plans an august 1 visit. rodman saying he has no plans other than to hang out and have some fun. new york sports club taking out a newspaper add. >> street signs is next, this is cnbc. >> there are only three stocks that are higher. we will have more on walmart and those stocks later on. >> gold, dropping nearly $200 in just two days. a lot of the selling the forced.

silver, meantime, losing over half of its value since the peak. as we can clearly see, not lacking any of this. >> we are hitting all sides of the sell-off. from the markets to gold to oil to silver. let's kick it off with sharon epperson. i have got to imagine that it is pretty chaotic where you are right now. >> it's the biggest one-day

dollar decline since 1974 and the biggest percentage decline in 33 years. a lot of traders are baffled by the magnitude and ve rosty of this slide. in copper. in crude oil. and we're seeing the sell-off that may likely continue as momentum traders continue in this market and the selling perhaps begets more selling. >> remember, some of them are not profitable. maybe 1100, $1200.

then there is a jr. gold miner. the symbol there that holds smaller companies. and you see they're down even more. this is a commodity sell-off. it's a gold sell-off. copper miners are down. coal stocks are down. this is exploration production companies. you can see that most of the dang is in the energy material names. but consumer staples and health care are not down. i do want to point out one group that has been above water most days and that is this group here. back to you? >> you know, bob, i want to jump in here for a second. you showed us etfs.

we all loved them on the way up. it's hard to haul a wheelbarrow of gold down the street to sell. it's real easy to hit sell on your gld. >> that's absolutely right. etfs have made it possible to own commodities, bonds, bonds otherseas and stocks in a way that wasn't possible before. to the extent that it makes it easy to own them it makes it easy to disown them. i think that's something that you have to take with the overall market. >> bob, thank you very much. let's get more now on why gold is taking its biggest single datumable since 1983. >> we certainly seen -- i can only call it relentless selling for the last two to three

sessions. we're seeing long term holders and short term momentum players. the markets are much more efficient. there is less physical market out there that is floating around to be done. >> at this particular point, you are probably not finding any true technical support until you get to between 12, 15, and 1100. that is starting to get back to production levels.

>> very quickly. a lot of people see a drop like this and they say don't worry about it. it won't last that long. that's what they said in 1980. gold went is this a bear market for gold? >> i don't think it will be a three, four, five year bear market for gold. this break is shaking out and definitely just starting to shake out. >> let's take a look at what's happening with silver. the sell-off was worse than gold.

what kind of commentary is it on global growth and is it justified? this is now the final push on the market. maybe it goes back to the $21 area right in that general zone. the key is with etfs, it happens more efficient, quicker. if you have an etf that owns futures contracts as an example as the etf is dumping the futures contracts are now dumping. >> a good point on the support.

there is so many different etfs now. is there a risk about too many etfs, too little physical commodity? >> that will happen on this break. >> all right. thank you very much. we will see you soon. >> rounding out your trifecta of tanking commodities, oil. joining us, steven. this is probably actually the good news story of the day.

>> macro economic data has been disappointing. we know europe's in recession. it's going to remain in recession through the end of this year. you look at asia. japan is what it is. it's in trouble. and we had the overnight news in china. it does not bode well for here in the united states. that's on the demand side. also we had the doe. the iea and opec revi visvisingl demand lower. remember, the iea is a product

representing the western consuming countries. they always want to say that demand is strong. opec is always wanting to say that demand is weak therefore we do not have to produce more. global demand is weak. here in the yoo. >> at what level would be crunch time for them? >> right now, crude oil is trying to defend $100 a barrel. we get another $5 below. before we start to hear even op opec. >> thank you very much for joining us. >> as you can see, folks, it is a very bizarre day. generally something is up, right? not today.

gold, silver, oil, stocks, all lower. >> you can tell what people are doing. selling one to buy the other. >> cash is where people are parking their money. u.s. treasury yields are very low. you have the yield go down a little bit. normal save havens are not functioning very well today. you have been talking about why the gold price fell so much and the reason is because of the alternatives are very few. gold itself is not yielding you

anything. when you have no pressure on the global markets, there is a deflationnary pressure, if anything. he does not want to go into equities because it is not a case where they have . >> if you look at the longer term, i think that gold is headed down. i stick to that today. i have been expecting this correction that it happened in the last two days so violently is probably a surprise. >> do we buy gold then?

we're getting to that point. >> we are. but once you reach 1300 you have to see where the european debt crisis is heading. what is happening to overall inflationary pressures. i would probably change my forecast from 1300 to 1,000. this goes back to your previous point. >> if you are sitting in two years. >> not just goal but stocks. how much of this is the unwind of the fed trade fears out there that the fed will start unwinding or tapering back sometime this year. >> they don't have to do

anything. >> the expectation has gun on the u.s. side. it is offset by what is happening in japan. japan is . >> before they make up their minds they will be going into cash money is going into australian bonds. it is going into brazil, which is very rich in terms of the yield that it provides you.

all of these are benefitting al also. >> we have to leave it there. >> thank you and your divining rod. up next on street signs. the other piece of this sell-off may be the federal reserve. we'll explain why. >> the vix up 25%, trading just over the 15 mark and the markets are continuing to sell off right now.

could the fed have something to do with the sell-off. not ended, but wind it down.

>> and that survey told us that primary dealers and these are the cream de la creme of wall street. they actually think they will be done sooner. a lot of people think they will be done by the end of this year. what we have learned is that the fed is more hawkish than the street? terms of when they think qe will end. >> in light of the fact that since the meeting we have had a number of data points that have

been weak. >> that's a great point. brian was just saying a moment ago, bad news was supposed to be good news. i mean, think about it. gold has -- a lot of things drive gold around. but if you want to think about fundamental economic drivers, one is the inflationary risk of easing and the other is global growth. when the economy is strong, you buy gold. both of those things are working against gold right now. you have had a bunch of negative numbers. bad numbers on housing. now you make a great point. that was two or three weeks ago. surely the fed should have changed their mind by now. there was an interview this morning with the president of the boston fed and one of the most dovish members on the fed and he is talking about tapering off.

>> what's the next big step here? any real change in language? i hate to say this. the fed has gotten down right boring the last couple of years. >> i actually, not with standing, i think that would be good for all of us and for the economy. look, i think the main thing for the fed is to watch like a hawk. it's just a temporary thing or yet another summer swoon. if we're all lucky and the numbers improve in the next three or four weeks, then the next thing we have got to watch for is a shift in the language, probably as soon as we come

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>> take a look at oil. >> in fact, 3% less at the gas pump today. >> talks are still ongoing over the expansion of the exxon pipeline. members of canada's first

nations about this natural resource. the oil, mind, and steam out of that land will fill the keystone pipeline if it is built. there are plans to more than double production and that is feeling an economic boom along the river that is already attracting americans. >> with or without the pipeline, canada's booming industry is already putting americans out of work. >> i have a comparison to some of the other guys. >> the company pays for his travel. >> do you earn more money at this job than you could with the state? >> oh yeah, definitely. >> what's the percentage difference. >> about double.

>> tough on the heart but good for his bank account. >> is it worth it? >> takes care of my family. >> how hard is it to drive one of these things? >> real easy. just like driving a house. >> these are the product of illinois's caterpillar. the american connection is to vital to the boom that here united airlines is adding a flight from denver, the first non-stop from the u.s. john hickenlooper recently toured the oil center. >> keeps jobs in north america. we don't send billions of dollars to foreign dictatorships. >> the debate keeps paul spring's helicopter business aloft. >> you're profiting from all the environmental questions? >> from the environmental oversight that is in play in this region, we're doing double the work for oil that we used to do.

putting them into the atmosphere. they are addressing the issue through developing carbon capture and storage points. to pay the penalty than invest in improvements. >> it's a very interesting report. >> why do all of these jobs have to go to the north? why can't they stay here in america? >> that's one of the arguments, those who are in favor make. if you build the keystone pipeline you will create constructi construction jobs and that's a real strong argument. >> thank you very much for that. >> fascinating. up next on street signs.

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>> take a look at this. we call this the heat map? not much hot about this. all the red is selling. only 16 stocks are higher and the top two, sprint and life technologies are up because they got a deal. they're being bought. on that basis, only 14 are higher naturally today. and we have been debating on twitter. where is the money going? everything, gold, oil, silver, stocks all down. look at the ten year bond yield. you know what's not moving today? the ten year. which means, look at that. a fractional move. people are not selling gold and stocks and piling into bonds.

>> it's a very busy day as you can clearly see. when you have got a very down like day today. >> for a big, slightly overweight man, i move fairly rapidly. not bad for a consumer products offering. >> what's happening? >> fisher is not moving much but we just talked about life technologies. that's the deal that they're doing.

>> in the lab equipment space. cutting the hold from a buy. look. they have got more money. they are using it to do a dog gone big deal. >> let's take a look at what's happening with open table. they say channel check not everything is down and this one is getting a bump up.

>> you said it right? selling begets selling. >> you get a margin call. you have to sell even if you don't want to. you might be selling at a loss. >> and we had the weak china data and maybe a little bit to the tax filing story. >> it is an historical date. >> everybody procrastinates. they say you owe $22,000 in taxes because you're a rich guy. you're going to have to sell stuff. how much of what we broke down

would you ascribe to the market sell-off today. >> i certainly hope that's not my tax bill. i will tell you this, because part of what's happening is if you look back at the march data, i think it's a very large piece of this. and then you add china to that. you're finally getting to a point where you have set the table with enough disappointing data points that you can put together a reason to sell off. we just have not had it so far. that jobs number cost us 2% but you had to catch it by 11:00. we have not seen the table set up like this and say maybe now is the pull back for everyone. >> if you don't have to sell, right, what would you do? i have had a pretty good gain so far. i'm going to sell anyway.

or do you hang in there and maybe even buy? or are we not at that stage yet? >> i think there is enough people that fall into that category that has not fallen into this market. but i will tell you if we look on balance. i think when the multiple of 14 times on forward earnings. >> everything is being sold today and bonds and treasuries are not up. where does the money go? >> it's going to cash.

i think you nailed it when you teed up the beginning of the segment. >> typically it doesn't stay there very long. this is a place to sit. i i think a lot of what had been driving stock market investing is we're not seeing rotation. i think it's a commodities sell-off. >> if you think it has fallen enough where you would get in and buy today. >> i think you get in and buy health care stocks. if you look at the three

leaders, it's been the boring staples, utilities and health care. and i think health care has a long way to go. pull back before the end of the week. i would certainly say if you're not invested, you are sticking your toe in the water. >> got it. thank you so much for joining today. >> and coming up, our earnings squad walked past here. companies that need to be on your radar. >> get ready america. getting set to take over your tv

and computer tonight. the brains behind defiance which is also a hot video game, will join us ahead. bill, i have a feeling you guys might talk about gold in the stock market on closing bell. i'm just guessing. >> if we weren't, we are now. thank you for the suggestions. stocks may be selling off and anything can happen in the last hour of trading. never in history have the dough and gold been down triple digits on the same day. speaking of gold, one of our guests says this sell-off is just getting starred. you will not believe how low he says gold could go in the next few weeks. then you look ahead to earnings. they're out tomorrow. could they turn this market around? we'll look at those coming up. all that and more. maria and i are looking forward to seeing you. street signs is back right after this.

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the first technology of its kind... mom and dad, i have great news. is now providing answers families need. siemens. answers. welcome back. this is the earnings squad. for the next few weeks we will be dissecting the earnings

trades. today we're joined by cnbc banking reporter. first off we have got to get to the score card. where are we during this earnings season? so far, 65% have beat estimates but double that number of firms are reporting this week and we will break them down for you. as for the top earnings stories, here we go. and of course we have got to look forward to what is coming after the bell. >> they are the first in the group that are coming out right now of the entire aftermarket auto group. they have been sucking wind. a great window into the group. they talk about the economy. the companies in general have been talking about the economy,

whether tax refunds are going to help them. i wonder if the reality is the new car sales, because people can't clear off car sales. that's been an improvement. >> banks are lending more. the average credit score to be able to buy a used car is coming down, too. >> watch what they say about the economy hurting existing customers. if you're buying a new car you don't need new floor mats or wipers that you buy there. >> you do need tires. window to the group. >> last year, pep boys abandoned a leverage buy out. it will be doing so poorly that

we don't want to do this deal. >> all right. let's get to some of the big companies reporting before the bell tomorrow. there is a long list from now until the next three weeks from now. i wanted to dive into some companies that we think you should be watching. now that we have gotten reads from city. >> we talked about that on the earlier version of earnings squad. goldman sachs, this is according to brad. he notes that goldman is the bank that gets highest percentage of its revenue from pure investment banking. >> and of course, with the markets up like we're seeing today it is a wonder that j & j hit a 52 week high.

first of all, consumer and devices. it will be key. also, the new product guidance, an oral anti-coagulant, that has been going gang busters. sales are up third to fourth quarter. that's a key one. this is a prostate cancer drug. >> it's priced above its -- 8%. >> so you have to look at that. >> especially in this market that is built in the gains of these large farmer. >> they have bucked the trend of

some of their competitors. >> to get to that point. where the stock is priced right now it's unclear whether they're the winner. >> exactly. this is on your radar. a name we hardly ever talk about. >> $250 stock. this is a company again. we're looking at the economy and the manufacturing field. they make everything from fas n fasteners to material handling equipment. the stock didn't take a huge hit. i think this is a company. i think sales have been slowing. what would we do? we will tell you watch for what they say about their own customers. and the consumer. >> all right. that is earnings squad for today. join us in the conversation. tweet us at hash tag earnings squad.

we will be back tomorrow with more updates. i will see you tomorrow on fast. street signs picks up after this break. carfirmation.

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interesting thing we've got going on with the dow right now. when we started this show 2:00

p.m. eastern we were down 165 points. at the low of the day down 200. we're coming back a little bit. at this point, 150. margin calls in gold could cause another round of selling in equities or towards the close we might see bargain hunting come in. could see a bit of a bounce back for the stock markets. let's move away from the stock markets. we'd talked about it ad nauseam. tonight on the sci-fi network defiance. i've got a little sneak peek. it's also the first time in history that there's a video game associated with it. and what happens in the game can happen in the show and vice versa. the game has been active for about two weeks now. joined by syfy network president dave howe. lars, welcome. a big commitment by comcast nbc

and syfy. tell us about the show. you're a character in the tv show and you die. you die in the game? how does it work? >> you do. we share the same characters. we share the same mythology, the same world. it's like the singular world but two ways in. the tv series and the game. the two cross over over the 13 hours of the tv series. it's a very cool concept. no one's attempted it before. it's ground breaking in terms of the technology and the kind of co-development process. >> how far do you take the interaction? for example, if i'm on the game to what degree can i actually influence what the outcome is in future episodes in the tv? >> the game is completely live. anything that happens on television immediately happens in the game. because we have a great technology platform, we can reflect things immediately. that has never been accomplished before. gamers will also have the feeling they have influence over life and death of some of the beloved characters on television. it is really the holy grail of entertainment in many ways. we know from our gamers they're

super excited not only about the game but about the show launching tonight and the cross overs going forward. >> the game has already launched. you and i were talking over the break. you're saying it's been a huge uptake so far of the game. >> the game has been soft launched. obviously tonight the show starts and the real fun happens between the show and the game. but the game has come out, you know, and we have seen, you know, millions and millions of followers play it already. many stores already sold out. they're scrambling to replenish. we're extremely happy where we are today. >> dave, to what degree is this going to be a litmus test? if it's really successful do you have other ideas on the table you'll be talking about behind closed doors of further concurrent tv shows and also gaming going together in the future? >> absolutely. i think we've learned a hell of a lot in this exercise. it's taken us five years to get to today in terms of the development process. >> you started talking about this idea five years ago? >> we closed this joint venture five years ago. >> they didn't even have computers then. how did you come up with this? >> on a fax machine.

>> launches on all three gaming platforms, pc, xbox and play station 3. we've learned so much. we'll apply that to how we kind of think about entertainment story telling and character development going forward. this is the world consumers really want. they've all got multiple screens. they want to be able to live, eat and breathe that 24/7 world constantly. >> what happens when the tv show is over? >> what's great about this is, because we share the characters and the stories, at the end of the tv series the key, the lead characters, leave the tv series and join the game. the gamers can go on missions with our characters. >> unless they're dead. >> unless we kill them off. they may not come back. >> the game is on 24/7 even now. the show is half an hour, an hour and so on. the game is all the time. you have night and day. it's a living world. it changes all the time. with the tv show and on its own. >> just out of interest, have you already taped all of the episodes for the tv show or are you perhaps leaving a few at the

end to wait and see, perhaps, what those that are on the game want to see happen. >> the tv series is shot. but all of the interactivity, choreography, it's like a roller coaster ride. it's kind of preplanned. but once you're on it, you can't get off. >> if the city blows up in the fourth episode of the show and i'm online, that city is going to be a smoldering ruin. >> absolutely. >> it's not coming back. >> no. >> it's a realtime world. >> unless you rebuild it. unless you do something in the world to rebuild it. >> you can change the outcome. >> you can. >> we got to go. you guys must have a hell of a lot of computing power behind this. seriously. that's got to take a lot of muscle. >> it's a global tv series on a global game. it launches in 55 territories this week. >> can't wait to see it. >> so exciting. dave and lars, thank you so much. be sure to catch "defiance" tonight 9:00 eastern time on syfy. syfy a sister network to our parent company nbcuniversal which is owned by comcast, as we know the world's greatest

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