>> go ahead. all you. >> oh, it is going to be delicious. >> you're diving in? >> you eat food on television. >> we took a picture of this. our producer, she was ready to eat it already. >> all right. >> take care. >> how is it? hi, everybody. good afternoon. welcome to the "closing bell." the dow industrials well on to breaking a three-day losing streak. triple digit rally right here. scott wapner at headquarters. >> i'm scott wapner at cnbc global headquarters. we are watching this market closely on today's show as we always do. stocks fairing remarkably well considering the carnage in japan overnight. that market officially if bear territory. the next domino to fall will be the u.s. stock market.

they will tell us why he says that, maria. >> very much a focus on wall street. we have reaction to the story reported on cnbc that some elite traders pay to get a lock at data. many asking why this is illegal. we will explore who will be looking into that and close that hole in the law. >> would you pay $25 for a ticket to see iron man? that is exactly where the movie business is heading. lucas sharing a stage with julia. stay tuned for that shocker. 25 bucks, maria? >> would you pay that, scott? it is get morgue expensive. >> no. >> in the market, this final hour of trading, a rally under here. and with the highs of the afternoon heading into this final stretch. dow jones up 135 points. last trade there.

first rally of the week for this market. up almost 1%. nasdaq looking at double-digit move. take a look. nasdaq at highs of the session with a gain of 35 points. higher on nasdaq and standard and poors poors. as you can see, sitting right at 1630, scott. >> hank smith, michael gallet from rotation fund, warren meyers, and our very own rick santelli joining us as he always does. beginning of may, ten-year treasury yield is now at 220. volatile and the velocity of that move has been quite shocking to some. what is most important to you? the velocity of the move we've seen in rates or is it the velocity of the strength we've seen in the yen?

i would say that the increase you are referring to in a short period of time is significant. what it it saying is it is issues of weakness in europe and large groups of central banks doing the same types of policy that it readjusted. but there is a silver lining, if you want to call it that. and it wasn't until the last quarter of 2011 were we ever even breached 2% at all in my data base goes back to the eisenhower administration. so the rate of change was important but i think a the these levels we all need to settle back a bit. monitor leverage in the system but realize that there's a lot of reasons interest rates can go up but one giant one that says it can. and that is, the global intricacies of economy all tied together just aren't really moving along on all eight cylinders. >> michael, let me ask you your

thoughts on this market. very nervous the last couple of weeks. now we have a rally. do we believe in it. >> the most bull, case for stocks is the oversold nature of the inflation trait when you look at emerging markets which i collapsed. and when you look at inflation expectations which have fallen off of a cliff since the end of january, i find it hard to believe that central banks will destroy their precious wealth effect. that means next week's meeting could be important. everyone is afraid of falling stocks and falling bonds. we may be on the cusp of the exact opposite if the fed begins to talk about doing more rather than tape are. >> are you expecting any big news next week out of the fed? >> no. i think it is going to be much of the same look if they are very data dependent. we do expect them to start tapering this fall. but again, data dependent and is it going to be very gradual and well advised and not going to be market moving. but the volatility we've experienced recently is all

about the unsrnty of the fed, timing and the extent of their action. and we think that's going to continue for the rest of the year. >> warren meyers, about this volatility, how are you and the other guys and gals on the floor playing it right now? >> makes for exciting days, i will put it that way. o volatility jumped a enjumped from when bernanke announced he released the minute last time. all eyes on the announcement coming up next week. everybody is looking for more clarity. in the interim we know the volatility is up. everyone is watching the vix. seems to me that level around 18 bucks is when people think it reached its short term peak and it pulls in from there. anywhere from down below 13 and 14 handle and certainly an opportunity to buy that. people are trading the overall market based off of those levels. >> what are you expecting on the close here, warren? >> from what i saw the early market close, looks slightly to the bye side. i'm expecting the market to hold

here maybe climb a little bit into the bell. >> rick, back to you. i have an e-mail from a well known and well respected manager who said the following. take away from the past three weeks? japan is that qe equals calm and happy paradigm has handed. what would you make of that comment? >> i totally agree. i absolutely agree. i can't tell you with the fed or bank of japan or ecb or bank of england are going to do. but what i can tell you is even in in the managed form with huge position of treasuries owned by the federal reserve, these markets can reach technical factors mostly dependent on leverage and credit quality that will be able to surprise and actually promote and be the catalyst of their own move higher at some point. >> are you worried about japan here, michael? >> i don't think japan is as correlated to the u.s. market as it is made out to be. as one of my twitter followers

said, one of the best performing bear markets in history, if it is a bear market. this schizophrenia about the end of qe replaced by paranoia given the warnings at the global economy, might be heading into recession this year. that means the fed will do what it does, which is more. every time the fed pulls back, these are facts. biggest mistakes are the bankers have done isen is underestimate what the bank of japan has done. >> all of the central bank stimulus around the world is in a sense a free pass for investors that the stock market, because it has risen so much as a result of the stimulus, will continue to do so. if there is a paradigm shift, and that's about to change, what does that mean? >> if there is a paradigm shift, it is on stronger footing and

kwaunt tate you've easing is helpful. but the fact there is tremendous profit growth the past four years, tremendous balance sheets and we are beginning to see confidence replace uncertainty and fear and we are only at the very beginning of that trend. so with all the money on the side lines and cash and bond funds, we can see stock prices much higher over the next couple of years. >> one asterisk though, guys, one asterisk. we are five years, five years, after these programs began. five years ago, ben bernanke would have told the world, listen. here is what i'm going to do. in five years you are still under 2% growth. what would the world have said? >> unlimited sometimes is not enough. >> that's what krugman would have said. but let's talk about more rational outcomes. >> all right, everybody. we will ponder that. thank you, rick. thank you, everybody.

we appreciate it. market up 150 point, scott. >> yeah, strong come back market today. we look at what is moving today. josh? >> scott, less than an hour to go until close, review of what is working. s&p, newspaper chain bying for 1.8. pvh with quarterly results. and laggers include red hat where bmo cut the price target to 50 bucks. tiffany and eli lilly slipping into the red. as for the dow. microsoft and dupont says it experts earnings to be at low end of the its forecast. for leaders, ibm, united tech and 3m. here is what the company told

cnbc. >> today we have a very strong base. which we can draw our baseline. we are not thinking at the moment of the acquisition. we can grow nicely on the base. >> scott, over to you. >> all right, josh lipton. there are 50 minutes to go before the "closing bell" rings on this wet and rainy day on wall street. maria, dow holding on to a big gain of 150 points. s&p positive as well. stocks snapping back from the sell-off of the year. >> scott, did you get this tweet in social media stocks are soaring. don't tell that to face book. the stock getting crushed compared it high-flying competitors. we will go to hash tag and what is wrong with facebook. >> what is going on with lululemon? then the chairman unloaded company stock at a very inopportune time. we will find out if this is a

stock that should be in your portfolio. >> hollywood tightens. steven spielburg and george lucas have been at forefront of how you view movies. now they may be changing prices.

the settingor getting a big boost so far this year app angie's list up 114% this year. yelp, linkedin, groupon, all up more than 40% to date. facebook seems to be the only one left out of the party. >> what are other social media companies doing right that facebook seems to be doing wrong? with us is anthony from barclays. welcome to ""closing bell"". >> thank you. >> the stock that turned out to be a tease of late, why can't it do anything right? it got 30, then all down hill from there. >> i this i there is a pervasive question is, is the level of engage the on the facebook platform, to drive the return on investment for brand of marketers.

as you know, it is a growing media landscape. you have pinterest which facebook owns. this could be a good thing for face book as the incumbent to grow the pie or are they question marks for investors in terms of taking engagement away particularly for younger demographics on facebook. that's the fundamental question. you layer on top of that, the fact that there are questions about margins and modernization. the question is, is it a buy down here? i will say, we have an equal way of rating on the stock. we are warming up to it on these levels. given our price target. we would like to see a bet are acceleration in terms of advertising modernization and we with like more comfort in terms of engagement with the user. >> analysts upgrading their

stance on facebook. they are seeing something regular investor aren't. but what do you make of these upgrades? valuation call, you think? >> i can't speak for competitor upgrade. i this i there is product face book is launching. they have been aggressive about launching new product or forms of modernization. what i would like to see is facebook to see a platform to have a broader ecosystem so when you log on to your smart phone, facebook is there, sort of integrated into all or most apps. there are things like e-commerce and things like media distribution. do they have to do that? no. but part of the problem is of face book is that it would become a comprehensive broad web services platform the way google is in terms of google's products, map search and youtube and so forth.

investors and analysts get excited about some or other of the products or ad formats and that could be with revival -- >> julia boorstin knows this company bet are than anyone. julia, from our sources, what do people make of facebook's inability to keep up with other companies? the fact that it got to that level of 30. everybody thought it was back and then in fact it had gone in reverse since then. what are your sources telling you why? >> i think it does come down to mobile. anthony mentioned that face book would be, wherever you are on your smart phone. and facebook did launch or the introduction of its face book home app, sort of a mobile super app. but a lot of disappointment but how it was received once it was available. i think there is concern that face book understands its mobile issue and understands it needs to make more money on mobile devices but there are worries people won't want to see the ads in the news stream on their

mobile devices and that could be frustrating. and their attempts to redo the way people use facebook on their mobile devices hasn't been well received. and there is a question of how they interact with madison avenue. just this week facebook changed -- or maybe last week, within the last peek, changed the way they interact with madison avenue. slashing the number of ads they have, ad formats because they are trying it make it easier for madison avenue. they acknowledge they have a problem speaking the same language as ad buyers. if they can get advertiser on board they say this have have the return on investment metrics to convince them to stay and save more. but right new they are transitioning to focus more mobile and transitioning to work better with madison avenue. >> we will leave it there. thanks, everybody. we will keep following. ree appreciate your time and see you soon. >> i hope you will check out my firsted linkedin post. i talk about the marriage of

technology and healthcare. i believe this is the space it watch for investable ideas. we are seeing real inonovation f healthcare and technology. i this i this is just in its infancy. i will have more coming up. >> with 40 minutes to go before the bell rings, dow near the highs of the day. look at that. 160 point, maria. this is the final and most important hour of the trading day for a reason. >> love it. lululemon is getting quite the workout. not for the bet are. surprise resignation has the street wondering how fit the stock is. we will talk numbers next. >> dominos is a financial gain but now the markets are falling like dominos. at least some are. later, a new take on the domino theory. stay with us. s trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office,

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lululemon shares surging today but the company is in choppy water. josh lipton has the latest. job? >> scott, the news today, lululemon chairman sold stock worth about $50 million on friday. ahead of the surprise announcement monday that lulu's ceo kristin day, would be stepping down. part of a preset plan of regulatory filing today. lu

lulu's price today cut. >> josh, thank you. is lululemon a buy today at these numbers? richard ross's global technical strategist. good to see you guys. let's talk charts. what does the chart look like in your view? >> maria, i tell you, all issues aside, this stock is clearly a buy down here. as we know in this business, climbing is everything. and when you pull up that daily chart, clarearly we can see tha backdrop of a slow global take earlier this week is extremely poor timing. setting up that double top and commensurate 18% decline. we think that created a compelling buying opportunity down here. we think the stock trades back up to that prior support. now resistant, up around $78. if you want to be a a buyer done here at this end of the 12-month trading range. >> what do you think, zach?

>> transparency aside for lululemon, i think this is clearly -- it is still a fundamental story that is pretty compelling. this has a high level of brand awareness. very loyal customer base. they are in this space of kind of athletic lifestyle wear where people attach their self worth to the brand. i don't think the issuis of the production of the line or the other, what could be a damning time of sale for the part of the chairman will change that fundamental story. i don't think the stock should be far from where it was before its 25% correction, however, just keep that in mind. >> what do you need to see in terms of being a buyer? >> look, i think there is a trading reality here because after strong fundamental story. meaning the trade ran really negatively to what went on with the news that doesn't change the

fundamental story. but above $80 or something, it is a pricey name. are they opening more stores or developing a more diversified product line. >> zach, great point. aonly 150 stores here in the u.s. p. maria, i passed 147 starbucks on my way to the studio. this company is going into europe, asia, tennis and golf. the growth is ahead of this company, not behind it. >> that being said, they have to prove it. it is a competitive world with under armour and nike. they still have to prove it. >> thank you, gentlemen. it today we are looking at a gain on lululemon. market very strong today. we have a bias to the buy side with dow jones up 154 points today. scotty? >> maria, national security agency leak with an uproar across the country including

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we want to show you names not participating. michael kors has been a great performer, down today, 1 1/3 percent. tiffany also down 1 1/3 percent. handful of retailers participating on this day with the market very strong. let's get to bob in the middle of all the action. bob? >> a turn around in the groups most beaten up economically stocks. take a look. transports particularly strong.

cyclical index, cyc leading over the index. sure sign of risk on. housing stocks turning around a little bit. itv moving to the upside. defensive interest rate sensitive names are still up. but they are sort of lagging today. utilities are lagging on the upside but lagging. pharmaceutical stocks in the same situation. one sector doing great on very specific news, all of the big publishers on the deal. meredith media, journal and ew scripps. look at ew scripps up better than 11%. finally, guys, one group that never really had a big sell-off was the banking stocks. they've held up very, very well despite the fact that bonds and interest rates move to the down side, they the bank index i know this sounds shocking. not far from a new high. never sold off that much. back to you. >> thanks so much financials with the second best performance for the year. check out the index.

bob is just saying up over 19% that's since the beginning of 2013. is there still time to get in on the rally and which names should you buy right now. hennessey funds and according to morningstar he is the most tenure portfolio manager. 30 years of experience under his belt, joining us now from the 2 th annual morningstar investment conference in chicago. sir, great to have you on the show and all of the experience do you bring with it. so let me ask you what do you make of the financials right here right now in the current environment as we continue to watch yields. been a bit after rocky week for the space which clearly has done well year to date. rising rates will help the industry. and we worry about the effect on margins.

i think it much the same. the economy is getting better and the stocks are relatively cheap. how do you think the fed the beginning of the end of qe, how does the world look? once the fed begins this and starts buying, you know, fewer and fewer bonds. maybe to 50 billion rather than 85 billion. do you think we see a big impact on the market? >> well, i personally and sort of imbedding financially that they won't do anything. they will stay with what they're doing. they don't want to upset apple cart. they node a healthy market to create jobs. they need a healthy housing market to get people out of debt and get, you know, that part of the sector going. and so for them to come in and disrupt this process, without any real evidence, that things were getting that much better, i think is wrong. and the unemployment numbers are not where they should be, frankly. still pretty lousy if you really look at the data.

so my feeling is they will stay where they are at 80 billion for probably another year, if not longer. >> rates above 2% and perhaps 3% or wherever they may end up in the, you know, fair to near term. not so bad for banks, right? if there is one area of the market that will perform well in a rising rate environment, this is the place to look. >> again, i don't think rates will go up that much but again if you tack on 50 basis point to the mortgage rate, that a big impact on bank margins, even though it doesn't have that much after mortgage payment. i think if your margin is 2% and gu to 250 because mortgage rates go up 50 basis points, that's 2 a% increase in your margin on a very small increase in mortgage rates. it won't happen right away but over time it'll have a big impact. but again, i think the economy, still has a lot of improving it needs to do. especially on the employment

side. wages aren't growing. that will keep the feds doing what they are doing. rock bottom numbers in terms of rates anywhere you look i would have expected more deal flow. than what we have seen this year. to what do you attribute, is it a confidence issue, how come we're not seeing more activity given -- we will look back one day and say, remember the day we could have borrowed at 3%. remember when the tenure was below 2%. >> i think there's no inflation. so if you go back to the 80s, rates are high. because there was inflation. and people could buy an asset and spend 12% on the mortgage but the price is rising and especially commercial real estate. here there is inflation and also too, there isn't the growth and jobs and people aren't getting raises. so they don't have the money to pay even at 4 or 5% mortgage rate. i think it is the jobs issue is much bigger than i think people are making it out to be. people are not getting salary

increases. people do get jobs are not getting salaries they were getting two or three years ago. there just isn't the activity and economy drive n by jobs as there was for many, years. >> what is your top stock pick for today. >> again, hennessey funds. we own a lot of big names. i like the big banks. they have a lot of assets. they have a lot of people they can layoff or redistribute from a point of bonuses and incomes. and smaller banks, opportunity there is more eclectic. but big banks are cheap and they have a lot to do to make themselves better the next three to five years. >> all right. we will be watching. it is amazing that financials have done as well as te have with uncertainties about regulation p. to what would you attribute this strength? >> well, i think the regulations are actually a good thing. it is making them safer. it may be reducing their return

on equity and return on assets which is the major measures of how they are valued. but they are a safer company than three years ago or five years ago and they will be safe ear year from now. and that stabilized in a sense the economy which is why we see the economy more stable than it was four or five years ago and i think the stocks are reflecting that. that these actually are companies that actually are much better run and much safer. that's what people are looking for. they are not looking for this crazy stuff that they were four or five years ago. >> good to have you on the program. thank you. >> welcome. >> we are in final stretch of trading for a day. we have art cash who just came on over to tell us that things have changed to the sell side. he is not expecting this to be a big move but this could cap some of the gains that we are seeing here. scott, as we approach the final few minutes. 20 minutes before the "closing bell" sounds. >> nice snap back. first three-day sell off we have

seen since the start of the year. who could forget when rupert murdoch's wife left and someone hurled a pie at his face. no one his wife filed for divorce and we will find out what the impact could be on his company. >> the state of the market and how should you be protecting yourself. we will talk to traders ahead in the cloe. that and more coming up on the "closing bell." stay with us. has a lot going on in her life. wife, mother, marathoner. but one day it's just gonna be james and her. so as their financial advisor, i'm helping them look at their complete financial picture -- even the money they've invested elsewhere -- to create a plan that can help weather all kinds of markets. because that's how they're getting ready, for all the things they want to do. [ female announcer ] when people talk, great things can happen. so start a conversation with an advisor who's fully invested in you. wells fargo advisors. together we'll go far. we know some people are never satisfied with a good idea. wells fargo advisors. and work day and night until they end up in a place that no one ever dreamed of.

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luxury retail but i'm having a hard time finding groups as a whole looking in the red right now. >> for sure. >> some of the strength today sclaerly in the financial stocks j.p. morgan is up 1 3/4%. cat piller up intel up 2%. j & j we mentioned so yeah, broad-based as you said. >> absolutely. >> now up better than 1% on the

dow. media mogul rupert murdoch is getting divorced from his third wife, wendy dang murdoch. >> vanity fair cnbc con trit contributor and our very own sarah ellison. >> this is a huge shock to everyone. this has been bubbling along for a while. the two increasingly leading separate lives. wendy pursuing her own career in production in hollywood and increasingly going by the name wendy dang instead of wendy murdoch. so for people paying attention, this is not a shock.

>> her two children have nonvoting shares in trust so they are not part of that 39.4% voting block that the rest of the family or rest of the children and rupert himself have control over. this is -- was done, my understanding from insiders as sort of a transparency move and clearing the decks before the company split. though we don't know the whole story. one person i talked to said that something bigger happened which was -- which spurred this move so i think we have more of the story to come now. what do you think, robert? >> yeah. yeah. i think sarah nailed it. i think the impact on the company won't be that great. i think we don't know quite the whole story. there are a lot of rumors floating around. what we can say is that i learned there is a pre-nuptual agreement. it is ironclad. after the divorce that rupert had from anna, a $1.7 million

divorce. he is now worth 12 billion. pretty unlikely she can break that. the financial impact it him and the company will be limited. i should say if and only if this turns out to be amicable. >> he is 82. okay. the stock has had a great run. both over year and year to date. does this have any impact on how he may remain at the top of the company. >> given what friends say this is less stress in his life. not having to worry about rumors and what he is on him and wendy. there is any material issues out there and building for a long time. he doesn't want the sec to say you sued have had shareholders. and focus on the restructuring. one reason wendy and he weren't getting along is he was so focused a hundred percent on the restructuring that it was are straining relationship.

>> all right. guys, good talking to you. maria? >> thank you. >> we are in the final stretch. about 15 minutes, the market is at the highs of the day. we can go to 200 here. look at this market. 186 points higher. financials, technology. economically sensitive names in the lead today. >> yes and big buying going into the close and we will get our market's best ideas on how to position your portfolio on the market. >> after the bell, we will talk it a market expert who says the global financial market falling like dominos. wait until you hear what he said, the next one to go down will be. that and more coming your way on "closing bell," next. [ male announcer ] we've been conditioned to accept less and less in the name of style and sophistication.

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sell in may didn't happen this year but it will be a bloom in june? >> we will come up with anything. a market up 204 point, do you want to buy this market or sell it? >> well, it didn't matter what i want it do, it is what investors want to do. >> well, what is your opinion? >> my opinion or our opinion, speaking on behalf of raymond

james, is remain cautious. we think that still believe everyone is waiting for a pull back. we are finally getting one. no time to be shy today. >> so what is going on? >> i think we are seeing the fact that japan last night, obviously we saw the fall there. a lot of people are trying to anticipate what will happen with the fed next wednesday. so we are seeing increased volatility in the market and i think wednesday is going to be the pivot point where most people will be looking forward to seeing what type of timeframe they will have for qe3 on-line. >> i'm trying to get a sense of why the market is up 200 points. does it have to do with the fed? >> i think it could be the fact that things are so dismal out of japan last night that people could think on wednesday that it could compel the fed to postpone and unwind qe3. >> very good analysis. scott? >> dan, do you think the volatility will last all month or would it quiet down once the fed is finished next week? >> i think all eyes right now

are on the fed meeting june 18 and 19 so once we get through that where there is a darth of catalyst until we get q2 earnings until the end of july. so volatility, should all things being equal settle down, but again this is a market right now very much driven by macro items, end trade or unwinding thereof. there is a lot of stuff overseas driving the market again like we saw in recent past. >> should we be worried about that? we are so focused on japan. is that warranted? >> i think any time you see fires burning in turkey or something like that that it warrants some wary eye. but again, you know, it comes down to, where are you going to put your money? yields are getting better. but are you chasing bond? a lot of people talk about the bull market and bonds being over. do you keep it in cash and hold it for the buy back? that's what we are seeing a lot of. you are not seeing rotation no other asset classes. >> what part of the market looks

most attractive to you now at a time where we see rates back up. where do you want to play? >> well, again, i'm on the floor of the nyc, i'm not a financial adviser so i can't advise you -- >> no, but where do you see -- >> where is the conviction. >> do you see buyers in any one dwr group? >> well, if there a momentum shift going forward, you will see money moving into the defensive plays. if you think the volatility is moving forward and you want to protect yourself, it is the way it go. >> dan, i foal like the conversation has changed. in the last two weeks we worried about japan and now we are waiting for the fed. do you think the fed pulls back thissier year or is this a 201 affair? >> a 2014 affair. >> then why sell stocks? >> even if you take profits off

the table, you are looking things in. getting back to sell in may and good away. >> or a june swoon. >> one or the other. >> sell in may, go away, didn't come true this year. and the reality is those stocks have been volatility, though we've had down days. not like a tremendous correction. i don't think we had a full 5% move on the s&p yet. we may have gotten close to that but we haven't had a woosh out. so what makes you believe that we will have that? >> in reality, sell in may did happen given that the market high was on may 21st. while this hasn't been a woosh where you shake out, volume has been light. it is a matter of people taking profits or picking spots more carefully and realizing they won't get too far behind the market and they can get more choosey. >> we will leave it there. thank you gentlemen. appreciate your time. don't miss fast money tonight.

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. welcome back. time for closing countdown. let's show you where we stand as we head right towards the close here. we are at the highs of the day, just thereabouts. almost 200 point game for the dow. three point day losing streak of the day. good for 1.5%. nasdaq behind me as well. pretty strong day for a number of areas. let's look at heat map here. i want to show you some of the strength within the market. there is a sector heat map. you have energy performing quite well. i mentioned names that had done well today. caterpillar certainly won. intel is technology stocks did well and how about those financials and nice move, pretty

much across the board for many of the names, whether j.p. morgan or some other names certainly within that space. back with us on the floor is keith bliss. so keith, set us up for tomorrow after we've had this three-day losing streak. now we have this sharp come back, friday could be, you know, anything goes. whether do you expect? >> yeah. friday could be an anything goes. especially when you consider -- we expect to see more volatility enter into the market. we caught the s&p oversold. this is not at all surprising to us. you need a couple of catalyst lining today and you have people getting caught short inside of the market. they have been trying to short the market and off you go. you have 1.5% day. you. >> you think this is a short covering. >> seems like with some of the conversations we've had with client the last couple of hours, people fwgot short. so anybody in this marketed to put very tight stops on it

because of getting carried out all year and that accelerates the year up. >> navigate your plan ahead of the fed. what are you expecting? how do you want to trade around? >> we think the bullish behavior sentiment is still in tact. i don't think we will hear anything new from the fed. i think they are getting their bond buying program in tact which again will catch people trying to short this market on the wrong side of the trade. i think we get back up to where we the s&p neutral. >> you are a buyer. >> i am a buyer. >> scott? >> tough market. you say smart money may have left but one thing that is back and back with a vengeance is volatility. scaring a lot of people. >> it is. >> not today. vix is down today. >> one of the roens that smart money is left is because of the volatility and they will hang around and see what ben bernanke says and then they will jump back in and set up positions accordingly. >> i will get ready for the next hour. we are going it look at those movie tight yns make something bold comments.

joining us for "closing bell" the next hour. thanks for joining us, keith. >> maria, see you soon. picking up the second hour of second bell. keith, what are you watching most closely? are you paying attention to what rates are doing? or dollar yen as the dollar weakens towards the yen breaking 9 a tod 95 today? >> we try to assess data point coming out. . the answer to your question is we are wuchiatching all of that. the commodity markets and fixed income as it relates it equities will drive behavior one way or the other. you will see rotation from one asset class into the other. see things within the equity market get extended whether s&p aggregate or vix gets overbought as we saw today. there is a natural relationship between the vix being overbought and s&p oversold on june 5th. that's what we are playing on right now. >> you think it is temporary rotation or more long lasting?

>> we have to see about that. i'm not sure when you talk to cloia client. we will see when the s&p gets up to 60 and 80. we keep coming back and the only way we -- only place we are back up to is 50-day average. >> maria picks it up next. big gain for the dow today. and it is 4:00 on wall street. do you know where your money is? welcome back to the "closing bell." triple digit rally on wall street today. the dow jones industrial average snaps its first three day losing streak of the year with a strong push in the final hour of trading up almost 200 point. take a lock at how we are settling on the street today. dow up, 1.25%. real momentum today. the gain of 1 1/3 percent of 45 percent on nasdaq.