preinterview process with some of our producers decided not to appear on cnbc. they say we expected a regular article about what we hope to do in our career, the way we were portrayed is not who we are referring to a new york magazine article that mentioned him. that is the story at this hour. bill gross coming up right now with brian and the "street signs" gang. back to you. >> interesting tale. that will do it for this edition of "power lunch." "street signs" does start right now. we'll see you tomorrow. welcome to "street signs." live in denver, colorado with the headquarters of janus capital group. coming up the first exclusive interview with bill on television since he left pimco back on september 26, a friday morning that rocked the

investing community. we had the ceo of januske capit coming up. the thoughts and prayers of me and my family go out to everybody in australia for the awful situation there. we are thinking about you guys here from denver. >> thank you very much for the thoughts. of course, my heart and prayers go out to those affected by the hostage situation, as well. i'm sure you are very excited about being there and you have the huge interview with bill gross. he has been a great friend of "street signs" for a number of years now. i'm sure it was difficult trying to narrow it down the questions you want to ask him. you have been a friend of his for a long time hopefully if he opens up to anybody it would be you. >> my goal is that we are still friends after the interview. >> that is a good goal. >> aim high. aim high. >> we have the fed on wednesday. we have a situation where maybe

the new normal as they have called it could be coming to an end. is the 30 year bull run for bonds coming to an end. what will he do different at janus that he couldn't do because of the size of pimco. it is all about investing. he can take a bit of a victory lap. some of the trades last year were not going in his favor pimco kept on and now they are widely profitable. should be good here. in moments we have the ceo of janus over. they work together with pimco. it is sort of a pimco janus connection here. a wild market day especially for oil. >> absolutely so much going on. let me get everybody up to date on what is happening. let's show you what is happening with stocks. right now the dow is down by 77 points. at its high of the day dow up 123 points. we have been both up and down more than 100 points during today's session.

that hasn't happened in about 18 months. i do believe you can do the math the s&p is about 4% or more from all time high. all of this is coinciding with the relentless drop in oil. oil is at 56.27 at the low of the day 55.87. that is the lowest since may 2009. the really important thing for you guys is the settlement numbers. we will bring those to you live in less than 30 minutes time from now as we do every day. back over to you in denver. >> thank you very much. we are here with the ceo of janus, also former coo of pimco. bill and he worked together for years. you became ceo of janus. you have really interesting investment ideas. . take our viewers, how did it work out? how did you lure bill gross to

your firm? >> i had the pleasure of working for bill for about 15 years until about five years ago when i came to janus. we had a relationship where i worked for him and respected him tremendously and learned. after i left we stayed in touch. one day i got a call where bill said i'm a little unhappy where i am and things are not working out the way i would like them to. if i became available would you be interested in making a new home for me at janus. i felt like that was an iq test. of course i would, this is the greatest investor on the planet earth over the last four years. that was an easy question. >> there are those who might have suggested that bill gross has lost his touch in certain things? they have suggested it. >> i have heard that suggested. of course, i think that is just ridiculous. his record is tremendous. yes, he may have been a little bit less successful versus peers

than prior periods. he was still beating the index. he is a tremendously successful investor. if peyton manning misses the last pass it doesn't speak to his quality for his career. we are thrilled to have bill on the team. i am the luckiest ceo you will see out there. >> why is that? isn't bringing in a guy, probably most well-known investor next to warren buffett in the world, bringing a guy like that to a big company that is a shakeup. was there crisis? >> we are all human beings. the first reaction everybody has is confusion. they say this sounds good but what does it mean for me. you have to explain how it will work. folks can't think back in prior experience and use that as a reference point. they are a little bit lost. as we sat down and talked about what the future might be as they live it and feel it they feel

the increased attention from the press they see that this has the opportunity not just for the bond strategy but for the entire firm. that is just tremendous. >> what about the reaction? >> if they said we are bringing in matt lauer for "street signs" you have to be like what? >> must have been a little bit like what do you mean? that bill gross? >> they are wonderful human being s but they are human. does that mean you are replacing me with bill gross? the answer was clearly no. that wouldn't make the slightest bit of sense. our team has done a wonderful job. they do credit research and bottom up fixed income. bill uses bottom up fixed income. the style of fixed income is different. bill has had enough of managing people and drama in his life. our deal is that he is not looking to take on management

function. from a style, business, from what bill gross wants there is no possibility that that could be true that he was taking over. as a consequence i shared that with people -- >> sure, why not? yeah. >> if bill came to you and said i want to place big bets on things that maybe you didn't believe in. >> i do not have anything to say with what bill gross invests in as an investor. i can be happy to share my thoughts. i don't control his risk management or investment. he is the best in the business and we respect that. >> spending public -- he has been at it longer than i have. >> you probably won't touch with a ten foot pole.

is there a way to directly tie what bill gross has meant to janus capital? >> in the early days we are making investments and building up teams in order to -- the initial profit statement -- >> we have to make investments on the way forward. >> 5:38 a.m. the press release came out on friday 26th. describe that day for you, that friday. >> well, we were so excited and we had that sort of christmas morning feeling that you can't believe it is happening. >> i thought it might have been april 1. >> other people did. becky quick and others on the television as they were reading the screen were a little confused. >> we didn't know if it was -- >> there is another bill gross who is an investor.

it came as a complete -- >> we were watching cnbc and enjoying the stunned and reaction to the story. bill had resigned in the morning at pimco and was flying here and going to greet employees and meet the team and have the beginning of his relationship with folks here. we were tremendously excited and nervous. >> what is the one concern not just of bill. does janus have the infrastructure right now to support that? the idea is you have a lot more assets. the sales force i don't know says it is a lot easier to get meetings. do you guys have infrastructure to manage that? >> at 180 billion or so in assets under management we have

a pretty big infrastructure. we have wonderful people here. >> your job one i would imagine is to change the culture from what it was. you joined less than five years ago. janus was a damaged brand a long time ago. most of the people if not all are gone. you brought in bill obviously. you have a chance to speak to really an international investing audience. make the pitch for janus capital. >> we want janus to be the place where great investors come to invest. we have four priorities. we said first we focus on investment performance and nothing is more important than that. second is client service. third is financial strength. weed need to have a strong balance sheet. clients need to know we are going to be there through a cycle. fourth is what we call intelligent diversification.

we are building out fixed income and in addition to that asset elication. >> a big buildout. >> it is exciting. i would have been -- >> a real pleasure. i know you have been feeling under the weather all day. thanks for helping out and coming. we have bill gross coming up. if we played drinking bill gross the audience would be tipsy right now. we are going to keep doing it. the interview is coming up. >> i'm sure it is. we promise you that. we will get back to you coming up shortly. a quick reminder his first tv interview since leaving pimco and joining janus. first, how long will these low

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much of the world was focused on my home of australia as a fatal hostage situation played out in a cafe in sydney. we are waiting to learn the details. three people are reported dead including the armed hostage taker.

the scene lasted 16 hours before police and tactical groups stormed. several people were seen being taken out of the building on stretchers and the kidnapper identified as an iranian refugee living in australia. moving back to the markets as we count down to the oil close. wti crude oil trading to the down side after rebounding briefly earlier. today's low was 55.87, the lowest since may 2009. gas prices are falling now for the 80th straight day to $2.54 a gallon on average. that is 69 cents down from a year ago today. our next guest says get used to it. low gas prices are here to stay for at least another year. might seem like good news to say we have low gas prices for at least another year but i guess that means crude will be down at least for another year. how low do we go?

>> i am expecting that we will see $50 a barrel in short order. opec has said they are more than willing to live with lower oil prices and are not going to cut production. >> i heard the uae minister said opec will stand by decision not to cut crude output even if it falls to $40 a barrel. are they able to withstand that pain? >> they can do it. if you recall back in 2009 we felt the $34 a barrel and it was a lot of pain that was inflicted in many of these countries. but they can withstand it much better than venezuela. >> do you believe opec when they say they are basically powerless to stop the falling prices, that it needs to be a global agreement? i know they are pointing the finger here and elsewhere in the world like russia and mexico, non-opec countries and saying we need a global agreement to get

this together and stop prices from falling. >> in the u.s. oil production is up about 60% over the last five years. as a result that increase in production has really overwhelmed the market in the face of slower demands. >> what happens when you say get used to low prices for another year? what happens in a year from now that you believe will put prices back up to the upside? >> i think that prices will stabilize a year from now. the reason they are going to remain under pressure is due to the amount of investment that is still underway in the u.s. both on shore and offshore in the gulf of mexico that will add a significant amount of supply over the next two years. and what we are hoping for as far as oil industry goes is that world demand continues to grow and soaks up this excess by the end of 2016. >> talk to us about what you are hearing and seeing so far here in the united states about the negative fallout of the oil industry, jobs, for example. i know in houston, texas, some

of the first layoffs being announced. realtors started talking about home sales declining by up to 12% over the next year. the fallout is starting here. >> it certainly is. my expectation is that most of the exploration and production companies are cutting budgets by about 20%. they are not waiting around to see if prices rebound. of course, in houston that has a trickle up down effect including oil service companies. of course, we just saw announcing significant layoffs here, as well. we had hurricaoffshore and i ex see layoffs at halliburton, baker hues and the like. >> what would be your best prediction on how many jobs could be lost as a result of this? >> well, i think it is going to number in the thousands especially in the houston area. the fact is houston has been

adding 60,000 to 70,000 jobs every year. we are just going to see that job growth really come to a halt. >> every boom has its bust. let's hope we don't go completely down the drain. thank you for joining us. >> thanks for having me. >> the embarrassing leaks keep coming for sony. now the studio is threatening to sue media outlets. we are going to discuss that next. then we get back out to brian in denver. he has bill gross come up. this is bill's first televised interview since leaving pimco. lots of questions. we will ask about his departure and get thoughts on the market. do stay with us here on a special "street signs." i have a cold with terrible chest congestion.

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talk about a reversal in the market. dow opened up high of the day down by 69. after opening highs crude oil prices gave up the early gains after opec re-stated their determination not to cut output. sitting at 55.99 down about 2%. 3% equates to about $2.

we bring you the settle price in about eight minutes time from now. in the meantime the sony saga continues. sony's lawyer warns news organizations they may be held liable for damages if they publish the contents of hacked e-mails and files. "new york times," variety published stories stating they received letters from boies. let's bring in attorney specializing in entertainment, sports and criminal law. great of you to join us. does sony have the right to ask media organizations to basically delete the stolen data? >> they have the right to request it but quite frankly i don't see the press being muzzled. we have a conundrum. we have e-mails with expectation of privacy. we have news organizations receiving this. they didn't reach out to get it. they didn't go after it. it came to them and they have a

right to publish it. it is newsworthy. very interesting. >> really comes down when you are talking about the fine legality to how those news organizations got the stolen data. >> in my view it becomes how did they receive it and does sony really want to go to court? this is not so much about what they have but what happens the next time to the next studio. does sony want this to come out? do they want this to be more than today's news? do they want it to have legs? >> it sets legal precedent. it feels we can't keep up from a cyber security perspective to get ahead of the hackings. there will be something like this again down the line. to what degree are we watching this case for setting a precedent? >> that is what i was alluding to. i don't believe it is so much about this particular case but

what happens tomorrow to the other studios and the other major television networks. what the judge does if it goes to court, if they ask for a temporary restraining order preventing various news organizations from publishing more then we see something that is fun to watch. this is really soap opera number 364. >> what about the hacker or hackers? we are not entirely sure? >> if we can find who they are, they need to be -- if we find them they need to be prosecuted and will be prosecuted. we are talking two different issues. those people who went in, obtained the information illegally, the hackers vis-a-vis the news organizations that the information was brought or given to and then dissiminating it as it should. >> good point. what about the choice of david boies. i understand at one stage he was

disbarred in florida. why do you think sony chose this guy? what is it about him? >> i think he brings with him a persona of high profile. when he does this he tells everybody i'm being well paid. he doesn't say that but he is. i have the resources to go after the various news organizations. i don't know that there is more bark than bite or more bite than bark. he fired the first across the bow and we will see what happens. i think it is a good choice. he is very high profile and knows what he is doing. i think we will find out that there are a lot of people who know what they are doing on both sides. >> very interesting case. of course, it continues. thank you very much for your legal expertise on the matter. the markets are down. let's take a look at the ten-year note as well. as everyone is asking how low can it go?

who better to ask than bill gross. that is one of the many questions brian sullivan will be asking about all of the things making his exclusive first on tv interview since his decision to leave pimco. we are 3 minutes and 7 seconds away from that exclusive interview. just take a closer look. it works how you want to work. with a fidelity investment professional... or managing your investments on your own. helping you find new ways to plan for retirement. and save on taxes where you can. so you can invest in the life that you want today. tap into the full power of your fidelity greenline. call or come in today for a free one-on-one review.

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welcome back to "street signs." live in denver, colorado at janus capital group here for the first television exclusive with bill gross. first tv interview since leaving that firm rather abruptly on september 26. we appreciate you coming today. >> it is almost half way and a wonderful place to be. it is a little different than california. >> might be a little brisk in here. >> what we will do is two interviews. first part about you and pimco and then toss to break and then talk about the fed. let's go. obviously, a lot has been written about you partially. how does that make you feel? can you take us into the last

few days at pimco. has reporting been accurate? >> i don't think so. it has been a little harsh categorizing me as arrogant and forceful in terms of my management style. to my way of thinking until i left my management style was too lax and too loose and that's why we had ceos and co-cios. i think it is a little unfair. i think if you ask the average pimco person they would probably agree with that. >> it sounds like you are happy here but like you were given a raw deal at pimco? >> i am very happy here. i want to look forward. the transition that has taken place is one that i view as a rather natural one in anyone's life and career. most people who don't get a chance to start over again at 70 years old. you don't get that in the medical profession or as a professor or the military or as

an athlete, for sure. so to be able to have a second chance at 70 how grateful can i be in terms of the opportunity? i look at this as something that happens to all of us. you move on and transition and janus gave me that opportunity and i'm going to make the most of it. >> it wasn't just professionally that you were knocked. the sunglasses in chicago. people said is bill gross, is he a little bit crazy? >> you know, my investment -- >> are you? >> my investment outlook, you can go back to 1981 they have been full of rather human stories about individuals and about life itself. what i tried to do and what i try to do in my personal life is bring life to the bond market. bond people are pretty dull sometimes. so what i write, what i speak

and when i speak sometimes i'm a little emphatic for the average bond person. i think that's good. that's the way i wanted to do it. >> the headline could be bill gross feels misunderstood. is that fair? >> i don't think -- no. i think the vast majority of the public understands exactly who i am. like i suggested for the past 25 years my investment outlooks they know what is inside of bill gross. i think they have a sense that they know that that will continue, as well. >> why did you come back? you brought this up, 70 years old, a billionaire, set for life. why not fish in the sunset? why start again? >> it is a competition. it's sort of like playing, shooting hoops and playing basketball after a while you want a game of horse with somebody. let's have an h and o and r. it was the competitive element

that said i can manage my own money but i want to compete against the universe of managers that continue what i have done at pimco. in addition i think this is important, i wanted to bring value to clients. i think at janus i can do that. relatively low fees, value relative to the risk. i think the small individual, even large institution needs to have more value brought to their plate. so that's a mission. >> is it fair to say that you've got a little -- i don't know if you saw the movie "there will be blood" did you feel extra mojo because of the way things were handled? >> not extra. now when those numbers come out the daily return numbers come out at 3:15 west coast time i'm

on it. i'm there. i was there for 30 years at pimco in terms of total return fund. with janus i'm there. nothing has changed. i'm still obsessively competitive. >> we talked before and i suggested that your returns maybe had been subpar the last couple of years and you got a little not upset with me but you said no i have been compared against the wrong peer group. people were knocking your investment record? >> mostly the numbers come from morning star and other services that utilize high yield funds and risk taking funds. the total return fund was a bond fund with very little risk. so the measure of the total return fund was always how it did relative to the market. the day i left for the past three months, the past nine months, past 18, 24, i have been outperforming the market and pimco had been outperforming the market. it is a little bit unfair.

it was always to beat the market. >> we are going to go to break but before we do one word answer. does the fed raise rates next year? >> yes or no? >> close. >> that's not yes or no. we will dissect why close. we will continue our exclusive interview with bill gross and get investing ideas and talk about the fed and what he will do, a lot more to do. don't go anywhere. we will be back live from denver, janus capital right after this.

welcome back to cnbc and "street signs." we are live at janus capital here in denver, colorado. you foiled me a bit because i asked you before the break will the fed raise rates next year yes or no. your answer was close. what does that mean? >> it means it is dependent as

the fed would admit dependent upon a number of conditions, one economic growth, two and importantly inflation and three financial conditions. and to the extent that we have markets and volatility moving like they are now with oil prices and so on and financial conditions are a problem -- >> we have the unemployment rate target that they wanted. i understand inflation is not there. everybody seems to to agree the economy is getting better. >> why would the federal reserve raise interest rates in order to slow economic -- if inflation is moving lower? they have a dual mandate from that standpoint. i think the market basically doesn't respect the second part of that mandate. speak to it constantly as an objective. and so to the extent that it is 1.5 and maybe moving lower now because of higher dollar and lower oil prices -- >> if i'm hearing you right then they are not going to

anticipate. they are going to wait to see. it's like let's say we are in the rockies mountains wait for the avalanche to begin and wait to stop it rather than starting it. >> there are two considerations. inflation, yes, they are going to wait until it approaches 2% and maybe at some point even exceeds 2%. second financial conditions spoke several years ago about importance of credit moments. with oil prices and high yield bonds doing what they are doing there is instability that the fed has to take into consideration going forward. >> how much are you watching oil right now? >> quite a bit. oil determines currency movements. currency movements determine risk markets, high yield markets, the potential for bankruptcy or solvency not only with companies but countries. so once you have a major

commodity like oil that effects not just the real economy but financial economy then financial markets adjust. hedge funds reduce levels. that's what you are seeing now in the stock market. that is what you are seeing in other commodity markets and high yield market. it's repositioning and trying to get moving. >> what's going to happen now? >> you sort of mentioned country bankruptcies softly. that's a big thing to say. >> there are oil producers in south america that certainly have potential. and whether or not russia is on the list not in my opinion. i think russia is too major a player on the global financial scene for the country and the

leadership to do it again like they did. >> we have been here before. this has happened. the unthinkable happened before. >> i don't think next year is the year for russia and hopefully for them oil stabilizes and they can bear down in terms of structure. >> you make an oil call? would bill gross say oil will stabilize? >> i think that is very difficult especially now with shale and fracking and the situation in the united states as a global supplier as opposed to a global demand. i don't think even pickens knows where the oil price will rest. >> you did write and i will try to paraphrase from memory here, something to the effect of if it wasn't for fracking the united states economy would look like the old man who lived in a shoe and didn't know what to do. you were using the nursery

rhyme. we may see a dramatic slow down in fracking because wells are now non-economic. it sounds like you believe there is going to be a second or third derivative negative impact on the economy. >> yes, but starting from a 3% real economic growth economy. probably persist for another quarter or so. but to the extent that fracking has been an important investment and no one knows whether it is half a percent or 1% in terms of total certainly it is important. we get back to relatively new structural growth rate in the united states which is not free. there are head winds in not only u.s. economy but to build the economy that speak to lower growth. >> would you have said yes to my fed raises rates question if oil was up $100? do you think oil does impact fed rate decisions? >> i think it certainly does.

they won't admit it but they do so for the most part when they talk about conditions and the extent that oil prices are moving currencies and moving real economies. certainly the fed has to take that into consideration and from the standpoint of inflation instead of 2% inflation we are looking at 1.5 and lower. >> i will give you a chance to have a victory lap. now they are really money good. we decided a week and a half agoe"wall street journal" wrote how those positions were kept at pimco and now they are highly profitable. now they just took a little longer to become money good than we had thought. what are better investment ideas right now? how does working with smaller fund at janus enable you to change the way you invest if at all? >> for the second question flexibility is better than less

flexibility. at pimco the ability to move in markets but janus managing on my own account $2.5 billion it is much easier when you change your mind or when things change. in terms of the victory lap they have been managing total return fund on our own. i would say some positions are doing well and the total return fund is doing well. when i left the company i wrote 15 individual notes with friends and associates and said take good care of her. to the extent that pimco does well then i think i have done a good job. now, of course, to the extent that janus does well then i have done a better job. >> what looks great to you right now? >> i think that tips look great. >> treasury inflation protected

securities. is this where this interview is going to go? tips? they are the most boring of the boring. >> they are not boring because they move very fast and they move violently to the down side in terms of price and what they call a break even inflation rate. you can buy a ten year tip with inflation expectation of about 1.5%. the fed's target is 2%. to not buy a tip at 1.5% break even is to suggest that the feds can't reach their objective. they can't print enough money. i think they can. and to the extent that inflation goes to two and then a tip is going to benefit if only because its defensive as opposed to offensive. >> so if suggested the oil price might set off a wave of defaults and the high yield market agree or disagree? >> i think so. i think there are some companies who borrowed a lot of money under the expectation of 90, 100, $110 oil.

that has been produced by this era of cheap money and by this artificial pricing of interest rates to the extent that some companies like oil development companies benefitted from borrowing cheaply and too much based upon expectation of $100 oil then there is potential problems. >> overall is the high yield bond market a good bet? >> it is not a great bet at the moment. it's moving higher in terms of yield spread. as the economy slows which i think it will now based upon the oil price i think alternatives in treasuries and good old fashioned tips. >> final couple of questions. the end of next year, so a little over 12 months from now, ten-year yield in 1% range, 2% range or back above 3%. >> i think 2%. 2.1%. 2.3, 2.2 -- >> you don't see much higher yield.

>> that gives you some protection. ten year at 2.3 loses 20 basis points. it loses 1.6% but you still start with 2.1. it's not a loser's game in the bond market like it was in terms of confiscation in the '70s. i think high quality bonds are a safe bet, just not a high returning bet. >> last part, i kind of lied. last question is two in one. who do you read? what do you read? is there an investor that you -- currently alive -- that you respect or emulate? you have a chance i'm sure most of your former colleagues at pimco are watching this, send out a message to them. >> i read if i can. bridge water associates daily release. i have an availability for a

while and transitioned to janus. to me it is a good topic to list in terms of economic template. i read jeremy granthem's pieces, an investor with a story in history that has a with a shens what's going on. there are investors out there that, you know, perhaps not as storied in terms of today's presentation but you -- >> a chance to speak all of your former colleagues? >> well, i would say to my former colleagues, you know, do well. and, you know, go forward like, you know, hopefully our foundation which stresses clients first which stresses performance over a long-term basis and which continues the success that pimco's had for 40 years. >> now you are unconstrained at janus capital. >> unconstrained which basically puts less of an emphasis on duration and maturity and more

of an emphasis on other spread types of products such as credit and currency and that. >> bill, thank you very much. we appreciate your time today. it was a long interview. a lot of subjects and thank you for rolling with it all my my pleasure. >> now you can be on "street signs" again. >> of course. >> mandy, now on the record saying he will be back on the show. i think we covered a lot there. >> yes. >> investing and him personally, as well. >> many thanks to bill. hi there, bill. i don't know whether you can -- >> mandy says hello. >> great interview, brian. you know what? there's a precedent. next time you ask me a question i don't want to answer, the answer is close. if bill can do it, i will. >> she's going to answer all questions with close. that's her answer to everything. >> yeah. >> mandy, thanks very much. see you tomorrow. >> awesome. safe travels back from denver. okay.

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today is the final day to sign up for obamacare and start on january 1st. let's bring in bertha coombs. what have you seen? >> hi, mandy. we don't have official numbers from federal officials but the states reporting high have yums and the insurers. we are here at oscar insurance in soho. this is their second year in the business and today down stairs in the call center it's bedlam. even the co-ceo is manning the phones, helping people enroll here for the last-minute for coverage starting on january 1st. big thing this year is re-enrollment. coming into the weekend when you add up the numbers that the feds have reported and the states have reported so far, about 1.8 million people signed up, expecting huge numbers by the end of today. but what we're seeing in the trends is half of them were re-enrolling. for people coming back from last year, nearly 7 million, if they

do nothing they will be automatically re-enrolled but that's more difficult for insurers to reconcile and might miss out on better coverage or subsidies so a lot of insurers whether it's giants like anthem or small ones here in oscar, they're not relying on the exchanges to help them with that. >> typically, insurers are expecting 90% of last year's covered people, members to be renewed in automatted fashion. that in our case is around 60% or so so we have to reach out. remind people to call the state back in many cases. >> yeah. they're all doing that. whether they're on the federal exchange or state exchanges. they're reaching out to their enroll lees from 2014 to make sure they go back in and all set for 2015. guys, it's going to be a long, long evening tonight. >> i'm sure it will.

thank you for staying on the story. let's look what the markets are up to. currently moving to the downside quite a bit after being up triple digits for the dow and down by 62. we were higher earlier as i mentioned, folks, as oil prices also higher and taken a tumble. biggest story, right? oil prices sitting at $55.44, that drop of 4%. do not go away.

going to leave you with the s&p 500 down by 9 points. it is below the 2000 mark and about 4% below the all-time intraday high of 2079 set in early december. thank you for watching "street signs." it is a big day. big interview with bill gross. great job, brian. final hour of trade and hour of "closing bell" starts right now. and welcome to "the closing bill" on this monday. i'm kelly e vanls. >> i'm bill griffeth. a producer said this is a double-triple. you like that? >> i do. >> oil was bouncing a bit. and then oil tumbled and suddenly the dow was down 165 points. it has been calling the shots lately and it did in a big way today. we're well off that slow