dog's owner, but a two year old picture from google images made the judge say that was enough. that's it for "street signs" have a safe and happy weekend. i'm maria bartiromo at the new york stock exchange, a cuff jobs report today setting the tone for the markets all day. >> i'm bill griffeth, wall street clearly let down after the u.s. added an anemic 80,000 jobs last month. that was below the worst expectations. volume is very light today, but none the less, it is still a bad day for the bulls. sell off on the open today for the dow andside w sideways sinc.

the nasdaq is up right now, a 29 point decline to 29-26, and the s&p is down at 1250. >> let's get straight to the market action here. and the and the sell off and what it means for people down the road. >> we have paul shatz, and dan greenhouse. good to see you all, thank you for joining us, paul, i want to kick it off with you, we're focused on the jobs number, but next month the earnings parades begin. how do you want to be positions? >> alcoa is presenting next week. >> how about jpmorgan. >> the markets should have a lit

the bounce of monday, selling on tuesday and wednesday. i think this is a trading pull back. maybe it's 3%, 4%, or 5%. maybe we will close the gap from last week. maybe it's 1325 on the downside, but i think we're range bound. >> you're looking for a fall swon. dan greenhouse, you're defensive aren't you. >> we have been defensive for awhile. easternings season we have not focussed on earnings for some time now. certainly we will sift to an earnings season that much like q 1 looked to be turning downwards. i was talking to a trader that didn't know it would be down year over year right now. and as that macro uncertainty hits expectations.

>> so the estimates you think has to come down further. where are we regarding those estimates coming down, dan? >> they have come down considerably, and now on a year over year basis, and the s&p financials, the consensus i believe it looking for earnings to come negative year or year. we're optimistic, but it's worse than it was several weeks ago when people were looking for earnings at 3, 5, and 6%. >> nathan, are you adding positions in the emerging markets and europe right now? >> we did, but we did it back when the credit default swap premium was at about 6%. the reason is there was a nice space to make a little money in there. i don't see anything happening long term. i don't go talk to traders, it was psychologist and political

scientist because the rest doesn't have anything to do with anything anymore. we rid of atf that is high paying dividend stocks. that did not do as well as the credit default spread swap came down and markets came back up. i will keep watching that premium because i don't see a lot going on for awhile until the european central bangers start acting like bernanke and forcefully start making moves. >> what do you want to avoid here? we have more developments expected out of europe next week, but second quarter numbers will likely drive the action in the u.s. >> i was just finishing up on "street signs" here and i was asking all of my guests do you think the earnings season will give us a downside or upside

impetus. it is easy to blame yurt because these days a lot of commentary is that it's okay here in the states. we're hurt by what's happening in europe and for example in china where things are also slowing down and labor courses are rising. and the strong u.s. dollar. we're going to be listening for currency head winds, and also i imagine going to the second quarter earnings season and really listening for a political earnings season. these are the things that we need to listen out for this season. >> i am staying away from small and medium. if you want a nice bet, i like mortgage backed securities because i think that's the only place that the fed can do. they bought up all of the

treasuries. >> there's plenty of them to buy. >> paul, what would you be positive about? >> i think high yield bonds, junk bonds trading is fantastic right now. we're still long treasuries, and if we have anywhere else -- the equity markets, look, it's not so bad, staples, utilities, reits, and telecom, there's a lot to be excited about. >> if you believe the c out there. it is negative sentiment. you look at where they are and that might be a reason to be more bullish. >> it's so bad and it gets worse with ere every jobs report we've

had. dan greenhouse, is there a reason to be bullish because things are so bleak? >> this whole discussion confuses me about being contrary. look at the shorts in the euro. it's been the most crowded trade on the street for quarters now, so a idea that we should be positive because so many people are negative -- >> but look at all of the cash on the sidelines and the number of corporations that say they would like to hire more if there was more uncertainty in this economy right now. a resolution of the fiscal cliff. all of these things happening over us that are waiting to be resolved to they can put this hard earned cash back to work again. >> referee: let me say two things, there is no such thing as cash on the sidelines, sash

is always invested in something, and it has to come out of something to go into equities. >> unless it's cash accounts or fixed income. >> i would add that the kpan on balance sheets, this is going on for 30 years now. it's not to say that all of a sudden because of recent uncertainty companies are sitting on bigger piles than normal. >> it's easy to get bogged down and sidetracked by the negative headlines and think that things are terrible, and i was speaking with a trader that said year to date the s&p is up 7% and most people are happy with that, so take your money and run. >> very quickly. >> very, very quickly. >> if we have a 100 point rally, the return over the last three years will be more than 7% which is right in line with the

historical average. >> thank you all, thank you for stopping by. so, there may be things that are hard to find, but there are some silver linings and we have been scouring to find them. >> yes, i found just a bit, the nasdaq, the russell 2,000, they're down further today. the only sector up for the week are the consumer staples, so on this holiday shortened week, it has been a risk-off trade, but the upside of that, we have a stronger dollar today, unemployment lower numbers for energy, and that is helping out the airlines, look at some of the airlines flying high today, u.s. airways at a new high. all of them moving higher as they benefit from the lower

energy costs. in the meantime we're seeing a big day for the discount retailers as well. walmart hitting another historic high today, and the dollar store trade overall in trade today, family dollar and target among the best gainers on the day. tjx, fractional gains, but on a down day that is a big move. beaten down energy napes like chesapeake are finding a little today. it is up 1.7%. maybe a little extension on that news from lobes third point having goten into the stock this week. and staples among the best performers, tobacco up

fractionally, and the health care reits that were the best in the second quarter, and with that decision coming out of the supreme court on health reform law, they're seen as some of the winners. >> we have seen some money flows into health care. >> one of our best numbers crunchers used to work here and he is back just sending us an e-mail to point out apple is up 3% this week. but the nasdaq 100 of which apple is a huge weighting is down this week, so technology has suffered overall, but apple is higher this week, an interesting dichotomy that doesn't always happen. >> it's a huge weighting, it's 18% of the nasdaq 100, and you still have no impact today. a short break and more to come,

the dow jones down about 154 points right now. >> don't go away, the markets are down, we're on it on this special edition of "closing bell." >> will another round of weak job growth light a fire under the fed tostep in with more easing? they duke it out. then, is anemic economic growth creating a zom by recovery. the outlook is coming up. in your fight against bugs. ortho home defense max. with a new continuous spray wand. and a fast acting formula. so you can kill bugs inside, and keep bugs out. guaranteed. ortho home defense max. and so too is the summer event. now get an incredible offer on the powerful, efficient c250 sport sedan with an agility control sport-tuned suspension.

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welcome back, 45 minutes to go in this trading session. the dow jones industrial average down. the jobs number dashing any hopes that it would finish for positive ground this week. you have a market off of the lows and down 146 points. the last try in the industrial average, and the dow on course for the third down day of the month. we have only been four sessions so far, of course for the month. all ten s&p 500 sectors admired today led by technology and

industrials on the downside. >> another group is gold, a big disappointment today. down nearly 1.9% in today's session, and that's because the market is betting this number was not bad enough to make the fed make more moves. this report says it makes it more likely that they will restore the economy. that makes rick santelli's head explode. >> i might like to see that, actually. >> i think we have seen that already. >> ron, you think we're getting more stimulus from the fed? >> i thought birdie the report that it was likely. it could be europe or china -- >> do you think the market is saying that, ron? >> they're having a knee jerk reaction to the data, i think the fed could make that promise to keep rates below zero to 2014 or beyond. the 25 basis points.

and i think also they engage in more bond buying, i think they will pull out the big guns in ought. >> rick, if the economies continue to weaken, you will get more central bank intervention. they will have to be more aggressive as some point. i think you agree that's what's going to happen? >> no, i don't agree at all, i don't disagree that they'll do it, but i look at the u.s. economy as a world-class marathon runner. it can't hold weight, the fed is pumping in protein, cream, and sugar, and they gain a little weight, but if has a tapeworm, a parasite, and that's government regulation, uncertainty, and they're addressing the wrong problem. they have the diagnosis wrong. >> if they keep doing that is that a positive for stocks? >> do you want to keep buying

equities? >> investors want to game the system. they're always willing to take free money and that runner will gain a few pounds, no doubt about it, if you want the economy to run, and it's healthy, you have to get rid of the parasite. >> you have to imagine they want to steer clear of the election if they can. >> it would not surprise me if they start talking about easing. august, you know, when the next meeting comes around, that is when they're most likely to talk about what they're expecting and what they will do. >> what's your take going into next week, ron. it's a pretty important week with the start of the second quarter earnings reports. >> and their expectations going down handlely. it gives the fed room to cut, but you know, earnings might be a little softer than expected

but we got a lot of the preannounce wants out of the way. >> and we are slowly coming back, thank you guys. have a good weekend. >> heading toward the close here with about 40 minutes left, the down is down 148 points. session lows for sure, how about that interest rate fixes scandal. could this be a buy on the new situation. buying and selling when there is blood in the water, we're talking numbers next on barclays. >> and take that mayor bloomberg, in the morning, you will want that guy began tick cup of soda over a cup of joe. is it a sweet move to boost the bottom line even if it means stretching your waistlines. stay tuned for that later in the program. >> we want to know if you think offering soda for breakfast is a good or bad business stratify for fast food companies.

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>> welcome back, breaking news on best buy, not good news for geeks, is it? >> no, they're taking it right in the calculators. 600 of the geek squad will be laid off at best buy. about 20,000 in all.

the stock is a little moved there as you see. it was higher earlier in the day before the markets started to move. what was interesting here is that the keeks were widely thought to be one of those succeeding and one of the differentiatoor differentiators. this is now some fresh layoffs also of in-store employees, another 1800 of them making today's total about 2400 layoffs at best buy. tough day for the geeks. >> it is, tyler, thank you very much. as we head toward the close here with a little more than 30 minutes left, the do you off the lows at 134 points, but it's taking a toll on oil and gold, brian shactman has that for us. >> they were positive coming

into the week because not any more. gold big about the jobs report, that trade faded and we blue through some support levels. the next key support according to jim wycoff is 1575. we were looking at $89 a barrel yesterday and closing the session near the lows which is another close. the price went positive. anyone that went long on that got crushed and it reversed and went negative by 5%. >> big move there. the jobs report today setting the stone for these markets overshadowing the interest rate fixes scandal that has his barclays hard. deutsche bank may be involved as wul. let's look at barclays. you want to look at valuations verses fundamentals.

even with these allegations the stock could be trading at a unattractive level. let's get into the initinumbers the technical side of things, and gentleman, good to have you as always, thank you for joining us, what do you see? >> i like them from a technical perspective, the stock as dropped but we're getting to a level of support that makes sense. it dropped 37% in four months. we're getting close to levels that mark the lows of last year. it's a better risk reward. the stock has dropped but momentum is held at a higher level. the third reason that we're starting to see signs of counter exhaustion showing up on daily charts. when you look at the weekly chart, you have a longer term up

trend line. those four levels suggest that although it's not traditionally a technical buy, the stock is getting attractive down here and could stabilize. >> you could buy it right here? >> i would buy it at ten, if it's below ten, you could revisit them at 850, but i like talking a shot. >> peter, what do you see in barclays? >> they're statistically cheap but they will stay that way, they're all value traps. net interest margins have crushed a slowing global economy and weak loan demand, and you can see those reasons are a good thing to buy, i think those fundamentals will stay that way and continue to put pressure on these stocks. >> all right, you want to avoid here it sounds like. that's what makes a market i guess, huh? thank you so much peter and

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going into the last half hour of the trading week here and the down coming down 128 points right now. mary thompson joins us on this late day move. >> we're seeing the markets come off the lows on a down week for the markets. let's look at how they're likely to settle out this week. all four in the red. the nasdaq just fractionally, so

it could if you see things improve significantly in the last hour of trading close higher for the week. the week east worse performers. they're under the shadow of that libor probe. we saw strength in consumer staples on the sector thanks in part of the multiyear high that was hit by walmart this week. we had strength in telecom. dow down about 128, bill and marie, back to you. >> mary, thank yous so much. the hits for the u.s. economy keep coming. the second quarter has been the weakest we have seen for job growth since 2010. the international monetary fund lowers it's expectation for the u.s. she is even worried about the looming fiscal cliff.

>> that data, the worry, and the painfully slow growth has some calling it the zombie economy. how do you make money in this environment? some very critical questions to be answered right now. . they are also joining us today. what do you make? why are we slowing down now. we had such hope going into springtime, and the last three jobs reports have been dismal, what's going on in your view? >> there are head winds in europe and with the global slow down and domestic problems like the looming fiscal cliff. i think all of that figures in, but the real problem is the trend rate of growth is too low. if you have a growth rate bad things happen and you start flirting with the terribly low numbers. we have to get off trying to use

sugar cubes, and give them permanent reforms on the fax and title side. and whether shocks. >> and lewis, you say people should not be overly pessimistic about the economy today, tell us about the bright spots. >> i'm optimistic about some of the things that dough just mentioned. . there are. the economy is slowing now, we have an election coming up, politicians being elected. can we take the time, we have the house waynes and means committee here a couple weeks ago and he said it's the same thing. we're going to have comprehensive fiscal reform done. we need action right now. if you look at the playbook for

countries that had our problem. they keep taxes low and reform them to more progrowth and you have to cut spending, but not all spending is equal. you want to preserve national security and transfer programs that means entitlements. if you look at what we're about to do with the tax increase, it slashes national defense, we're getting it backwards. my wish is that someone says it's a really bad idea. >> take leadership. what about the timing? isn't that important? let's say we don't get an agreement on this fiscal cliff, the tax cuts and spending programs going away by the election. the election, you have one month to fix this. i mean, they can't do anything in a year, they're going to do it in a month? >> i'm really worried about that. >> 2013 looks bad then? >> i think the end of 2012 could

look bad. if you have dividend tax rates going from 15 to 45%. we're going to see impacted going into 2012, that's not a good news scenario. >> wish we had more time, thanks for indulgence, thank you for joining us today. >> we're in this final stretch for the day and the week. a pretty good rally in the last 15 minutes, down 124 on the dow right now. >> the bears are roaring back, the start of the earnings season next week, will it help the bulls? two top strategist will weigh in in a moment on that. >> fast food chains want to push mega size sodas for breakfast, is it good or bad? send us a tweet and we will broadcast your responses coming up in the program.

first, before we go to break, the dividend, which company stock in the worse performer so far this year. jc penney, radio shack, or tiffany.

>> just before the break as part of the dividend, we asked which company stock is the worst performer so far this year, jc penney, radioshack, ortive -- >> let's get you to jackie at the nasdaq with that angle. >> we're rebouning a little bit here with the other markets, but still really a sea of red for technology. we're looking down right now by 1.4%. impacting the nasdaq is that weak job's report. bad news today from a software company that is down about 30% or just under that level right

now. but of course, some of the other software names are declining, we're watching teradata, citrix. they are getting slammed. not a much better picture at the semiconductor space as well. some of the big names watching are kla, maxim, and lam research. >> so the latest jobs report causing another selloff today, still down about 135 points. not as bad as the 274 drop last month. but with easternings season set to kick off on monday, will that help lift sentiment among investors. >> these do not inspire optimism. forget about earnings growth in the second quarter, they are expecting earnings to get cut,

they will shrink by about 1%. >> you know who said it would be like this? this guy. the guys from morgan stanley, adam parker, and david darst from morgan stanley smith barney, your big concern was earnings growth, and you are defensive for this market this year. >> two things going down, one going up, two things going down are interest rates and oil. they have been disappointing and management has been guiding the earnings estimates lower, and we expect that to pertain in the second and third quarter. bill and maria you will use this to buy selected tech stocks. you're talking about an 8% earnings gain in the second quarter and 18% in the third quarter if the numbers hold true. you want to be careful.

you want apple, oracle and micro soft. >> apple is up and the nasdaq is down. >> july 24th, that's a tuesday, morgan stanley's folks are looking for 21% gain for the quarter in apple. that low pressure stand out. and the consensus is for 33%. so we're only the light side at a 21% gain if that comes through. >> but this is the key, you're talking about earnings expectations coming down and continuing to come down, how much of that is priced into this market. we're going into next week, we have jpmorgan, we will find out about the sides of that trading loss, but all of these stocks are down big. how much is priced into the market, and how much do you think comes out of these stocks?

>> i think the fact that the dollar is up so much, and the money they bring in, it shocked me -- >> they came can't from a tech standpoint, but the earnings they can declare. one of the top earners in europe in the whole s&p 500 is mcdonalds. 37% of their earnings come from europe. we have reduced mconly dids. it is a name we highlighted with you folks, but we like coke, pepsi, and colgate. colgate, 50% of theirs is emerging markets. coke is mexico. pepsico is south america. you want to be selective in the dollar being stronger and oil and interest being weaker and that is hurting energy and financials. >> you don't want energy stocks

here either? >> we have been at market weight of energy. we have not been big fans for some time. we scale back, the drillers, and production, we would stay with health care, consumer staples, and with utilities. you see earnings guidance being raised and you will see this in this reporting season. utilities will be one that we think will advance. >> at the beginning of this year, a lot of skeptics about what you were saying about this economy and the market. nobody is skeptical now. >> as a great husband, the worst thing you can hear as a spouse, i told you so. so i'm not going to say that. i'm not going to say that. >> thank you so much, we'll see you on the count down in a few minutes here. >> as we head towards the close, the dow down 128 points. >> is this an opportunity to get into equities or the beginning

of further bad news to come? >> and should investors be more concerned about the jobs picture or the fiscal looming cliff?

a disappointing june for employment stocks, and as bad as the labor market may be, a self inflicted wound is the looming fiscal cliff. >> we talk about this a lot and this is concerns since washington seems too dysfunctional to fix the problem. we heard from christine legarde. >> we forecast hardly any growth

in 2013 and the perhaps the beginning of the year in the recession. >> we could have a repeat of last august when they were debating what to do about the debt ceiling, and the republicans were demanding spending cuts and they may be able to do it again. they could fix the his kal cliff, but we will still have the cliff. >> and the $15 trillion in debt and that is the bigger elephant in the room. until we have washington, leadership in congress, or president obama come out and say these are the issues we we recognize these are important and these are how they -- how does business do anything. >> the uncertainty is

unprecedented. ease uncertainties are causing corporations to horde their cash and not hire people because they don't know what the outcome will be. they're not sure what economy will do, we have the debt crisis in europe and we all know what's going on here. >> let's say dividend tax goes from 15% to 30%. that's big to companies and they will not make a decision until they know the clarities on these numbers. >> that's right, someone like mrs. legarde that has to keep an eye on the whole world, this is significant for her. >> we will take a closing countdown for this friday. >> and how you should be positioned as your portfolio gets ready for earnings season. >> and fast food chains are bretibre

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okay, coming up on the seven minute mark here. do you realize that the last time, maria, come here. do you realize the last time the market was positive. where did you go, okay? we're making this up as we go here. the last time the market was positive on a jobs report day was back in march for the february number. since then we have had some doozys of bad days. and today, we're coming off those lows, but for the week, this is what's callings right now. especially yesterday, all of the rate cuts, that's when you saw real decline here, and we're at a two year low of the euro against the dollar. >> and most people do believe that the euro stays in place,

doesn't collapse, you're still seeing it in the currency, i think the economy has weakened, the jobs numbers show is, and europe is driving that sentiment as well. >>. >> these guys will never get out of this. >> as the euro goes lower, that's what happens with our equity markets as well. we started selling off on to thursday. for the week the the county was down 100%, and what do you think happens to yields of our own treasuries? they go lower as well. we're going to crude oil, i don't know happened to our ten year yield. crude oil, remember the huge rally on tuesday, and now we're back to $84 and change. and the ten year note is down.

>> even though it's off what we saw last year or this year, $84 is still considered expensive. >> that is a one month low there. the last time we had a jobs report -- gold, watch what happens to gold here for the week. another value tail week. we had less volatility. this was as the dollar was going down. a $25 down today. i don't get gold, is it a breath mint or a candy, a hedge or a risk asset. >> it's been acting like a risk asset, but i would say a hedge. >> the vix through all of this,

tremendous volatility, the vix is still well blow 20. look at that, the volatility index, and this is a one month thwart i see that we're looking at here. 22% down. 17 and change right now. >> that goes back to people not doing anything, sitting on their cash because they don't want to make any changes. >> because it is a headline driven market. >> i'll see you next week. >> have a good week. >> allen valdez, david demaris, what are your expectations for next week? >> watch the euro and the dollar. people will weigh on earnings. it is a big trading partner. if our dollar getting stronger, a lot of these multinationals like the dollar.

>> the treasury tells us that it's a strong indicator of the u.s. economy. >> we think the earnings numbers wills be okay this quarter for the year as a whole we're looking for them to be up only 2%. the consensus is for them to be up 7% to 8%. we're looking for them to be down 1%. the fiscal cliff, some part of it, will not take place, but the other part will which will crimp earnings, and europe is it n a big slow down, that's a second part of it, and thursdayly we're not as constructive and optimistic on the financials and on the consumer digressionary stocks. we will point out a couple things going on here, the payroll number, not the jobs, but the payroll, the earnings

and hours worked was up seven tenths of a percent. the people working are working harder. >> there was a survey on primary dealers, 656% believe we will get qe 3. >> i think it's a good possibility. if you look at the numbers, the ism, the service sector this week, they're all trending down. there is deterioration, i think you will see some kind of qe 3. >> what would it do to your thoughts on the markets? >> it tens to help the treasury bonds, stocks, and the meetings. this wednesday is the meeting of the june 19 and 20th meeting and you will want to look at them to see what the