welcome to the "closing bell." >> hey, good to see you as always. in the markets right now, stocks are still down. way off the lows of the day as investors react to disappointing march jobs numbers and stay cautious ahead of tomorrow's start of earnings season. however, noted market, raising eyebrows once again with more bearish comments on the markets. we will tell you what it is and get reaction to the gloomy remarks in just a moment. also, technology making up lost ground. coming up, you're if a tech investor, we have a segment you

can't afford to miss. history is telling us, maybe now is the time to take more money off the table. big job cuts at yahoo and sony. are layoffs and cost cuts the solution were or are there business models beyond repair? plus, we want to know what you think about that very question, so send us a tweet. we'll reveal some of your answers later this hour. >> also a hot show ahead. don't miss my exclusive interview. steve forbes will join us and tell us why he believes the feds are doing more harm than good, even if he thinks feds need to reconsider "on stance on qe3.

nasdaq down 22 points. it, too, off the lowes with decline of 3/4 of 1%. less than an hour to go in trading. let's take a quick look at what traders are talking about today and investing themes we're watching. and to some trade ters doesn't come as total supply given low volume numbers. which hints at the fact that there is not a lot of conviction behind the sell-off. a lot of people say there are lack of buyers as opposed to heavy sellers. one point about the overall move, traders saying they are seeing the absence of buyers as the final point. as opposed to heavy volume in selling. in fact, european issues one of the headlines people have been focusing on. but europe was closed for easter monday. that's also contributing to the light number volumes we are seeing. mkm is cautious. saying combined with friday's disappointing march jobs report we are seeing 2011 spring/summer

deja vu situation, undermining the sentiment today. scott? we are looking at negative commentary, of course, this time from one of wall street's market contrairians. a story is getting a lot of reaction from our website. the technical underpinnings of the market has been a disaster the last couple of weeks and he says the volume has been poor and insider sales just hit a record. not exactly rosey forecast from the man who warned of a bear market in stocks last august. so should investors take heed of mr. faber's comments? we are getting reaction here. steve, let me keep this up with you here, good to see you. what do you see in terms of volume on the floor? you've got this great haven't anl point to see where the sentiment is in terms of the flows. where is the flow today? >> it is not a surprise and not

really that different. volume is lower but it is very fragmented. if you look at volume four years ago, it's not that much different. if you look two years ago, yeah, it's that much lower. but not that much of a difference. as to what we saw on the floor, we saw bargain hunting. some of the guys were like, holy cow, we have to get out. >> but do you see conviction in any one group? in other words, big investors are there as the stock goes higher or selling even as it goes low? where's the conviction, really? >> i can't say there is specified conviction. early this morning, yeah, everybody is running into utilities and dividend type stocks. trying to get out of broker dealers and financial names. we have gotten through one resistance level on the way up. >> bob, i guess there is no surprise given it is easter monday and the market was closed. >> it is quiet. >> it is quiet. >> absence of sellers is very important here. if everyone was, oh, my heavens,

hit the panic button, growth is not going to be there, then i think we would see more volume than we are seeing today. and we're not. i think that's a good sign. people are not hitting the panic market. steve, would you agree that? >> i would agree but final numbers in today, a little below average. but i think the composite list is still 3.3, 3.4 billion. on the low side, but not holiday low. >> let's talk about the numbers. first for opportunity to react to the numbers that we saw on friday. what's your take? >> well, if there was a cartoon bubble coming out of my head, maria, it would saab by holy cow batman, it was only one jobs report. economist went into the jobs report, the march number, not just thinking it would be 24u7b because it was 200 last time, there were a series of things. there were a bunch of other indicator when you suggest that, you know, not isolation of jobs numbers were going through relatively healthy.

i was surprised in the commentary over the weekend, maria, but the number of economists, among them wb, the guys at ubs, j.p. morgan, this is 200,000 a month economy bubble. so let's just relax for a second. it was only one jobs report. >> let me follow-up. one of the reasons marc faber says there is an shortage in the market, he thinks the feds put a floor. >> scott, i think just last week on squawk box that marc faber said he thought the market was heading higher before it goes lower. i thought that's what he said. so i won't make any jumps on the economic outlook. i have jobless claims thursday. if they start to deteriorate and deteriorate again a week from then, i will change my opinion.

but what is interesting, is there is that that bubble there. >> i love that bubble. >> as far as the mark set concerned marma maria and scott this is guilty until proven innocent. >> marc faber, the editor of gloom, boom report thinks the stock mark set going down? don't let that get out. s&p is up over 11 on the year. if mr. faber thinks it will weaken, this is an bold call. there is correction. steve, you're a market historian. every year there is some point where the s&p drops 7, 8, 9%. norm is about a 9% drop from where we end on december 31. i wouldn't say some modest collection in the middle of the year would be surprising. >> there has been some kind of run but right now we are in the

mood where every little rumor or extension of operation twist will make the market run one way or another. so they will exacerbate any little rumor into what they can do with it that day. >> guys, ton of fed speak this week. bernanke tonight, there is kwai afterwards, and janet is speaking wednesday, vice chairman, can sometimes be an advance guard for the chairman. i've written a piece about this. >> then ben bernanke. >> i will be there too. >> thank you very much. thanks, everybody. sn >> here is a sector feeling the heat. the morgan stanley index is having its biggest sell-off in eight months. seema has today's movers and shakers. seema? >> as you pointed out, worst day in eight months on news that ohio will not renew contracts in 2013 to four current meg med cade providers.

including molina, well care as well as healthcare. after being downgraded by to neutral from positive, take a look at molina, down bet are than 25%. let's switch over to tech. apple hitting another all-time high despite receiving a rare downgrade from ptig. first downgrade in roughly six months. firm sighting pricing pressures for america favorite stock. right now, stock up around 5 points. meantime, aol has some cash 37 right. microsoft paying for eight patents. there was a monster pop this morning. right now up 33%. let's switch over to avon. the cosmetics maker named a former johnson and johnson exec as ceo. shell take over april 23 those jung will remain as executive chairman. stock down around 3%. lastly, media stock feeling

pressure. cbs, discovery, walt disney as well as news corps all downgraded to buy at citi. ad growth as well as lower cable ratings were the main reason. that's why we are seeing pressure on some media stock. >> thanks very much, seema. we have about 50 minutes before the closing of the kay. day. >> the tech sector made bullish investors a lot of money this year. why is now the time to seriously think about taking money out of that group? we have a historical group that investors should take note of next. >> two top wall street strategists coming up. standing by to help you with your portfolio amid fears of that correction. >> and on that note, what will it take to recharge both the markets and economy? steve forbes will give us his

taken a tell us why he thinks the feds are doing more harm than good in an exclusive interview at 4:30 eastern. >> looking at the s&p 500 today. back in a moment on "closing bell." more than 150 million professionals are connecting here. linkedin connects with the big board.

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we come back welcome. >> welcome back. trading well off of the session lows as focus on wall street shifts to earnings. alco-w market under pressure ahead of all that, down 59 points. 12,964 back below the 13,000 mark. at its worst, the dow had been down 164 points. we are well off of the weaker points of this market here. s&p technology index, clawing its way off of the worst levels as well, the tech index, one of of the day's better performing

sectors. still up 4% over the last month. scott? >> maria, breaking down tech. technology is the second best performing sector since the low set in october. a gain of 30%. all contributing to the group's outperformance. and of course, there's apple, tacking on a gain of 70% since the lows. no doubt, the sector is among the high flyers this year. could it become one of the market's biggest decliners during pull back? grady burke et from morning star and collin gillis join me now to work in. gentlemen, good to have you. collin, good to see you. frequent guest on the halftime show. you are probably one of the few analysts who has any kind of negative take on apple, given the fact you have a hold rating. today the stock is downgraded. it is up in a down tape. if technology is going to pull back here, is apple the one stock that you have to look at because it would lead just like

its led, the upside would lead its way down? >> absolutely, scott. you look at the 71 names in the index. 45 have been up north of 10% this year. and driving all of that is apple. apple has been the big driver. nothing will stop this name until we get results on the two weeks from tomorrow. >> grady, what's your take, not only on apple and where it sits, there are high flyers whether it is apple or price line. but if you look at gains that microsoft is seeing, ibm, intel, dell, names like that -- >> yeah, the sector as a a whole looks fairly valued. however i would agree with collin on apple. our fair value is $670. there's just not a lot of margin of safety there. with oracle, cisco, very

dominant franchises, beaten up too aggressively by the market. so we think there are markets where investors can still make money. >> kol collin, if there is still money to be made, where would people be best suited to look at within the technology sector? >> the caution with technology, you have google and yahoo! that have been, year to date, negative performers in this index, and they are stronger in the second half of the year. so q2 won't be a good quarter for them. if you want to get involved in technology now, look for some names wilike ebay or microsoft. ebay is a way to play the mobile commerce, with the smart phones. microsoft is the way to play catch up in the tablet market. >> i'm looking at notes of sam from s&p and he talks in the context of general market pull back, the kind of decline you

can see in technology. you may have to experience web says, an additional decline of nearly 7% to reach the 65-day moving average. perhaps bigger pull back, he expects specifically in technology than some of the other sectors. >> so i think a couple of things. i think you need it think about the trends, so think about cloud computing. think about data growth. think about mobility and position your portfolio for names that will have the secular trends. you want it get out of hardware names because those are the easiest product to delay spending and move toward i.t. and enterprise software names. >> right. >> and to collin's point, focus on valuation. >> great to see you guys. talk to you again soon. coming up, another angle on the potential trouble. job cuts at yahoo and sony.

merely band aides for what some say are broken bids models. will the changes at both companies, sony and yahoo! help turn around the struggling companies. send a tweet. well reveal some of your thoughts later on in the show. >> mean chiwhile, 40 minutes len the trade. >> stocks down for a fourth straight day. we are breaking down the charts for more clues, and just how long the sell off could last. >> what could be a weak fourth quarter season of we are looking at under 1% for the s&p 500. feeling the next leg after market pull back, we are look at potentially market sectors as we come back. >> you do have four in the green today. there's alcoa as maria mentioned, ibm, hewlett-packard and mcdonald's bucking the trend in the dow jones industrial average.

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welcome back. we had some thin trade down here today in the commodities markets. remember a lot of the european markets were closed because of the continuation of the easter holiday. crude oil selling at session highs of 102.46 a barrel.

that after breaking below 101 at one point in trade today. trading lower on a number of reasons. that disappointing jobs report. today was the first chance we today react to it. we also traced the selloff and equities. there is a lot of focus today at cnbc focusing on ten-year lows. maria, down to you, down the street. >> courtney, thank you so much. session lows, s&p was more than 3% off last monday's peak. is this a healthy pull back or the start of something more serious? let's see what the charts say. let's bring in carter braxtonworth. he is from oppenheimer to talk numberes with us. last monday carter predicted a correction so you will want it hear what he has to say. carter, welcome to the show. >> thank you. >> we were just talking about comments that marc faber was making. he said the market traded pretty

technically awful lately. what do the charts tell you about whether this is start of something bigger? >> sure. there is nothing wrong with corrections. it keeps the whole thing healthy. it implies something is incorrect about the angle and it resets. the angle is a bit much, but it is the complacency. this trend in effect for about 14 weeks, today we have broken that trend. that's an important development which does forshadow, let's say, more things to the down side. and i guess the thing to do is figure out how far down of course. so what i brought is other lines and if you look at same chart, drawn a different way, support starts basically at may peak of last year, at 1370 and goes down to about 1340. it is a mattress top and you sink in to support. that's all quite well and good. so 13040 would be the objective for support in this case. then worst case, and this is

what the third chart looks at, is where we are and how far we have to get before we came down to the all important smoothing mechanism. that's down at around 1275. it is moving quickly though, so the implication is 1285. >> wouldn't you have to have something fairly dramatic happen at this point? at some point, if the technicals and fundamentals align together in a negative way, then you could have real trouble. if this is a simple technical pull back, it would be hard -- >> we are talking about a 10% give back. 1340 plus minus levels are a reasonable objective. i think that's what one can shoot for. >> this is there's nothing out there to say you're not even, if if you're looking for some sort of correction, regardless of how steep you think it might be, there won't be pockets of what you think it will have. >> it is very popular ones. >> people watching will try and figure out whether they need to keep sitting on the side lines,

if is a correction. >> and basically, it is by the dips. that's the mentality over the past four or five months. we think this is longer than a couple days and couple percentages. we are looking from 5 to 7%. >> okay. carter, good to see you. >> thank you. >> talking number wes, maria. >> thank you. down double digits. down 91 on dow jones. just about 30 minutes before the closing bell sounds. financial, technology, all of the groups under pressure today. the layout which sectors can help check your portfolio, as fear once again, creeps back into this market. then steve forbes says the federal reserve is doing more harm than good to the federal economy. he talks about what he thinks should be done in an inview the. we want to hear you are view. send us a tweet at cnbc "closing bell." we will reveal your answers later on in the show. back in a moment.

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closing belle dow trading below 13,000 mark for the first time in a month, experiencing a bit of a hang over from the disappointing jobs report on friday. one of the sectors experiencing weakness, materials, industrials, financials and energy. bank of america, worst performing today. worst performing in the blue chip index this quarter, after being the best performener first quarter of this year. all of this ahead of earnings reports due at end of the week key for financials. j.p. morgan and wells fargo kicking things off. reporting first quarter on friday. j.p. morgan with a 10% decline. wells fargo reporting an increase. not helping their stocks today though as they are among losers

in today's sessions. back to you? >>. >> thanks so much. a closer look now at today's selloff. s&p 500 is down about 1%. all ten sectors are in the red today. we're zeroing in on sectors that may offer protection in the face of an extended downturn. >> thomas lee is sticking with his year's top performers. we welcome two strategists to the program. thanks for joining us. >> thank you. >> tom, i know you said you view the next few months as less favorable as what we have been seeing in this market. >> correct. >> but you think the long-term bull mark set in place and it has to do the cash on balance sheets, right? >> that's correct. if you look at corporate cash and $3.7 trillion cash on balance sheets, three years into expansion, the mountain of cash is growing. i think the story the next two

years is really distribution of this capital. whether through capital expenditures or increased dividend. but where we think is going to happen is almost a 40% increase in distributions of both cap ex and buy backs. >> you would use any weakness you see in the next three months as a buying opportunity then? >> right. it is a of a head fake. i have heard from a number of people expressing anxiety. but the jobless numbers are telling you a different story. it a much more reliable indicator that expansion is in tact. >> let's talk sectors now. maria and i were talking earlier with guests about technology. thinking that if you get a correction, you would see a pull back in tech which has bun incredibly well. both of you favor technology as place to still be. why? >> where did all this money come from? >> corporations are very profitable and in an economy not particularly strong. i think technology is very, very

well with corporations increasing efficiencies. i think installing economy, people may invest more technology to keep the mub numbers moving for a while. >> if you say tech's still got it, what doesn't? >> i think financial still has risk. they are obviously very, very cheap. if t is cheap for a reason, i think it's financials. they have very, very weak potential numbers. and usually have you a big sector like they were big three or four years ago. it takes about ten years to come back. you look at technology and energy and it took a long time to come back. >> haven't the earnings prospects picked up? what's the growth story starting to finally develop? >> i'm not sure i know what earnings are for a bank. and i'm not sure the banks know either. the problem is that transaction never closes. that's always the issue with banks. always on the balance sheet. i think if everything works out fine, i'm dead wrong, and i hope

i am dead wrong but there is still issues. >> let's talk about the anticipation of this market. because we keep hearing retail investor is out of this market. ever since the flash crash, not trusting things. they are keeping their money in so many safe places like under the mattress or cash, then why is the market up as much as it is year to date? nasdaq up 17% in s&p up 12%. who is buying? is this all institutional? >> it is part institutional. but i think it reflects about how the real buyer of equities over the last 20 years is corp rates. for every dollar the past 20 years, there is $3 of stock buy backs. they are trying to accelerate because there is no inflow. it is corporate. >> and shrinkage of the flow. >> right. the markets deek by ties and there are fewer shares than in 1999. >> you agree. >> i think so. the ek by fund, i'm not sure it

shows up. and in the market that moves so quickly, individuals don't feel the appreciate tour get invested, that institutions feel. if you are missing this market, can you get fired. you can't fire yourself. i think it'll be slow like this. >> are there any catalysts in 2012 that you see on the horizon that could get this market moving in a substantial way, including volume? >> yeah. one of the surprise says recovery in the housing market. i think house information is about to recover, given the improvement and labor markets. that's, i think, will absorb all of the inventory. then we see it start to pick up, also and also the wealth effect. >> quickly, what sector, as i ask john, would you absolutely stay away from here. you are watching the show and you want to know what to do, where would you stay away from? >> i think one of the areas we're not fans of is high yield different groups, utilities, also there is such a big move.

i think financials, by the way way, are on their own, so i think it will be on weakness here. >> at the end of the year, talking about dividend payers, and yet the performance wasn't there. >> right. >> so that's what you are betting happens again. >> right. i would rather have high cash flow. the two groups raising dividends, fastest is tech and financials and they are the bef two performing jobs. >> thanks for being with us. >> thank you. >> see you soon, thanks. >> see you scene soon. >> good to see you, guys. >> we have about 20 minutes before the closing bell rings on this easter monday. dow today is coming back a bit. still a loss with the nasdaq under pressure as well. >> even if that, we have massive job cuts at sony and yahoo!. but are those cuts enough to turn the companies around or are there businesses beyond repair? we will look at business models there. what you need to know next. also what you think about that very question, send us a kweet at cnbc "closing bell."

we will show you some responses at the end of the program. >> there could be more declines ahead. find out why prices could still be cut in half from current levels later on the closing bell. >> as we go to break, take a look at commodities. you can see gold and natural gas, two upside surprises today. next is selling pressure. back in a moment on "closing bell." >> first, before break, which financial stock is up the most so far this year? discover financial? etrade. or moody's? the dividend pays off after the break. or creates another laptop bag or hires another employee, it's not just good for business, it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we extended $6.4 billion in new credit to small businesses across the country last year.

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>> welcome wack to the closing bell. despite the factor with seeing losses today in the markets, we are seeing stocks at nasdaq holds up. i want it start with research in motion up about 3% today despite the fact that senior level executives are leaving the company. also want to switch gears and talk about alumina as well, we have roech coming out saying it would provide a second bid for the company. we saw alumina reject the share. electronics seeing an upgrade from raymond james it a strong buy, $10 price target there. this one above the flat line but sharply higher for most of the day. guys back over to you. >> thank you so much. just about 20 minutes left in today's trading session. let's give you a quick stat on the nasdaq. nasdaq fell out of bed this morning to 48-point deficit. fighting an uphill about the el ever since. the decline of the nasdaq is about 27 point.

watch apple shares, stock could be the second company ever to cross the $600 billion market value as soon as tomorrow. er with looking at gains on apple. even in the face of negative comments from one analyst this morning. it'll close out around $595 billion today if the price holds around 637 to 638 a share. vix well off session highs today, topping 19 for the first time in over a month. vix up a point and half at 18 and change. hasn't settled above 18 since march 7. over to you, scott. >> maria, thanks so much. we turn our attention to two widely known names. yahoo! announcing layoffs last week. now sony the next troubling company to cut jobs. john is in california with the details. hey, john. >> hey, scott. you look at sony, they are doing a cut. only about 6% of the work force but to get a scale of sony's

issues, $2.2 billion in forecast losses for the coming year. they also forecast selling 20 million tv sets. that's main area for the losses. i should say $2.2 billion in tv set losses alone. that's 110 billion per set they expect to lose in the coming year. then yahoo! they've done their cuts. i ran some numbers last week, talked about it on closing bell. there is 4,000 jobs over the past few years but gained the weight back in a way. only 200 jobs off where they were five years ago. so it is not clear that job cuts actually tend to get them anywhere. what both companies need is a strategy shift, scot? >> stay right there. we want to bring in our next guest and talk about whether the cuts, you know, at sony. you said the job cuts at sony are not window dressing but a

reflection of more serious problems at the company. tell us more. >> sony's basic product line has been commoditysized, not just the tv why 2.7 billion projected to lose in television alone. but their business in cell phone sector and the music playing sector. digital camera sector. market leader with 20 years ago, sewn sony has been asleep at the wheel and let others like apple and sam sung steel the market. >> sony first came out with the walkman. then so many copy cats to get its lunch eaten by apple with the ipod. you see that with the e-reader. technology moves so fast. the companies have to be much more aggressive. >> they have a great maverick in their new ceo. he is the guy who really put play station on the map. he personally took charge of the

television sector. and he thinks he can turn it around. that's not so hard if you lose some of sony's engineering genius. if you puts an internet access chip in sony sets. puts a fantastic sound system because flat screens have no quality sound. there are ways he can salvage the tv set business. but i don't see it happening right now. >> john, you wonder if the job cuts can fix yahoo! -- or do they just make the stocks less appearing? >> i don't think they make them less appealing. i think the problem is they are not more appealing. it is like a crash die wet no lifestyle change to go with it. what they need do is communicate consistently to the street and employees. set a vision. that's what inspires people, both on the investing side and employee side, maria. >> what about what is next in terms of the next sort of gauge? in terms of how these companies are doing? so porter, what would you look

at in terms of the next measure of performance? >> john said it, they both need a business strategy, business model. they have to figure out what business they want to be in. and with yahoo! that's critical. i think they're going to put together a deal with soft bank japan and alibaba then have to figure out what kind of business they want to be when they grow up. >> thanks. thank you porter. john, thank you. we have been asking all of the viewers whether you think the cost cuts and layoffs will help sony and yahoo!. just look at matt's tweet, wre says, cost cuts will help but layoffs will not. as they will have less people, fewer people to innovate. nice point there, matt. thanks very much for writing in. >> slightly, 15 minutes or so to go before we close it up. dow jones and nasdaq in a down day on wall street but maria,

not as bad as it was. >> sure. then a lot of under the radar names. setting up action for under the radar names, next. seema? >> this is $100,000. we asked total strangers to watch it for us. thank you so much, i appreciate it, i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money ? if your bank takes more money than a stranger, you need an ally. ally bank. no nonsense. just people sense.

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welcome back. i'm on the floor, coming to you from the post right now. here is a stock we have been covering for some time. mollycorp. bucking the trend today, good volume as well. rare earth miner saying in a new independent estimate shows that provable reserves and its flagship mountain pass mine have risen 36%. bill, tell me about the volume here. >> greater than normal.

>> greater than normal. so typically you don't see these numberes. >> no. >> mollycorp doing well in sizeable volume. the company saying it is in process of modernizing and growing. rare earth met aels are used in hybrid cars, wind turbines. today's surge helping to put shares up, better than 40% on the session this year. but on a 52-week basis, the company still lost nearly half of its market value. scott, over to you. >> thank pup they may not be stealing headlines but there are under the radar stocks today. seema is rallying them up? seema. >> thank you. carl icon suing biotech firm today as they push to win seats enough to sell the drug maker.

icon blames amylin for a $3.5 million takeover bid. remember that muse. when amylin switched over in trade. let's switch over to another one. a key clinical trial for respiratory drug has been delayed. several analyst downgrading the stock. we have rbc capitol. stock down better than 15%. lastly, optimer pharmaceuticals firing its ceo. now that news of course, scaring investors, that's why that stock is down 3.6%. scott, back to you. >> thank you, seema. steve forbes explains why he thinks the feds are doing more

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welcome back to the floor of the stock exchange. time for closing countdown. great quarter, as you know. start to the second quarter, not so much. major averages seeing biggest four day declines in months. dow jones industrial average trading below its 50-day moving average for the first time since december 20th. so there's a lot of talk about what the fundamentals mean for the market. but people are zeroing in on the technicals. you heard comments from marc faber. let's go inside the markets and show you where weakness was coming from today. this is the first day it trade the disappointing jobs report. a great first quarter. giving some back today. you can see the sector is down about 1.5%. technology is a big stand out as well. that's giving some back too. did i mention the jobs report is weighing on sentiment today.

no way better than to see that in discretionary names. maybe people will spend less peeling back by 1% or so. take a look at commodities. if you are worried about global growth and if you think growth is slowing down, you with see a pull back in crude oil. though this is well off the low es es s of the day. crude is interesting today. for a brief period of time, dipping below $101 per barrel. trading at 193, 94, somewhere in there but rebounding a bit. still a down day however for crude. talked earlier today as well about the big downgrade from btig with shares for apple. as you know in the market today, thought we would look at the chart today because apple has been up throughout much of the day. even with that downgrade on a down take. 636.87 is where apple sits down. let's move over and chat once again with john.

john, we look at what is happening. apple is a good thing to look at here. and you mentioned technology. you continue to like tech. a lot of people are worried that tech will show its cracks and leave this market lower. >> i think technology still has -- i don't think it is expensive. i think it has been in the doghouse or has been in the dog us what for years until a couple years ago. that makes very interesting companies. >> are we making too much of the jobs report? >> no. i think the market made just the right amount about it. >> down 150 or so off the open. was it really that bad? >> not that bad. >> tom made a great point when he said claims have been in line here. so one bad jobs report, depending, bad is in quotes. >> and 1% off the market is not an awful lot in the general scope of things either. a sharp decline but reasonably modest. i think unless you see cockroaches or a few more like this, it'll be okay. it is not expensive. >> can the market continue to go

higher without the fed? without the fed being there? >> no. but i don't think anything can go on without the fed. the fed wants you to take risk. the fed won't push money in the system but certainly respond to any problem very, very quickly. >> market got spooked last week thinking now the fed's gone, you get the jobs report, which disappointed a lot of people. now you have people saying, oh, the fed's back in. >> mr. bernanke is always here to help us. >> right now, 124 points on dow. we are moving back lower here. >> if i today pick a number, i would say 10%. but who knows where it starts. the jobs report itself won't do it. but the things that have gone well the last two or three months, if you see signs maybe it isn't that great, the market gets scared, i still see it bouncing along the bottom. >> can you buy it on your shopping list, right? or the next couple years can be very, very good. >> good to see you. >> thanks, scott. >> that wraps up