cf industries and pioneer natural resources all have significant percentage gains. >> thank you very much. it's been another busy day on "power lunch." that will do it for this tuesday edition. >> "street signs" begins right now. are investors way under estimating risk? treasurely after mergers, all of that topping your headlines today. >> two hours left in the session. let's get right to our market report. what are we seeing in the treasury? seeing safe haven flows? >> you are seeing safe haven

play but i don't know it is an isis safe haven play, most likely a bit of retracement. should we close here at 253 yield? it will be two-week low yield close. >> this morning we woke up to bombing in syria and weak european data. we are negative today but not that negative. do we have any of the conditions in place that would have to exist to kill the stock market rally? >> not yet. not kill the stock market rally. the concern is slow growth. that will stall for sure. let's take a look at what kills stock market rallies. most important thing is global crisis. ukraine is a crisis. i think isis is a bit of a crisis. that is not strong enough. recessions kill stock market rallies. not in the u.s. we are not getting a recession. they are concerned with slow growth in europe, not really a recession yet. inflation would do it but we are not seeing it the way the fed measures is.

for sure rapid rise in interest rates would kill the stock market rally. the fed told us it got out of control. i don't see big headlines that would kill the rally. slow growth is the issue and that could stall a rally. my feeling is after a few days of this if the traditional pattern holds i think we will see people picking at the bottom here and trying to buy around it. by then we will have earnings come into play. earnings will be good. s&p held up very well here. 6% earnings growth is what we are anticipating. we ended up at almost 10%. if the pattern holds we get 10% for the third quarter enough to sustain the rally right now. the conditions to kill everything i don't see it right now. >> allow me to piggy back, the rapid rise in interest rates. i know the fed has said what they have said. the recent performance of banks and insurance stocks in the

market lead some to believe that higher rates may be coming because those sectors out perform when rates go up. it seems like certain parts of the market are suggesting higher rates may be coming sooner than later. >> i agree with you and your point on banks. that is the reason they are up. higher rates doesn't mean they get out of control. we go from 2.5 to 3.5 on the ten year in 30 days that will kill the stock market realliy. that is out of control rise in rates. they want a modest rise in rates. if that happens the fed i believe will intervene. i think the fed will come in if this thing gets away from them. they will try to act to stop that. they want to control the rising rates. i don't approve of that myself. is it more obvious that that is what they are trying to do, engineer a slow gradual rise. >> thank you very much. let's bring in john hilar

and mcdonald. when i look at the volatility index it is up a little bit. do you think given everything that is going on the market is under performing or under pricing risk or pricing it fairly? >> think about this since july 3 the s&p's been essentially flat. 1985 on july 3. but the vix is up 38% since july 3. high yield is massively under performing equities. so i'm seeing institutional investors put on some risk hemgs here. they are not happy with global systemic risk and the crisis in the middle east and taking risk off the table. >> how much do we need to worry about the risk? recently you did an annual survey seeing one of the biggest problems is an emotional

reaction to events going on around them. >> you can talk about institutional and the average individual investor and basically we have a financial adviser research study and the top challenge facing them is an emotional reaction to the market. it was interesting to go through these things, things we didn't mention was ukraine and numbers coming out of china. you look at the economic situation in japan. on top of that political issues that are facing the world and yet investors have been holding true. it has been an interesting situation even with the vix and increase in volatility you have seen money continue to come into the u.s. markets. i wonder, though, the american investors have gotten so used to for the last four or five years the market continuing to climb come high or literally high water as we had here in the east coast a while back. i wonder if we have gotten to a point of complacency where we are not prepared for anything

else. >> or have we gotten better? has the investor or the financial adviser gotten better? since 2008 we have had so many volatile days that are beginning to focus on long term investing and building portfolios that are durable to withstand market volatilities. to me it will be an the tropical stormi storming -- it will be an interesting trend. for some redemption rates are lowest than in years. i think we could be seeing the trend towards i have to look at this long term. >> that is a very good point. one of the biggest casualties of the recent drought has been emerging markets and is a function of fear of interest rates rising in the united states. are there buying opportunities being created? there are various european

markets which are down 10% from recent highs. three weeks ago emerging markets were crushing u.s. accounts in 2014. i think the brazilian equities are down about 17% over the last three or four weeks and has been a perfect storm of negativity. you have had the strong dollar and potential fed exit risk. and then the radical socialist leftist is actually improved in the polls a little bit in brazil. that set up a good dynamic. the risk and reward here is outstanding. >> do you think it is better to put your money overseas than in the u.s. right now? >> absolutely. i think if you look at rice to book, price to earnings not just european but mainly latin america and brazilian accounts are trading much, much cheaper.

>> thank you very much for your thoughts. it is now time for the other big story of the day. the corporate world responding to the treasury department's war on those so-called tax inversions. could this end up back firing? >> sink your teeth into today's mystery chart. you are listening to the best performing restaurant stock chart this month, this quarter, this year. get your guesses in. "street signs" returns.

u.s. treasury secretary warned us, issuing new rules trying to discourage companies from moving headquarters overseas for tax reasons. >> these are specific steps the treasury is taking saying the effective date is yesterday after that these regulations are expected to be applied and they make it a lot more expensive for companies in certain circumstances to do these tax inversions. a lot of speculation today that there might be a legal challenge to this. some of the companies who are impacted might sue but my sense is here that treasury is confident they will be able to do this and it will be fairly bullet proof legally. take a look at a statement from a treasury official. they said after a review of

broad range of authorities we have grounded our actions in a strong legal and policy basis. that is a fairly strong expression of confidence from treasury that what they did will stand up. talking to folks on the hill you are getting the sense that they stayed within the corners of their legal authority not to say that the companies involved are not going to feel like they got a raw deal with treasury announcing this as impacting deals that might be pending as of the date of enactment which was yesterday. all of the people caught in mid stream might just be caught. >> we appreciate it. the treasury's plan is no doubt a controversial one. let's dig in. douglas holt says the plan is worst than doing nothing. douglas, how can you say it is

worse than doing nothing? aren't we ticked off at d.c. for doing nothing already? >> it certainly should have done tax reform by now but hasn't. if you look at the typical deal there is good news. there is a beneficial business opportunity for u.s. firm and then there is bad news when you run the numbers our tax code dictates that the headquarters has to be abroad. that latter has nothing to do with who initiates the transaction. it will still be true that foreign firms will have a tax advantage against u.s. firms and either beat them in the market or buy them and the headquarters go from the u.s. the problem here is losing headquarters and what the treasury has done doesn't solve that. when they go after the inversions the policies they chose are ones that create uncertainty and are not well designed. they consist of taking transactions and re-characterizing them. reaching back in time or letting

something arbitrary so no idea how this will play out. you have bad policy. >> kind of like a more efficient [ inaudible ]. >> might be surprising but i agree with douglas. the issue here is that we have corporations who benefit from investments in the economy and education and infrastructure within the u.s. and keep majority here who use legal loopholes to avoid paying taxes. the treasury and congress has made noises that this has to stop. i think recharacterizing loans that are given between partner companies to shift profits from

one tax jurisdiction to another and to recharacterize as equities i think is a stop gap measure but long been on the table and discussed and it certainly puts pressure on lawmakers to do the right thing to ultimately address corporate tax reform. the issue is not whether this is good business interest. companies are profitable and playing games. >> how big is an extraordinary dividend? what does that mean to a firm trying to run its internal finances and contemplating a merger acquisition? >> i think we are going to have some of these discussions over time. at this point we know the burger king deal and other deals are clearly meant to avoid taxes shifting towards lower tax jurisdictions. much of the tax inversions happen towards very, very low tax --

>> i disagree. i think you have to emphasize at the beginning that this is a good deal for burger king and tim horton. you look at -- >> the majority still remains in the united states. >> can i ask a different question here? not to take heat off of our segment, i don't like inversions, either. i tweeted out earlier the government spent $3.2 trillion this year and taken in $2.6 trillion. inversions are about $2 billion a year. i would like to have the $2 billion. why are we making such a big deal over something that is literally 0.04% of tax revenue. >> well, part of it is like many of the small tax loopholes add up to a lot of money.

>> this is like bill gates dropping a penny. >> the other part is you have to remember there is a bigger picture issue here that both have made and both the treasury and congress have made. tax inversion is just one sign of a tax code that has gone awry, that congress has to clean the mess up that is the tax code. >> do you think they will? you said you believe congress will do the right thing. i think having faith in them just doing the right thing might be misplaced? >> i'm not sure like we probably disagree on what the right thing is. i think the treasury announcement opens the door for more public conversations about what the tax code should and shouldn't do and where reforms are necessary. i think the treasury action increases pressure on congress to act on tax inversion on a number of other issues that have bubbled up over the years. i think the politics play at this point towards put the

pressure, tip the scale, whatever you want, towards more tax reform with this action. >> they don't like their headquarters moving overseas. it sounds like you are standing by your conviction that if we don't allow companies to move over there they will come here like we had two german companies do in one day and send headquarters overseas anyway. >> arithmetic undeniable. one other problem with that. there are deals on the table that they are using the power of the treasury to try to quash. is that really good public policy? how does that help america? >> on that note, thank you very much for joining us. is there big money in bad servers? wait until you hear the name ofrt most profitable?

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last few minutes we had a big stock moving sharply higher by a couple of bucks here. >> shares are popping after bloomberg reported pfizer has said to have approached about a possible merger. stocks up almost 3% right now. back to you guys. >> today is the official first day of fall but united airlines is already prepping for winter. plnz to cut seating capacity by 6.3%. with the deepest cutbacks at washington dulles where seats were full by 14%. seats to tokyo would fall by 17% all part of the airline's strategies to match capacity with travel demand and demand for flying was weakest in february. supply and demand. right now united is currently trading up by 1.3%. a new report by airline

weekly ranks most profitable airlines in the world. you might be surprised by the airlines at the top of the pack. is it emirates or detailed perfection of ama. you would have thunk it would be one of these airlines. it is not. >> it's not. the highest operating margins for standardizing airlines for different sizes around the world in the u.s. it is spirit. after that allegiant. if you ask people if they rather supply spirit or jet blue they say jet blue. how does spirit do so well, giving people what they pay for but not more than that. it costs a lot more money to deliver what jet blue or virgin

america believes. >> there is one called mother of all savings, they have a $9 fare club. i don't know how they make money. >> they make money by guaranteeing safe travel. that's about it. anything else that you want you pay for. they have taken this, unbundling to an extreme. even the seat assignment. saying i want to sit in a particular seat for them that is an extra. if you think about some other airlines -- jet blue is the example of the most bundled where everybody gets satellite tv, free checked bag, lots of leg room which is about the most expensive thing of all. when you don't have as many people on the flight you have the same fixed costs, the same two pilots but you don't get to divide the costs meng as many passengers. if you have some people on the flight who don't have enough

money or don't care about extras you are not going to make as much money. >> trust me, i have flown spirit airlines and the sticker price, the $9 or whatever it is you see is absolutely not what you end up paying. you end up having to pay for pretty much everything including almost the air you breathe and ends up costing about the same of another airline but you are lured in by the cheap price is my personal experience. what are the least profitable airlines? >> in the world none of them -- this is significant, are in the u.s. or canada. big change from a decade ago when u.s. airlines were looking around the world saying how do we match singapore airlines or an airline like air france which at that time were doing much better. the airlines that are least profitable particularly come from southeast asia and that is because of something you mentioned a minute ago, united trying to better match supply

with demand. over there supply is way ahead of demand. malaysia airlines especially because of the incidents that they have had and airlines like pakistan international, least profitable in the world. >> what united is doing and i know delta matching supply with demand seems like perfect sense. i understand that airlines didn't do that historically. why not? >> they always took for granted that low season meant low fares. not as many people want to fly. they sort of turned that on its head and realize low season does mean low demand but you can get the same fares you get during high season but you have to fly a lot less to do it. and so if not as many people want to fly in february as july fly less. if not as many want to fly on tuesday as monday fly less on tuesday. delta has done a good job

turning itself around they do that day by day their schedule is very different. a big difference from how things used to be back when everybody thought the way to make money in the industry was keep the plane in the air. >> do you think the end of no leg room -- are we at peak uncomfortability at airlines? >> the airlines that are the densest in terms of configuration are at their limit. there are faa limits as to how many seats you put on the plane. when you mention spirit they are against the limit. it has to do with how quickly you can evacuate a plane. >> i hate regulation unless it benefits me. >> absolutely. don't we all. brace yourself because we -- are about to talk about a bold

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now you could have done it twice. this is awkward. go to comcastbusiness.com/ checkyourspeed. if we can't offer faster speeds or save you money we'll give you $150. comcast business built for business. the three market indexes are moving to the down side right now. this is a really interesting call. let's show you what is going on with gold. it is up only about $6. it is as much as you would normally expect considering we have bombing of u.s. and allies. there does seem to be weak sentiment towards gold. >> gold moves when there is currency instubble. >> a very strong dollar keeping

a lead on prices. >> gold has been terrible for three years and will stay terrible. >> that is your prediction, another three years? >> we make them every ye and that has been my prediction in print on cnbc. there is no use. you know what has use. >> put it around the neck. i'm sure your wife would agree. >> more of a silver guy. bronze. cf industries is the best performing stock up nearly 6%. car max is the worst performing stock in the s&p 500 down nearly 10%. >> time for something we do every day at this time "street talk." we do the work for you calls on stocks you need to know about. cleaning house on clorox. i wonder who wrote that.

citi group making comment on this stock. >> this follows the move higher yesterday. a lot of talk about will it get bought out. the analyst doesn't think so. he is reiterating a $77 price target. you do the math. it is a lot of down side. citi group cutting clorox to neutral. >> goldman sachs upgrading aegon. >> it is a dutch company so this is really the main stock trades in holland. stock is down 10% year to date. but it is up 11% in the last month. momentum turning higher. >> i can't pronounce that. northland security getting more bullish on glass specifically

one glass maker. >> called apo. architectural glass. they are boosting the target to $47. about 14% upside to the current price. >> coverage on sciences with a by. >> the price target is a little more eye opening. $22 is the price target. sangamo is $11. that is a doubling seen on sangamo. of all analysts who cover it everybody is wildly bullish on that company. >> and for another under the radar stock of the day packaging company getting an upgrade. >> pretty much our theme for the day. >> dutch and under the radar.

>> i hate to clog up the michigan based company that makes things like packaging. they make packaging as well as sealants for the oil business. global securities upping it to a speculative buy. they have an accumulate rating going from buy to really buy. >> the final oil trades are crossing for the day. let's get straight to bertha coombs. is it surprising that despite the large region prices aren't spiking. >> we don't see that anymore. even as we have bombing of islamic state by the u.s. and allies in syria we are not seeing that represented in the oil market to a great extent today. brent has been down much of the day. part of the reason is that despite the turmoil in the region production continues to rise both in iraq and in libya.

here in the u.s. we continue to produce, as well. today we get a little bit of a break breaking the four-day slide. so after the air strikes isis vowed revenge. much of the fury on saudi arabia which is not only the biggest oil producer in the world but the single biggest oil field in the world. the global economy needs it to be safe. with us former senior banking and adviser to government of iraq knows the region. not trying to spread concern but when i hear isis saying we are going after saudi arabia, saudi arabia has a gigantic oil field in the middle of nowhere how protected is that field? >> so look at it from two ways. from a military standpoint the military capabilities, i don't think isis has the capabilities to actually reach out and touch saudi arabia from across the

gulf. they don't have the ability to do that. however, there is many sects within saudi arabia and many are fundamentalests. the key to the saudi ability to rule there is their ability to play both secular side and more fundamental side. those fundamentalists are very sympathetic to isis. could something from the inside happen? that's far more likely. i'm not saying it is going to. i'm not suggesting that. that would be more of an ability of isis to influence what might happen in saudi arabia. >> isis gets quite a lot of revenue from oil smuggling and control a number of oil fields. do you think the u.s. would go so far to try to cut off revenue to a certain degree? would they go so far as to target those particular isis controlled properties or would that be completely out of the question? >> they mentioned that they are

open to that idea. the difficulty is trying to stop the smuggling. when we were in iraq there was a great deal of smuggling between iraq and iran. they have had ten years of developing a smuggling system in that whole area. to a large extent the kurds were very involved with that but they are fighting isis. so that kind of access to smuggling lanes is not going to be helpful. but there is tremendous smuggling going on and is very difficult to stop. we see it. we can see it on a daily basis. we can count the trucks as they go across. stopping it is like whack a mole. >> the good news is that there was data out that u.s. production came out at highest level since 1986. doesn't seem like you are too concerned about that region and

oil. you have seen pipe lines get blown up. >> those pipe lines are completely incapacitated right now. so it doesn't make a difference. the story on oil remains a supply story and demand is so weak. europe is practically in recession. china is not the buyer it used to be. there is not the demand. your first clue it if something bad happens in the middle east will be the brent wti spread. who has best intelligence in the middle east? the oil kaechs. they know if something happens before anybody else. when you see the spread begin to widen. right now it is about $5. back in 2009 it was 20 and then again when the -- >> kind of a sad state of affairs. thank you very much. the oil companies have the best intelligence in the middle east. >> with good reason.

i also want to mention extra supply from libya. i think iraq reaching a record. a lot of supply to try to counter act potential problems elsewhere. thank you. >> thank you very much. they call it the death cross. it is a term for what just happened to one stock index. two top money managers say don't fear the small cap reaper. >> last call to yesterday's mystery chart. maybe it is too easy. it is the best performing restaurant stock this month, this quarter and this year. some people wouldn't classify it as a restaurant. the big reveal coming up. chims sfx: ambient park noise, crane engine, music begins. we asked people a question, how much money do you have in your pocket right now? i have $40, $53, $21,

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and see them through, we say: let's get to work. because the future belongs to those who challenge the present. one last look at today's mystery chart. it has been a whopper all year. >> that was a whopper of a joke. >> it's the way it is. our audience is really smart. pretty much everybody got it. it is burger king. best performing of the dining stocks month to date, quarter to date, year to date, week to date, there you go. >> i think the whopper was

justified. i will give that one to you for once. treasury department taking aim at tax aversions and could have an impact on pharmaceuticals. if we are talking about pharmaceuticals we welcome in meg. >> it is a question mark buzz it does effect a lot of deals. there are at least five impending going on right now. those include the following. of course, there is also speculation that pfizer could return later this year and speculation from bloomberg about pfizer potentially approaching active s. a banker is telling me this could chill some of the activity. some of the deals could have gone forward but might want to

renegotiate terms. big question marks. >> if it does stop or slow or change. we have to wait about two seconds. let's bring in mike firm of wells fargo securities. they put up a big note this morning. thank you for joining us. do you think this will kill some of the pharma deals or change them or have no impact at all? sdpl i don't think it kills the deals but i think it does alter the landscape a bit in terms of which deals are more or less relatively attractive and tips the balance in favor of some deals that have other merits and not solely benefits from inversion. >> can you give specific names which might be dead in the tracks and which might be renegotiated? >> for example, salex is in process on acquiring cosmo pharmaceuticals expected to close in november. we think that these rules may tip the balance away from that deal and more in favor towards a

potential acquisition of salix. an example of a deal that could be renegotiated would be abbott's division. that deal has significant inversion benefits potentially but also some strategic and financial merits that could survive at a renegotiated price. >> i guess bottom line is you put out this report and have your views. what is the advice? are the advisers saying sell these? is there an investment advice change? >> with myelin i don't think so. we think it continues to be very attractive at these levels with or without the abbott deal. we think that there is still a reasonable chance that the deal happens although at this point it is hard to say. >> indeed it does introduce the element of uncertainty. the big guys with small caps, no, not that type of cap.

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is slowing down the entire organization. i'm looking at you phone company dsl. go to comcastbusiness.com/ checkyourspeed. if we can't offer faster speeds or save you money we'll give you $150. comcast business built for business. take a look at this chart. one of these things is not like the other. the dow and s&p 500 are solidly higher over six months. here's the problem. the russell 2000, small cap index, down more than 5%. let's bring in morgan brennan, when's holding back the small caps? >> it's such a good question, brian. that is story that's playing out for the small caps all yearlong. look at the russell 2000 year to date. that's down about 3% compared to the s&p's gain of 7%. the dow's 3% and 8% increase for the nasdaq. and yesterday the russell 2000

hit a so-called death cross with the 50-day moving average falling below the 200 day. first time we have seen that since august 2011 and something technicians say could be a bearish sign. strategists tell me this is all part of investors rotation out of the high beta, high growth, high momentum smaller stocks into the blue chips. a defensive shift in light of the fed's likely move to begin raising interest rates next year. small caps are much more vulnerable to changes in rates but the big issue now is what this means for the broader markets. is this a selloff? is a selloff a warning sign? and the economy since small caps are often a gauge of u.s. economic growth and their businesses are often much more domestic than the big multinationals so taking a look at the russell 10 2000 today down .75%.

>> thank you very much. small caps may be down but not out. which should you be adding? eric marshal from the hodges small cap fund and doug sandler. gentlemen, great to have you with us. eric, are there buying opportunities created from is selloff in certain small caps? >> we think so. you know, we wouldn't go out there and be wholesale buyers of small caps in an etf or something like that, but among the small caps, you could dig down and find opportunities. there's a very wide divergence among valuations and multiples among small cap companies. >> like which ones? >> like we like capstone paper which is a small core gaited container board company. basically making cardboard. this is an industry consolidated dominated by large players exhibiting pricing power. trading about 12 times earnings. we also like lithia automotives.

it is down today but looking out 12 to 18 months, the prospects for their business looks very good. it trades about 13 times earnings. and then, also, we like a company called horizon pharmaceutical which is a bio pharma company whose car business we think is underappreciated by the street. growing their earnings rapidly and the stock trades at a very reasonable multiple relative to that growth. >> eric, all three of those names are down this quarter. 11, 18 and 22% respectively. >> why. >> are you buying into that weakness? >> we are. we own all of those stocks. horizon pharmaceuticals we own in the hodges small intrinsic value fund and own all of those and we would take advantage of weakness to buy the high conviction names that really present the most value in this market. >> okay. let's get to you, doug.

i know you're not wildly bullish on small caps in general and i think you came into the year sort of a little underexposed maybe to small caps versus large caps but pick out a couple that maybe do pique your interest nonetheless. >> sure, mandy. i'll just say that we have been negative on the space. it's a value -- function of valuation ultimately. done very well as have mid caps so i would maybe say with a quick warning that if you're going to play in the small cap and mid cap waters, you're going to be swimming against a pretty strong tide so we're underweight both of those groups and areas to do some stock picking. a name we like in particular and recently added to the portfolio, it's lkq. that's in the mid cap space. i think i remember, brian used to raise cars. >> like kind and quality. a junkyard operator for replacement parts for cars. >> yes. used to be that you're sort of stuck living in new york and you

wrecked your toyota turcel and stuck with the junkyards in new york and hope they had the right part. what lkq has done is rolled up the space nationwide and also supplemented it with making aftermarket parts to be like kind and quality and a win for the consumer because ultimately they're collision repair costs less and win for the insurance company, as well. ultimately a win for lkq shareholders. 'm name in the mid cap space is urban outfitters. you may know them through the urban brand or free the people. what i like about them is they're sort of a fast retail concept. rig righ right? they change very quickly and reasonable price and lies between the century 21 and the

high end brand stores giving you fashion at a reasonable price and not quite as low end as the fast fashion retailers. >> smid. small and mid caps. >> we don't like small caps in general. play in mid caps. we're taking our portfolios up to more large caps, though, most part. >> thank you. why did it get more expensive to live in the most expensive city? who do you trust? whose analysis is accurate? how do you make sense of it all? a simple, unbiased stock score consolidated from the opinions of independent analysts... is that too much to ask? nope. equity summary score, powered by starmine, will help you execute your ideas with speed and conviction. and it's only on fidelity.com. open an account and find more of the expertise you need to be a better investor.

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the world's most expensive city is about to get more most expensive-er. at least for the ultra rich. not new york. >> brian, london just knocked out hong kong's crown as the world's most expensive place for an employee to live and work. the annual cost in london is now $120,000. hong kong it's $115,000 and new york a more affordable $107,000. now, property prices and rent are the big drivers here. london and hong kong, ahead of new york. a million dollars buys you 430 square feet in new york and half that in london and hong kong. also not helping prices is the pound. strengthening against the dollar, of course. finally, you have all this foreign wealth from around the world, russia, india, middle east piling in to london as the new capital for the wealthy. so clearly, being a millionaire in london just not what it used to be, guys. >> being a millionaire anywhere is not what it used to be.

a million dollars in some of the big cities don't get you far. i hate to say it. >> i'll take it. >> there's a proposal from the labour government for a mansion tax and quote mansions are one and two-bedroom flats in london that would be subject to the tax so you just see how expensive it's all gotten. >> thank you. >> thanks for watching "street signs." welcome to "the closing bell." i'm kelly evans here at new york stock exchange. >> i'm bill griffith. a market trying to fight back today from yesterday's selloff and entering the final hour of trading, the bears have the advantage this week. the treasury news, i guess, on tax inversions didn't help. new rules. russell continues lower. the dow moments ago was down 100 points so we're coming off the lows right now. >> endeed down 100,