the marked down pretty big today. came back right about flat on the markets right now. not a bad way to end the week, considering how it could have been. thanks for watching "street signs." up next, "closing bell" with

michelle caruso-cabrera. ment obama says he's disappointed chicago was not chosen to host the 2016 olympics. but he says he's proud of his hometown's bid for the honor. investors led by starwood is the likely winner for a $5 billion worth of real estate as sets. according to the wall street journal, the fdic is expected to announce the winner on monday. that's the cnbc.com news right now, first in business worldwide. i'm bertha coombs. you're looking at a live picture of the floor of the new york stock exchange. the reversal of fortune on wall street here. stocks rebounding following an early decline after job losses rose more than expected last month. we're in the home stretch. we're entering the final and most important hour of the trading day right now. that's a cheer going up because michelle's here. welcome to the "closing bell,"

everybody. i'm bob pisani. >> very funny, bob. i'm michelle caruso-cabrera. we're seeing resilience on wall street. look at the major indices. right now the dow trying to stay here in positive territory. it's been struggling around the unchanged level. coming way off the lows. if you look way to the left, very negative the jobs number. we'll talk more about that. 9508 seems to be the key number, between 9,000 and 10,000. let's show you what's going on with the nasdaq as well. it, too, hovering around the unchanged level, 2056. the s&p 500 right now lower by a little more than two points, 10,027 is where it sits right now. bob? not bad considering is the way i characterize this. >> heck darn good is the way i would characterize it. if you would have talked to the traders, and i did this morning, i think most of them felt we would probably be down most of the day, and maybe had a chance

of rallying back. an early rally was a good sign for the bulls. let's put up the dollar interday. traders are obsessed with the dollar. but it works. as we saw the dollar come down shortly after the open, moving almost straight down, stocks started doing better. as the dollar hit the lows around 10:30 eastern time, guess what, stocks essentially hit their highs for the day, positive at several points throughout the day. defensive names were strong throughout the day. mostly they've been sideways here. you can see your usual defensive names up fractionally. i think what's more important is the turn-ad in the two groups that get hit the most, the financials as well as the commodity-based stocks. all of your financials, your travelers, jpmorgan, all of them turned and and basically flat to slightly positive today. same situation with the commodities stocks. the weaker dollar, how it helps commodities. many of these stocks were down 3% or 4%. u.s. steel is still weak, but

alcoa was positive earlier in the day. what about next week. i'll tell you what the story is here. it's very simple. retail sales. we're going to get them thursday. comps are improving. the fourth quarter of last year? disaster. we're going to go to scott cohen with breaking news. what do you have here? >> as widely expected, this has finally been filed. the bankruptcy case in the madoff case has filed suit against bernie madoff's sons, andrew and mark, as well as peter. and peter's daughter and andrew's niece. this suit in the bankruptcy proceedings, seeking $198.7 million, saying that the parties, the brother, the sons and the niece, received these funds, and they were involved in a breech of fiduciary duties that facilitated madoff's crimes and enriched the madoff family. we are efforting contact with

the madoff sons spokesperson as well as the spokesperson for shauna madoff and peter madoff as well. as widely expected, in his interview with "60 minutes" last weekend, he has filed this suit as they seek to try to rein in any remaining proceeds of the madoff fraud that they can get. and we're continuing to read this complaint. >> scott, this is the suit that alleges that even if they didn't know, they should have known, right? that's the basic idea here? >> essentially. and michelle, we're reading through it as we go through this. but yes, essentially that, basically that they received proceeds from this fraud, that they should have known about. it will be interesting to see how he goes forward to make this case, particularly with the sons who were near as we could tell were operating a trading business that did not make any trades because the madoff advisory business, as it was later determined, never did make any trades. nonetheless, the inference here from the bankruptcy trustee is

that they had to know basically the returns they were getting and huge proceeds they were getting from that end of the firm. >> got it. thank you, scott. >> scott, appreciate the help there. let's finish the point here on retail sales. the important thing is to put the screen back up. we'll get retail sales next week. comps are going to improve. year over year, comps look a lot better. but they have to show sequential improvements. september's got to be shown better than august if they want to keep any momentum in the retailers going here. the main talking points, consumers are continuing to trade down the lower price points. september comps were helped by the late labor day. the lot cooler weather in the northeast i'm hearing helped sales a lot here. the big names that benefited from the tradedowns, kohl's, ross stores, costco, moving to the upside. they've got to show really good numbers to move forward here. let's go around the horn and talk to all my friends. mike? >> bob, as michelle pointed out just a few minutes ago, all things considered, not too

shabby. the nasdaq is hanging in there. down .10 percentage point right now. thanks in no small part to a handful of analysts making bullish calls on pretty big stocks. apple is really the storied stock of the day for nasdaq. ubs upgrading the shares to a buy. and raising the price target, get this, from $170 to $265. and that stock is up right now about 2.5%. you also have oppenheimer raising intel shares to a buy, based in part on the forecast turn-around in pc sales next year. that stock's up 1%. you've got an upgrade of costco to a buy as well, putting a $65 price target ton that stock. it reports earnings next week by the way, and i've done my part to try to make sure that costco has a good quarter. no upgrade for solar. but morgan did raise its earnings, its revenue estimates and its price target on that

stock. and finally what's really a bullish signal for the ipo market, especially in the space i cover which is biopharma, up 6.6%. on top of the 11% jump that it saw in its debut day yesterday. pharma markets.cnbc.com. follow me on twitter. >> thanks, mike. i've done my best to prop up costco as well with my growing family. let's talk about crude oil. we were down a buck 40 when the jobs number came out. we finished better than that, but still below $70 a barrel. even considering that the dollar weakened throughout the day. so the dollar, oil relationship was not in place today. so talking to traders, that really tells them that double-dip recession fears might be in play. you take a look at nat gas. we dropped about 8% yesterday. huge bounceback today. the guys at mf global is resistance. there is news even with the gain

today, two more rigs are online today, in 10 of the last 11 weeks. keep your eye on that. gas still a volatile trade. gold seems to be more in keeping what was going on with the dollar. the dollar weakened and gold went up. the other metals stayed down. and it's about global growth fears. rick, i know you're watching the dollar all day. interesting that the oil didn't respond more to the weakness. >> we all know that a lot of commodities like gold are just so indirectly correlated with the dollar, because they're denominated in dollars. but oil and energy and gas, they have a life, they have seasonality. national gas season starting, winter coming. now, in terms of how did it turn out for the week on treasury, so fascinating. look at this. they're down a dozen basis points on the week, unchanged on the day. a ten-year note, right now, it's actually helping steepen the curve a bit. up five on the day, but still down nine basis points on the week. something to pay attention to.

and the last dollar index, we've all heard about the indirect relationship with the dollar in stocks. but on the week, the dollar index is still fighting for small gains. lows at $76.80. just hovering under $77. what am i looking at next week? let me think. how about on monday, $7 billion in ten-year tips. on tuesday, $39 billion three-year notes. on wednesday, we have $20 billion reopen tens. thursday, the grand finale, we have a dozen $12 billion reopen 30-year bonds. have a good weekend, michelle. back to you. >> wow. u.s. government trying to borrow a lot of money next week. thank you, rick. taking a look at other business headlines. as we touched on earlier, the labor report said employers shed 263,000 jobs last month. 83,000 more than expected, lifting the unemployment rate at 9.8%. the worst level since 1983. non-farm payrolls have fallen for 21 consecutive months. the commerce department reports the factory orders unexpected

decline by .8% in august. it looked for a gain. and the semiconductor strigs said rose 5% to $19.1 billion compared to july. sales, however, still down more than 60%, if you compare them to a year ago. cnbc maria bartiromo asked if a double-dip recession is a big risk right now. >> most observers do not expect or see any reason for the kind of free-fall precipitous decline that we saw in the fourth quarter of last year, in the first quarter of this year, that on some measures we saw continuing into the early summer. i think you never can be certain in economics, but it's reasonable to think that we're

past that. but we've got a lot of work to do in the public sector, the private sector's got a lot of work to do to support this expansion being as strong as it possibly can be. >> it's reasonable to think we won't have a double-dip recession then? >> i would expect -- they're really going to try to get me -- >> no, we're not. we want straight answers. >> you want to get me into your categories, and i'm going to keep using my somewhat more rounded and elongated categories to talk about things. i think it's pretty clear that the worst of the economic situation in this cycle, and frankly, i hope for the next several cycles, is past. >> you got an answer. summers is adding it is likely we'll see the first evidence of gdp growth in the third quarter.

>> good little exchange. let's talk about the market action. we'll talk about it in the next 20 minutes with the same guys. robert kaiser at standard and poor's. and brian daley, sales trader. we'll get perspective on how traders are looking at here. clark, what's going on with the economic data? not just non-farm payrolls, but existing home sales last week. a little disappointing, single-family starts were a little disappointing. do we have a trend going here? >> one month does not constitute a trend. i think it's very important to note we have seen several economic reports, including the ones that you mentioned that you've seen month over month deterioration in the numbers. in some cases, expansion followed by renewed contraction. in our view that should at a minimum create questions regarding the slope of the recovery. it seems as if the bullish camp has been assuming that the recovery would be even and smooth.

secondly, you can link the month-over-month deterioration to the determination of fiscal stimulus. is it any surprise that manufacturing deteriorated once cash for clunkers was terminated. that should raise questions about sources and sustainability. >> bob, you watched the earnings. these are bullish expectations for fourth-quarter numbers here. $70 for the s&p for the full year at this point? but if we do anything short of that, clearly market psychology is going to shift on us, isn't it? >> you're right, bob. there's a lot of optimism priced into the marketplace right now. 2010 expectations are roughly $70 to $75 a share. 2009 is tracking at $50 and $55 a share. but nobody's pricing in double-dip right now. because 2009 is going to do $50 to $55, and we're expecting $70 to $75 next year. the market is clearly a disappointing number on payrolls today. overall, i think there's

optimism that the recovery is on track. you have to start watching. like we said earlier, the sequential improvement in economic indicators is starting to stumble a little bit. >> brian, are traders picking up on this? are we seeing an increase, for example, in short calling in the last week or so? >> over the last few months, we've been heavily weighed on the buy side of the trade blotter. just within the last couple of days we've seen the first significant pickup in short selling activity, i would say than the last two or three months. >> the important thing here is, these guys have gotten killed shorting the market for months now. we've not seen any significant correction any more than 2%, 3%, 4%, so most of them seem to be net long, at least the guys i talked to, even though they're suspicious of the market. now that could be a significant change of sentiment here. >> right. that is a very good point. evident this morning, notice we went down to the ooh-day moving average on the s&p, and 1020, 1021. the buyers that stepped in were

covering, because they've had so much pain on the short put over the last few months, that today was an opportunity to cover up. >> how do we deal with these numbers? how do we deal with the bond market breakout, clark? >> that is at least on the surface a real disconnect. we've had firmness in the bond market over the last several weeks. in the face of record new issuance, in the face of the winding down of the fed purchases and in the face of a stock market rally of a v-shaped recovery. why not some moderately rates in the bond market. the bonds seem to be suggesting that those deflationary pressures that the fed has been aggressively fighting still work beneath the surface, and should the fed and the treasury withdraw the stimulus prematurely, they will reassert themselves. a very bearish script for the economy and for stocks. >> gentlemen, we're going to bring you back in a few minutes and what might happen at the close. we'll be back in about 20

minutes or so. about 45 minutes to go before the closing bell. flat on the day, but quite a move to the upside given the disappointing numbers on non-farm payroll. s&p 500, probably down about 2% for the week. michelle? >> bob, speaking of technology and nasdaq, it is one of the leaders behind the market runup. but is it time to shift into other circumstance lick ales, like energy and industrials. >> gold, bouncing back today as investors get defensive following the weak jobs report. where is gold heading next? answers coming up. >> after the bell, sam palmisano, how his company is saying ahead of the curve and transformation from a hardware maker to a services company. the most active stocks on the new york stock exchange, led by, as they often are, citigroup, $4.50 a share. you're watching cnbc, we are first in business worldwide. not long ago, this man had limited mobility.

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bell." chrysler announcing that it is going to temporarily idle production of the jeep wrangler that it built at a to lead a plant next week due to a parts shortage involving an outside supplier. chrysler is not saying who the supplier is or what the part is. for now, they're going to suspend jeep wrangler production for one week at its to lead a plant. >> thanks very much, phil. let's look at some of today's research calls. upgrades/downgrades. goldman sachs, raising its price target $45 from $34. high hopes for shrek 4. and the possibility that the video could be a takeover target. pnc, citing valuation. shares up nearly 130% since the march low. win eba go industries downgraded. the motor homemaker may not be able to return to profitability next year.

michelle? >> thank you, bob. technology stocks have been the darlings of the investors. with the nasdaq advancing almost 60% since then. is it time to take profits in technology and consider maybe some other cyclical sectors? joining us to discuss this is senior investment strategist at ridgeworth capital investment. and specialty apparel analyst at ramsey. one of the areas presumably would benefit if people shifted into other types of cyclicals. adrian, let me start with you. what about the economic data we've gotten over the last week or so, suggesting we might not be getting the pace of recovery we thought we were going to get? >> you know, it definitely makes you worried about the top line. there's no question it's about demand side. so on that side of things, we're definitely going to see a little bit of weakness there as we go through the consumer turn-around. the nice thing about it, on a company's specific level, a lot of the companies are working within the confines of their individual business structures. and so we still look for

earnings upside based on what the companies can control despite the fact that the top line may not be there, or may be recovering in a far slower pace than we thought initially. >> give me a nak. >> jay crew. tico is another. i would even throw gap in there for a larger cap exposure. all of those were of the basket mentality. i would even thoe american eagle in there from the teen perspective. talbots is a name as well. >> you can do whatever you want, unlike adrienne, who has to focus on retail. what do you think? are you sticking with technology even though it's up 60%? >> well, we've been overweight technology in our large cap funds across the board. so whether it's been value, or core or growth, our bottom-up work has come up with technology all year long. so it's been a good call for us. and we think that it has room to run yet. >> based on what?

>> well, first of all, it has -- the technology space still has great balance sheets. they have a lot of cash on hand. they have good profit margins. they are -- they're participating in the global expansion. and they're basically an all-weather play in this particular environment. there are a couple of other sectors that have value in here. but clearly, technology has been a space where we've seen value early on, and really across the board, whether it's value core or growth. >> at what point do you start -- are you waiting for something to tell you that you can move into sectors like specialty retails that adrienne covers? or just stick with what you've got so far until what? >> as you know, you can look across the technology space, there are some stocks that are up 100, 150, even 200% so far this year. some of the successes are being trimmed, to rebalance our exposure. to a certain extent, we're

rebalancing the money into some areas that have not participated, like hardware. but we're also moving some money over into energy, materials and industrials. >> got it. adrienne, give one line to allen here to convince him. give him the sell on why you should move some of that cyclical money from technology over to your stuff? >> i don't know that i'm tempting to move his money into consumer, but what i would say is, we've seen this before. post-the 2001 recession. you saw kind of an anticipatory surge in consumer discretionary, that was before the fundamentals even turned. then they pulled back. that was the time to be accumulating over the, what i think will be the next six months, next two quarters, for the real surge in the fundamentals. our sector has not even turned to what we call sustainable comp trends. we still have that as a big catalyst ahead of us. >> you heard her, allen. we'll see. thank you so much. we've got about 35 minutes

before the closing bell. the dow jones industrial average finding it in positive territory. 9503. nasdaq also negative. bob? >> michelle, as jpmorgan's ceo jamie diamond lining up his eventual successor, charlie gasparino tells us what he's hearing.

jamie diamond has elevated just ahead of jpmorgan investment unit. we're joined by our on-air editor, charlie gasparino. charlie, what do you think? is this a possibility? >> i just got a call from jpmorgan, who said jamie's not going anywhere for another eight years. >> we know that. >> but that's not going to stop you and i from speculating about this. >> and everybody should have a success plan, right? >> even if it's all b.s., okay, which this essentially is. because mr. staley might be a nice guy. you know, i don't know him. but he may be a very competent at his job. i think we have a little cheat sheet on him. i think he's done a bunch of stuff. he's been with jpmorgan for a while. but the guy i hear internally,

there's his little street -- >> 52 years old. former head of -- >> he's as old an jamie. that's weird right off the bat. the guy i hear internally they're laying odds, and jamie has really smart guys around him. he's got charlie sharp and the cfo. i've known these guys for a long time, they're very smart. but the guy internally they think will get it is jay mandelbaum. this guy has had a lot of jobs, private client. he's worked at mackenzie a few years. i think the biggest at tri butte -- and he's young, 46. god, this guy is 46. man. he's younger than me, i can't believe it. >> makes you feel unsuccessful, doesn't it? we've got about 20 seconds. >> the real reason why he's likely to get it, i think, is he's best friends with jamie dimon. one of the reins jamie got fired

is because he failed it to support his daughter to a position at the company and instead wanted jay mandelbaum. they've been joined at the hip ever since. this is a guy internally, everybody's laying odds on. >> terrific, charlie. thank you so much. do we want to put up the shot of the white house? okay, here it comes. president obama, first comments after learning that chicago will not get the bid. >> one of the things that i think is most valuable about sports is that you can play a great game, and still not win. and so although i wish that we had come back with better news from copenhagen, i could not be prouder of my hometown of chicago, the volunteers who were involved, mayor daley, the delegation of the american people for the extraordinary bid that we put forward. i do want to congratulate rio de

janeiro and the nation of brazil for winning the 2016 olympics. i think this is a truly historic event, as these will be the first olympic games ever to be held in south america. and as neighbors in the americas, as friends to the brazilian people, we welcome this extraordinary sign of progress, and the fact that the 2016 games will be in the americas. i had a chance to talk to president lula and gave him a hearty congratulations, and told him that our athletes will see him on the field of competition in 2016. again, i want to thank everybody who worked so hard to put america's bid together. not just mayor daley and the delegation, pat ryan, but most especially the thousands of chicagoans who volunteered over these past few years. they put in their heart and soul into this bid.

i have no doubt that it was the strongest bid possible. and i'm proud that i was able to come in and help make that case in person. i believe it's always a worthwhile endeavor to promote and boost the united states of america. and invite the world to come see what we're all about. we obviously would have been eager to host these games, but as i said, this nation and our athletes are still very much excited to compete in 2016. and we once again want to just say how much we are committed to the olympic spirit. which i think represents some of the best of humanity. i also wanted to say a few words about the unemployment numbers that came out today. as i've said before, my principle focus each and every day, as well as the principle

focus of my economic team is putting our nation back on the path to prosperity. since the period last winter when we were losing an average of 700,000 jobs per month, we've certainly made some progress on this front. but today's job report is a sobering reminder that progress comes in fits and starts. and that we're going to need to grind out this recovery. step by step. from the moment i took office, i've made the point that employment is often the last thing to come back after a recession. and that's what history shows us. but our task is to do everything we can possibly do to accelerate that process. and i want to let every single american know that i will not let up until those who are seeking work can find work, until businesses that are seeking credit are able to get credit, and thrive, until all responsible homeowners can stay in their homes.

that's our ultimate goal. and it's one that we are working every single day here in the white house to accomplish. whether it involves implementing the recovery act that's already helped to bring back america from the brink of a much worse situation, or lowering the cost of health care for businesses and families. and that's why i'm working closely with my economic advisers to explore any and all additional options and measures that we might take to promote job creation. whenever i see statistics like i saw today, my mind turns to the people behind them. honest, decent americans who want nothing more than the opportunity to contribute to their country, and help build a better future for themselves and their families. and building a 21st century economy that offers this opportunity, an economy where folks can receive the skills and education they need to compete for the jobs of the future, will not happen overnight.

but we will build it. and that i am both confident and determined. and on behalf of every american, i will continue in that effort each and every day for as long as i am in this white house. thank you very much, everybody. >> president obama at the rose garden. his first comments after learning that chicago would not get the olympics. instead losing out on that bid to rio de janeiro. and commenting on the unemployment numbers that we got this morning. losses of 260,000 jobs in the united states in september that was worse than economists had expected. and initially pushed the markets sharply lower. but by the end of the day here, we're nearly unchanged, right, bob? >> we were down 70 points right at the open. the dollar weakened, markets moved to the upside. dow jones industrial average on the flat side. nasdaq similar situation here. down about two points. same with the s&p 500. >> coming up next, get another take on how you should be trading in this environment. right after this. 

i'm scott cohen. the bankruptcy trustee in the madoff case suing madoff's sons and his niece. the sons out with a statement through their attorney, saying we strongly disagree with the trustee's baseless claims. contact with the u.s. department of justice and the s.e.c., bernie madoff confessed december 10th. and the statement says that that saved investors more than $170 million that the father was about to distribute. mark and andrew madoff according to the statement also suffered substantial losses. but the bankruptcy trustee, irving picard, saying in this lawsuit, that the madoff family used bernard madoff's investment security business as the family piggy bank.

again, seeking $198.7 million. we're also seeking a comment from shauna madoff, who was a compliance officer at the madoff firm, as well as peter madoff, the close confidante of his brother. and no word back from them yet. the sons saying they disagree with this claim. but irving piccard trying to get everything he can to give back to the victims. >> thanks for the update. we've got about 20 minutes before the closing bell. dow jones industrial average right around the 9500 level. that seems tob the sticking point for the last couple of hours. 9501. maybe it can get back to positive territory. for the nasdaq, take a look at lower by 3.75 points. the s&p 500 as well, interaction to the job numbers this morning, 1,026. bob? >> michelle, for another take on the markets, let's turn to our investor network. straight from annapolis, maryland.

adrian day, standing by. we've got weak economic numbers the last few days. is it possible here that we could get modestly improving gdp, but not much of an improvement in the consumer at this point. >> absolutely. that's what i think we're going to see. i mean, all of the consumer numbers are weak. unemployment's up, as you just said. but also, more and more consumers are having credit problems. for one reason or another. housing foreclosures. there's a tremendous backlog of housing foreclosures that banks just don't want to foreclose on yet, or don't have the time. i think it's quite possible for the foreseeable future we'll get gdp numbers recovering. but we won't get -- but the consumer won't be better off. that can only go on for so long. eventually you have to have people better off for an economy to go up. >> valuations, stock valuations at least are not cheap. i think that's a fair observation. when you've got -- we have greater risk now with valuations no longer cheap.

this isn't march anymore here. what do you do at this point? >> well, absolutely. valuations are by no means are at extremes. but as you say, they're just plain not cheap. with all the risk in the market, it seems to me that stocks have more downside risk than near-term potential at the moment. you know, you can see it in the technicals. volumes are going up on down days, and the volumes have been steadily declining in the last several weeks and months, as the market rallied. you know, i have to keep saying that i sense that the market rally is close to an end. whether it's going to crash or just stabilize here for a while, i mean, i don't know. as an investor, the risk has increased. stocks are not cheap. and so i just think we need to be particularly cautious at this point. >> let me move on to get your take on commodities. commodities coming off the highs as the stocks have. the chinese have done an

enormous restocking beginning six months ago. that seems to be ending at this point. where are we in the commodity cycle and is there anything that interests you? >> well, particularly with the base metals, i would say even copper perhaps is a prime example, but the base metals generally very where you really see this chinese restocking. which it's becoming very clear that's been the main driver of commodities for the last six months. you know, the importation of these base metals is way ahead of the consumption. some of the signals we're seeing, like the baltic freight index, are suggesting that that restocking is at an end. i'm a little bit cautious on the base metals in particular for the near term. only for the near term. gold to me is still the best place to have your money. quite frankly. despite the rally we've had. it's very, very interesting, gold has rallied this week despite the dollar recovering this week, up until, you know, this afternoon. the dollar has recovered this week. and yet gold has also recovered.

i think it's critical that we understand that gold is now going up in all currencies. this is not an anti-dollar bet anymore, it's an anti-fiat currency bet and defensive investment against instability. and people who buy gold as a defensive bet against -- a defensive measure against instability tend to be long-term and sticky investors. these are not short-term traders. >> thank you very much, adrian. baltic was half what it was in june. bear that in mind. >> absolutely. >> we've seen a lot of action in the treasury market as well. thank you so much, bob. find out where there's a lot of put buying in one of the most prominent emerging markets. after the bell we discuss how today's weak employment report shapes the economic recovery. that's ahead 4:00 p.m. eastern time.

welcome back. let's take a widely held stocks here. interesting day, because material stocks were very weak right at the open, like alcoa on the non-farm payrolls. but as the dollar weakened, they

moved up. retailers have been kind of sideways here today. tech names, they were down and have moved up. although most of them are fractionally to the downside. microsoft, intel, ibm, apple all fractionally positive. >> time for the "fast money" "final call." brazil is celebrating its olympic victory today, but not all emerging markets are getting a happy reception from the investors. let's bring in j.j., chief derivative strategist. we're bringing you on because you say there's a lot of put buying when it comes to the emerging markets. explain. >> well, we're seeing, you know, the eem, which is the emerging market etf, a lot of buying in the october 37 puts. lact week we saw a lot of the november puts. in brazil, as you just mentioned, they're celebrating right now, even though we in chicago are a bit sad today.

>> so right now it's around 38. people are buying the right to buy it at 35, as far out as january. they think it's going to go down? >> to sell at 35. >> sell at 35, yes. >> they think it's going to go down. the interesting thing is, people just aren't playing the emerging markets on this. they're actually using it as a little synthetic for the financials. one of the things we've seen is the xlf and a lot of the financials, we've seen a lot of buying of puts there also. not only do they think the emerging markets might be a little bit weak, but what they're also saying is if there is some kind of pullback in the overall financial group, they won't be able to invest as much money as before. one thing the emerging markets need right now is a constant inflow of dollars to keep them going as they are. >> thank you. coming up on "fast money" tonight, a rough week got rougher with the job losses. the "fast money" squad tells you how to protect and profit. an olympic party erupted in rio

today. melissa and the traders live at 5:00. bob? >> and there are, oh, just about ten minutes to go before the closing bell. dow jones industrial average flat, down 71. the worst right at the open. nasdaq also pulled back close to even. >> coming up next, today's under the radar stocks. find out what shares of first solar are powering higher when the "closing bell" returns.

bob pisani, tell me what's going on with the treasury market here. why do we see the ten-year yield drop below 3.2%? when i see that, i get nervous that the bond market is telling us this economic recovery, maybe that we were looking at, is not necessarily going to happen. >> there is definitely some strange cross-currents going on here. we've got the 30-year at 4%. good heavens. michelle's point here is, interest rates are going down as we're coming out of a recession? normally interest rates should be going up. the message of the bond market here seems to be, huh-uh, wait a

minute, maybe this thing is going to go on, this recession going on a lot longer than you think. that's what got the stock traders a little nervous. while everybody trades stocks down here, they look at the bond traders very, very carefully. there's a vague feeling in the back of their head, maybe they know something we don't know here. >> and all this supply that's coming on next week as well, the government's going to raise even more money. looks like the market maybe can absorb it. thank you. coming up, let's talk about stocks that are under the radar. we're going to do that right after the bell. after that bell, rio de janeiro winning its bid to host the 2016 olympics. should you be betting on brazil as a result? we'll show you more on that at 4:00 eastern time. 100 years of engineering excellence is right on time. it's gmc truck month. shop sierra 1500 slt with the 403 horsepower 6.2 liter v8. it's the most powerful half ton v8 in its class. step up to the best. it's gmc truck month.

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america's most successful investors. announcer: trade commission free for 30 days, plus get 100 dollars cash, when you open an account. welcome back. i wanted to update our viewers on the status of the negotiations between ge, or parent company and comcast about a deal under which ge would spin off nbc universal into a new company of which comcast would then own 51%. those talks continue today. and i am hearing from sources

close to the deal that comcast itself is relieved. and management there relieved to see the price stock of that company down. still down, but down 3%. they're hoping in their thoughts, at least, that a message of the value that they might be receiving in this deal, were it to happen, is starting to get out into the market. that being said, there is a sense on their part that they continue to have to sort of slow down the process a bit. however, i can also tell you that people close to this deal expect that they hope to reach an agreement between ge and comcast within the next two to three weeks on that deal. and some new things to share as well on numbers. yesterday i was reporting that nbc universal, afs it was spun off, would have as much as $12 billion in debt. sources close to the deal indicate it would be closer to $9 billion in debt. a significant, well, sit can'tly below the 12, of course. $9 billion in debt with a $30 billion overall