>> the s&p sets a new intraday all time high. power lunch is up now. >> i hope you weren't expecting lunch. >> no, no. i know better. i did bring a diet coke, though. it's great to see everybody. good afternoon. >> we're starting to wonder just how high it can all go.

>> bob, wow. >> and i want to emphasize the breadth of the rally. when you see defensive names advancing just about as much as for aggressive names or expansionists or cyclical names, that's a pretty broad rally. well, look at the fomc minutes. look at the key statements. i think this is what a lot of people were talking about. any decision to reduce the pace of purchases should reflect an improvement in their overall outlook and their confidence in the sustainability of that. do you think there is a confidence with those crumby job numbers that we got?

>> here is what got people so crazy. and then the jobs report. this is the time for the correction. this is the time to short. and it was the exact wrong moment to short. it wasn't a crazy idea to short the market at 9:30 on friday morning. it just turned out to be cotely >> that makes sense when you have all of the indexes hitting new highs. here's what's going to happen

next. yesterday we started talking about a possible new rotation away from cyclical names away from the consumer and defensive names. that could change very, very quickly. >> thank you very much. let's go out to chicago now where we have breaking news in the bond market. >> well, we auctioned off nine year, ten year securities. the bid to cover was there.

here is the real good news. the dealers only took down about 33.5% of this. no matter how you slice it the mettics earn it a c plus. and maybe i'm being a little generous today. back to you. >> we have been watching gold prices as well.

>> others as well. those figures are off sharply since the beginning of the year. goldman has particular credibility on this one given that if you took the advice to go long the metal you would be up 17% through today. gold tends to be a retail trade. when it comes to gold, we have had some of the most bullish news that you could come up with and it has failed to rally.

>> you hear everything that they're talking about. >> i think gold and etfs got

carried away. we have been on a ten-year bull run. we had a lot of quantitative easying over the last 18 months. and you saw a lot of buying coming through at that time. and now you see the monetary poli policy. >> thank you very much. we'll send it over to you. >> how do you play this market at these highs and are we witnessing a mass migration into stocks? >> no, this is not the great rotation. >> there is still fear in the

market. >> where is the money coming from? >> i think, you know, the point earlier that the trader was talking about, gold. due to the fact that global central bankers have redefined the word safe haven. >> a lot. absolutely a lot. we are seeing a big influx due to the uncertainty in europe. >> let's -- thanks. thank you tiler.

>> becky, back to you. >> let's get you caught up to date. opec trimming its forecast for oil demand in 2013. they are blaming economic problems and uncertainties about the outlook for u.s. economy. it's down about 84 cents. also, a successful debut for home builder taylor moirsson which is trading up about 5%. 28.5 million shares were priced at $22 million. saying that the company has the best strategy of its peers in the it service industry.

ibm is up as well. >> two key senators have reached a bipartisan deal on expanding background checks. the compromise was announced earlier this morning. the nra said that expanding backgrounds will not prevent the next shooting, will not solve violent crime and will not keep our kids safe in school. it makes it more likely that democrats will win enough republican support to bring it to a vote. >> thank you. we got a big oops at the fed today.

>> all early indications were that it was accidental. at least one person received the minutes exactly at 2:00. that was just the release of the minutes on the wrong day. here's what we know. they were released around 2:00 p.m. yesterday to around 100 congressional staffers. the fed contacting the sec and cfdc regarding any trading that might have surrounded it. yields were headed higher. it was about a basis point or two. then you can see that its floundered early this morning. what's actually in the minutes?

what's about that? many noted the meeting took place before that weak jobs report came out. >> we have been on this story for a long time. >> and the tapering is going to be seen as the move. >> right, right. >> but the weird part.

>> we have also talked to other fed officials who say that they are not changing that forecast. if you get another. >> let's hope we aren't in some ways or another. >> we give an entrepreneur 60 seconds in the hole that venture capital will give him maybe millions. it is all coming up. plus the big paradox in the housing market and the answer to this question. what's the next big threat to a recovery. all that and more after we return from this short break. we learned a lot of us have known someone

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hma cut its revenue and earnings outlook. as you see there and community health all down.

>> homes have been affordable to this point. but is there fear out there that that's about to change? >> there definitely is. when you look at it, people say homes are so affordable because home prices fell so much. they are flat and falling in some places. now you have the fear that it's all based on the record low mortgage rates. americans collectively are paying 37% less in their monthly mortgage payments than they did on an historical average.

that's all according to zillow. if mortgage rates start to rise even a little bit over the next couple of years, then housing affordability is going to become really tough and price a lot of people out of the market. >> the big hope is that the housing market makes a massive recovery before then. the government wants to make sure that at this point the banks are loosening the pursestrings trying to make sure. through the fha, if they're doing that it creates some big new potential problems. >> it's an incredible argument that they are making. they're trying to tell the banks to loosen up. guess what? the fha is still bleeding cash.

>> really, there is no answer at this point until they have to see home pri and the housing market in a real solid recovery. that's what's going to make the banks lend more. >> this is making for testy testimony? >> always testy testimony. we love that. of course. why wouldn't there be? >> right. >> thank you very much. back over to you. >> becky it has been named the worst company in america for the second year in a row. see what company it is and why so many people dislike it so much.

>> this is the power pitch. entrepreneurs get just 60 seconds to make the pitch and then our panel of experts will evaluate their business model, scaleability and give us an

inside look at the world of start-ups. this is the ceo of unison and is re-inventing the way that office workers talk to each other. >> ceo of unison. super interested in bringing facebook and twitter stock inside their company. it's a trillion dollar productivity operation waiting to be unlocked. folks are excited but also disappointed with the first generation of these tools. they revolve around profiles, status updates and noise. this is different. it's live social software.

you can reach out to the right people by audio, text, and video. spend that time getting results. >> he is on the right side of your screen. he cannot react to our critiques just yet. >> led the firms investments in other similar firms. julia? >> not only are there tools to do this kind of thing within face book but google, oracle, salesforce, they all have tools to tackle this type of communication. i wonder what distinguishes

them. >> i think it was a fantastic idea pitched five years ago. jive went public and offer the same functionality. i wonder about the crowdedness of the space. >> welcome. you are in the hot seat now. welcome. good to see you. congratulations on your past success. let's hope this one is as successful as your prior. >> there are a lot of businesses public and private that are out there trying to do this. why are you different? >> we show you who is working where and on what in your business right now? we give you online spaces for each project, issue, and team. we enable you to reach out to those folks in context. not just with text, but with audio, video, one-on-one or in groups. these are the kinds of things that dramatically improve the productivity of the business.

>> these tools were built to replicate very precisely what you see facebook or twitter doing inside your business. they revolve around status updates and profiles. >> to what extent is this product about productivity and communication and to what extent is it about surveillance. >> i would say about 70 to 80% of the time folks spend in conference calls and e-mails, folks tell us that time goes away. the balance of why people are adopting this is that reason. >> we want to capitalize that consumer behavior. i think you face a little bit of an uphill battle in terms of how the work force works. >> i would say you're looking at

it the wrong way. we're taking the way people are used to working inside the physical office. and we're bringing it online in a way that makes sense. we don't go into a company and say let's replace your e-mail system. we get people to focus on a project and we start there. >> we have heard what the reactions are. are you in or out on it? >> the entrepreneur seems like he has got a great background. i think it is a really crowded space with companies that are much larger. i don't think this is how most people. operator: so i'm out. >> julia? >> i think there is huge growth potential here but at the end of the day there are too many challenges. the rivals are too big and have too many resources for this company to really be able to succeed so i have to stand out. >> i think he has an interesting concept. i grant you that the competition is stiff and difficult and getting companies to adopt it is

going to be maybe the toughest of the competitive challenges that he faces. >> i'll tell you, they said this about drop box when drop box entered the scene. they said there are hundreds of file sharing tools and their answer was yeah, but does anyone like them? does anyone really use them? that's the same thing we're hearing about existing landscape. >> thank you very coming. >> your turn to vote. are you in or out on unison? log in and cast your voes. what do you know?

maybe you will be on air with us. more tech coming up. the man behind flip board and a former twitter board member on what happened at the fed today. that inedadvertent leak of the release. and when, if ever, will twitter go public and strike it big. >> absolutely, pecky. what's exciting today is the fact that technology is participating in today's rally. that's what is helping the nasdaq trade, breaking that 3200 level that traders always watch, up about 1.8%. large cap tech really to thank. defensive tech, if you will. names that offer the high dividend yield. those are the names that are

really leading the nasdaq higher. names like intel, microsoft, ibm, cisco. microsoft actually got downgraded today. but the stock moving higher about 2%. one stock that you have got to take a look at. it did not have a monster move. moving up by around 50% on its strong outlook. the stock down about 6% in today's trade. back to you. >> thank you very much. gold prices are closing right now and sharon epperson has been tracking the action. >> gold is closing right near the lows of the session. we have seen gold under considerable pressure in this session. goldman believes now is the time to short gold and they lowered their price forecast on gold as well. we're looking at gold prices as well that they say will be

around 15.45 an ounce and they are looking at prices at $13.50 on average. but they say prices could go much lower and we could see gold prices this year hit 14.50 by the end of the year. the other factor weighing on gold. they may be considering opening up or scaling back the fact that they may scale back that monetary stimulus. that is something that traders are watching very carefully. it is having an impact not only on the gold market. >> when we come back, putting a new face on detroit. stick around. we'll be right back. with the spark miles card from capital one, bjorn earns unlimited rewards for his small business.

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>> folk, welcome back. the dow is up, the s&p 500 is up

by 19 points. you have got a lot of action going. >> a key point when you see defensive names moving up. put up the chart here. when you see financials and technology. it's a pretty broad market rally. it has been four days of movement. ever since we bottomed out, up 3.2%. obviously besides the fed there is a widespread believe that european and now japanese money is coming into the markets in the united states. finally there is what i mean a mean reversion trade going on. consumer stocks, the white line

stocks, last three weeks unusually strong. a lot of people are betting that may soon reverse. we have good numbers on chinese inflation. we have good chinese export numbers overnight. a lot of people trying to figure out if that's a trade that will be the next big move. >> now let's get down to the bond market. >> every day in treasury seems to get more and more interesting. keep in mind we're down 28 basis points from our 205 high yield not that many weeks ago.

this formation is definitely a reversal meaning they think index is going lower. the euro, even though it's down today, the flip side looks like it's broken out. we have pulls on the floor. it's at 99.74 now. >> thank you. all right, folks. excuse me. in case you were worried, you will continue to get your mail on saturdays for now. the u.s. postal service says it will delay its plan. save the agency about $2 billion a year.

>> the annual shareholder letter, jamie diamond he says it was an extremely embarrassing episode. and it cost the firm money. he knows some of the problems are the firm's fault. loose money, anti-money laundering controls, etc. on that front, he said unfortunately, the firm does expect more regulatory orders to come maybe in the near term. he said we need to meet many new reporting requirements in short order. he addresses an idea that some have been talking about about maybe some changes. he said there is a likelihood or a ponlt that the company needs pt its legal and capital

structure in order to meet some of these requirements. he said that satisfying requirements will take diligent sustained efforts. he said i feel terrible that we led our regulators down. >> thank you for that report. when we return, one of the biggest areas that the fed weighs in on the fed's early send error. several pubically held companies have done it. you hit send before you. the new face of detroit michigan after the break. ♪ [ laughter ] ♪

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>> welcome back everybody. we're watching the markets. they have taken off. family dollar is currently trading up 17 cents. this comes after a big drop early on the news that the discount retailer posted a weaker than expected retail number. >> bryant is standing by in san

diego. and we just talked about how you suffer through these tips. this is. >> they are here. the ceo of wd40, by the way, we have got stocks owned. any time soon. >> you get all the tough assignments. >> stay classy. stay classy. >> san diego. that's right. mike is the ceo and founder of the social magazine at clipboard.

by the way he sat on twitter's board of directors until just recently. >> great to be here. >> we have a ton of things to ask you about. but we also want to ask you a question about the news of the day. we know that the fed accidentally put out their minutes a little early. these type of things can happen. somebody hits a wrong button. how big of a deal is this? is it because of technology. >> last week the sec approved social media for use in releasing corporate media in data. how do you feel about that? is the technology ready for it. >> social media is actually fundamentally how people get

their information not just secondarily. i think it's great that we're starting to adapt to that. i think it is a very positive thing for all involved. >> we will have all new things that we will have to think about in terms of how we release information. >> nothing. >> i like the way it's organized. i set up the page on my android phone and i have to say. >> tell us a little bit more about it for people who are not familiar. >> that's right. i mean we're seeing this as proliferation of social networks. twitter, instagram, flickr. >> obviously, facebook has the most users.

>> it is -- i -- you worked in print. i did, too. i worked in a magazine company and i would have to say that i think it is the future of magazines. that's where they're going. it's not just time incorporated. it's everybody. you can select what you want. >> well, yes. that's when i don't want to accidentally share. >> when ever you're ready. to me or becky. >> that's right.

>> they have become kind of a fabric of society. >> i don't really notice. >> they have had. >> >> it's going to be awkward to do that. we have inkrecrease.

>> thank you for having me. >> sec. >> when you think about detroit, you think about cars. one firm wants to put motor city on the map for something else. watches. mary tompson has a deal for something else. >> it's an interesting story. the company is a new firm with an old name. and this 30,000 square foot factory where i'm standing is housed in the former design center of general motors. the movements and tiny motors.

>> crazy idea to make watches in the united states again, but it's possible. >> crazy because asia and switzerland have long dominated watch making. he believes detroit's history and design provides the workers an environment it needs to reset the watch-making industry in the u.s. >> we found a creative energy and artistic movement inllaa of the arts in food and music. and we wanted to be part of that creative excitement or energy. >> ceo says detroit is at the heart of the story. as each face of the watches will tell you. it's a story backed by the deep pockets of bedrock.

>> employs about 25 people here at this factory and a demand for the watches is strong, they expect that number to double in the next year. >> i have to ask the somewhat kee curious question, where do they get the name? >> it is from the shoe polish. they actually bought the name. it was during a brainstorming session. >> you are never on the wrong foot. thank you very much. having their best win streaks so far this year. how far can the rally go? street talk with some traders when we come back. first, another check on gold which has been -- there are some guys. goldman saying short the metal, folks. [ male announcer ] you are a business pro.

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>> it's been a year of records

so far. and another strong rally adding to those rallies. warren myers is here with us. art, beauty before age. put some perspective into this. >> and beauty was a horse. the frustrating thing about it is this should really look like a cattle stampede. should really have everything excited. this is the peggy lee rally. is that all there is? your volume, the rally is broad and touches a lot of sectors. but the volume is lacking in that sense of urgency. that sense that the shorts and the people who are underinvested should be looking and saying the train has left

the station. >> it might be but i must tell you it is very frustrating to watch new record high after new record high without a great deal of enthusiasm. it's i guess that's what i have got to do routine. as jason and his people call it, there is no alternative motion in for stocks. >> many have gotten taken to the cleaners on this. >> definitely. and i think that has been the way for a couple of months. one, it's hard to fight the fed with the easy monetary policy moneys being forced into the risk assets.

and i think i agree with arden and the fact that this is a tempered rally. i think that's a positive here. i think people are on the sidelines watching this. yes, they're not stampeding in. but that might give it a little longer rally and run and that might be pretty good. >> all right. thank you very much. art, warren, appreciate your being with us. just two hours. right after this. revolutionizing an industry can be a tough act to follow, but at xerox we've embraced a new role. working behind the scenes to provide companies with services... like helping hr departments manage benefits and pensions for over 11 million employees. reducing document costs by up to 30%... and processing $421 billion dollars in accounts payables each year.

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>> worst company in america, two years in a row? electronic arts two years in a row. among the reasons were the botched release of sim city. >> the stock is up 13% over the past year. there you see it up another 1.2% today. >> man, can those gamers get mad. not mad if you are long the markets. if you are just waking up, just crawling out from under your rock, take a look. s&p is up by 18 points. both of those are setting at all time highs.