going on out there. class of 2012, we'll see you next time. and good afternoon, hi, everybody. welcome to the "closing bell." i'm maria bartiromo coming to you live from the alliance bernstein trading floor in new york city. we've got a rally under way as we approach the final stretch and we have exclusive interviews coming your way. i'm talking about the state of business with peter krauss, the ceo of apply generals bernstein. also ahead, a tv ex be clues sif with the new ceo and pet of johnson & johnson, alex gorsky. plus, starbucks troy alstead and

last but not least, andrew liveris will talk about what we're seeing in this economic recovery globally. first, let's get down to the new york stock exchange. gary, as we approach the final stretch, gary? >> yes. we're seeing a big blue chip average within a striking distance of a new four-year high. texas financials come as they take their cue from the fed chairman ben bernanke who left the door open for mormon tear stimulus yesterday. let's take a look at where things stand right now. dow up 121. nasdaq up almost -- nasdaq up 24 points. the s&p, as we said, essentially 1400, up three-quarters of 1%. a big rally day post the fed, maria.

>> it really is. we like to come to trading floors because we get the different information flow. today we're at the alliance bernstein trading floor. more than $400 billion as a whole of assets undermanagement. in new york, the big business is fixed income. last year, for example, this floor traded $2.5 billion of face value in the fixed income and securities options. we know that's where the action has been. of course, the activity has been picking up. fixed income trading volume hitting $3 billion. coming out, we're looking at the value for both fixed income as well as ex quit teas. we'll talk to the chairman and ceo, peter cross kraus. gary? >> look forward to that. in today's "closing bell" exchange, we'll look at all three major averages in the green. dow making big strides bumping

up against a new four-year high and s&p 500 is holding solid at 1400. plus, we're on earnings watch as we wait for amazon.com due out just after the close. we have bob pisani at the nyse and jon fortt back at hq in new jersey. look at the earnings, look at what we had yesterday. on the surface it looked like we would have a down day today. >> we should have had a down day. 45 companies reported today 18 miss, 40% of the companies reporting miss. that's unheard of it. we've been doing 80% have been beating expectations. 20% less than that have been missing. this was a very strange day. we had mr. bernanke out assuring the world that he would act if things fell apart. that's the primary reason that we're moving up and then some people complain about the housing. march sales were better than expected overall. this is the kind of day, put up the s&p futures. 1390 at 1:30 and all of a sudden that was a new high for the day

and all of a sudden, boom, there is 1:30 when we moved up from new highs. >> i think we've got to point out again decoupling from europe. we did not have a very good europe close. so this was a big u.s. quantitative easing induced rally? >> yes. that's the main package. speaking of the dow, did you see the dow industrial and transports? you get a 2% difference. industrials on the upside. look at that. that's a very strange -- >> again, that's coming from what we're seeing in the crude market? >> that's right. and we're seeing oil move to the upside. brent is now moving up over 120. some of these paper company, very poor earnings. potash and earnings -- yield on the ten-year, again moving to

the downside. we are at a multi-year low. >> maria, bob brings up the ten-year. you're at a very fixed-income shop. what about what the bond market has been saying and the equity market today? >> well, you know, i think at this point people are still in the mode of protecting assets as opposed to looking for yield. but the good news, in terms of equities, is the fact that earnings are coming out strong. so the focus the last couple of days has been on the fundamental story, the earnings growth story, whether it's growth coming in the u.s. or outside of the corporate sector with the $3.67 trillion on balance sheets. so once again we see the focus on equity on earnings and lesson the european story, which as we know, is still a disaster and people are wondering where that goes and i think the worry, which has definitely become apparent over the last couple of weeks, is that while the ecb did take the urgency of negativity off the table with those lending

facilities, people recognized that the issues remain. we don't have a solution for greece. we're not sure what's going on in spain, given the level of rates there. france possibly going socialist is not going to be a positive for europe. so the europe problem is sort of hovering but today the focus is on corporate earnings and you see money coming out of fixed income and going into stocks because of that pretty strong earnings due to global earnings. >> money going into stocks, certainly technology has been on fire, i think we should say. we're going to have amazon print theirs after the close. what should you be looking for after tonight in. >> i think the big question is on spending. the expectation is around $12.9 billion in revenue. they also guided to a $15 million operating loss. the street wants 7 cents in eps. the question is, are they continuing to spend aggressively on distribution as they said they did? did they sell a lot of kindle

fires because those are seen as being kind of a harm to margins or what? because if they did spend aggressively, who knows what would happen to that eps number? >> maria, back to you. >> all right. thanks, gary. home building stocks meanwhile the best performing stocks. once again, the economically sensitive numbers. mary thompson is rounding out all of the big moves and shakers. >> maria, the home building stocks rising to the highest level, about 1400 level for the first time in three weeks. the heat map, you can see more green than red as we head towards the close. home builders, a couple of other information giving a lift to this group. the country second largest is

higher, that being pulte homes. companies second quarter loss is narrower than expected and that's giving a lift to its shares and like pulte, ryland posted a loss. taking card from the news that it is order was strong as well. that's going over to toll brothers. up 3.75%. and danaker is listed there and they are up higher but it's not a home builder stock. crude oil settling higher despite the disappointing and

getting a lift from the fact that the fed policy, the policy position hasn't changed. that is coming earlier in the week. we have the dollar holding fairly steady and then, of course, the ten-year note. we're going to get more on that from rick santelli. back to you. >> treasury prices rallied following higher than expected weekly claims data. cnbc rick santelli is at the cme in chicago with the details. what happened to the bond market today. >> gary, let's start out with a seven-year note. if you look at a seven-year note, we're down several basis points. we optioned 29 billion of them. if you open up to a one-year chart, today's yield 1.347 was the all time yield auction level. below closing yield on this maturity was around 123. if you look at a two-day chart of ten years, this is fascinating. if we hook in yesterday's session activity with the fed, we traded close to 2.04. today we traded down to 192. a 12-basis point range over the

two days, one including the fed and we're still right now three basis points lower than the 198 settle even though stocks are up 118. money going into both, maybe european money going into the credit markets. let's look at the two-day chart of the dollar index. that reveals a narrow range. minuscule at best. gary, back to you. >> 50 minutes before the "closing bell." dow up 118 points. nasdaq up 22. maria? >> up next, we're talking with the alliance bernstein chairman and ceo, peter kraus about what it will take to get investor money off the sidelines. and cfo of starbucks troy alstead breaks down the quarter for us before he speaks with analysts. >> and we're talking to alex

gorsky. he will outline his plan following a series of high-profile recalls. don't miss his first tv interview. that's at 4:30 p.m. eastern. >> as we head to break, here's how the s&p heat map is fairing. lots of green. you're watching cnbc, first in business worldwide. standard keyless access, and standard leather-trimmed seats, then your choice is obvious.

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welcome back to the "closing bell." i'm brian shactman. on the heels of what mary thompson talked about with the home builders, up 12% year to date, trading at the highest level since 2008. >> time for a quick market stat check. the broader average is looking up ten points for the s&p. telecoms have been outperforming. s&p telecom index on track for the best weekly gains since christmas. last year's worst performing

sectors. dow industrials climbing to the highest session and disappointing weekly jobless rates. maria? >> having raised much of the losses force april, how do you want to be invested? peter kraus, whose firm has more than $4 billion in asset management. >> good to see you. >> thank you. we enjoy being on your trading floor. first, let me ask you about your firm and the outflows that we've seen over the years at alliance bernstein. where are you in fixing that? >> well, you and i were together talking about this and we're doing what we said in january, which is we're focused on the

cli generals, on performance, and if we continue to perform for our clients, including the large cap core services, if we continue to do that, we believe the flows will begin to moderate and turn positive. we have had, in the last two months, positive flows of retail. and that's been a big opportunity for us. >> it's very important because the retail investor has been largely out of this area, right? >> generally it has. although in fixed income, we have a very large business in asia. the fixed income in asia has been robust. we have a very significant market share and that's been a growth area for us. >> where are you seeing the flow? i'd like to point out that it's interesting that we've seen so much money move into treasuries after it got downgraded but it's across the space, isn't it? where do you see most opportunities for fixed income? >> for us, and for investors, there's always a dangerous thing to do. but global investing tends to be where the most opportunity is and we see the opportunity most

in that area, global bond and high income investing where there are yield opportunities and in particular in high-income where we have the opportunity to actually allocate capital to cheap parts of the fixed-income market as those products changed and that provided a chance to give good returns. >> what about, for example, corporate bonds or asia corporate bonds? are you seeing increased interest in some of the debt of the stronger parts of the globe? >> we definitely see an increased debt in global markets and in that high-income fund we allocate capital to those things. there's also some opportunity in what has been the distressed u.s. residential mortgage area, a place where perhaps less people play but a real opportunity to put money to work and get good returns. >> interesting. you're seeing a move of money into that? >> you do see on the margin that people are moving into that space. >> europe is on the front burner

for investors. the ecb took it off the table but now it looks like the urgency is back in terms of the downside risk. what are your thoughts on europe right now and how do you navigate it? >> i think europe is going to be a complicated story going forward. having said that, i think we need to be very kog zant of the fact that they have allocated significant capital to both banks in the form of the ltro alones to the ecb to entities like the spanish central bank. and it's evidence that europe is trying to bring together a con federation of sorts to create stability. i think it will have fits and starts. it's not over. i think they have made progress. >> our investors staying away from european fixed income or equities as a result of what is going on there? >> it's definitely where a place

where people are concerned. we see significantly less interest in european sovereigns, particularly those that are stressed and we also see less interest in european. >> how do you grow this firm and raises set management? would you look towards europe for acquisition ideas? >> i think europe for us is also a big franchise and our attempts in europe are to provide consist extent see to consistent clients. over time they will come back. over time those willing to commit more risk and capital, but it's going to take time. >> what's it going to take in terms of getting volatility back in this market? >> i think it's going to be hard to identify the catalyst. we're going to get by it, it will happen, and then we'll look back and say, oh, i didn't see it. u.s. equity markets have had attractive performance the last 18 months and likely to be one of the better performing markets going forward. >> peter, good to have you on the program.

as always, gary, over to you. >> maria, let's run over to brian shactman at hq. brian? >> babcock and wilcox. if you look at the intraday chart, not a big contract they got for a boiler and tried and true business. really in the p.m., it's been up. a big rally continues today. >> yeah, absolutely. money moving into stocks. and starbucks shares near an all-time high. what do you want to do with that stock if you own it or getting into it? ahead of the company's earnings, let's look at what starbucks looks like in talking numbers. >> and starbucks is not the only big name. we'll have instant analysis results from amazon, zynga, and

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welcome back. sharon epperson here at the nymex. gold and silver continue to rally the day after the fed's decision and, of course, the commentary coming from fed chairman bernanke, the press conference that he held talking about keeping interest rates

low, talking about using additional tools, if necessary, if the economy warrants it. all of those are factors that have driven not only precious metals but metals across the board to increase. with the rise we've seen in open interest over the last session or so, it has added productivity looking for more upside. we'll continue to follow that. and we're looking at commodities across the board, including platinum pa laid yes, ma'am, copper, all higher on this session. bill o'neil says he sees more going into the third quarter. perhaps the downside is now all done. maria, i'll send it back over to you. >> sharon, thank you so much. we're in the final hour of trading. investors watching starbucks as we approach the close. that's because the company is reporting earnings after the bell tonight, making this your last chance to trade the coffee giant with the stock up 2.5%. ahead of the numbers, what do

you want to do with shares of starbucks? let's get into talking numbers on the technical side of the story is mark newton, chief technical analyst. on the fundamental story is mark, who covers the name for williams capital group. gentlemen, it was good to have you on the program. thank you for joining us. >> thank you. >> what should they say about the starbucks chart? >> it's okay to be bullish. the stock has been in a strong bullish uptrend. if you look, it's had a really strong move and it's gotten more pa parabolic of late. you haven't seen sufficient deterioration to really turn negative on starbucks. if you look at a monthly chart, the stock has gotten very overbought. when the stock took out former

from 2001 to 2006, it's gotten very overbought. starbucks right now is even more overbought than apple. so i expect over the next four to six months that we'll see the stock pull back and consolidate these gains and pull back into the low 50s from. a trading perspective, it's a little bit different than an investing perspective. >> all right. so you're looking at the month and you're looking at a longer term frame as well. this p ccompany, over the long term, has done well, mark newton? >> it absolutely has. it's been stellar. this is really the key level. if you look over the last few months at where the stock started to accelerate, it's had this big gain. my thinking is the stock is not going to be able to sustain this kind of momentum going forward. we just haven't seen sufficient signs to warrant selling it. so near term my targets are right near $62 on the upside with traditional targets near

65. 55 is important. below that, the stock would likely sell off likely below 52. >> mark, let's talk fundamentals here. you see the performance of the stock. i know that you've been analyzing it. bottom line, will investors be impressed with what they hear on the call and will the fundamentals be able to support these numbers on the technical side? >> well, certainly we think that the company is poised to deliver some very solid numbers today. we actually got some word this morning from some of the things that are taking place from our competitors over at duncan. very strong numbers coming out and specifically iced beverages. we think starbucks could benefit from a similar trend this afternoon. >> what about the pricing? where we've seen prices really move? do you think they are going to have to raise prices? >> i think with all of the different products that the company offers, the i think the overall ticket will increase the

things that they've come out with, such as the refreshers, the energy drink, as well as new beverage and dessert menu items. they have become well-poised to deliver growth on the top and bottom line. >> all right. we'll leave it there. mark times two. we'll see you soon. >> thank you. and don't miss my exclusive interview with starbucks cfo troy alstead as the company reports its earnings right after they are released. join us at 4:00 as we go behind the scenes with the cfo of starbucks. meanwhile, the market is holding on to gains here. it's boosting the market. dow jones industrial average at a high of 131 points right now. nasdaq with a gain of 25. gary? >> thanks, maria. s&p 500 dividend increases jumped 34% this year from the same time in 2011. are rising yields making stocks look more attractive here? >> well, we'll talk about dividends and then will near

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bob miss sun pisani on the floor of the new york stock exchange. strangest thing today is that the dichotomy between dow industrials and the transports. incredible. transports down. disappointing numbers from ups and high oil prices. brent near $120. speaking of disappointing earnings, we had a lot of them. 45% of the companies in the s&p missed today. that's very unusual. numbers are coming down for the first time this earning season. guys, back to you.

>> thank you so much, bob. let's look at the business headlines. the labor market still sputtering. the number of americans climbing first-time jobless claims are down. economists were looking for a steeper decline. so the less volatile four-week moving average was up to 388,000 and that's the highest level since early january and not a positive. more americans jumping into existing homes, meanwhile. the pending home sales inclined from a year ago. mortgage rates declining. the average rate on a 30-year fix has ticked down to 3.88 this week. that is just shy of the low of 3.87 in february. the government is seeking information about bristol sales.

the s.e.c. was looking into activity of its units in germany. bristol-myers says it is cooperating with the government. the stock is down 1.5% on that news. gary? >> you know, merck, chevron, fgc, what do they have in common? they've announced dividend increases. averaging yields of 2.6%. is this enough to bring it into the equity markets? a market analysis. we started to talk about dividends before we came back from that break. it seems on the technical side dividends makes sense. now the time to initiate

position? >> i think investors are going to be attracted to yields. you have the earning yield on the s&p and dividend yields that are over the treasury yield. >> that was the case about a year ago. that was the case two years ago as well. the dividend attractiveness. is that why it's more attractive now than six months ago? >> sure. companies are increasing their dividends and that makes it more attractive to invest in those particular companies and generally speaking companies that payout dividends rather than buybacks have better stock performance. >> on the technical side -- i know that you're a technical analyst and you're not looking at the fundamentals. why do they look good technically? >> well, i would agree that one of the reasons is because the market and many of the stocks

now yield higher than the ten-year treasury and relative to history, we don't get this very often. in fact, the last year that it was higher was in the 1950s. and i think it's going to take yield to attract the investor back to the market. >> >> do you look for dividends that are rising? because i believe longer term, those have that increase in dividends, 10% year over year compounded long term are the major way out performance. >> sure. any company increasing dividends is by and large going to be more attractive. their cash flow is increasing and we're seeing the companies not only grow but pay out dividends, which is nice. >> i want to turn quickly to the nasdaq. nasdaq up 23 points. we're in a huge secular bull market in the nasdaq. >> that's correct. that's because technology and the nasdaq have been in a

trading range for 11 years and this year we broke out of that range. that would indicate that the bear market is over and we've entered a secular market for technology and technology which means we can test the 2000 highs again. >> there you go. you have the technical bull market case for nasdaq and the technical and fundamental bold case for dividend producing stocks. >> and today we get a fundamental rally under way, up 123 points on the dow jones industrial average, up 125 points object the nasdaq. ever since alcoa reported their earnings, the s&p is up 3%, gary. so this market is moving on fundamentals. >> absolutely. earnings much better than the analysts predicted. we can definitely say that for sure now. get ready to trade the close. up next, why we can see a big earnings surprise out of tech giant amazon after the close. man, how about starbucks.

new items including evolution fresh juices. is it having an impact on the company's bottom? we'll find out in the company's quarterly report and we'll speak with troy alstead at 4:00 p.m. as we head to break, here's how each is trading. lots of green in the equity markets. >> announcer: but, first, before we go to break, the dividend. which commodity is this year's outperformer? corn, soybeans, or wheat? the dividend pays off after the break. ♪ eak. [ female announcer ] you're the boss of your life. in charge of long weekends and longer retirements. ♪ ask your financial professional how lincoln financial can help you take charge of your future. ♪

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>> announcer: just before the break as part of the dividend we asked which kmos tea is this year's outperformer? corn, soybeans, or wheat? now for the payout, soybeans has declined 20% year to date. welcome back. i'm seem ma mody. take a look at xilinx. up 9% sequentially.

i'll leave it there. guys, over to you. >> it's bring your kids to work day here. lots of kids behind me. there we go. say hello, guys. big waves. we've got about 20 minutes left in the trading day. time now for a quick market stat check. cbo volatility index tells part of the story. vix is at 16, lowest level since april. second consecutive day, the nasdaq is near the session highs, up .75%. maria, back to you. >> gary, thank you, coming to you live from the alliance bernstein flood as part of our trading floor week. down more than 2%, apply generals bernstein katherine wood thinks that's no reason for investors to be concerned or on

the sidelines. katherine joins me now along with pat whalen, global head of trading and we welcome you both to the program. >> thank you. >> katherine, let's start on amazon. a company reporting earnings after the bell. you said expectation is 30%? >> 30% sales growth. they've been growing regularly 30% or above for the last few years. the problem has been margins because they are investing so much to grow at that rate. >> they have been making a lot of acquisitions. >> they have been making some acquisitions, yes. they are more tuck-in acquisitions. their latest is increasing productivity and if you want to see what it looks like on the

internet. >> it's a crazy times earnings. 76 times earnings. if that's all you're focused on, you're probably not going to be interested in amazon. >> is that not the way to look at it? >> we don't think so. we look at cash flow. they are selling for 1.4 times sales, which isn't that far from traditional retailers. and yet their growth is far superior to most retailers. beyond that, there is amazon web services, which is not a retail business. it's a platform. it -- which they have 90% shares. they rent their computing power and their storage. >> patrick, first touch on amazon. what are the options telling you? and then i want to ask you about

the broader market. >> the stock is trading between a range of 185 and 210 which is a tight range for them. and volatility is down to 35 down from about 45 six months ago. you'll remember in the third quarter of 2011 they guided lower. stock went down 12.7% the next day. that was a big surprise. fourth quarter, down 7.7%. and so the options implied are about 8.3%. they are saying that the stock is expected to move, which you'll realize is outside of the range that we've been trading for the last couple of months. so options are telling you that we expect a bit of a gap if they can guide better this time. we do think there's a bit of a resistance at 200, because that's the 200-day moving average and 210 has been the recent range. so we'll wait to see. down at 180, i think it's got some fundamental support. >> yeah, it's 194 right now. let me ask you about the broader

market. volume has been deadly, volatility down once again. what are you seeing in terms of -- how are investors reacting and how are you seeing the money flow? >> look, i think we saw about 8.5 billion in the last week reported for equities out of domestic. there was 8.5 in international. so equity flows have been pretty bad. if you think about it, $20 million has flown out -- >> is it going into the etfs? >> it's going into the bond market really. we have $500 billion of income flow. so the money has been still surprisingly going from equities. i think we have 130 billion outflows since the beginning of 201 2011. half a trillion -- >> and that is continuing? >> it's been 30 billion since the beginning of this year. so, look, the reality for us, who deal in equities, is the

liquidity has been down. we're probably down 13% year on year in terms of volumes in the marketplace and close to 45% over the last three years. it's a tough market to have to trade which is really why as an organization we focused on making sure that we have the skill set to price liquidity in the marketplace because really the banks are not there to do that for us anymore. >> we -- >> i know you like long term. >> we are long term. >> great to talk with you both. >> it is the one stock that has well passed the internet bubble peak. whereas the nasdaq is 3,000 now, 5,000 then. amazon has done something right. >> thank you very much for joining us. gary, over to you. >> maria, i'm a little lonely here at post 9 without you. we do have a huge contingency behind me. bring your kids to work day. look at all of these kids

keeping me company. we've got about -- we've got about 13 minutes left before the "closing bell." dow is up 126. nasdaq up 23. maria, i don't know if you can see the monitor here. >> well, i've got people walking by me but, yeah, i can see the monitor. >> there they are. >> i love this. >> everybody says hello to you. >> hi, kids. much more ahead on amazon earnings and how loyal amazon customers are compared to brick and mortar retailers. plus, a lot more from take your kids to work day. back in a moment. plus, instant analysis of after the bell earnings, including starbucks, zynga, and coinstar. that's the beginning at the top of the next hour.

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welcome back. retailers like costco work hard to maintain customer loyalty and pays off for the big box giants

with close to 90% annual renewals. is it working? let's talk about these clubs. bertha coombs looking at the amazon loyalty factor. >> costco is known for having the most wealthy retail base. costco shoppers earn about $79,000 a year on average. amazon customers are at the upper end of retail as well. they are the second biggest big box retailer as well. $67,000 is what they earn. but are they as loyal? it depends on what they are buying. when it comes to electronics, that's one area where amazon is topping loyalty. three out of four amazon shoppers stick to home when they are buying electronics, as opposed to 10% who say they might buy electronics at costco.

a third might buy them at best buy. in terms of coast toe, well, actually a third of them, more than a third would go to best buy and when it comes to supporting goods, amazon number one, 21% stick to online home. dick's supporting good is second with 13%. another 8% share for walmart. amazon loses to big boxes when it comes to household goods. amazon is actually the third choice among its customers with only 11% market share after bed, bath, beyond and walmart. the company is trying to grow with all new offerings for those members and they note that the company has a number of new postings for the prime expansion team because, as with costco, loyalty programs are sticky. piper jaffray notes prime members spend more than twice as

much most amazon customers. when it comes to investors, maria, so far this year, amazon is something this year investors seem to like more than costco. of course, those earnings after the close. >> no doubt about it. you're talking about a p.e. of 70 or 76 on amazon. they sure do like that stock. we'll come back to you. up neck, we'll be back with the closing countdown. after that, team coverage of all of the after-hour earnings news. amazon and starbucks and my interview with ceo of johnson & johnson, his first tv interview. he's speaking to money managers and investors tomorrow. you're watching cnbc, first in business worldwide. slip-on's the way to go. more people do that, security would be like -- there's no charge for the bag. thanks. i know a quiet little place where we can get some work done. there's a three-prong plug. i have club passes. [ male announcer ] get the mileage card with special perks on united, like a free checked bag, united club passes, and priority boarding. thanks.

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can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans? all right. this is gary. let's look at where we are closing today. the dow looks like it's basically going to be up 110 points. thea that's off the highs of the day. i have an assistant here. this is josh. >> we sell programs. >> at the end of the day? >> yes. >> we have sells and balances.

dow is up 110 points. nasdaq basically flows up 19 off the highs of the day. let's bring back in bank of america, mirl lynch. we have to compete with this. let's take a look at the s&p 500. >> sure. >> we are in a secular bull market with the nasdaq. i want to know about the s&p 500. what does a chart tell us about the s&p 500 when you talk about moving averages? >> well, i'm not surprised that they came in because we hit the figure of 1400. we would expect some kind of resistance within the market. the question is, can we get above the recent high of around 1422. >> you know, i always want to ask a technical analyst, do you pay any attention at all, do you ever read any of the fundamentals? >> quantatative. i look at some quantitative numbers but really at the end of the day i make my final decision on how price looks and how

volume looks. >> let's say we are not able to break out of the upside. what are the numbers that you're being looking at in terms of having a sustained move higher? >> one of the things i'm watching are the transports. the transports did not have a good day today. they closed down. that's starting to set up a negative divergence. dof the s&p rally and dow rally, we really can't keep off the transports. that's a concern. we look at the breath of the market and if you can hit a new high, if the market hits a new high, another negative divergence. so far the bank are okay. the more concerned that we have is around the breadth of the market. >> what will you be paying attention to? >> we'd have to break all the way down into support and not be able to break out of the range. i don't think that happens. >> okay. thaner