this could be 15% less. this opens a pathway for more drugs coming on the market. >> thank you. tonight on "fast money" at 5:00, fang stocks, are they buys right now? "closing bell" starts right now. welcome to "closing bell." i'm kelly evans at the new york stock exchange. >> i'm simon hobbs. good afternoon. >> we'll see if this market will hold up in the final hour of trade. dow up 50. remember this morning after the european central bank, futures were up 100. yesterday we saw the rally fading today. we rallied into the close. >> we'll hear from jeremy sigel about the number he is watching for tomorrow's jobs report.

>> should apple start leasing its own phones? >> joy global. shares down 15% today after being down 50% year-to-date, as commodity prices are low, missed estimates lowered its full year guidance. dennis gartman with the fallout. >> joining us for the closing bell exchange today. >> if you have china offline the next couple of days, the market doesn't have the catalyst for the sell side that it once did. what do markets do? they all say on wall street, you never short a dull market. people are just trading off technicals today. bounced right off that resistance level. we are in between the support and resistance 1930, 1970.

we are right in the middle of it now. >> rick, we just spent an hour listening to donald trump. these markets had a number of factors the last couple of weeks where i'm not sure we would have been able to pay attention to that. things seem getting back to normal, don't they? >> i don't know. i think trump and brady and the fed and draghi, they all have something in common. we discuss things that aren't the problem by discussing those we don't discuss the issues. whether it's evidence that was lacking that cleared brady. no evidence that quantitative easing have the outcomes that time in and of itself heals. it all fits. i think we'll be trying to price all these things -- steve is right. china's offline. when st. louis doesn't play, it means something. it doesn't change the big picture. okay? the big picture is as a guest on "squawk box" pointed out, he's

an import, export, long beach ceo. he said u.s. economy's doing pretty well. imports are coming in like crazy. what about exports? he goes, exports of china are down 10% year over year and that's big. end of story. we are going to deal with this. when china is open or closed, short term guys will feel it. it's the long-term effects we should pay attention to. >> for many people, this is potentially the calm before the storm with tomorrow's employment report. obviously people lined up for that. last big day to release before the fed decides whether or not to raise interest rates two weeks from today. in two weeks' time, we'll know if they pulled the trigger what are you telling me? what's the advice here? >> our advice is three things, china, oil and the fed. we talked a little about china. oil prices volatile but maybe finding bottom here. that's a reasonably solid signal. oil started this whole mess falling last summer and

continuing to fall again this summer. we've got to watch oil carefully. the fed is key. our view is markets are probably going to muddle through here. maybe be fairly volatile until we get resolution from the fed. one day we think the fed's easing. the next day they may tighten. tomorrow i wouldn't be surprised to see markets be fairly volatile again. not only because it's the day before a holiday weekend, but friday's employment report is important to making decisions on monetary policies. inle we get that final word what they might do which won't come until september 17th, pick your spots carefully. stick with winners. earnings winners and revenue growth winners in particular. >> where do you think the market is going over the next three months? >> i think for starters, it's going to be fairly volatile. the market will trade sideways, maybe down a little bit more until we get that resolution

from the fed. the fed makes a big decision in terms of market direction going forward. over the next 12 months, however, i do think we are going to be surprised as to the extent of an earnings-based economic recovery. generated through improving economic conditions here. that should drive stocks higher. in the short term, it's about fed and monetary policy, about china and their struggles with finding a bottom in their financial markets. in the longer term, it becomes more about the u.s. >> what number would make it certain the fed raises rates? >> i think that is a fool's errand. i don't know what the right number is. i don't think the market knows the right number. i do know the fed usually raises rates if you go back to the last time they raised rates in 2006, in the face of growth. in the face of inflation.

we have global gdp numbers coming in, not moving higher. we have no sign of inflation at this point. to me, it's just a recipe for disaster. that's why ultimately you start to see earnings come in and the fed pushes us into recession. >> that is a huge thing to say. >> i felt i should say something huge. do you want me to say something small? >> no. >> we have a problem with seasonal adjustment this time of year. >> if it's softer, they get breathing room there. if you think about it, why wouldn't the fed have already moved? why do you think they are pigeon-holed right now? they understand they can't raise rates. everyone wants them to raise rates. it's more concerning why they are not raising rates right now. if they do this one and done, why is that in the vernacular?

aren't they based on some metrics there? how can they say one and done? >> no rules-based fed policy. that is the biggest problem. what they are doing isn't evident by a structured employment. >> the unemployment rate got attention of fed members of all stripes. >> how can we keep talking about the unemployment rate? they pointed us in a direction to look at something that misrepresented employment facts. >> you bring up a huge point. that was something that was supposed to be a tail wind for the economy when you start to talk about the unemployment rate. they are actually talking it back as if it means nothing now. they are the ones coming from a point of weakness with the unemployment rate.

the rest of the community, trading community, was talking it down prior. >> there is a reason for that. inflation isn't responding. traditionally it should be. the only thing i would say is the unemployment rate it one piece of the employment puzzle. >> how can you have inflation and pricing pressures when china is melting down, exporting like crazy? you don't have growth, real growth, it's hard to imagine you are going to have pricing power. on the way inside they talked about it in the beige book yesterday. that's because the pool of people that are working and have the skills to be employed, they are in short supply. doesn't help all the other people disappearing. >> let's leave it with our female panelist here to try and draw the various warring factions together here. give us a summation where we are and what should be said finally?

>> yeah. our view is stocks trade with growth prospects. stocks traded flat this year and down a touch because growth prospects deteriorated a little bit. until we get some signal that we are going to have some immovement in growth prospects, stocks are going to struggle. it's a simple equation. we've seen our valuation expansion already. we've seen monetary policy induced. now we need to see that growth show up. we think it will happen over the next six to 12 months. it remains to be seen. until it happens, stocks will continue to struggle here. >> we all hope you're right. thank you for joining us. gina adams, steve grasso and mr. rick santelli. >> twitter shares are gaining ground today as its board meets to discuss the ceo search. julia boorstin has the latest developments. >> twitter's board meeting today, the stakes couldn't be higher. shares are down over 40% over the past 12 months. the board is under pressure to

name a new leader that will reassure investors to add new users without alienating its core but stagnating user base. after so much management upheaval, the board is evaluating external and internal candidates to make sure they make the right choice. jack dorsey is the top contender. the board is grappling with his running another company square. adam bain had great success. outside twitter, sources tell me the company's recruiting firm spencer stewart has been reaching out to a wide range of executives. the board does remain cautious, doesn't want to make the wrong call. there is no doubt they are under pressure because the clock is ticking. >> are we expecting to hear

within this next couple of hours what happens out of this board meeting? >> no. i mean i wouldn't really thi