with an emphasis on energy efficiency, solar will play a keel role. and in fact, maria, in north carolina, we are committed to put solar on the rooftop of our customers where we will build it, install it, operate it, and actually give our customers a lease payment as if their rooftop is a power plant. but charge them the standard price. >> really interesting. now, the majority of duke's power generation still comes from coal. are you planning to reduce dependence on that source of energy? >> today, 70% of our electricity

comes from coal, we're the third largest consumer in the country. we are building a coal gasification facility in indiana. it will be the largest in the world. 630 meg a watts. we're also prepared to build a carbon capture and sequestration project, that could be one of the largest demonstration projects. we must find a way to use coal. one of the reasons we've partnered with this chinese company is because 80% of the electricity in china comes from coal. 70% of our electricity comes from coal as duke. but in the united states, 50% comes from coal. so for national security purposes, we must find a way to clean up coal, and to be able to use it in a low carbon world. >> i'm glad you mentioned that. because there's coal technology and then there's clean coal. i mean, can nicole burning technology really be considered clean? >> i think the technology we use

today is clean by current environmental standards. but let's be real, it won't really be clean coal, or much cleaner coal until we find a way to reduce pollutants, other pollutants from the use of coal, and we will do that, as we have in the past, but also to take carbon out of the use of coal. >> let me switch gears and ask you about the price of oil. we're seeing all sorts of commodities rising these days. i'm wondering if this is a result of real true end market demand, when you see things like oil and gold and iron ore and copper at the prices that they are, what do you think? why do you think oil is where it is right now, for starters? >> it doesn't seem possible when i look at the projections that we see in the demand for electricity. the demand for electricity is the leading indicator for of where the market's going. we look out over several years and we see the demand flat. we don't see the economy coming

back. and even if economists say it's coming back, i think the recovery will be so anemic, we won't feel it. so the movement in the price of oil doesn't reflect what's going on in the u.s. economy, in my judgment. maybe in other parts of the world, or maybe it's just simply traders looking for a way to drive the price up as they did before. >> not very different than what we've been hearing from other executives. so nice to have you on the program. thank you for your insights. >> thank you. >> we appreciate it. jim rogers is chairman, president and ceo of duke energy. this market has turned negative. and down better than 45 points on the dow jones industrial average. we'll take a short break and then take a look at technology, matt? >> yes. research in motion, rimm red hot over the past six months. shares up over 90%. but is this a time to buy ahead of those earnings out tomorrow? we'll have some answers on that

we'll have some answers on that when "closing bell" returns.

time for the "fast money" "final call." rirks, mm research in motion, after the close, the stock has been rallying for several months now. so do you buy or chase it fworks with the big momentum? let's talk to jerry for thoughts on rimm. what do the history books tell you here? is this one of the momentum stocks you buy in the earnings, or wait for it to hit its numbers and then you pick it up afterwards? >> you've got to look at it as a probability trade. i realize nothing is absolute. rimm, up 90% from the lows. it's up 19% in three weeks. here's the deal. they control 55% of the phone market. that's great. if they want to break into the other segments, they're going to have to take a cut in margins. i think the earnings report is going to be good. they're probably coming in around 99 cents or so. that's all great. but the stock got a lot of resistance up around 100, and a

lot of the options traders are making a bet this does not break through 95 or 100. if i were an investor with long stock here, i'd be selling the 95 call and maybe buying the 80 put. matt, i have to tell you, i'm worried about a pullback here. not to mention this stock, it's got a hi beta. highly correlated to what the s&p does. if you take a look at what's happening now, the s&p is beginning to move lower, and could move lower through thursday and friday. >> there are a few things i love more than hi beta. the reality is there's a lot of competition out there. the new apple iphone, and as well as palms 3. >> but get this. apple, okay. they're a contender. apple really focuses on kind of the games, music, and rimm locks in on corporate america. i don't see palm as a big competitor. you bring up a good point. if rimm is going to continue to hold this market share and demand these higher prices in

stock, they're going to have to get creative to continue competing. we have the apple and pre in the quarter. keep that in mind. i would probably in near terms seller here in rimm. >> interesting. is this one of those stocks that if it hits a certain level, that you dive back in and pick it up again? >> if rimm comes back to around 75, i personally like the $78 level myself. there's a lot of technical support there. yes, matt, this is stock that you could trade that way. but you've got to remember, on a stock this high correlated to the s&p, which by the way, if the s&p breaks 1060 here, it could move lower. rimm will move lower with it and probably bring it down to the $78 level and give you a chance to buy. jared, appreciate it. from peak 6 investments. coming up on fast mope tonight, the top rimm analyst has the setup for those earnings tomorrow. plus a first on cnbc interview

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folks, welcome back to the "closing bell." we're live on the floor here. counting down to the final seconds here today. the dow now down 82 points. the s&p also weaker. pretty much at the low of the session. you can't say it's not been dramatic. certainly it looked like we were galloping there after the fed decision. but the materials, the energy, the health stocks, transports all weak here today. jpmorgan, sisco, all down on the dow. there she blows. the closing bell which continues right now with maria bartiromo.

and it is 4:00 on wall street. do you know are your money is? hi, everybody, welcome back to the "closing bell." i'm maria bartiromo. coming to you live from the clinton global initiative in new york city. we are following a stunning reversal of fortune on wall street at the close here. stocks unable to sustain a lot of momentum early on, following one of the more upbeat statements from the federal reserve in several years. the dow at one point above 9900 today, but giving it all back, and then some. the market down at the lows of the day at 4:00 on wall street. the federal reserve claims economic activity has picked up. the financial markets have improved. housing activity increased. oil prices falling by 4% today on an unexpected increase in weekly inventories. crude back below $70 a barrel. here's a look at how we finished the day on wall street with the markets at the lows of the afternoon at the close. money moving out of stocks in the 11th hour.

down 81 points on the dow jones industrial average. hit 9900. then broke through it. with the decline on the session of 81, at 9748. s&p 500 also gave up better than ten points. and the nasdaq composite, higher earlier, but reversing course and then some, down 14 points on the nasdaq composite. here's a look at oil today, which was a big story. as you can see, oil prices on the down side. take a look. oil tonight at $68.35. the decline on the session by about 5%. bob? >> bob's doing his thing, maria. let me talk about the turn-around here today. just a short while ago we talked to our guest, tobias at citigroup, and we were talking about the fear in the marketplace and that the market is probably going to overshoot, but there's still plenty of fear in the marketplace. people acknowledge the market is