is that the way to disclose things? like this one billion hours of streaming, shouldn't that be in an ak? >> thank you for watching "street signs," everybody, "closing bell" is next, see you tomorrow. welcome to the "closing bell," i'm in for maria bartiromo, she will be back tomorrow i know because it's a big jobs day tomorrow, friday, and you could say wall street is already focussing on that. >> i'm bill griffeth, and that's right, sue. we'll get the june jobs report. the market is holding steady right now as we get ready for that. in the meantime we had a flurry of rate cuts in europe and china and it did little to help the

bulls. so how do you trade this market right now? you can't blame everybody for waiting especially since the do you tanked by 274 points last month. so as you can see, the major averages have settled into a tight rink so far today. sell off this morning, came back, we turned positive bereavely, about an hour ago, and we have since come lower again. we were down 91 at the low of the session. the nasdaq hanging on to a gain of four points at 2980 and the s&p 500 index at this hour, the most important, is down 3.5 points at 1370. and in the exchange today, the pros are ahead of that jobs report. we have mike ryan of ubs, tom bo

bolices, and rick santelli. what is the expectation, rick? the number we keep hearing is 90,000 job growth for tomorrow. is that what the market is priced in do you believe? >> i think the whisper number on the telephone with brokers and those on the floor themselves, i would say 115 to 125,000 might be the whis tper number, and i think the volatility is the lack of volatility, still a one direction market, and the credit markets, due to the central bankers playing the only card they have and the disappointment in the market. and what does that portray about the world economy a couple years down the road. there's a little bit of a negative feeling going into tomorrow's number, but specifically a little less negative. >> but you know, john ryan, there are long-term correlations

with avp, and but there is a little noise short term, do you believe they're giving us a very and very good read on what we expect form or not? >> i don't know. the increase was about in line so far this year. but it's not the only indicator for this side. and although the nonmanufacturing disappointed pa bit today, the employment component rose. if you were to throw all of that into the soup, that would billion a number more like 450,000. not enough to really make a big forecast change, but enough to hold out some hope of upside risk. if we get it it will be the first report in the reports that we have seen that. >> tom, i guess it's not a very

pc thing to say to you that we're splitting hairs with these numbers, but you're expecting the upside. >> we are. many investors are positioned very negatively. today's number temper that negativity. for it to have a huge impact it has to be extreme one way or the other. if earnings come in decent, i think they go to new highs. >> john, what about earnings, there's a lot of talk on the street that we're going to get warnings that earnings are not as robust as perhaps the street as factored in. >> i think if you're going to get job creation, you will not get the earnings growth. much of it was generated from margin expansion. you can't have your cake and eat it in an economy that's growing around 2.5% pace. but there has been some good

news on the earnings front in the economic numbers and that's in the commodity markets. what we have had, despite the fact that the prices are up 10% since the middle of june. we have seen commodity prices coming down. we have seen that in the ism. but earnings, not going to be growing leek we're growing a year ago. >> michael ryan, we have not forgotten about you, what are your expectations for tomorrow, what will it say about the state of the economy right now? >> it's hard to disagree with what rick or john said. i think you will get a number that things are moderately better, but don't look for any big upside surprise. we're talking about the difference between 90 and 150, not 250 or 275, so the job situation is not as dire, but don't look for a big print on

this number tomorrow, i think we need to focus on what this means for earnings going forward. on the earnings side, i think the bar is set fairly low. i think there is room we could outperform. there has been a very modest outlook for the future. >> rick santelli, i know you're not thrilled about this federal reserve operation, but without them, think of what the numbers would be like? >> okay, so if you have have a hole in your tire, and i tram on an air pump, is that tire in good shape? i think the argue that the suger buzz creates a jump in jobs that seems to be nonsustainable. i think that's a horrible defense of the program. >> i was teeing it up for you,

friend, and you handle it well. >> is there a chance of a downside move, or is the market overly optimistic about these numbers. there were a couple guys saying be careful, the numbers might be less than the street is expecting. >> there is always a risk. we talk about this number being in the 125 or 150 range. given that we're in a funky period, we don't have a lot of people in, liquid kwns are stressed, there is time for a downside. >> are you buying out of this? >> this is the time to buy, valuations are attractive, there's no sellers in the market, we're still 12,900 in the dow. now is the time to buy. >> spoken like a true bull. >> were heading toward the

close, hope you can stick around as we wait for this next big job's number, the dow down just 11 points and the nasdaq higher. >> don't go away, much more ahead on this very busy edition of "closing bell." >> still ahead, against the currency. >> today, europe gets order back in place, you will see the dollar fall 20% to 30%. >> could the dollar collapse? and skyrocketing rental prices. why are buyers still standing on the sidelines? and what does this say about the health of the housing industry? .

>> welcome back, if you're just joining us, a quick stat check, the major average is well off

session lows ahead of tomorrow's key job report. it had been down 91 points. the markets unimpressed by the market loose bing overnight. the day's low the down was down 91 points. energy and financials have been the days laggards, and the consumer digressionaries ha-- a the dollar jumps 1.4% against the currencies making it the largest gain for the dollar in seven months. it was because so many other nations are a bigger mess than the u.s. economy is right now. we have at least one analyst that says that can change in a hurry, right? >> yes, exactly.

he was telling "cnbc squawk box" that it could change. >> if mr. geithner sent $500 billion to support the european union, he would not be doing as good of a job as he is right now. the day europe does manage to get some order back in place, you will see the dollar fall 20 to 30%. >> the way you're describing it doesn't sound like that day is close at hand. >> i believe it's in the next two years. >> if europe does right it's ship, could it sink ours? let's ask michael who says our interest rates will soar and jeremy who says that's an extreme view. michael, that would be if that basis point range is correct would be a pretty dramatic move.

do you think that would happen and how fast would that happen? >> there's three things that could under mine the euro right now in the near term, and it really is about greece, the euro bond market, and about continued turmoil and uncertainty. we get a closure to any one of those this summer, and the u.s. dollar is set to fall. it's set to fall on a reversal of what we have seen so far. it's set to fall on the fact that the u.s. is committed to zero interest rates for as long as the eye can see. >> zer my, you don't buy this? you don't see a big tanking of the dollar, why? >> that's right, i think the risks in the euro zone are a clear and present danger.

so i think the dollar falling is highly unlikely. we have seen a 20% to 30% move, but i would not extrapolate that in terms of a further fall even if europe starts to get it's house in order. i think you would have to comply that it would be questioned if the magnitude would fall. >> how lucky do you think the fed is because it takes the inflationary pressure out of the picture and allows rates as low as they are right now, yes? >> yes, i think we're in a scenario where a number of central banks would like to have relatively weak characters for the export ghand, but i think there are john going concerns about the valuation of currencies and how that applies in the inflation backdrop, but i

think where we see them dissipate over the near term, and that would allow the federal reserve alongside all of the other global central banks to keep rates low. so even if they keep rates at current levels, we're not going to see other rates moving higher. >> it also begs the question of where that money is going to go. if we see a big move in interest rates that could change the dynamic. right now, there are very few places for money to go that is a safe haven or gives it a return. >> exactly. i think that's where i differ here from jeremy, and that is the assumption about inflation. we went from below 1% to 2%, and likely to rise guin the g 7. we're near record lows for g 7 record bond yields. it will move higher when we see a appetite for risky assets.

it is out of the government bonds where you see a negative real interest rate, investors will not tolerate that in a yield enhancement environment. temple rare, yes, but we see after u.s. labor day, a pick up in commodities and equity prices, the bond market will suffer. >> all right, gentleman, thank you very much. >> thank you. >> looking at that board i can still see, 45 minutes. >> take a look at shares of winn resorts trading higher. it went from sell to neutral. it's valuation premium in comparison to it's peers has narrowed. in is winn macau that is getting it, but the winn on the nasdaq are trading higher. >> thank you, now i'm supposed

to say it. now i'm supposed to say with 45 minutes or a little less before the closing bell, the down is down 18 points on the trading session. and the costco craze has been a little less crazy. disappointing sales for june with the stock up more than 10% this year, does it spell trouble ahead? also -- >> when i read the e-mails from those traders, i got physically ill. >> barclays now former ceo bob diamond blasted one day after stepping down because of that interest rate scandal. who says they're getting the raw deal and the backlash is way overblown. this is our pool.

relief on the energy front is doing little to spark the market. >> even though a lot of traders might still be off today, a fascinating whirlwind of news. look at oil and gold. they were in the red today. gold bounced a little off that 1600 level, and oil at one point going back toward 90 but got smacked down pretty good. you go in the petroleum complex and you see a lot of green. you have nat gas inventories,

and we'll have them live for you tomorrow, and a lot of people have not talked about the soft commodities. the dollar not a factor if you can't get your crops off the ground. corn up 4%. >> we're looking at retail sales numbers not that great for june, and they're taking a toll on my of the stocks, costco among them today. bulling back from this all time high and it's been on a tear. what do you do with stocks like costco. that's what we're talking about today. we have ennis tanner, and michael. this is a stagnant economy for the retailers right now, what do you make of the environment for them? >> i think what we're seeing

here is a little disappointing that when gas prices started to come down there was hope that some of sales and digressionary would srt to reaccelerate. that didn't happen for most retailers. but i think costco's number was not that bad. so the 3% sales increase you know was not great, but it was not that bad. the gas -- you had a segment before, that the gas prices were coming down. that has not translated into greater consumer spending. >> let's see what the chart is telling us right now. >> a few things, bill. if you look at the chart, it had an all-time high last week. it tested it's 100-day moving average. we have been overextended.

typically we see a pull back, so i certainly expect a pullback in the near term. it is an exceptional retailer. it's the trade down name. if we look at 2007 and 2008, we made a major market top in april of 2012. if we look at the october from 2012 top, how did it perform against the s&p 500. we can see in the first five minutes the s&p was down, and costco was up 3% in that period. i think as consumers become more conscious -- >> i think you'll see a pull back, but i would be a buyer at $90. >> michael, what about you, are you a buyer of costco here? >> it's blown past the fair market value pretty quickly. i don't disagree.

it has a defensive name. i don't know how much this has to do with equity flows. our take on the overall consumer is as we get past the election, consumer stocks in europe, austerity measures, when this government starts to deal with the fiscal issues, i don't think you're going to see the -- i think the consumer stocks will be under pressure, but the names in our space will do better on a realtive basis. >> give me one name. >> any large cap defensive name. a costco, walmart, any large cap u.s. consumer with a trade down. you don't want any leveller balance sheets. >> thank you for joining us today. >> you too. >> the dow jones is down about

28 points and the nasdaq is positive by about 3 points on the trading session and about 35 minutes before the closing bell. moody's and standard and poors cutting their numbers. someone here says this entire "scandal" is being blown way out of proportion. and later, cleaning you have for -- gearing up for the closely watched jobs report that the will be released first thing tomorrow morning. two of the top stock pros will give you a leg up on how to prepare for those numbers. the dow fell nearly 300 points on that report.

>> welcome back, despite data and news, it's clear wall street is waiting for that jobs number tomorrow, right mary thompson? >> as the markets got a lift when goldman came out and said it's expecting gains tomorrow of 125,000 verses 75,000, and also

moving off the lows on the ism on nonmanufacturing activity that hit a multiyear low came in. one reason we're seeing, i guess with a smaller loss than expected in the broader markets. home builders continue to move higher, they're at a little more than a year high for the home builders today. even though the june sales number was the weakest increase we have seen since twi2009, a couple stores like wet seal had disappointing numbers. they say they may have a special dividend, and they're recovering today, and buckle came in with the first decline. they're remaining under pressure. one of the few that's down today. >> thank you, mary.

bob diamond saw a different kind of fireworks. he faced tough questions at a three-hour hearing before a british parliamentary panel. >> it was wrong. i'm sorry, i'm disappointed, and i'm also angry. there is no excuse for the behavior that was exhibited in those activities in the types of e-mails that were written. and i stand for a lot of people at bar clclays that are angry at this. >> now what's next? kelly evans has the latest from london. >> well, the vote is in, and by a margin of 320 to 239, parliament has decided not to go forward with a judge-led inquiry regarding libor, but that clears

the way for a parliamentary hearing which including more like what we saw when bob diamond testified yesterday. paul tucker asked for his time in front of the same panel, especially about discussions he had with bob diamond that may have indicated a wink and a nod so they could turn around and lower the cost that they were borrowing funds at in the market. what's not clear is who else we might be hearing from. certainly more members from the bank of england, regulators beyond that, and most likely more from the banks themselves. stay tuned. >> so is barclays and the top executives getting what they deserve, or is it blown way out of proportion. he says this was essentially a

victimless crime, but chris chris waylan says no way. ed, make your case. there are those that feel this was a victimless crime, but does that make this right? >> at no point do i want anybody to think this was right. but people are going to make a bigger deal than it needs to be. i'm not going to say it's not a big amount of money, it is something that is important, but this is not the reason why we're seeing the world economy the way it is, and this will wont to be blown out of proportion for quite some time. it's kind of a rounding error, i know chris will disagree with that. >> obviously the politicians are grand standing and the environment in the u.k. is

poisonous right now. even though we all knew it wasn't really a market rate. so wake up everybody, we can fix this, aggregate the trades, report a high-low average. maybe we could figure this out, the banks don't like releasing price data if they don't have to, so now we get a chance to fix this. the question is about the politicians, will they do something about this in the months and weeks ahead, i don't know. there will be good speeches, but will they force change in the market? >> but the as most fear is different than it was four or five years ago. the at most fear and the tolerance for it is much less than it ever was before. so to address the issue, the environment is right for them to do something.

>> i have made were so they were helping me. >> i want to add to the point this was going on for quite some time. this is an archaic way of looking at the libor. you have to look at the approach. >> they were ignoring the big picture story here. i get it, libor is a nontransparent process and blah, blah, but it's a perception issue. now we have them breaking and bending the rules and it's another example of bank that's have been bending the rules and the public will not trust them. >> bill, it's an example of the banks forcing us to wake up and realize we don't have a real market indicator here. okay?

and the government is manipulating the market everyday. i wish we could get people as missed off about that as we do about this. >> but when you add all of these things -- >> no hedging, there was no hedging at jpmorgan. >> you're ignoring what i'm saying, it's a problem for the banking industry around the world here. >> bill, i want to say i don't think there has been a time where there is less confidence in the system -- >> so how can you dismiss the libor scandal as a victimless crime? >> i'm just saying it's a very small number. i'm saying it's a very small, i can't say -- >> it's a crime. >> i'm not saying it's not a

crime. i'm not saying it's not a crime at all, it is a crime. >> the investors allowed the situation to let this go on too long. i think that's crazy as well. those are not transparent prices. the solution is more transparenty, guys, very simple. >> does it reinforce to the retail investor out there, that for years, have believed in the system, believed in the banks system, isn't it one more notch against the system itself by the individual investor? >> no question. for regulators to fix this, we believe in platonic guardians and agents that fail. investor vs. to be involved. we can't just assume somebody else will watch this stuff for us. >> agreed. >> we can go back to when the mutual fund timing came up years ago. there will always be these

things. it has to stop at some point. i was saying this isn't a victimless crime, but it's one that's very small, but it does add up and we lose complete confidence and then investors and that's what's happening right now. >> we're all agreeing. >> thank you, both, good to see you. >> just about 20 minutes before the closing bell. >> will tomorrow, and that jobs number, induce a rally or a sell off? we'll find out how a couple of pros are betting here. >> and mother nature wreaking halve v havoc there. >> what would steep jobs do? we're starting to ask that question on things, apple is getting ready to make smaller ipads, something steve jobs thought it was a bad idea. is it a bad sign that apple is

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just just before the break, we asked which stock has climbed the most so far this year? now the payoff. ebay which has risen over 30% year to date. >> i never get that. >> it's been a struggle all day for the dow and the s&p 500, the nasdaq is holding it's own barely. jackie is here to tell us why. >> exactly right, holding on to slight gains here. let's look at some of the top performers. we're looking in a space of tech, leading the way higher is

netflix. customers watched a billion showers in streaming video last month, and apple, sees a balance, we're hearing that the ipad miniis not far away. some of the core groups having trouble today. the software themes are having issues, biotech and teleco not doing well either. >> jackie, thank you, we will debate the wisdom of the ipad miniin a little bit here, let's do a stat check once again. stocks lack lust ter ahead of the job's report tomorrow. taking the wait and see mode after monetary policy loosened in the euro zone. right now the nasdaq composite is up five points. the nasdaq claiming as many as 12 at the day's highs and it was

down 18 at the day's lows. the volatility index, the vix, off the day's highs. those still up four and a quarter percent. all eyes are focused on that job's report coming out at 8:20 eastern tomorrow morning. the may, the number came out way below estimates, and the dell really fell that day. so looking back ten years. the dow perform and employment reports seemed to trade in indumb that would seem to be good news for jobs. so a good day for stocks would be a good news for jobs tomorrow. so david steinberg is with us. welcome. first of all, do you believe the fact that the job's report might

be a little better than initial expectations, john? >> i think they were toned down by last month. last month was a poke in the eye with a sharp stick. i think this will be better. >> i will say 110. >> i'm in an agreement. i think you will have a lot of movement in the markets. it's a holiday week. >> it worries me that everybody says it will be better than expected. its me that the markets will go the other way. >> i think 110,000 is mediocre. it's just -- i think people are still a little nervous about it. >> you have europe slowing, china slowing down, where is the

strength coming for our jobs number here? >> you will have chronic disappointment in jobs numbers. there is monetary policy, and until they get going in the right direction, it will go month over month over month. >> those guys know how to work their way through it. >> that's something that's really overhanging the market right now, and everybody that we talk to said what you said, they will get it done. in the meantime, the market is so fearful of it that i think, you know, the increase in volatility is something that the average investor will have to fasten the seat belt. >> exactly, the market has become the disciplinary. the market is the force that is making the elected poll decisit

do what they have to do. i think the earnings surprise may be good after the earning tomorrow, but i think the market will come down, but it's all for the good. >> quickly, where would you put your money right now? >> i would take anything that comes out of the ground, gold miners, oil companies, metals, a tremendously difficult may and they began to turn to june. i think those are real big discounts. >> i think they were at tails, tails valuations. >> 12-year low valuation. i think they're attractive. i also want to by technology. they're a little depressed. >> that is the sector for all seasons, technology. >> we have a little more than 15 minutes before the closing well,

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>> i don't have to tell you how hot it is outside, and it does not help with these massive fires in colorado and new mexico and wyoming and all parts of the west there that have just wreaked havoc and created all of that devastation, but when you consider how dry, it's as bad as it was back in the 1920s prior to the dust bowl era. we have a mall here that shows the degrees of the drought conditions in many parts of the country.

the red is the worst part. >> and it's so widespread. it's amazing how widespread the drought was. david steinberg said he would invest in things coming out of the ground. what's going to be the price? >> that's right, it will push the price up, and we have seen that in a lot of markets like the corn market. >> and this is coming at a time when the dollar was strong and has gone up which should push commodity prices lower, but that's not happening right now. and the fact that the national weather service is saying the heat is not going away any time soon. we saw several prolonged weeks of that, and that comes on top of a better than 7% gain at several points in trading

sessions last week. >> so the market is suggesting that commodity prices are going higher. >> i think so, it's one of those examples of decoupling. they have decoupled because of an expersonal event. >> don't say we didn't warn you were or the markets didn't warn you. >> coming up next, we're coming back with the closing countdown, and is a smaller ipad a losing opposition, or apple's next home run? we have both sides coming up. ern in your fight against bugs.

welcome back inside the four minute mark before the bell rings here at the new york stock exchange. when rates go down in europe, the euro goes down. so we had a one-month low of the euro against the dollar today. but look how strong the dollar was. this is the best daily gain for

the dollar index in seven months up one and a quarter percent. and what happens when the euro goes lower? the equity markets go lower. the dow wasn't fully representative of our markets today. the that's tack held on to some gains, but we're going down about 46 points as we get ready for the yield tomorrow. the save haven play, the european and chinese markets going down. we had operation twist in there today, so that also brought yields down. we're at 1.59% on the ten-year yield. the price of oil, it was going higher because of a strike in norway, prices were going up because of lower supply there. our numbers were going lower.

we had supply data out today. the stockpiles were lower than expected, but the misses were--o prices were higher. the price of gold today, it was a safe haven play, as the dollar went higher it went lower, it was not a risk on asset today, down $16 plus. as for the sectors for the s&p, pretty much a safe haven play today. consum consumer discretionary. none of this will matter tomorrow morning. >> as usual we're looking forward to a bigger number, and we will rally tomorrow? >> you think so? just like last month? >> no, we will see revisions again, the number is not big,

the trade will be what happens after. you will willing to buy the dif. >> i think we will see resistance if we get this gap opening. if the s&p goes near 14, it is probably time to make a sale. >> you're buying those hard assets and things that come out of the ground, what about equities, do you like them at these levels? >> for a long-term investor, this ought to be a shopping spree. this is a paradox where people are willing to pay any price to be in the equity markets. they through the equities out with the bath water, and you will need a form of sentiment change, and people will be out of position for the long run. >>