i think there's too much consternation there. >> the rest of the refine remembers are breaking out right now. this is the final euphoric push, another 10%. >> josh brown? >> just following up on nvidia. i agree with everything said. >> thanks to you for being here. have a great weekend. thanks, scott. here is what's on the menu, why this is a bill murray "meatballs" it just doesn't matter market no matter what you throw at it. trump, comey, the uk elections, even north korea. stocks just keep heading higher. the real reason. bad news is still bad news, retail. we'll take the wraps off a new report. name names on a list of stores that might be in big trouble. and light fedex and domino's, we deliver. you've sent us your stock questions.

a springtime special "power lunch" begins right now. and welcome to "power lunch." >> sorry. >> brian mentioned stocks hit record highs midday. we saw the nasdaq turn lower. amazon, microsoft and google. the intradays are even more dramatic and a lot of volume at last check trading at the 125% of its average daily volume. extraordinary volume for a friday afternoon. and as stocks rally the vix hitting a 24-year low. financials big movers. among the leaders in the group bank of america, morgan stanley and regents financial. with us on set you saw his finger, let's show the whole person, the one and only guy adami. >> josh brown was walking off set. he yelled my name, i looked over

at him, i'm sorry. >> let's first talk about the tech sell-off. start to roll over at 12:20. you pull up any intraday chart including it tesla, nvidia, amazon, apple, all of them rolled over. >> nvidia sticks out to me. it's been on everybody's radar screen. at 1:00 it traded is 50 million shares. after making an all-time high the reversal is significant. so if you're looking for an opportunity to maybe get a pullback, this is the beginning of something, the reasonable levels of the 120s. >> what's your fake on the overall it tech roll over? >> my take is this. the vix is telling you everything you need to know, again, below 10. market said these tech names have been on fire.

xlf against 23 bucks. now trading to 24. the risk-reward sets up. >> should we find solace that the tech stocks aren't doing well but the market is holding up. >> yes is the short answer. i'm going to go back to the vix and say if there was concern i think you should see the vix north of 11 not 960 or wherever it is now. >> mr.pinterest, welcome. let's kick things off with three stories driving conversation. the latest are from washington. more from canada where steven mnuchin will meet with his counterpart and the latest from london and the uk election has left the prime minister and her party badly bruised. our reporters have it all covered. a full trio. john harwood in washington, ylan mui and wilfred frost. >> reporter: we just had the

president have a high-profile event on what he hoped would be infrastructure week. it was a speech repeating had his position that we need to have an upgrade of roads, bridges, airports. what everyone is paying attention to is the controversy involving the russian investigation and james comey's testimony yesterday. the president tweeted this morning he thought the hearing yesterday and the intelligence committee was total and complete vindication of his position, and he said it identified james comey as a leaker. now the president is going to speak in his own words at a news conference in the next hour or so in the rose garden with the romanian president having a working visit with the romanian president who is, of course, the leader of a nato ally. the only thing anyone will be interested in is what he has to say about james comey, he's a liar who fired him to influence

the russia investigation. high drama in the rose garden this afternoon. >> john harwood, thank you. now live in ottawa, canada for the meeting with his counterpart. ylan? >> reporter: here in ottawa on his home turf taxes and trade. canada is speaking to clarify mnuchin position on the border adjustment tax. the two economies are deeply int intertwined. mnuchin is meeting with ge, gm, ford, google and are there to hammer home the message that goods need to be able to travel across the border. some uncomfortable items will come up, climate change and defense.

canada announced it would be increasing its spending on military by 70% over the next decade. the canadian foreign minister said as the u.s. steps back from the world stage canada needs to, quote, step up and chart its own clear and solvent course. officials tell me they are developing a partnerships . that relationship will be crucially important as they head into the g-20 next month, guys, and look forward to renegotiating nafta in the fall. back to you. >> ylan, thank you very much. now to the developing news overseas as the uk's labor party is calling on british prime minister teresa may to resign. all following an election in which wilfred frost is here joining us. was this a situation where may may have actually lost despite technically winning? >> reporter: well, jeremy corbin

called on her to resign early this morning but that call falls on deaf ears because she has won the most seats and, therefore, has been able to return to 10 downing street as prime minister albeit without an outright majority. so her position now relies, in fact, on the support of her own mps. with that in mind she has apologized to her party. >> i wanted to achieve a larger majority but that was not the result we secured, and i'm sorry for all those candidates and hard-working party workers who weren't successful but, also, particularly sorry for those colleagues who were mps and mince it terse who contributed so much to our country and who lost their seats and didn't deserve to lose their seats. and as i reflect on the results, i will reflect on what we need to do in the future to take the party forward. >> reporter: she has also in last few moments confirmed no

major changes to her cabinet. the chancellor yet again phillip hammo hammond, home secretary is, again, amber rudd. others confirmed in their positions. this is another sign of her very weak position now at 10 downing street. she would have been liked to have reworked a shuffle. brexit discussions will go ahead in ten days' time. teresa may will be the one to stop them. highly uncertain whether she'll be the person to end them. >> wilfred frost in it london. we'll see you again. the broad market not being shaken by anything whether it is the uk election wilfred talked about or the drama in d.c. the dow is up 90 points right now and set to end another week even higher. joining us the equity for the folio manager of j p morgan bank and portfolio manager with

russell investments. doug, i'll begin with you because russell, the name is on the russell 2000, the small cap index, which had been lagging for most of the year. it looks like it got life in itself so far this week. why, though, is nothing seeming to rattle this stock? it doesn't matter the headline. melissa and guy are up here every day going, stocks are up. >> it's the right question, brian. it certainly seems like a teflon market at least. that said it is ubiquitous or universal there's no risk. we see while yields are up today they're not at levels that would be reflective of the same optimism seen in risk asset markets. it's probably the highest geared, if you will. this is the case i would say we

would recommend taking some of this as an opportunity to take some of the upside opportunity off the table to potentially protect a pullback. it's a case where we don't have full resolution. >> sell stocks broadly? >> i think you're going to see some of your overweights off the table. there's still a lot to happen. yes, teresa may has had this fall but it's good to be the north ireland democratic union party. a kingmaker role but it's still to see the ef kaes she will have in leading government and i think there's going to be lingering soft boil in the united states about what still is trying to advance the trump agenda amid circling concerns tied to what we've heard this week.

>> jack, what's your interpretation of what you're seeing in the markets in terms of the roll over we saw midday and particularly in large cap it technology and the bid higher to financials. is this a rotation in this market? >> i think what we've seen is a market which has continued the cycle between stocks, if you will, almost a return of several years ago the risk on/risk off, with the risk on today being the ten year. you see some people going back and saying maybe this is a beginning of some signs of embracing companies that are more economically sensitive. names that have had great runs year to date and are less exposed to the improvement in the economy. >> jack, a quick question. the vix below 10. currency volatility is outpacing equity. does that mean anything and is it concerning to you? >> i will look at the equity

where you're seeing parts of the market canceling each other out. offsetting some of the surge that we've seen within the technology stocks. when you look at currencies, we've thought about them as fixed income returns and equity volatility, maybe that's a sign of some uncertainty in the world but you're certainly seeing reasons for that volatility whether that's policy shifts in the ecb, the prospect for policy shifts coming out of england, perhaps less hard brexit with a less stable government, certainly in terms of teresa may not being able to improve the quality of her hand having lost some seats and having to go into a coalition government. and we look at the u.s. the data is good. it's not as good as people are expecting if you look at the economic surprises but still the u.s. is a growing place. >> all right, jack and doug, we'll leave it there. thank you. have a good weekend. >> all right, now your weekly recount numbers with jackie deangelis. jackie, americans cannot stop putting oil rigs in the ground.

they're addicted to oil. 21 weeks of additions for the week ended june 9th, today. we added eight more oil rigs. we're now up to 741. that's up 413 from a year ago. now you can see oil prices are a little higher closer to $46 but, remember, we have that 5% slide this week getting very close to $45. bearish over the long run. producers trying to take advantage of what the opec folks are giving back. back over to you. >> and, jackie, i don't want our viewers to be surprised because i know you talked about it. i talked about it. two years ago all these ducs, wells that were sitting around. i heard you warn about it. i said it. now these are all coming online. it's exactly what people warned us about two years ago. >> they can bring them online quickly. they're looking at this now as an opportunity, brian. they don't want to sit back on their heels. the tricky part is if we go up too fast there could be more

price destruction ahead and that could be bad for the shale players as well. so they're in control and there's a very fine line to walk. >> all right, jackie, thank you. jackie deangelis. still ahead it's we deliver friday. over the past few days we have been asking you to accepted us your orders, the stock you like us to debate, buy, sell, or hold. we'll deliver answers but, first, why the wall you're looking at could be adding more names in the month to come. brace for more defaults next.

yet another troubling sign in retail, hudson's bay, which owns sachs fifth avenue, lord& n taylor is cutting about 2,000 jobs as part of a restructuring effort. the operator run out of the united states also reporting a steeper than expected drop in sales for the quarter. melissa? >> moody's release as new report saying it expects the number of distressed retailers to keep growing with more defaults likely in the months to come. now 22 retail eers distressed. the lead retail analyst, charlie, good to see you. it does look like a lot of debt in 2018. that's just around the corner. >> there's about a billion that we published which are the b2/b3 ratings, a couple notches above distress for us.

you overlay those and you have a tough situation out there for retail in general. >> brian talks about this all the time. everyone says amazon is killing all these brick and mortar retailers. it's not nearly as big a percentage as the market would lead to you believe. what is the real problem macy's, nordstrom's, sears? >> the real problem is that retail is over stored now. it's not a liability, it's an asset. the problem for retailers today is getting it to be flexible enough to use in your online business and some have done a nice job. i would call out nordstrom's -- >> in a good way. >> yes,a pos it tiff way.

sweat iing the asset and use the assets for both channels and that's where retailers have to go. and if you can't do that and we discussed it. >> 92% are still done off line. >> that does include gasoline sales. financial flexibility. proi vat he cequity and then ths everybody else, can you split it down the middle? >> you can certainly split it and i think when you're looking at the retailers that did leverage up and these would be the private equity owned companies, they may not have the flexibility to do what they need to do. you have to invest in your online business. you have to compete against everybody and think about it this way. amazon and walmart right now are in the middle of a bat thtle fo retail, period.

there's a lot of collateral damage out there. if you get in a price war with walmart, you can't win. if you're the fourth or fifth derivative, even the person -- the retailer above you can hurt you. and that's what we're seeing. >> so usually in most markets we see credit lead the equities. we've seen just the equities trade abysmally. so what's your sense of where we are now in terms of whether or not the credit is reflecting the danger some retailers could be in. >> we're at the highest level -- the highest number of cwca. that's one telling factor. it's usually around 40 names and goes in and out. >> you're going through credit ratings and, by the way, just like in school a "c" is worse than a "b." >> a cwa is a really distressed company. >> when you look at the credit rating, the debt load, maybe the

debt to equity, which ones would you say, you know what, in 2018 when all that debt is due, these guys are going to have trouble? >> you could literally look at that list and point a finger and probably be fairly -- you'll have a pretty good chance of hitting someone who will have a problem over the next two years. >> what are some of the names? >> claire's is on the list, sears, niemann's is on the list. i'm not calling them out spes f specifically as potentially point your finger, but these are big names on the list. j crew is on the list. we have some bellwether retailers that have dropped for a variety of reasons. >> charlie, thank you. >> cs are worse than bs? seriously, that's my whole college career. >> re-evaluate that. >> it's the craziest thing. thank you, brian. ruin my friday. >> you're welcome.

cnbc and survey monkey have teamed up. the results may surprise you. we'll have them for you next. hey, the future, what's her problem? apparently, i kept her up all night. she said the future freaks her out. how come no one likes me, jim? intel does! just think of everything intel's doing right now with artificial intelligence. and pretty soon ai is going to help executives like her see trends to stay ahead of her competition. no more sleepless nights. - we're going to be friends! - i'm sorry about this. don't be embarrassed of me, jim. i'm getting excited about this! we know the future. we're going to be friends! because we're building it.

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teamed up for a new small business survey. let's see how they're feeling and doing with our small business expert kate rogers. >> reporter: this is our first cnbc/survey monkey survey. they are confident. our confidence index scaled from zero to 100 has a value of 60. anything more than 50 indicates owners are feeling more pessimistic than -- or optimistic than pessimistic about the direction their business will head in over the next 12 months. one quarter says taxes are most critical, double the amount of regulation, customer demand or cost of employee health care. those are all tied at 14%. also respondents largely approve of the job president trump is doing so far. national approval rating was just 38% in the latest gallop poll. his approval rating is at 58% and owners said they believe politics will actually have a

positive impact on their business in the year to come. republicans had a higher confidence reading than democratic small business owners, 70 versus 47 and more identified themselves as republicans and democrats at 38% to 23%. the data it for our survey was collected in april amongst some 2,000 small business owners. we cast a very wide net. they're feeling good. >> kate rogers, thank you. next up, buy, sell or hold. we're serving up stock advice on the stocks you have chosen. we deliver friday next. flexshares etfs are built around the way investors think. with objectives like building capital for the future, managing portfolio risk and liquidity and generating income. that's real etf innovation. flexshares. built by investors, for investors. before investing consider the fund's investment objectives, risks, charges and expenses.

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i'm sue her era. here is your cnbc news update this hour. bill cosby said he apologized to the family of the woman he is accused of drugging and assaulting only because her mother thought he was a, quote, dirty old man, end quote. that's according to testimony that cosby gave over a decade ago. police outside the greek

parliament, an upcoming vote on new austerity measures. south korea's top security analyst and adviser to the president seoul will not change on the deployment of the t.n t a thaad system. and britain's labor leader jeremy corbyn celebrating his strong showing in thursday's uk elections. a huge win after hugging her you see he was trying to give her a high five. no, missed. ended up hitting her in the chest. best of intentions. awkward. >> he's a socialist. you share everything. >> yes, indeed. what's hers is his and his is hers. i don't know.

>> it's a stale of two stock markets. the and the das knack down. a gap between the dow and the nasdaq that we've seen in a long time. chevron, goldman sachs are leading the dow. the vix, the fear gauge continues to slide. it'll be negative at some point soon here, guys. what is not working, advanced ougautoparts, bed bath and beyo. o'reilly ought moautomotive and transocean offshore at new 52 week lows. >> "power lunch" is in the delivery business. we've been asking you to send us your order, the stock you'd like to us debate. buy, sell or hold. the day has arrived and here to deliver our delivery man, portfolio manager at washington crossing.

before we get to all of these stock picks, we want to ask chad your opinion of technology. we asked you earlier, guy. today's session we're on track for the second worst day of 2017 in technology. >> the mega cap high momentum stocks way overvalued. yes, they ran because of earnings growth and revenue growth for google or amazon. they're way over extended in nose bleed territory. you have to be careful. >> you look at apple. apple is down almost 3%. we were just up at the desk before. is that a name you think is overvalued? does that fall into the category of overvalued is a name with too much moment snum. >> from a p/e perspective, no, that's not the case. revenue growth is not there and the reality is better value with more consistent top line growth to go into.

i think a switch, a sector rotation. >> before we get to the picks, one more question on that. we've talked with about it. we've talked about it in fast money. i've written about it. do we need to worry that if these tech stocks roll over more, because they led us up, will they bring us down or can the market do well even if the big cap techs do not participate? >> i think what will happen is the leadership will shift to more safety stocks like consumer staples, some consumer discretionary. >> you can look at it that way. you can see that rotation happen. depending upon the yield curve. the market overall is somewhat topee. 5% equity. that's really overvalued.

>> we deliver friday. asking about starbucks. guy, we'll kick it off with you. >> it's a great game, would you rather. i'm telling you now this stock will make an all-time high by the spring. you remember. made an all-time high june 5th. what do i say about the stock here? sell. why do i say it? it failed october 2015 and has not traded well since. a $75 price target on it. >> buy rating. >> 26 times forward earnings. it's not cheap. >> we own the stock, bought it nine months earlier around $53 or $54. we would be buyers. our viewpoint is three years out. can it go down 5%, 6%. consistent dividend growth,

healthy balance sheet. your forecast return on this thing is in excess of 10%. >> you disagree on starbucks, the next stop, gavin, thank you for writing in. asked about amgen. you like amgen, how come? >> because revenue growth roughly about 5%. they have a tremendous franchise. the valuation truly makes sense. pe multiple around 14 or 15 times the way we look at it. we think the stock can go to $200. in excess of 20%. it's a no-brainer. >> there are no no-brainers to me. one of the best balance sheets not only in the industry but in corporate america right now. they have seven multibillion-dollar drugs on top of many other drugs in their pipeline. they had a disappointment last quarter. >> this from brian and richard

asking about costco. >> a company we own. i think this is walled off on the amazon issues. the valuation is somewhat topee in the short run. in the lock run we think it will be a 2x market performer. healthy balance sheet. same store sales quite robust. we continue to believe over the next three to five years revenue growth will be as consistent. >> why are they walled off? i'm a prime member. i pay my membership fee and i buy bulk items via amazon and then i don't have to schlep them around. they get delivered to my door. >> it's fun. i joined. i'm not trying to support the company. it's a fun place to go. they have random stuff. >> pete najarian, for example, you know pete very well -- >> fruity pebbles -- let's caveat this.

>> you can buy shampoo there. >> it's true. what about the stock? >> 27, 28 times forward earnings is expensive. look at their may comps. unbelievable up 4.1%, what the street was looking for and 90% membership renewal. what does that mean? you could jack up the prices. doesn't the matter. people will continue to buy those. it means the stock continues to go higher. >> you can buy like a 55-inch flat panel for 900 bucks. i was surprised what they sell. i would never have said that if pete were here. he would body slam me. >> he would not. >> off the radar lane, a company, if you don't know, if you get an uber and contact your driver you get a fake phone number that you go back and forth with on your driver. that's not their actual number. twilio is the company that runs a lot of that although uber did spread business.

that is a name you like. >> jeff lawson, the ceo bought thousands of shares. jeff lawson put his money where his mouth is. 32%. i get the uber thing but it's not all about uber. the death knell was forbes a couple years ago when they named it the sexiest stock in the world. the stock went from $65 to $25. but i think it's interesting here. >> this thing is overvalued. it's way ahead of itself. a couple billion dollar market cap. it doesn't look as though the revenue growth will fill in as much. i would hold off and then you can pick up this company at a lower valuation. >> i like that you disagree so often. you are keeping it so polite. >> he doesn't know me yet. >> when am i mean to anybody? you're a jerk, what are you t k

talking about? get out of here. that's not nice. >> no. >> that's not what i do. >> tone it down. >> pete just went negative. >> the nasdaq is down by 1.3%. this is one we're closely watching. speaking of the nasdaq, gilead, we have a lot of questions on this one because it's got a lot of cash on the balance sheet. people are wait iing for it to a deal and yet it has not been a buy or a good buy for quite some time. >> i'll say hold and i'm reticent because it's a cop-out f. you're holding you're saying you're a buyer. what am i saying? valuations have been the reason to buy the stock. it's been the wrong reason but their balance sheet is unbelievable. they'll be force d to make some deal, hopefully the right deal. and you have to believe at some point a name like this you'll see an activist come in so the risk/reward understanding it has been grim death now for a year and a half to the upside. >> i'm surprised an activist has

not gone sniffing around. >> the valuation makes sense. i like the stock. i also like the debt. we own that. we would be buyers there. they've been successful at redeveloping themselves and this sock is going to go. >> final stock this round, because we'll do this again in the 2:00 hour. one more in this round which is kroeger. i hear your point about a hold. this is a hold for you. do you agree you don't hate it, it's just you're fine with the amount you own. >> i don't hate it. i'm looking for trends to improve within kroeger before i would become a buyer of kroeger. >> what would it take to be a seller? >> that would be a definitive sell at that point. we just think there's a price war happening in that sector. the valuation is clep.

cheap. >> trader hat. i will put that it on. i wear many hats. >> it's true. >> don't look so disgusted. it's friday. have some fun. >> why do you buy the stock? through 28.50 dollars, that was the same low we made back in the middle of 2015. you have a chance of a double bottom and i get valuation, margins going the wrong way but risk reward makes me a buyer. >> round two next hour. >> the power pitch is also back and today a new app that uses the simple idea of if this then that to invest. the app makers will get their feedback ahead. first the bond market.

>> rates are up a little bit. the volatility kicking up. look at the two-day chart. we're digesting what was yesterday's zone. if you open up month to date so fascinating, a new low yield on the year and the market is fighting. remember, we have a fed meeting next week. the fed expected to raise rates. the next chart also a month to date chart but the dollar index, they're linked together and both seem to be getting a little lift, both rates and the dollar. will it continue? a lot will depend on the fed. but stay tuned to "power lunch" as brian said power pitch coming up. i can't wait for her to have that college experience that i had. the classes, the friends, the independence.

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that's where i felt relief. it actually helped to know that somebody else cared and wanted make sure that i was okay. that was really great. we're the rivera family, and we will be with usaa for life. usaa. we know what it means to serve. call today to talk about your insurance needs. markets we're watching closely because we've seen a roll over and have seen that

take down the s&p 500. we're now in negative territory. we're down by just about a point. the nasdaq, though, down by 1.25%. shares of apple. we highlighted this at the beginning of the last segment and since then now down 3.5%, the kind of roll over that we're seeing across big cap technology. take a look at the qs, focuses on the largest cap names in technology and we're seeing extraordinary volume for the qs. it's trading 174% of its average daily volume so far in this session. very he heavy volume. >> it looks like a rotation. some of the biotech names are doing well today. you have amgen, not a biotech, they're all doing very well. i wonder, guy, if there's a rotation starting between going from tech to biotech. biotech has had outflows. >> add oil in there as well. i think -- listen, it's hung in there extraordinarily well.

ibb to me goes north of 3.25. energy is trading okay. not bad, right? and financials. so i get concerned today if you see it tlt go positive or the vix for whatever reason close above 10 and a ha1/2. i'm not suggesting either one of those happens but that could give me concern. >> the big bond etf, guy, thank you. time for the return of our startup series called power pitch where entrepreneurs get just one minute, 60 seconds, i'm told, to pitch their startups and experts weigh in. >> hi, my name is rachel and i'm the co-founder and ceo of trigger finance. trigger delivers the financial activity through simple statements called triggers. a trigger monitors any type of financial data and delivers the results in real time. for example, if the fed raises interest rates then sell spy.

we launched our mobile app for retail investors in june and in just over six weeks we have over $60 million of wealth linked to the platform and are triggering on nearly 10,000 unique market events. trigger is more than an app. it's a platform where businesses and app developers can build upon and license to bring triggers to their users so they can increase user engagement and retention. we are a team of former traders and engineers are from google and jpmorgan, and we're uniquely positioned to bring triggers to your every day investor. >> welcome. i'm melissa lee. you just saw rich 's pitch. now let's meet the panel. joining us is kelly and from the bay area venture capitalist david wu. you're in the hot seat. let's kick it off here. >> on the user front, are you targeting more of the active day trader or the every day investor? >> it's really more a seasoned, sophisticated investor. not maybe a day trader but a

developer, someone who is more affluent that really enjoys and understands markets. >> kelly? >> my first question, where are you getting your revenue from? >> we actually licensed our core technology to app developers and businesses in the form of a trigger platform so the business pays us for every trigger they create for their users. >> david? >> i hear there are plans to create a premium level of service. when do you plan on launching that and what's the pricing around that going to look like? >> so right now the app is free for the foreseeable future for the retail investors. we charge per trigger anywhere between 10 cents and 50 cents in a tiered model. however, there is a longer term strategy for the app where we can open new accounts for individuals that don't have a brokerage account and we can get paid and compensated from the broker dealer anywhere between $250 to $500 for every account that's funded. >> have you found the triggers actually work?

>> they work in the sense they fire immediately whenever the trigger actually happens. we don't track performance of the triggers. however, the users themselves, they're using it to make better investment decisions and to remove the emotion from the investing process. >> alicia? >> why haven't existing brokerages offered these services? >> we built an amazing mobile experience in a short amount of time, so our solution as a white label solution is a much better buy scenario than for them to build it out themselves and take resources and energy to put into it. >> what's your strategy for finding your ideal consumer? >> 100% of our growth in user space has been organic and has been word of mouth referrals. we are partnering with large financial institutions like n s nasdaq and ameritrade as well as showcasing our technology at large financial conferences. >> okay. we heard what rachel had to say and now we want to know if the

panel is in or out. what do you have to say? >> i'm impressed with the milestones to date and really like the idea of defensemmocrat the space. i'm in. >> kelly? >> taking the emotion out, you're also creating an equation for how to make the great buys. i think that's interesting over the long-term so for that i'm in. >> i think you have the right dna on the team and i think you're a super credible founder with your math background and five years of wall street experience so i'm going in as well. >> three out of three, rachel what's your reaction? >> i'm thrilled. thank you very much for your feekd and for those who's watching please downdood trigger. >> the trigger finance app notify users when president trump tweets about a stock that you own. so america the world are you in or out on trigger finance? tweet us your thoughts using the

hash tag power pitch or cnbc power pitch. >> can i make a -- what was wrong with your hair? >> was it something wrong with your hair. >> let america decide i'm just saying. all right jackie has the news alert. >> delivering a statement on guitar moments ago in washington, tillerson calling on saud ra yab ra behind the uae and egypt to ease the blockade against guitar take a listen. >> the blockade is impairing other -- in the region. it's had a -- the blockade is hindering u.s. military actions in the region and the campaign

against isis. we support the amer. queue waits, efforts to bring about a peaceful resolution to this agreement. >> tillerson also said the spirit of the summit in the middle east a few weeks ago will be upheld. >> jackie thank you. ahead could the u.s. soon have 51 states? leslie picker's live in puerto rico with that story. >> we've been speaking with residence, investors, government officials ahead of sunday's vote. we'll tell you about it when power luch is back in two. we created the ripple: the doughnut in a doughnut in a doughnut. right away, it was a success. i mean, it really took off. what people don't know is that it all started with points from my chase ink card. i bought the ingredients, utensils, even custom donut cutters.

wow! all with 80,000 points. what will you create with your points? learn more about the ink business preferred card. hthis bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go!

the market's hot! sync your platform on any device with thinkorswim. only at td ameritrade [ eerie music playing ] it takes a monster... she did something to me. ...to defeat a monster. the essence of evil calls to you now. the mummy. rated pg-13. i'm ricardo, a sales and service consultant here at the xfinity store in bellevue, washington. here at the store, we offer internet, tv, phone, customer service, home security. every situation is a little different. it could be about billing, simple questions like changing the phone number. sometimes, they want to upgrade, downgrade, but at the end of the day, you want to take care of the customer.

one of the great things about comcast, there's always room to move up. of course, it depends on you, how hard you work. ♪ puerto ricanses are heading to the polls on sunday to determine the future of how the island will be governed. leslie's live in san juan, puerto rico with more. >> hey guys, behind the if i saud of these old styled businesses is an company yielding with ten years of recession. and its residence here in puerto rico will have a chance to express what they believe to be the way out of this situation on

sunday when they head to the polls and vote for either u.s. state today to become the 51st u.s. state to become their own sovereign nation or to remain a commonwealth which is a combination between the two of those things. we've spoken to residence on the island and some of them believe that sovereignty would be the best way because they blame the u.s. for the economic mess that they're currently in. others see the u.s. as becoming a u.s. state as a way out of their economic mess. of course as you know u.s. predators, hedge funds and mutual funds waged heavily in puerto rican bonds. we're seeing some of those same investors buy property here in puerto rico. seeing an opportunity we've spoken to one of them who is looking at hair cuts on the bonds he bought as well as investing in the el san juan hotel for $70 million. >> on balance is there likely to

be more special situations or distressed opportunities here than there might be in a booming mainland city, i would say so. you have some constitutional capital that doesn't want to come into the commonwealth so that gives rise to some of these opportunities. >> other investors seen opportunity here on the island. guys. >> all right leslie thank you. live in san juan. ahead delivery friday continues, experts have more advice on these stocks. straight ahead.

i'm me list sa lee here's what's on the menu. president trump set to meet the press this hour. he'll be in the rose garden with the president of romania. we are so getting back together today, taylor swift is now reunited and it feel so good with spotify. the details as the second hour of "power lunch" starts right now. ♪

there's bad blood in the market today, the numbers may not show it by today is an interesting and important day for stocks, here's why, the dow jones average is up likely 60%. the big story though is the big drop in many technology stocks, apple, netflix, microsoft, google, amazon they're all done 4%. amazon is done 4%. this could make it the worst week in taxes mel, as well as a long week for a very long time. >> we are set to be on pace for the worse day for technology in twerch. with us for this full our is bob. >> this is great news because we're seeing rotation, the market's not cadering it's a sign of a heavy market. let's put up with brian and

melissa were talking about. fain stock, facebook, apple, amazon and microsoft all down after having a great week overall. global had an article after claiming -- the problem with the fangs whatever you want to call them they're cyclical growth stocks but people are treating them if their staple stocks with low volatility, that's not historically true. i think an appropriate thing to say and i think that's what's going on right now. same situation, these stocks have the same characters, they had a ridiculous run this week. advance microbe up 20% nidia up 20%. at the opening around 9:35 this morning the same stocks were up this week. heavy volume tech etf we've been

seeing today. the standard s l tech etf has been huge volume. those have all had very heavy volume throughout the day. so what are people doing, they're retoting. we've talked about the rotation in the middle of the week as banks started moving up, most of the big regional banks are up 4, 5% for the week and up again today. and finally action out of the energy group. you'll notice as the fang stock started going down that's the integrate of xl groups which had no rotation. this is about sources of funds to buy other beaten down signs of market and i think it's a very healthy seen. back to you. >> all right bob. what's the extra a by the way? >> apple and amazon. >> is it apple into fang now now

it's microsoft. the mark's been defainged. making stuff up now. let's bring in paul meeks. paul, sometimes you gets a sore throat and run any nose and allergy big deal. what do you think this technology sell off today, one day wonder or the some of something worse? >> it could be somewhere in between. it's the sector that i love and focus on that most technology stocks have gotten ahead of themselves. i do think vis-a-vis what you saw last time, we had nasty rotations out of tech, you could say back then fundamentals were so sweet but now i think they're pretty strong. i don't know if it's a one-day wonder, i'm looking to see what happens in the few hours of

trading. we could have some come up but i'm probably a better buyer -- >> if they sell off more to your point paul and they end on their lows, does that concern you for monday? >> that would concern me for monday. and again i'd be prepared to buy some of my favorites on deck but i'd probably wait for them to settle on a low-volume day which would mean the aggressive selling is through. >> so that's not today. we're seeing pretty high volume across the board even with a 7% decline in apple and facebook and amazon you wouldn't buy those right now? >> i probably wouldn't. it'll be important to see what happens in the last two hours. maybe when i get off the horn here, we'll have a bit more rebound, i'm waiting and seeing. >> paul, before you get off the horn, i don't know the answer to this, but what do you think the catalyst to this friday -- what was the catalyst for moving the magnitude on a friday afternoon?

>> excellent question because the volume is pretty high. we did have a short seller come out on nidia today, no surprise that stock has been a rocket ship. reports first out of the box -- some worry about snap. but there wouldn't anything major in my view. i think the major item out there is apple and potentially the iphone 8 is delayed. but when it comes out it doesn't have the functionality that's going to take over the world as people expect. all that stuff had been known the last couple of sessions, i do think, as i heard at the top of this broadcast is there is a roe taking out of the sector. >> thank you paul. let's bring in bruce. bruce great to have you with us. even though you're joining this conversation, what's your interpretation and what do you think the markets are telling us here today with this so often big cap tex, the rise some are

beating down financials and energy stocks? bruce? can bruce hear me? >> okay. yes, well i think that after a long run in those tech stocks it's certainly time for them to pull back a bit, question is whether you get a sustainable run but a narrow group like that can't lead the mark forever and some some pointwy need to zero tags of keeping the overall rally started. >> did you like the technology, i'm i just want to be clear, the technology shows -- they're not cyclicals like the technology tied to the growths and u.s. economy and here we are today we're seeing 3% decline on some of biggest caps in the market.

>> that will be defensive and we have not looked at it that way. we would broaden technology to include things like the bio teches for example. as these leadership stocks begin to flag we'd expect some money to rotate towards some of the over names and in general try to remain diverse tied to class broad of range so you get the benefit of that in the year to come. >> what sector looks interesting now despite what's transpired over the last couple of hours? >> it's tough to pick out one. but mostly the one that offers stable defensive jooi quality growth. some of the consumer discretionary stocks outside of the retail area, those are some of our favorite names because they keep adding new earns over a price of time and for some time the pricing is not

over-the-line. >> scott mike galanoser a friend of the show is tweeted out he's advising people to take chips off the table. he's concerned about volatility being low and corporate bonds going back a decade. is this something you watch or is this just a wall street journal effect where they're making noise about evaluation? >> i think the tech stocks, particularly a handful, some names had an overwhelming impact this year on the s&p 500 and the nasdaq 100 index. i look at some of those macro variables, uh-huh do think once tax settles, once we get through this, don't know how long it's going to last, but i actually think tech is the most important sector, particularly companies that are involved in cloud computing and they would be better buys if and when we

finally settle. >> paul, when you take a look at action you're seeing in technology, particularly in the qs today that are trading at -- are you worried we're seeing this sort of atn effect? we had that tweet and then all of a sudden everybody rushed for the exits, are you feeling like we recollect we could be seeing the start repeat of that sort of decline? >> i don't think so. i think we're going to have if we do have a sustained connection into next week i think it's going to be not as deep as you would think and not as long laster. i don't think this is a trigger for tech stocks for something that is going to be horrible and long lasting. >> paul, thank you. our thanks as well to bruce mccain. big event we're waiting for this hour, president trump meeting with the president of

romania. we are kpreszing a joint news conference later. john at the white house. >> the president had his infrastructure week signature event which was a speak at the department of trans portion, didn't get much attention because of all the attention of what the president is going to say about director comey's testimony. the president saying he thought the hearing yesterday at the intelligence committee was total and complete vindication and james comey admitted to being a leaker, that is correct. and jaime comey also confirmed the president's statement that he had been told we petedly that he was not personally under investigation. never the less, james comey painted a bad picture of the president yesterday. within an hour we expect the president to address the questions, don't know in what detail he's going to talk about

it. his lawyer responded in his name yesterday but this is going to be high drama in the rose garden. >> john harwood thank you. we are still waiting for two big events, in addition to that event with the president, treasure secretary steven mnuchin is in canada to hold a meeting with his people there. has some homes gotten so expensive it's better to rent than to buy. and taylor swift getting back with spotify services. we'll tell you why. ♪ as a benchmark for average. yet a lot of people still build portfolios with strategies that just track the benchmarks. but investing isn't about achieving average. it's about achieving goals. and invesco believes doing that today requires the art and expertise of high-conviction investing. translation? why invest in average?

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so-called worm may have turned for real estate and maybe in the american dream as well. in home markets some prices have risen so much it may be smarter to rent than buy. diana is in washington, i'd imagine that d.c. is probably one of those markets given what is going on there. >> yeah, you know that for sure. it's more and more cities with home prices rising so quickly and rent starting to ease, the math is shifting. the rent versus buy occasion is heading steadily toward rent territory. it factors in home prices, rents, mortgage rates as well as alternative investments to gain wealth. the 23 cities the indentation measures, 11 still in buyer territory like chicago,

cincinnati and cleveland. nine including philadelphia, and l.a. hoover right in the middle where it's a toss up where you're getting more wealth in renting than buying. dallas and house there's in territory for renting about better option for building wealth. now, the main thing is that all of the cities are moving toward rent because home prices are so high, morning rates expected to rise and other investments are giving better returns and this may be way another index measuring home/buyer sentiment is falling. the fannie mae project saying it's good to buy fell to the lowest stock ever. >> diana thank you. two big streaming movie stories, first up sirius xm is investigating $400 million in

pandora. and taylor shift getting back together with streaming music. making her music available on spotify, google play and amazon music. three years she yanked them claiming they didn't pay artists fairly. "street talk" is next. we're going to deliver more stock regulations, we're going to bring back in chad and guyer. they're going to serve up a buyer/sell advice on the stocks you asked us about. "power lunch" delivers next.

all right welcome back. president trump appearing moments ago in the oval office account president of romania, let's take a listen and a listen. >> as you know as of moments ago is getting even better. so thank you very much for being here. it's my honor. >> thank you very much mr. president. great pleasure and honor for me to be here and i'm looking forward to start discussions on our partnership. >> yes, it's been a great partnership. thank you all very much. thank you.

>> thank you. >> surprising. >> thank you. >> i'll be making a statement to this. >> thank you. >> thank you very much everybody. >> thank you. >> all right that was tape play back with meeting between the president and the president of romania. time for "street talk," the stocks you need to know about. mcdonald's, buyer 1.68, the price target even though the stocks are a couple bucks away from the record high. the manager's willingness to increase and playing offense reports. over the next three years old mcdonald's could recapture what the market is calling a partisan share. >> i like -- listen, we been mcdonald's fan, tim seymour's been on us for a long time, a

fewer people say evaluation is stretched i agree but i do think there's some run way here. under mr. easter brook they've refound themselves mcdonald's. >> i think it was credit sweep earlier this week there was another high price on mcdonald's. we're starting to see some of the firms get in on the mcdonald's buss. sink ga is number two. they upgrade it to an overrate with 4.5 price target. it's leading to higher engagement across a bunch of games. wall street is appreciating that and this is a quote, beginning of a multi year turn around and stronger business model. >> a heavily stock that's been dead makeup now for the last couple of years. if morgan stanley's right this is a hot bid to play.

it's either going back down to $3 or get that price moved up to 5, 5.$5. if you want to play at the $100 table this is the day to do it with. >> third stock, nordstrom this was coming after the company was considered going private. $50 a share is the answer. that would be a 25% where the stock was prior to this going public. there's a track of free cash flow over, 700 to $700 million annually. also going private could allow it to invest more heavily in omnichannel and accept more sales to prevent pressures. >> is more debt what you want want now we just talked about with -- >> but they have. >> they can't afford the company if they don't have the debt. >> pete said this last night and

i agree, this is giving you an opportunity to get out of a name that's been under pressure now for sometime. i think the ber place to be in retail, does it have potentially another 8 to 10% upside, yes, but if this falls apart we'll revisit 38 bucks. >> i'm not a fan of the whole real estate value, i'm more like a macy's or nordstrom, macy's has 7 or 800 stores, it's a $6 billion cap company. in manhattan alone it could be worse $200,000. >> they've also got as much debt. >> that's why the market cap is where he is. you're valuing sales at zero. >> and you can talk on macy's evaluation but the head wins they face, to think customers are going to find their way back to macy's somehow it's -- ideuns

you want to see the movie. >> miracle on 31st street. >> natalie woods crushed it. >> she was a little girl on miracle on 34th street pulling santa's beard? >> go check it out. tivety health is a company that has silver sneakers. it's a fitness program for older adults. >> that's not nice. >> on this red hot stock it's up 66% year to date. it's reported subject with private equity interest. some offers may have rolled in to buy the company either way, booster target from 34 to 40 in addition to a possible deal, i think there's a high condition of an upward bias and estimates. >> i'm a big believer in always been honest because you never have to remember what you said and i just turned to mel and

said i've done this show for how long -- >> this is not fast money it's "power lunch." >> i love "power lunch." >> natalie wood is the little girl in miracle on 31st street. >> i want to confirm it. you're looking live at the treasure secretary with the canadian news and bringing you headlines when we return. and we're all over the tech tumble friday, the nasdaq 20 points off its highs. it's 1.5% worse week for tech so far this year. we got another round or fresh hot stock recommendations coming up next. maybe your stock will come up with guy and chad as "we deliver friday" continues. that often reveals a better path forward.

at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock.

hi everybody i'm sue herrera and here's your cnbc news update at this hour. president trump says, thanks to him the country's infrastructure will once again be the envy of the world. he visited the transportation department's headquarters to highly his goal of curving regulation on infrastructure fronts. >> faster approvals and

innovation partnership with the private sector leaders will translate into dramatic approval across the country. our infrastructure will once again be the enemy of the world. a volunteer firefighter in kentucky says he was shocked when he got the call his own home was on fire. flames coming out of the first floor and smoke out of the second. no one was home at the time, unfortunately two people pets did not survive. a wayward deer did some damage at the pennsylvania paint store. video shows the young buck leaping over a display and running around the store. he caused a few thousand dollars of damage before he decided to escape. you're up to date that's the news update this hour. melissa back to you. >> it's hard to pick the paint colors sue. >> i got a new color, buck

naked. >> oh stop. >> it's a deer color it's a male deer. >> actually that's -- >> actually that's kind of funny. >> thanks sue. >> let's take a check on the markets right now. the focus on today's session the nasdaq, this looks like we're close to session allows down by 1.7%, that's 105 point loss for the nasdaq. we're on track for the worst day of technology since 2014. the market closing for the day. let's get to jackie. >> we saw a slight rebound in prices today. after that steep slide earlier this week it was a technical bounce. no fundamentals have changed that will push oil higher than this that's what traders are saying. the loss is being compared to a little less than 4%. more signs pointing to further

pressure on prices than for a real happen higher. we saw prices just under 46. back to you. jackie thank you. yesterday we asked you our viewers to send you our orders for the stocks you want analysised. today we delivered. let's bring in your delivery man guy and chad. thank you for all the submissions, we had way more submissions than we have time for but we're going to do this again we promise so keep your ideas coming. let's get started, two viewers quinton and aaron they want to talk amd. chad would you buy this or get out. >> i wouldn't buy this with my enemy's money, we would avoid it. it's a sell. he's a high momentum stock in my 20 years working in the business i've seen it go from boom to

bust. i'd fake the trade and get out. >> i take the other side of that, and i get it evaluation was crazy, now if you believe in this crypto currency things which brian kelly's been all other. >> all over. >> they can't keep the amd chips on the shelves right now. >> the rx 500 graphic's card they launched it in april it's sold out right now. >> there's obviously so many mining machines you can build. >> noted. >> and let's be clear he's more of a long-term value guy. >> i've seen this a thousand times with respect stay away, this isn't going to end well. if it's going from 12 to 15 hoo raw it's going lower. >> 12% as we all know -- you were a math student at -- >> harvard. >> but from 12 to 15% that's a

big move. max asked about paypal. what do you say about that? >> i own this personally in the portfolio. we like it, could it go three to 5% lower or 7% because it's a high momentum stock yes. talking about all payments all together with online, i believe over the next five years you're going to be higher highs with revenues i'd be a buyer of this. >> interesting at the ww d.c. as the kids like to call it, they said they're going to have payments shot at memo. >> got two words for you -- >> that's one word. >> venue moe, the citizen moe. and i learn being this thing we were at dinner somebody said you go to vin mow so i did a bill

research. guess who's been all over this stock. >> dan nathan. >> it's happened, it will happen i think this -- >> it may begin tonight on fast money we should ask why he's never been invited on "power lunch." stefan in montreal wants to know about chesapeake. this is another one kind of like an amd in the sense it's in the oil patch, super super, has been volatile, they've gotten their balance sheet a little back in order. but it's got to be about all oil and gas prices. >> got to be. i don't like doing this but i will, if you think oil is going back 2.50, $5 then you buy this hand over fist. >> you're making a double bet,

you're betting on oil then chesapeake. >> you have to do that with this stock. big short interest, i think there's a chance. the risk reward makes sense tom. >> e would avoid this one. we are very concerned about oil prices as well as gas prices. they have a tremendous amount of debt on their balance sheet and that's the reason why the equity's so valuable. if the equity goes $5 a barrel -- >> you say -- they've done a good job of n cleaning up the balance sheet but if oil stays where it is it's going to be harder for companies like chesapeake. >> they have a gigantic amount of debt on the balance sheet. if you want to get involved look at the senior debt have it secured by at least an asset. that's what i would do. >> next pick from larry, constellation brands. >> this stock has been

unbelievable but you say to yourself why are they making a play at this point, considering it's not fake news it's real news. this is what i would say, is that their acknowledgement that growth is slowing and if that's the case the evaluation doesn't make sense i would say -- >> so i have a hold on it and i understand what you're saying e agree with it, it's going to be a slow grower high market company. thai going to look for a growth acquisition to cover up a better rate there. there are better companies look at dr. pepper as one. >> fifth stock by elaine, this is tesoro. you're getting all your sells here chad. why should e lane sell tesoro? >> after taking a closer look at it we'll evaluate this from a sell to a hold. it is discuss acceptable to the

volatility of the oil market and again they have stations. so the valuation does make sense, for me my concern overall revenue growth is going to be slow and decelerate and margins are going to become under pressure. >> morgan stanley put a 128 price target so i'm a buyer. >> and erin is asking about under armour. chad. >> if things start to improve we'd be more constructive on it. >> inventory's continued to go up margin's continue to go down not a good thing. you don't bet against mr. plank but even with the market lower in the stock, as much as i hate to say i put that benign hold on it. >> i agree with him on that. >> i think they more than delivered. >> chad thank you. >> who's they in. >> me and chad.

>> chad thank you. guy you're going to stick around. all of you by the way thank you. we got an overwhelming number of response from all of you, unfortunately due to the time, our show i think is too short but we can't get all of them in. we're going to do this again so continue to send in your ideas. >> we got a very short sell all in technology that we're watching closely. is this the roll over a lot of people very fearing, "trading nation" team will weigh in. and we're ranching the cross garden, a meeting with the president of romania, live stay with us.

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i have a lifetime of experience. so i know how important that is. . you're looking at a live picture in the rose garden where the president is expected to speak. we are going to go there because the president could be asked questions about james comey's testimony yesterday. as soon as this begins we'll go straight to it. >> as we wait for that let's get more on your market. let's bring in the "trading nation" team. we got erin and stacey.

erin i think the move with s&p is catching people off guard. what's the take on this move? >> for me it looks like rotation out of the the momentum stocks into the value stock so we've been waiting for a while. one, the tech stocks names are down today. and two, we got financials and energy actually up today which we're -- year to date. even if you look at the growth and value you see the growth down and value's up. to me this says this is a change, averaging change and people are finally looking to move away from the momentum play. >> erin one more quick to you before i get to stacey, do you think that's a permanent move? >> i think we could see a longer term. i think momentum's finally gotten a bit expensive for the growth we're looking at and we could see a trend of this over next few months. >> stacey gilbert do you agree with that?

is this the beginning of a larger rotation out of the group that has been the story of the market for the the last couple of years? >> i think it's the beginning of volatility so i agree with erin's assessment. i think the investors are revaluating right here. this has been the darling and it's taking off. people are talking about how expensive the stocks are and how much they may have gotten ahead of themselves. overall i'd say we're not seeing investors position across the options. if anything they're using this opportunity to position for more volatility which is why i think some people think we may be starting to trend where attack is now going to become less of the darling. i'd say investors aren't sure and they're positions for one way or the other. >> stacey and erin thank you very much. folks as always a reminder we do a couple extra seg lts on the

web find them at tradingnation.cncb.com. you're looking live at the warehouse rose garden again. the president expected to hold a news conference with the president of romania. we'll burden of proving that to you when it happens because he might make kmnts about comey's testimony. let's bring in ron, and ron and kristy, and former special assistant to president george w. bush. ron, i'm going to begin with you, i guess it depends on what media or what paper you're reading, because i can read papers and websites yesterday that said big win for trump nothing came out. or i could go to the other side and realize this is the beginning of something worst. what was your take on yesterday and the president's position right now? >> my take is beth sides lost a bit. any time you have the former

director of the fbi saying he thought the president of the united states was a liar. he didn't believe the president's voracity and he began to write memos about his conversation with the president that's not a good thing. on the other hand, if you're jaime comey and you're mr. washington, honest and mr. good guy and you were the one out leaking materials to get it out in the press to get a special prosecutors i think it harms and tarnishes his image as well. no major revelation that makes me think the president is in serious jeopardy at this point. >> i'd disagree with that, the idea he's not in serious legal jeopardy. you have the former director of the fbi saying he felt intimidated to drop an investigation with michael flynn. >> none of that would on hold an obstruction charge. >> how could you possibly say it wasn't do that. >> i can't answer that question

i didn't go to law school. >> there are plenty other attorneys who would argue these are classic examples of -- >> i'm not trying to be rude but as a lawyer and one whose studied constitutional law and practice law the statute of justice says not only do you have to corruptly influence someone but you knowingly have to do it. the director of the fbi said i did not feel like someone was trying to intimidate me. if you have the top three officials after the department says there's no in tijs that throws the obstruction out the window. >> if you have the former fbi investigation says he was fired for not stopping the investigation, how can you say that's not on instruction. >> the -- has the able as one who worked in the white house for the president of the united states. the president of the united states can fire you for any or no reason whatsoever, so to say

the fbi director was fired was not the president acting as constitutional responsible shows an lack of understanding how the president can execute his executive power. >> i'm sorry to break in i want to go back to the markets for a moment because we're seeing a roll over in shares. woo done almost 5% here, close to session lows, 139 -- actually that's power share excuse me. we're seeing the worst for the nasdaq 100 since brexit. for the qs we're trading 270%, the average daily volume so extraordinary volume and big cap technology one of the crowded trades on wall street. ron, how do you explain what's going on in the markets today? >> i've been harping on, and it certainly would be correct to harp on this today, the political risk --

>> this is political risk? >> no. i would say all kinds of risk have been underestimated in this market whether it's the nasdaq outperforming the market by a thousand base points. whether it's gold and bonds telling a different story in the stock market, much more worried about economic and political things going on. those thing have to reconcile themselves at one point. the mark's going one place, the stock market, the gold and bond going one place. either the gold and bond dollar has to -- you hit the winners first, this in my mind could be the beginning of a broader -- >> but ben, as a guy who studies this section of politics and economics, have you been shocked? this is like rocky v or the r

russian guy that's hit so many times and never goes down. >> four. >> oh rocky iv. i think it's an understanding -- so that'spence, the policies aren't all that different. so if for some reason there was a change at the top of this administration, the general drift on regulations, on tax policy, all that stuff under mike pence doesn't change, and perhaps you have less craziness day to day. >> i would agree with that. the choice act, which was a big repeal of dodd/frank was passed by the house yesterday, which may be one reason why financials are up today. >> take a look at the s&p 500 intraday. we're seeing that roll over pretty sharply right now. we're now down by 0.7%. you may say that's not such a big deal, but that action has happened just in the past few means. apple now down about 5%. >> 1:00 when we started the show, i said i won't get concerned unless we see tlt see

that go positive. i think it just went positive. and if beswe see the vix go nor of 10 1/2. now the vix i think is 1070 or so. a couple things have happened. overlay that with huge reversals, technical reversals on significant volume, not least of which in the s&p 500, which made an all-time high today. now you have to ask is this the beginning of something more meaningful? >> all right. everybody sit tight for just a second. the president and the president of romania are coming out to the podium. let's go to d.c. and listen in. >> president iohannis, thank you for being here. it's an honor to welcome such a good friend of america to the white house. as you know, the people of romania and america share much in common -- a love of freedom, proud cultures, rich traditions, and a vast and storied landscape

to call home. the relationship between our two countries stretches back well over a century. but today we especially reaffirm and celebrate our strategic partnership that began more than 20 years ago. that partnership covers many dimensions, including economic, military, and cultural ties. and today we are making those ties even stronger. mr. president, your visit comes at an important moment not just in this partnership, but among all of the responsible nations of the world. i have just returned from a historic trip to europe and the middle east where i worked to strengthen our alliances, forge new friendships, and unite all civilized peoples in the fight against terrorism. no civilized nation can tolerate

this violence or allow this wicked ideology to spread on its shores. i addressed a submit of more than 50 arab and muslim leaders, a unique meeting in the history of nations, where key players in the region agreed to stop supporting terrorism, whether it be financial, military, or even moral support. the nation of qatar unfortunately has historically been a funder of terrorism at a very high level. and in the wake of that conference, nations came together and spoke to me about confronting qatar over its behavior. so we had a decision to make. do we take the easy road, or do we finally take a hard but

necessary action? we have to stop the funding of terrorism. i decided, along with secretary of state rex tillerson, our great generals and military people, the time had come to call on qatar to end its funding. they have to end that funding and its extremist ideology in terms of funding. i want to call on all of the nations to stop immediately supporting terrorism h. stop teaching people to kill other people. stop filling their minds with hate and intolerance. i won't name other countries, but we are not done solving the problem, but we will solve that

problem. we have no choice. this is my great priority because it is my first duty as president to keep our people safe. feeding isis and other terror organizations is something i have emphasized all during my campaign and right up until the present. to do that, stop funding. stop teaching hate. and stop the killing. for qatar, we want you back among the unity of responsible nations. we ask qatar and other nations in the region to do more and do it faster. i want to thank saudi arabia and my friend king salman and all of

the countries who participated in that very historic summit. it was truly historic. there has never been anything like it before, and perhaps there never will be again. hopefully it will be the beginning of the end of funding terrorism. it will therefore be the beginning of the end to terrorism. no more funding. i also want to thank the romanian people for everything they contribute to our common defense and to the fight against the evil menace of terrorism. they have their own difficulties with it, and they've come a long way, and they're doing a lot.

romania has been a valuable member of the coalition to defeat isis, and it's the fourth largest contributor of troops in afghanistan. there, 23 of your citizens have paid the ultimate price, and america honors their sacrifice. i want to recognize president iohannis for his leadership in committing romania this year to increase its defense spending from 1.4% of gdp to over 2%. we hope our other nato allies will follow romania's lead on meeting their financial obligations and paying their fair share for the cost of defense. but i will say this. that because of our actions,

money is starting to pour in to nato. the money is starting to pour in. other countries are starting to realize that it's time to pay up, and they're doing that. very proud of that fact. as you know, i have been an advocate for strengthening our nato alliance through greater responsibility and burden-sharing among member nations, and that is what is happening. because together we can confront the common security challenges facing the world. mr. president, i want to applaud your courage and your courageous efforts in romania to fight corruption and defend the rule of law. this work is necessary to create an environment where trade and commerce can flourish and where

citizens can prosper. i look forward to working with you to deepen the ties of both commerce and culture between our two countries. romanians have made contributions to the united states and to the world. very notable among them was nobel prize laureate eli wiesel, who was born in romania and sadly passed away almost one year ago. and i understand that earlier this week, the american jewish committee presented president iohannis with its very prestigious light unto the nations award for his work to further holocaust remembrance and education in romania. i join the ajc in saluting your

leadership in this vital cause. the people of romania have endured many, many hardships, but they have made a truly remarkable, historical journey. the future of romania and romania's relationship with the united states is very, very bright. president iohannis, i thank you for your leadership, and i thank you again for being here today. i look forward to strengthening our alliance with your country and our bonds with your people. the relationship has been good, but now it's stronger than ever. thank you very much. >> mr. president, thank you so much. president trump, thank you so much for the words you found for romania romania, for the romanian