k groove ♪ [ male announcer ] the nation's largest 4g network. covering 2,000 more 4g cities and towns than verizon. rethink possible. happy monday. we enter the final stretch on "closing bell." hey, bill. >> maria, welcome back. >> thank you so much. you too. >> thank you. >> we have another day -- >> who was here friday? i don't know. >> well, we had the a-team. >> oh, i'm sorry. >> well another day starting out this morning. down huge. but has the potential in the final hour to be not so bad. although we are sort of creeping around in lower digits. >> heading lower again. we did have a big hit on the open this morning. saw the major averages. paired those losses as we were going into midday there.

now we are starting to go lower again here. overall a broad-base sell-off though. all ten s&p sectors in the red despite the midday rebound. sheer what the trading pattern looks like for the day. sharp sell off on the open. lots of selling out of europe, i can imagine. problems with greece going on there. then a she move back to midday levels. and now we are heading lower again here, down 98 points at 12,722. nasdaq down 22 points. decline of about three quarters percent at 2911 and s&p at this hour down almost 12 point at 1341. 1340 is the level to watch on that one there, maria. that's considered support for the s&p. >> dangerously close. we've been watching shares of groupon today. apparently 20% ahead of earnings after the bell but today the company lost half ofity value since going public back in november. so this stock lost an incredible

amount of value but ahead of the numbers after the close tonight. we are actually seeing some strength. groupon bucking the market as analysts and investors look for optimism in the latest earning numbers. here is what we know. . the company is expected to rebound with a profit of one penny a share on revenue of $530 million for the quarter. we have instant analysis coming your way in the next hour of the closing bell. well tell you what the stock does after those numbers as well. less than an hour to go. let's take a quick look at market names. warren meyers on the floor today saying we are seeing another case of morning sell off and rebound after the european close. he is also saying, quote, with spanish yields greece and banking stocks there is no facebook effect yet. facebook going public this friday. a lot of hype around the deal. commodities taking center stage thp the lowest level since october. later on in the program we are talking about that with noted investor jim rogers. he has been advocating geld and

commodities trade in favor of stocks for a long time. gold of course down from the highs. want to check in with him and get his take on what is happening with commodities today. meanwhile, traders following green backs of course, dollar index on an 11-day winning streak for the second time ever. 11 days. if we see another rally tomorrow, it'll be the longest winning streak for the dollar index that we've ever seen, bill. >> shut the front door. really? it's been that strong a rally here. and i can't wait to say -- >> sorry, you threw me on that one. shut the front door. >> okay. that would be my job. success. >> did you get that from your son at graduation there week end? >> i did. it is a young person's expression obviously. stocks continue a rough patch. a lot of places to point a finger to as why we have fears on the greek melt down, how it affects all of europe. and investors remaining on edge about the banking sector, key executives shown the door at j.p. morgan chase, $2 billion

trading loss. >> as soon as jamie dimon said this was our stupidity, you knew heads would roll. >> he through his self at the mooers of tmercy of the court. hope you saw that. michelle in greece, at least they are talking, i guess. what's going on there? >> reporter: yeah, tomorrow there is another round of talks among all of the parties involved to see if they can form a government. if they can't, then it is elections in june. the difference between today and yesterday is that all of the parties will be there. this guy, the most popular candidate right now, in greece, socialist leader of the radical left party, has shot up rocketed in popularity in greece. now in parts of greece and european media. they are starting to call him sexy alexi. he has taken on a persona. >> we will see how sexy he is to

banking regulators officials. >> exactly. >> simon, meanwhile, the problems in spain and italy haven't gone away either. >> it is very difficult to really believe that anything other is going to happen and they will have another election and come back with a coalition or a government that basically sticks two fingers up to the rest of europe and says, we're not going through with austerity. there are two things to watch. first, with election problems over the weekend, the new president of france is sworn in tomorrow. he is off to berlin. is she still going to bang the gong for austerity. how serious are they in threats that greece has no choice but to follow through or be ejected from the eurozone. the second thing to look for is the strength of the fire walls. can they stop the contagion? the fear of greece spreading over bond markets in italy and spain and you see the spanish yields heading higher today more importantly the spread over german heading higher. two pressure point. political and sheer fiscality of

those firewalls to try and contain the situation. >> and bill and maria, before we change topics, can we show everybody the cover of dare spiegel where they run an illustration of the acropolis and the headline is acropolis adieu, why greece needs to leave the euro now. >> an open talk now from members of the ecb over the weekend. it is possible, feasible, it'll be messy and by god could it be messy. not the least the recapitalization of the european threat. >> i don't know how he changed the topic. that's all we are looking at here in the united states as well. >> well, wolfgang came out, the jeerm an financer, and said this is it. if you want out of the euro, wur yay out is to vote for the left who want out. so they are pretty obvious about what they say. >> i love sha play and his

transaction tact ticks. on top of the 83% in france. >> the french are supporting a financial transaction tax as well. i think that's very likely to happen. but let me tell you what i'm worried about today. a little bit here, little bit there. we have a correction going. just because we are not doing as bad as europe doesn't mean we aren't having a tough time. i look at insiders here. 2500 declining stocks and 500 advancing stocks. what? light volume. and it's like this everyday. bill and marimaria, only one da the last nine where there is a descent advanced decline line. surely, build up real damage here. we pass on the s&p 500, we are at the lowest level since the beginning of february right now. and the financials have got no energy. industrials aren't moving that much. >> but we have that 11-day rally going right now. >> yes, of all times. >> thank you, folks. we will check back in a little bit later. >> first, to breaking news.

brian shackman at headquarters. over to you brian. >> obviously traders taking a position on it today. down 2 1/3 percent. reporting earlier in the month, their co-hotter not doing well. we will see how the segment holds up there. not well in this trade zone. they are weaker than everybody else. also b pl c software trying to fend off a hostile take over. people are being buoyed by that. being it means a higher offer. either way investors think there might be a premium in it right now, 8 1/2 percent to the upside. bill, back to you. >> thank you very much. more individual stock news. first the fakeout, now the fallout. gentleman yahoo! one of the stocks, courtney has the details on that debacle. >> a debacle it is. all major sectors in red going into final hours of trade. you were just talking about it.

but beyond those european reserves. moving a number of stocks today including yahoo!. scott thompson stepping down after just four months at the helm over a controversy over his academic record. ross levinsohn takes over with about 2% on the news. news. the company raised its first quarter guidance but shares are up almost 9%. and the wake of the $2 billion trading loss, j.p. morgan confirms its chief investment officer resigned. shares are down 3%. we will see if that move is going into the final trades.

maria? >> court, thanks so much. we are in the final stretch of the trades today. a market under pressure from the get-go this morning. still 107 on the dow industrials right now. >> soon not just another pretty facebook. will the social network's ipo spur it to start selling your personal information in order to justify its soon to be sky high valuations? a lot of questions to be asked there. >> there certainly are. and ceo mark zuckerberg turning 28 today. let me ask you, how many 28-year-old males would you trust with your car for the weekend? in control of a gigantic public company. should investors be worried? send us a tweet. we will have some of your responses later on in the program. there is the question, tweet us. >> then after the bell, my buddy. is he going to be here? >> yes, he is. >> all right, jim rogers is in the house. not giving up on gold yet. not by a long shot. he is here to talk about that and a lot more coming up at 4:00

p.m. eastern time. looking forward to that. >> the s&p 500 looking better than it did this morning but still largely in the red. to provide a better benefits package... oahhh!

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welcome back to the final stretch of trading. let's get a quick market stat check for you. the market has been stuck in negative territory all day. financials among the worse performers. i am hearing about some value players looking at handful of financials today. look at the damage assessments of today's lagging group. that is the financials. right now, leucadia, morgan stanley and lincoln national all falling. setting up to close at a one-month low, other dow industrials down 101. worse happening at about 10:30

a.m. this morning. we bounce off the triple digits and decline. dow down for the ninth time in the past 11 trading sessions. profits versus privacy. that's one hot button issue as facebook is set to go public. friday is ipo. some analyst are expecting that facebook would need to grow revenue about $15 billion in three years. last year, revenue was 3.7 billion. >> that's big jump there. that's why some are saying it is likely facebook for example needs to find ways to mon advertise members personal data to squeeze out more profits down the road. joining us to give us both sides of that issue, scott kestler, he is concerned about the privacy issues as key risk factor. shawn carolyn is with us. he is not concerned about that. in fact, he plans to buy shares of facebook when they become available. scott, let's itemize your concerns about privacy. you feel that that is a revenue

source for facebook that they have to take advantage of once they go public, right? >> no question. if you think about facebook, everyone talks about the 900 million users the company has. but what people don't talk about as much as the 3.2 billion likes and comments that are issued on the platform each and everyday. so facebook has a tremendous amount of information they just indicated on friday that they are changing their privacy policy to allow users more access and more control but the reality is, that regulators are looking that very, very closely. >> very closely. it sort of remind me of google a bit, shawn. you don't think facebook will exploit users' personal data in pursuit of profits here. but let's face it, when one company has all of that information about you, just like google has all of our search out there. they say they aanonmize it after

two years, but how do you know. >> well if facebook start doing things that people don't like, then they won't come back. mark zuckerberg is a visionary guy, they have learned lessons and they are doing what is in the best interest of the people and not the quarterly profit. i think that they will be smart about it. >> you have to admit, the pressure will be on to grow the company. if they aren't doing it by acquisition, they have to find some way within the current business model and as maria suggested, they have a gold mine sitting there with all that personal data, why wouldn't they do that? >> the gold line is not in selling the data. the gold mine is getting people to spend more time on their site. if you look at the global advertising market and hundreds of billions, tle want to service you tv ads over time as you watch facebook tv. you will get to the point where companies like roku offering

over the top, set top boxes and target ads during mainstream programming that are exactly targeted to you and they know who you are. >> well, let me ask you this, shawn. in terms of buying into the facebook ipo, are you expecting to put money to work once it goes public or what are you planning in terms of investing? >> i have no official position from my firm. but i'm a guy that likes to buy and hold. i believe in this company and what they are doing. i believe in the people that are there. so yes, i will buy for the long record. >> scott, are you going it buy in? or would you? >> what i would say is we see tremendous risks that are not necessarily understand or appreciated relative to facebook. if you look at the latest amended registration statement, you are talking about roughly dozens of pages, talking just about risks. whether you talk about the control that mark zuckerberg has or issues of corporate governance or mobile or international, we see risks. we think people need to be

informed and thoughtful. >> i'm comforted by the controls zuckerberg has. because if it was a ceo and board that today decide, policy decisions on the product quarter by quarter, they would be more likely to make short term decisions. >> a long-term holder though, a lot of people won't be long-term holders and they will be affected by decisions made. >> good conversation, gentlemen. thank you. >> thanks, guys. see you soon. and we want your take on ceo mark zuckerberg, who turns 28 years old today. happy birthday, mr. zuckerberg. should his age worry investors? is it a strength? we will have your responses later on in the program. we have kate on the telephone right now. she has developing news out of j.p. morgan. kate, what can you tell us? -- >> kate, are you there? kate kelly on the telephone.

new details on the j.p. morgan restructuring from kate kelly. she was on the phone. but we will get letter when we come back. >> yes, we will. in the meantime holding steady as we head toward the close. dow down 102 point. >> groupon shares tanked since going public last year. who is buying? should you be as well? we will check it out. >> nokia going from bad to worse as that company was cut to a cell today. is it time to give you on nokia or is there value there to be seen? we have a stock brawl on that coming up. >> as we take a break, look at the numbers of the dow. the few winners there, travellers, merck and cisco. back in a moment on closing bell.

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okay, we reestablished connection with kate kelly. what do you have, kate? >> reporter: sorry about that. so an internal memo went out by the new chief investment officer. he says i'm proud of the firm's efforts to address our mistakes. he makes a few announcements about continued transitions in the london cio office that is now some what embattled. as we reported earlier, ina drew resigned and this memo makes it

official that another member of her team will transition cio responsibility, i'm told. he may leave at some point in the near future. timing not exactly clear. but matt is a long time trusted lieutenant of jamie dimon. some people see him as a. interesting he is taking over the role while the company is under fire. i will keep you posted. >> kate, thanks so much. kate kelly there. today we are watching shares of groupon. groupon up about 20% of the stock, ahead of numbers after the bell tonight. however that is on top of the huge selloff since the company has began public. so is today's 20% rally on groupon a sign of what's to come on the heels of these earnings? we are talking technical and we want to technical and fundamental.

good to have you both on the program. thank you so much for joining us. let me kick off with you right here, why are you -- why are you fundamentally bearish on groupon? what the issue? >> sure. maria, what we are dealing with is son koconsumer fatigue at th same time groupon is going up. while they might go on the upside of revenue, according to yip, a dato pro ride provider. and finally, i think the biggest issue with groupon at the moment is the fact that we are migrating toward wireless quickly and groupon, groupon now wireless base product is nowhere. >> so you are worried about the structure of this business here. in terms of groupon. you see something different in terms technicals. what dot charts say, abigail? >> groupon seems to be putting in a bottom to the devastating post ipo decline. that decline is shown by the

bearish descending trend channel and now the interesting thing about this falling wedge is, this is a bullish pattern and today we can see it confirmed up. so as long as groupon holds, 963, this chart in my view, is very bullish. it could trade side ways between 10 and 12 but the target is 18. there's a gap up near that level that suggest the falling wedge will fulfill 50% move up right to the top of the channels. so groupon looks bullish to me, above 963. >> as long as it stays around here, you say it is going up. >> yes. >> lou, what are you watching on the fundamental side in terms of putting holes into abigail's technicals there? >> i'm going to look the at subscriber growth and how much it cost them to get that subscriber growth as well as margins. i still believe this is a company that shouldn't be public. they should be going through this, you know, phase of their growth. tside of the public lair. but it is too late for that. >> good g to have you on the

program. thank you so much. bill back to you. >> here as we head towards the close with about 25 minutes to go, dow is 106 points. the fear of the vix hitting its highest level since february. does that mean it is time to be brave and buy some stock amid the sell off? treasury prices making a sharp move higher as investors seek out safety. yields at lowest level since early october. how low can rates go? we will look at that as well when maria and i come back from post nine of the new york stock exchange. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550 tdd# 1-800-345-2550 i use streetsmart edge and its tools like... tdd# 1-800-345-2550 screener plus - i can custom build my own screens tdd# 1-800-345-2550 or use predefined ones. tdd# 1-800-345-2550 and i can trade wherever i want, tdd# 1-800-345-2550 whenever i want. tdd# 1-800-345-2550 the kicker? tdd# 1-800-345-2550 i pay $8.95 a trade. tdd# 1-800-345-2550 that's a deal in any language. tdd# 1-800-345-2550 open an account

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welcome back. 30 minutes to go in the trading. >> commodity prices overall at a 19-month low as measured by the thompson jeffreys commodities index. that's heavily weighted in energy and agriculture. agriculture took a hit. take a lack at flrg today. we have nymex holding up. it we will see if it can continue. gold meantime, negative for the

year. new settlement low along with silver at a new settlement low as well. marie why? >> bertha, i will be speaking with jim rogers. pushing commodities, at least a decade on this network, right, bill? >> or more. >> more than that. agriculture is something he's been very, very much into. >> farm land. it all comes together there. he's been right on all of that. >> join us for that. >> meantime a rough stretch for the market continues today. just a big bag full of bad between the debt mess is n europe, the once unblemished reputation of j.p. morgan chase. taking a hit with that embarrassing $2 billion loss in trading revenue. >> joining us to weigh in and where we go from here is brian bels belski. guys to good to have you on the program. steve, let me kick off with you. i know you are an investor in financials. you have j.p. morgan, right?

>> we do. >> did you change any allocation as a result? >> it's funny. about two weeks ago we sold a lot of financials. we kept j.p. morgan, bank of america citigroup, but we sold a the lot of other ones. then the surprise of j.p. morgan came upon us and it seems like there is four or five different reasons why this might have happened. i would sum it up into the treasury curve. large banks have to take risks. greater risk than before to make returns taen is coming up and hurting them right now. >> it could also now mean greater tighter regulations for the banking industry. senate banking committee announcing that will hold hearings on all of this. we know where that goes. is it possible they shot themselves in the foot? and the worst nightmare for jamie dimon that he gets tighter regulations as a result. >> absolutely. this will push out the recovery in earnings by another year. this event alone. and banks, even if nothing is implemented, they won't take any risk of it happening again.

once in a while, you think about buying the companies because they trade eight times next year's earnings, now it is eight times 2014. earnings are pushed out. they have it take a rest. >> you are the half glass full guy. >> yes. >> what is right here? >> the quality of earnings, bill, in the united states continues to improve over the last three to four quarters. that's one thing. from a risk premium standpoint, they are still at or near all-time highs and they got up here a little bit and when they hit a little bit of a soft patch. but corporate earnings are as strong as they've been in years. that in and of itself will bring in the next equity bull market. however if the soft patch here, we think we could see further downward prices in terms of performance for the market the next couple of months but longer term we think we are on the cusp of the great bull market. >> let's say we do get heavy regulation in the financial services sector for one, among

other industryes. does that take a bite out of profitability that you would expect from the larger banks? >> in short, no, maria. for the last three to four years really the contribution and aroundings for the market, has began down dramatically since 2007. that's number one. number two if you look at composition of cash earnings and compare to net income that is improving. companies delivering on what they make and how they grow, and that is not clearly coming from financials. it is coming from areas like discretionary and industrials and energy and technology stocks. especially. so dependence on financials have gone down the last several years. >> are you going it buy the facebook ipo? >> no. as a value manager we will pass on that. but i'm sure it'll be interesting. one other comment, with you are talking to bertha coombs, what are the headlines if two weeks when people are talking about greece? are they talking about spain? they are going to be talking about the slow down in china a lot more. i think you will be talking about it all day long everyday

for three weeks. industrial names as brian just mentioned, they could have earnings risk. i'm not as worried about financials as companies in china. >> where is the value as value manager? >> we have unloaded a lot of steel, a lot of industrials. let that be your one bet on china. >> all right. >> see you later. >> thanks so much. >> we are in the final stretch here. 25 minutes until the closing bell sounds for the day. dow is down about a hundred points. nasdaq also weaker. >> meantime, nokia shares lost nearly half their shares since beginning ever april. and they are down again today. is there will have u there or is this the value trap? bull and bear coming up on know key why. >> ceos in the hot seat. corporate america more unforgiving than ever. is this better for shareholders in the long run? we will check it out. >> here is how each secretariensecretartor is trading in the s&p. all lower. back after this.

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welcome back. we have a biotech stock. let's get to brian shackman, over to you, brian. >> we used to talk about green shoots all the time. now i'm looking for anything in the green. earlier under the day top iks live with a price of 129 and not readjusting from the price being above where it was. they were 90 for price target. you see the new high of 8851. up 6%. back to you. >> all right, before i an, thank you very much. >> meantime amazon and intel are among the biggest drags on the nasdaq. seema has the details on that. seem why? >> one outperformer, intrade. piling into the stock ahead of that facebook ipo which of course is set for this week here at the nasdaq. we it'll be interesting to see if zynga can continue to hold on, even after the ipo of facebook. back to you. >> all right, thank you so much,

seema. we have 20 minutes until the closing bell sound of the day. let's get a quick market check for you. volatility index surging to three-month high. s&p 500 declining below key 1340 technical support level. this morning we have come back it that level on the s&p this afternoon. but the vix still up 9%. it is up two points on pace to close above 20. even above 21 for the second in a week. let's check out the s&p 500. right now broader average looks like this with a decline of 1% with s&p at 1339 there. s&p on track for the lowest close since early february. so is nokia the next motorola? that would not be a big g thing. andy perkins says that is indeed the case and he is cutting the stock to sell from whole. basically fra bad to worse. >> what andy is worried about is nokia burning through the cash

pile and burning through hand sets here in the u.s. is the call valid or should investors swoop in and buy the stock while it's cheap, if it is. on the bullish korjer alex spector. and in the bearish corner, bill kra crayer of edward jones. >> i'm not worried because know cree kooea is lowering selling prices on their devices in order to get market share but in the long run there is scope for nokia to increase prices and generate revenue and profitability from more expector deskriensive. >> you think new models will bring new prices. >> they will in the long run. this is a long run growth peck tour for them. >> i realize the mobility trend is a huge trend. because you've got population growth all around the world. but is there really enough to go around here? you've got apple, really, the kingpin in terms of market share. research in motion. what can nokia expect in terms

of market share? >> nokia really needs to concentrate on the growth part of the market, which is coming from lower priced devices. apple sells their smart phones for $600 u.s. nokia can't compete in that segment but a lot of growth, like asia, like africa, will come from cheaper devices that whole sale for less than $200. >> bill, what are you worried about? you have a hold rating on the stock. what is your biggest concern on nokia? >> despite what was alluded to earlier, there is a lot of excitement, sales in terms of tablets and smart phones. nokia is not participate willing, even though they have a strong track record in that market. we think it'll take a long time for them to turn that around. they will miss out on growth market opportunities. we would guide client towards apple. if you don't want it bet on a particular horse we like

qualcomm on. >> to so to bring new growth to this company, you're skeptical, is that the idea? >> well wbt lumia recently launched garnered little attraction in the marketplace. and we believe the company is now really making a bet on the window 8 platform and we think it is high risk, high reward type of profile and that it is equally, basically balanced here. >> alex, you got a bullish stance on this stock here. what is the best case scenario? how high can this stock go? what are we talking about in terms of real movement? >> i think can t could move about 20%. upward. i think there is room for more profitability to come for nokia. >> you are up against the big behemoth in apple. >> they will be attacking android --

>> there is a competitive -- >> yeah -- >> android will be very competitive at the lower end. nokia has their work cut out for it, as evidenced by recent trends in china. >> out of the 5 billion cell phones on the planet right now and i think this speaks to your point, alex, only 1 billion of them are smart phones. so there is a fair amount of potential ablg activity here. >> room to grow. >> room to grow. thank you, gentlemen. >> we are heading -- thanks, alex, very much. heading to the closing bell. we are starting lower again, down 123 point on the dow. >> if you are bullish, commodity are not the place to be today. but our next guest has his eye on the beaten down sector that thinks is about to rally. >> we will get to that, then the commodity king himself. my old friend jim rogers about where he is finding the best opportunity in that sector. >> look at the major kmad its a kmod /* commodity and how they are trading.

welcome back. selling everything today. they've been getting crushed

lately. just in the last week, the index which tracked commodities has fallen more than 3%. within the sector, gold, oil, all falling better than 1% today alone. we want to look what is behind this action. >> director of energy trading to kind of go through this for us, you look it currencies first. the euro hit a four-month low today. as long as that continues to happen, commodities go lower, isn't that right? >> that right, bill. we will look at currencies until the end of time when it comes to commodity because all of the commodities are priced in dollars. so as the u.s. dollar goes higher, commodity prices have to go lower. >> if you're saying the dollar will go higher than commodities, what is most vulnerable. what do you think gets impacted by the strength in the dollar mostly? >> sure. you will look at industrial demand. we are looking at crude, gas, and crude specifically. we are looking at increased production in the u.s. increased production out 6 saudi arabia. increase production out of iraq.

it is just flooding the market with supply. have you the iranians adding flotation storage because they can't sell it to anyone else. >> how far do you think the crude can go? >> i'm looking at the $92 level. there seems to be descent support at this level. but i think there is room for the down side there. and i think that would fit in well with the euro going back to 127 level. >> so this is all related, nothing to do with fundamentals in terms of, you know, the china story slowing down and global economy slowing down. >> no. it is -- they are all related. they are connected. but the thing is, that if you believe in efficient markets, some of the other currencies or commodities are already pricing some of aspects in. the move from 102 to $95 in crude, was partially currency. but also partially fundamental. we have seen a slow down in china for some time now that is reflected in the pmi data, in the industrial production data.

we see that in the gdp coming down. so it is not totally in a vacuum that crude is going down. >> what about gold? by all right if the dollar is higher it should be lower. so it is a risk or hedge. >> i think there is more down side to gold. i'm frankly very surprised with the price action in gold. because we have historically seen a flight to gold whenever europe starts it blow up. so from that perspective, i am very surprised that gold continues to trade poorly and really until it stops trading poorly, i would stay short gold. >> so you want it watch the market and see where gold goes for any indication of what is next? >> exactly. even the s&p as well. we are closing poorly again today. until we stop closing poorly, i think you have to trade the market from the short side. >> thanks, darren. >> thanks, guys. >> darren wolfberg. we have another volatile day

on the closing countdown. >> very outspoken and controversial but jim rogers is right more than wrong. he believes the u.s. economy can fall off a cliff. he will tell us what he is betting on with his money around the world. >> plus, we want to know if you think facebook ceo mark zuckerberg's age is a strength or liability when it comes to his publicly traded company. accepted us your thoughts. tweet us. we will have some of your responses later on the closing bell. >> as we head it break, take a look at major averages and how we are trading. we are down triple digits, down 114 on the dow. stay with cnbc and the dow, first in business worldwide.

welcome back. before we get to the countdown, let's get to the breaking news desk. brian sullivan with development on famed investor leon cooperman. what is he up to. >> yes. i will be quick on this. data a fau weeks old but still a goodwin dough to what they cold. leon cooperman of omega,

famously open wrote the open letter to the president, saying this is class warfare and making plan is not bad, is going heavy into banks. filing shows new holdings, not increased, but new holdings last quarter of bank of america, black stone, capital one, select sector spider financial, the xlf, as well as wells fargo. cooperman going aggressively into banks. also opening up a new stake in sprint. a real beaten up names. he sold out of 26 stakes but perhaps the two big headlines there are microsoft and best buy. so cooperman, guys, not optimistic on best buy. completely got out of that. and microsoft. bill, i will send it back to you. >> thanks very much. cooperman making his name, in buying low before selling high. looking for a place in the financials. we head towards the close with about five minutes to go. down the eighth day in the last nine sessions.

year to date gain is cut more than half in the last two weeks. mainly because of this investment right here. that would be the dollar. as we talked about what darren wolfberg, a little while ago, all starting with the currency markets. as long as we are focused on greece and the rest of europe and their debt situation, the currency markets will call the shots. four-month high today for the dollar against the euro as it continues higher. 11 straight days of gains for the dollar. as long as that happens, you will see a safe haven play. a yield going, this is the lowest we have seen at 1.78%. going back to early october. the good news is, though, bad for savers. but if you are a borrower, especially for mortgage rates, this is the thing it is tied to and with that going lower, mortgage rate are probably lower. same thing for oil, down another 2% today. to $94.14. darren wolfberg could see it go to 92. again as oil goes lower, it is not tied directly to gasoline.

but it will certainly help. gasoline prices here. what is going higher? the fear indicator. we are up to 21 and change. anything above 20 right now is what i call yellow flag territory. now the dow today, you can read the market mind here. you sell off on the open this morning. we are all worried about europe and what's going on in greece there. that is the market as it goes higher, recovering losses, thinking at least they are talking. maybe they will get a coalition government tomorrow. now we are heading lower tomorrow. lows near 116 point. now why the failure late today, do you think? what the message of the market right here? >> uncertainty out there, like you were just talking about. and there is a lot of traders and watching that 1336 level, broke through 1340 which is a good strong level. broke through that. now we will try to hold 1336 for the rest of the day. >> brian, we look at the sectors i mentioned earlier. all ten s&p sectors are lower

today. very defensive kind of a day. who do you like here? you want it buy on some of the tips, i would imagine, yes? >> he want to move away from sectors and focus on themes and buy those companies in a bar bell approach. on one side dividend growth and on the other side quality growth. we mean the companies giving you consistent and stable earnings. with the predominant theme is how i do look in the gain? especially with strong stocks for the first quarter. that's how you see stocks feeding defensive areas. like utilities doing well the last couple months but longer term we think has issues. >> i asked you off camera, would you buy facebook? scheduled for ipo on friday. >> leave that off-camera answer. >> okay. >> what impact do you think that the facebook offering will have on the rest of the market? taking capital away from the rest of the market or is this new money coming to market to get into facebook, do you think? >> i think a little bit of both. a lot of good buzz. officially a great thing for the

market. you will see a lot of money come into the market, especially for facebook. i don't think you will see much money leave but there is money on the sideline looking for a place to go. >> is face back a place it might want to go? and what do you think? we have groupon earnings coming out. it went public last year, social networking, on-line retail company, it has struggled in the markets. today it is up. getting ready for earnings. what about that category right now? >> it is good when you see the companies coming out and doing well. and it helps build credibility when we see this type of performance. we don't want it see, bill, any kind of peek in ip 0 activity because that would say a market peak and we are nowhere near that. more companies are buying back shares and dividends. >> i got to go at this point, guys. thank you both for joining us. see you around on the trading floor. and we do have, get ready wbt groupon earnings will be out right at the top of the hour. maria will have