tv Closing Bell CNBC August 21, 2012 3:00pm-4:00pm EDT
3:00 pm
think of vampires. >> don't change the channel, "closing bell" is next. hi, everybody, we enter the final stretch with some declines. i'm maria bartiromo. will the s&p 500 -- it's teeters around a high, but things are worsening. >> i'm bill griffeth, investors starting to take profits here. since monday we have seen the vix spike up by 5% as equities lost some steam. we're seeing things turn around a bit here from this multi-month high we put in for the major averages. the dow is down.
3:01 pm
a 116 point trading range today, breaking out of that collar we've been in for a week or so. the dow down about a quarter of a percent. as maria mentioned we're hitting that four year high early on. >> interesting to see technology among the worst performers today. look at the try owe of tames taking a hit today. google, facebook all down as we approach this final hour of trading. >> will thedown and s&p make it to four-year highs? and can they hold on to those gains? >> according to abigail doolittle, investors should get ready for a change. in a moment, rick santelli will be joining the conversation. abigail, you don't believe in
3:02 pm
this rally, you say we could see a correction and when we do it will be fast and furious, what are you expecting? >> i think that's absolutely true. i think this rally will reverse down pretty soon and pretty quickly. it's hard to see it climbing too much higher. mixed payrolls, declining gdt and the baltic dry index at levels not seen since 2007. this puts it squarely on the back of the central banks. the federal reslev not be officiating qe 3. the trigger as said by ben bernanke is the threat of deflation. there's no sign of that by looking at the spread of tips to the nominal treasuries. this means the ecb, will they put out that bazooka.
3:03 pm
whatever it takes per what ecb means and investors mean, this will all set investors up for disappointment, and this reversal back down. >> dan, you're a little more concerned, but by years end you see the market higher, yes? >> yes, i still think we'll meet our target which is about 1450. i think we'll see that in the fourth quarter. we have been in the sprint for the last three months. we're getting a little winded. and the vaelt we're dealing with a race with only half of the competitors in it. the real test will come after labor day to see if we can break above this and frankly it's an evaluation game. this mark is between a 12.5 and a 14 pe for the last three years. we're bumping up against is and i don't know if we have the earnings power near term to get past some of these items.
3:04 pm
>> ron, you're still looking at cash levels, that's certainly a positive for the market. >> yeah, we'll always be vulnerable. we had a 9.9% correction back in may, we rallied 11% in six weeks. a 50 point pull back, i'm not going to get that wound up about it. iran and israel making more and more headlines. gold and oil are up a little today. that may make people nervous. longer term, i think central banks are coming, and the fed whether they go with qe 3 or something else probably stills that more work to do on the economy giveen the weakness in europe and china. >> ron, i had him build a chart of the shanghai index that's a three year low and i had them add in copper that followed lower over that period of time -- what impact -- are we
3:05 pm
waiting for why that to turn around? >> at home, i put up a chart of the s&p verses the shanghai composite, and they've gone opposite directions. a huge mismatch in performance. i think it's a case of the tail wagging the dog. everybody describes china -- we're growing nominally. i think it's less of a problem for us and more of a problem for them. i would rather keep my money here than bottom part-time there. they said effectively they can't ease given that realize prices are still too hot around the country. >> rick, i guess the big wor i have that investors are banking a bit too much on federal reserve and ecb stimulus coming to the rescue, are you expecting it? >> i agree with you. i think there is too much build
3:06 pm
in that, too much currency in that regard. in the end, anybody that truly wants to be objective and sit and think about it, as much as they can build ring fences around problematic areas, i think the market is looking into what an economic rule and the sustainability of some of these programs greating jobs. that's the real issue that the markets ultimately at some point have the contend with b, and i don't think a magic wand will have the staying power to keep the markets poised. >> rick, the ten year hit 186 today, are we seaing wear and tear, are we peaking hear? >> i think interest rates at some point will be dramatically higher than they are now. i don't think this is that time, and if i was an investor, i would think there is a time to start going the other way. i think the clock is the biggest
3:07 pm
enmy of the fixed income markets now. a lot of the selling is self fulfilling. the markets are thin. ultimately i would be surprised to see a lot of work at this point in a ten year much closer to 2%. >> ron, what are the dates that we want to focus on on the calendar for possible catalysts on this market. volume has been deadly, and come september, you're looking at jackson hull. >> yeah, we're looking for a downgrade. ben bernanke will be speaking then, you have the september meeting of the fmoc. you have several dates that could be catalysts for the market one way or the other. i still think we get more out of central banks than some would suspect. rick and ri sitting in the same geographic area and there has
3:08 pm
not been an anti-matter catastrophe here. >> thanks. meanwhile, this market is losing steam as we speak. we had a rare downgrade of apple today. seema mody over to you. >> they downgraded saying that expectations are too high around the apple tv. that's what's weighs on the nasdaq 100. let's get to one sector that is outperforming today. they're leading higher on the hope that the ecb will take steps to help troubled spain. morgan stanley is up about two tenths of a percent. the winner the world of retail is urban outfitters. analyst noting sales and market stabilization. recent sales are expected to help the hardship retailer going
3:09 pm
forward. the stock up better than 1%, and a quick look at a heavy weight in the electronic device space. sales in the cardiac rhythm unit fell five%, that's why the stock is down right now. ann list were expecting to see a recovery since the competitor is dealing with a product recall. back over to you guys. >> thanks, seema. the dow is down about 60 points at this hour. coming up, greenhouse gas. the eps considers easing ethanol requires as corn prices skyrocket. a sensible decision or a blow to the environment? plus, real genius, steve jobs or mark zuckerberg?
3:10 pm
3:11 pm
we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. [ yawning sound ]
3:13 pm
. welcome back, stocks are down by corn futuring ending near the high of the day. >> they're up nearly 2% on this session and we see reports about the tour of the midwest farm belt. there's damage there and it's not a surprise, but it under scores the toll the drought as taken on the midwest. we're looking at corn prices here that are rallying for the session. many traders say the reason we're looking at a commodity run is largely due to grains and corn prices. back to you. >> thank you, the list is
3:14 pm
growing longer. they are waiving the ethanol mandate. right now gas producers are required to put a certain amount of corn-based ethanol in fuel. >> it's making gasoline and corn more expensive. let's talk about both sides of the issue, jeff cooper says taking corn out of gas is not the answer to lower fuel and feed prices while robert bryce says it's just common sense to drop the mandate and not turn food into fuel. we have higher prices for corn and gasoline, why not just drop the mandate at least temporarily. >> first of all, thanks for having me on, and in response, we feel like the governors are being mist led by the producers in their states. waiving the ethanol program will not solve anything. it's not going to result in much of a production, and it's not
3:15 pm
necessary. there is flexibility in the program itself that puts pressure on them. >> how do you billions the independence against the desire for low food prices? >> i think when you look at the impact of corn prices on retail good prices, we're looking at record high corn prices right now. by the time that works through the retail level, the impact is almost imperceptible. the usda is projecting 3% food inflation this year which is right in line with the average. next year, the impact of the drought works through the retail level and they're looking at 3.5% food inflation. so if you spend $100 a week on grocery, it's an extra 50 cents due to the drought. >> are we mislead that droeping
3:16 pm
the mandate would drop prices as well? >> it's clear if there were a reduction in the mandate right now it will not have an immediate effect on grain prices but i completely disagree with mr. cooper. there are 16 studies done that show that the corn ethanol mandates in the rust affecting grain prices. those studies have been done by everybody from purdue university to the world bank. >> how much have they added to grain prices? the ethanol mandate? >> well, it varies by the different studies, but let me point out there was a study done last year by a number of groups including the world trade organization, international food policy research. the un, when they discuss food prices and bio fuels, and the
3:17 pm
countrys with buy you fuel mandates should adjust policy that's stimulate bio fuel production when food supplies are in danger. it's clear we have record high corn prices and this is being driven by the corn ethanol scam. >> go ahead, jeff. >> i was going to say that adjustment that mr. bryce is talking about is happening. there's flexibility built into the program to allow the markets to respond. we have seen them reduce production by 15% compared to where we were this year. we've got nearly two dozen ethanol plants sitting idol today because it's not profitable. that's going to happen irrespective of the rfs. >> is it a good idea to be diverting food into fuel? people are wondering with food shortages why are we using it in fuel. >> it isn't a die version.
3:18 pm
yes we're using more grain for ethanol today than we have in the past but we're growing significantly more. and even though this is a short crop this year, we're still looking at the eight largest crop in u.s. history. this is a global market. it's global in nature, and we're looking at the second largest world corn crop slightly behind last year's crop. >> gentleman, we must go at this point, but we'll wait for the epa to talk about this. thank you for joining us, regardless of the ethanol mandate's future, there is one event on the horizon that could increase what we're paying at the pump. israel's plans to stop rooirn, there is report that's a strike could come before our elections in november. we'll have details on that coming up, and tomorrow, don't miss all day coverage of oil
3:19 pm
shock, a look at the shifting sands in oil production and consumption. >> a market worsening right now as we speak pabt 40 minutes before the closing bell sounds. we have selling accelerating right here. >> best buy shares hitting a nine-year low but rebounding sharply and may close in the green today. what happened there? is it a best buy? we'll look at that coming up. >> as congress continue that's five week vacation. now word that billions in tax refunds could be delays if congress does not fix the fiscal soon. that could deal the economy another blow. there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel.
3:20 pm
and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] dosing and application sites between these products differ. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see unexpected signs of early puberty in a child, or, signs in a woman which may include changes in body hair or a large increase in acne, possibly due to accidental exposure. men with breast cancer or who have or might have prostate cancer, and women who are, or may become pregnant or are breast feeding should not use androgel. serious side effects include worsening of an enlarged prostate, possible increased risk of prostate cancer, lower sperm count, swelling of ankles, feet, or body, enlarged or painful breasts, problems breathing during sleep, and blood clots in the legs. tell your doctor about your medical conditions and medications, especially insulin, corticosteroids, or medicines to decrease blood clotting. talk to your doctor today about androgel 1.62% so you can use less gel. log on now to androgeloffer.com and you could pay as little as ten dollars a month
3:22 pm
welcome back, we have 40 nnts left in this market session. things are deteruating as we approach the close. look at this intraday chart. the do you nearing the day's low. about a half of percent. it is on course for the biggest drop since early august. the major averages heading south after the s&p hit a four year high this morning. weakness today in telecom. >> shares of best buy down 2 now after touching a nine year low this morning after they
3:23 pm
announced suspended guidance earnings for the time being. do you go for online competitor amazon is in s that the better buy inside. let's talk numbers on those companies. we have rick ross. and on the fundamental side, it's ben shactner. >> two different companies, different charts, but they're both sales. let's look at bt buy first. clearly the bad news here. inexplicably, this is a stock that missed out on the days of consumer electronices. i brought a very long term monthly chart to show you the gravity of the technical situation. >> this goes back 15 years by the way. even though we had great advancements like the iphone and ipad, etc., here we have a complex head and shoulders top that has been forming for over a
3:24 pm
decade. we're right blow the neckline of that pattern, and it sets the stage for significant down tide below. we see measured downside to the single districts we would not. >> when we look at amazon, at first blush, nothing sinister in this art. with something testing resistance, trading at 300 times earnings. just this summer alone. here you see the resistance around the 245 and 250 level. we think you want to sell into that summer surge. take money off the table, easily have a 50% retracement down to the 200 day moving average. around 200 or 205, that's almost 20% from current levels. take profit and raise some cash.
3:25 pm
>>. >> what about this test about about amazon here. . >> on the fundamentals they tell us what you think they tell you. it's online more and more to buy everything including electronices. if they're going in, they're going in just to do comparison shopping and the transaction on amazon, we think that is a continuing trend that's going to accelerate overtime not decelerate. it's still a place why investors can make money. >> you sound like you would sell amazon. >> we would, the trend line is up and to the right. that will continue for the foreseeable future. will be double from here in the next year? probably not. can it go up and continue to ride the wave of people spending more and more time online? yes, we think it can. you think about the mobile experience where people struggled to make money. in the area where mobile has done well is for ecommerce.
3:26 pm
their beneficiaries of people spending money online. >> i love when we have a disagreement here. we'll see what charts tell us down the road. >> this market is worsening, bill, we have the dow jones down about 8 it points right now, we have seen this market accelerate the selling in just the last 15 minutes. up next, come were comparing him to steve jobs, but now mark zuckerberg is having trouble living up to his image. and talk about a steak in the heart, the price of your porter house is about to skyrocket. you can blame the drought for that sticker shock. tdd#: 1-800-345-2550 you should've seen me today. tdd#: 1-800-345-2550 when the spx crossed above its 50 day moving average, tdd#: 1-800-345-2550 i saw the trend. tdd#: 1-800-345-2550 it looked really strong. tdd#: 1-800-345-2550 and i jumped right on it.
3:27 pm
tdd#: 1-800-345-2550 since i've switched to charles schwab... tdd#: 1-800-345-2550 ...i've been finding opportunities like this tdd#: 1-800-345-2550 a lot more easily. tdd#: 1-800-345-2550 like today, tdd#: 1-800-345-2550 i was using their streetsmart edge trading platform tdd#: 1-800-345-2550 and i saw a double bottom form. tdd#: 1-800-345-2550 so i called one of their trading specialists tdd#: 1-800-345-2550 and i bounced a few ideas off of him. tdd#: 1-800-345-2550 they're always there for me. tdd#: 1-800-345-2550 and i've got tools that let me customize my charts tdd#: 1-800-345-2550 and search for patterns as they happen. tdd#: 1-800-345-2550 plus webinars, live workshops, research. tdd#: 1-800-345-2550 whatever i need. tdd#: 1-800-345-2550 so when that double bottom showed up, tdd#: 1-800-345-2550 i was ready to make my move. tdd#: 1-800-345-2550 all for $8.95 a trade. tdd#: 1-800-345-2550 can you believe it? tdd#: 1-800-345-2550 i love it when you talk chart patterns. tdd#: 1-800-345-2550 open an account and trade up to 6 months commission free tdd#: 1-800-345-2550 online equity trading with a $50,000 deposit. tdd#: 1-800-345-2550 call 1-888-292-3787 tdd#: 1-800-345-2550 and a trading specialist will tdd#: 1-800-345-2550 help you get started today. it's something you're born with. and inspires the things you choose to do. you do what you do...
3:28 pm
3:29 pm
3:30 pm
>> it's really an apple story today. opening up in the early morning near 675 a chair and it has been trading lower every sense. it's been a rally attempt there year. we'll see what happens. an analyst at oracle thinks this is overdone. it's weakness is weighing on some of the others holding up like cisco and san disk. and urban outfitters zooming after better than expected results. we're looking for 34 cents on the bottom line from the pc maker. >> forget the pop, yesterday the stock brelow the $70 a share mark. peter teel sold most of his
3:31 pm
stock last night totaling some $400 million. it wasn't long ago that some were comparing mark zuckerberg with steve jobs. do they show those comparisons were dead wrong? >> we have ben par who says give zuckerberg a break. but our other guest says he will never be close to what jobs was. do we blame him for the fiasco of the price level? >> no, i blame zuckerberg's advisors. he needs help. normally when you have a venture funded company between the last round of financing and the ipo, you bring in a professional management team that has run a public company. >> like at google, for example? >> precisely. if you look at what he said
3:32 pm
himself. he wants to work on the company, the experience, and the community, he needs help. he doesn't want to talk to lawyers and regulators, he wants to focus internally. jobs had to leave and they had to hire a professional manager. >> it's been three months sis facebook went public, ben. you say it's not enough time to judge zuckerberg, why? how long do you wait to make a ? >> you have to give him time to build up the business. he spent eight years building up the user base. half a build of the users come every single day, it took time to get to there. now they're focussing on the revenue, you can't expect all of that to happen overnight. he is the heart and soul of that company. >> with all of this fall out after the ipo, after the speculation they're not monetizing mobilizing well, why
3:33 pm
have we not heard from him. >> you will hear from him. >> shareholders have lost 50% of their value. i mean, is anybody going to acknowledge this? >> zuckerberg did acknowledge and told his staff. she not ignoring it, but he's focused on the thing that will drive shareholder value which is new revenue generating products. >> are we focussing too much on mark zuckerberg. you have sheryl sanberg as the chief operating officer. >> since he dictating the terms, he didn't get good as vice or he didn't take it, and i think it's personally unfair to him. he should be chairman, majority
3:34 pm
shareholder, in the board room, working on exactly the issues that my colleague just enumerated, but get somebody that knows how to run a public company. >> i completely disagree. >> the shareholders need to do it today, you can't learn this on the job. >> what about the google example, they had to bring in eric schmidt to help get google off the ground. >> there are plenty of other companies that have done well, and you see them doing well. the thing that made google great is it's talent. if you just remove him and you put a suit in there, the engineers will not follow -- >> not a suit. >> it's not going to help the company. >> get somebody from the valley that's done this. it's unfair to do this to zuckerberg. he wants to lead the company, great, i salute him, but you
3:35 pm
need someone from the tech company, delling with external issues. >> he somebody for that. >> how much of is risk is it that talent starts fleeing because other firms start pooches talent, the stock keeps falling, people are worried that things are not going as planned and they start losing some of that talent you're referring to. >> as long as zuckerberg is still in charge, i don't think you have a huge loss of talent. if you change to ceo, you will have a huge loss of talent. it's like what happened to yahoo, but zuckerberg is leaving, you'll see people leaving, and then we can jump if he's a great public company ceo or not. we need more time before we make that decision. >> it's irresponsible, it's a public company. >> would facebook be better off
3:36 pm
without zuckerberg, chris? >> he should be chairman. they should have made this transition before the public offering and i blame the bankers. they did not give in client good advice. >> we have to go, we get the point, ben. thank you for joining us. going toward the close here and the market is down 74 points, just off the lows of the session here. >> earlier we were looking at the dow and the s&p. things have deteriorated since then and some investors are worried that we're riding a wall of worry, but we'll talk about that when we come back. >> don't go to boston market. the chain is removing salt shakers from tables? is this a pre-emptive strike? first, before we go to break, the dividend. which company's stock with
3:37 pm
earnings out tomorrow is up the most this year? american eagle outfitters, chicos, or tall brothers? [ engine revs ] during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. in communities across the country. whether it's supporting a delaware nonprofit that's providing training and employment opportunities, investing in the revitalization of a neighborhood in the bronx, or providing the financing to help a beloved san diego bakery expand, what's important to communities across the country is important to us. and we're proud to work with all of those who are creating a stronger future for everyone. exclusive to the military, and commitment is not limited to one's military oath. the same set of values that drive our nation's military
3:38 pm
are the ones we used to build usaa bank. with our award winning apps that allow you to transfer funds, pay bills or manage your finances anywhere, anytime. so that wherever your duty takes you, usaa bank goes with you. visit us online to learn what makes our bank so different. throughout our entire lives. ♪ one a day men's 50+ is a complete multi-vitamin designed for men's health concerns as we age. ♪ it has more of seven antioxidants to support cell health. that's one a day men's 50+ healthy advantage.
3:40 pm
just before the break, we asked which company stock is up the most this year. american eagle outfitters, chicos, or tall brothers? now the payoff, toll brothers. >> meantime, we're keeping a close eye on the s&p today, all traders after touching that four-year high earlier. the dow not as close, but within striking disstance of a similar bench mark. >> joining us now on this market sam stoval along with carroll roth. also bob pisani. pob, earlier i heard you say that traders said we would be higher if not for apple. 2u>> apple is just huge today. we're north of 30 million shares, so hitting a new high yesterday, i think people were taking some profits, and i think
3:41 pm
it's part of the reason the market sold off earlier in the day. at apple moves down the rest of the market started moving down. i think people are just taking some profits. >> are we just tired? it's been a pretty good run for the last several weeks. >> that's right, as you mentioned, we established a new intraday high, and relatively close to the losing high, so i think some investors said we're up six weeks in a row. let's attempt some profits right now and bust open this rusty door a little later. >> obviously you don't want to do that, but we have been going higher even as the skepticism rose. >> right, i think you can make an argument on either side. you can make an argument that we're going higher or lower. the big concern for me is uncertainty and i think we will continue to see that in election season. >> i know the estimates were way too high for the fourth quarter, they have come down, but we're
3:42 pm
still looking at double digits earning growth, do you buy that? >> yes, estimates are a little more than 10%. you could say i can breathe a sigh of relief. but still -- >> aren't we going to be negative in the third quarter? >> i think it's because some people are anticipating that we end up seeing an improvement in the u.s. economy. we end up seeing stability in europe, we ended up with a better than expects decline in the second quarter. european gdp, and we would end up with a soft landing in china and not the feared landing. >> that's right, you could make the case either way. which way does your gut tell you to go? >> my gut tells me to go with very high quality stocks. i'm digging deep. i think there is really good stocks out there, good values to be had, and i'm looking for
3:43 pm
individual plays. it's down today, but i stimlike apple, it's trading at like 60%. to me that's an attractive opportunity. >> one of the favorites is the dividend payers right now. >> i think dividends are something that can go either way. sometimes it's dividend that's have been increasing overtime, but a lot of times that weakness in the stock. so i don't like going in just for the dividend play. i think it has to be good solid fundamentals. really, everybody is searching for yield, where do you see the sentiment and money flows? >> the s&p nowout performing. i any you have the historians and the technicians saying the market is going higher.
3:44 pm
prices lead fundamentals, and i think the tech nirks will enici correct. >> sam is right, the industrials and cyclicals have outperforms utilities and pharmaceuticals, europe has calmed down. since ought second, we have seen immediate reversal in terms of what market leadership has been. i don't know how much to make about this, bill. we hit four year highs on a intraday level this morning. we passed 1422, for a half hour, and then they sold right into it. maybe it's the right time to take a little profits. it will depend a lot on lather this week. if they ask for aid, it will kick in a lot of what they said they will do. >> what about the ecb and the fed and all of the things
3:45 pm
they're waiting for. >> i think there are too many question markets out there. not only the ecb, the election, is there a qe 3. we never have perfect certain ti, but if people are uncertain, they stop spending and investing. >> 2013 recession or not? a lot of people debating if we will see a recession because of the fiscal cliff issues among others. >> i think if we have a fiscal cliff, it will be a short. -term cliff. the bush tax cuts will be allowed to expire, and then we -- >> in some form. >> in some form, and then i believe congress will work together and implement what president obama is indicating now, applying a tax cut for those people who earn $200,000 or less. and so things get reset to january 1st.
3:46 pm
i think from a confidence standpoint. we do well. >> sam, i will see you later on the countdown, bob, i'll see you as well. >> we have a market down about 71 points on the industrial average. >> despite their huge fees, if you simply invested in the s&p 500 index yourself, you would be beating 90% of the mutual funds out there right now. jack heard about the story and demanded to be on, he joins us next. >> it's not often that apple is compared to a pig. >> little pig -- ♪ that'll do.
3:50 pm
today. the stock hit another high this morning before falling into the red territory. >> this stock has been really a monster, but today, it's getting hurt after oracle downgraded the stock. they have a price target on $650 a share. they say they're concerned that expectations are too high for the company. they made the call that says -- >> unbelievable. >> this is a classic momentum day. take profits, good for you, but the momentum player wills stay in that stock until they see any signs of a slow down in the sales of ipads, macs, all of the products that apple has coming out, and they're in it until that time, it's a classic play.
3:51 pm
>> and we've seen liquidity in the stock, and it's doing well in terms of earnings. >> that's for sure. if it's a overall impact it remains to be seen. we were up a little bit, a gain of about 59 points and off of those lows right now. we've been coming off of that. so we're watching again, we're not trying to make too much of one day's market swing, but a little more volatility. >> how many apple products do you have at your house? >> with many daughter home, it doubled immediately. you? >> three ipads, a couple iphones, a mack. they're great products, what can you say. >> there's a reason to stay in
3:52 pm
that stock right now. >> we'll see. >> up next, the closing countdown for this tuesday. >> israel reportedly planning a strike on iran before the u.s. presidential election. what would that do to the sky high price of gasoline? there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] dosing and application sites between these products differ. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see unexpected signs of early puberty in a child, or, signs in a woman which may include changes in body hair or a large increase in acne, possibly due to accidental exposure. men with breast cancer or who have or might have prostate cancer,
3:53 pm
and women who are, or may become pregnant or are breast feeding should not use androgel. serious side effects include worsening of an enlarged prostate, possible increased risk of prostate cancer, lower sperm count, swelling of ankles, feet, or body, enlarged or painful breasts, problems breathing during sleep, and blood clots in the legs. tell your doctor about your medical conditions and medications, especially insulin, corticosteroids, or medicines to decrease blood clotting. talk to your doctor today about androgel 1.62% so you can use less gel. log on now to androgeloffer.com and you could pay as little as ten dollars a month for androgel 1.62%. what are you waiting for? this is big news. what are you waiting for? it's something you're born with. and inspires the things you choose to do. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you.
3:54 pm
to dream. to create. to work. if you're going to do something. make it matter. take the privileged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.
3:55 pm
okay, five minutes left in the trading day, let's show you what has been moving that market so far on this tuesday, and we start with the euro which is often a great influence on our own markets, it hit a seven week high today which has been clieping since marclie climbing sis mario draghi said he would save the euro zone and it has been climbing. what didn't follow suit was our own market. we were higher on the open, but we started moving lower today. we'll get the answer on that in just a moment, down 7 3 points right now. a wider band of volatility. the same thing for the treasury market. yields were higher and they
3:56 pm
started moving higher. they were buying into the close today. the yield back down to 1.8%. it got up to 186. so maybe we have seen a short term peak for long rates at this point. crude oil took some wind out of the sales. october is the new front month, but up 32 cents and you can just tell this market is starting to smell $100 wti oil here again in new york. gold broke through resistance on the upside today when it went above $1630. it was about $1640 or 45 for a time today. just off that gain with a gain of 1% on this session. the financials lead the way, and in fact right now financials are the only sector in the s&p 500 to be positive here. sam stovall, what do you make of that? financials are a risk on sector
3:57 pm
in this market? >> it is a risk on, especially if you're focussing on europe. a lot of what's made up of in the success the banks. it's an indication that people are feeling better about loan volume goat, and maybe the economy will be improving in the quarters ahead. >> what do you make of today's action, is this market getting tired finally. >> you used to be able to handicap the markets, but that said, when we hit 1426, i don't think any trader was surprised. >> a four year high. and then you look at google and apple, they're up 100 points a piece in the last two weeks alone. so you figure this might get a break right here. >> so the in fact that we're bumping up against that and pulling back again, will we see a correction in this market you think? >> i think you could see a sell off in this market out a doubt. it's been so fast so quick, 12
3:58 pm
weeks out a break. still in august and a lot of guys taking holidays. >> it's a possibility. our believe is that maybe we come back to 1390. certainly no more than 1370. our chief technician things that would be a very good buying point, the next target is 1450 and higher. >> that's still a target for you guys? you still see a market higher from where we are right now even with this rally? >> yes, the earlier segment. history and technicals point to higher prices. however, prices tend to lead fundamentals, and what we saw, if we see the under lying economic conditions are improving, that could cause more and more people to join in. >> energy has been a sector of this market, the stock market follows, stocks have been going higher as you said before, you can tell they're sensing and
3:59 pm
getting to that $100 mark here. >> i don't know if we will get above 100. we saw it the last three times. you'll probably see it again, the market will follow it up to par, that's for sure. >> the spread between norsi and new york oil has been widening, you feel it has to come in at some point. >> i really do, i think we'll pry get to 100 like you said and it will dip back down again. >> thank you for joining us here. i want to highlight the folks up on the balcony to ring the closing bell today. we have represents from the candlelighters nyce. it's a organizeization that helps families get through the difficult times when a child is diagnosed with cancer. we're going out off the lows of the session with the do you down
315 Views
IN COLLECTIONS
CNBC Television Archive Television Archive News Search ServiceUploaded by TV Archive on