>> there is no better business in the world than cnbc. it has been an incredible honor to be a part of it. thank you for everything that this place has done for me. >> we are all better off for having you. >> thank you, guys. >> thank you, michelle. >> thanks for watching power. > we'll throw in our congratulations to michelle on an amazing career. we will miss her. >> yeah. i worked with her all 20 years. i will miss her a great deal. she is going on to good things. that's hard to follow but we will try. >> welcome david faber.

today is the day marking the longest running bull market on record. and it is sort of modest trading. the s&p did turn higher. russell 2000 any gain today there would be a record close for the russell. dow is in the red. >> first off the u.s. course could be nearing an informal deal on nafta. we have the latest on what would be an important development. >> these talks have been going on for more than a year at this point. now the u.s. and mexico are still in the trenches. they have been for weeks. just those two countries, talks have wrapped for today was mexican officials are staying in town. the trade adviser to mexico's incoming president was cautiously optimistic about progress being made but was noncommittal about a deal being announced tomorrow. >> it could be that we finish

everything this week. it could be. it doesn't have to be. >> it doesn't have to. >> it could be by the end of next week. >> the significance of the end of next week is that is the deadline to finish a deal between all three parties if the deal will be signed by mexico's outgoing president before he leaves office on december 1. a few blocks away in washington the chinese delegation arrived for a 2:00 meeting at the treasury department to reopen those channels of negotiations on trade. one chinese official tells cnbc the purpose of the talks is to test each other's boundaries. those will be tested with each side planning to slap tariffs on $16 billion of the other country's goods. a person briefed said the talks

are set to go on tomorrow. >> and then there is europe. so there is trade negotiations on three different fronts. any sense of what today's political news and the drama that flared yesterday afternoon means for the u.s. position? do the talks get delayed does the u.s. hand get weakened? >> there is a sense that all of these issues are compartmentalized, the economic agenda is siloed and stands alone and is being initiated by other people who are not involved in the special counsel's probe, the russia investigation or the situation that we saw yesterday with the president's former lawyer michael cohen or paul manafort. there is a distraction factor here. one administration official says white house officials are watching the president's evolving reaction to these situations closely because that will determine whether he wants a big public victory lap on

trade, whether that will actually placate him or whether he wants to recoil privately as situations simmer over. >> thank you very much. we will dive deeper into the political developments over the last 24 hours. they have been major. michael cohen pleading guilty to eight counts of tax fraud, bank fraud, campaign violation and paul manafort was found guilty on eight counts ranging from tax fraud to bank fraud. eamon javers with the latest. >> sarah huckabee sanders just wrapped up her press briefing here, the first time we had an opportunity to hear from her since the verdicts yesterday. she was asked whether or not the president has lied to the american people. here is that exchange. >> look, again, i think that is a ridiculous accusation. the president in this matter has

done nothing wrong and there are no charges against him. >> reporter: sarah huckabee sanders denying that the president lied on air force one when he said he was unaware of the payments to stormy daniels. the problem for the white house is that the president said on air force one that he was unaware of the payments and then today in an interview on fox news he said that he did become aware of those payments after they were made. in court yesterday, michael cohen, his former attorney said that the president directed him to make the payments so the president was aware of the payments before they were made. at least one of those things has to be untrue. sarah huckabee sanders saying it is a ridiculous accusation to suggest that the president has lied. >> eamon javers, thank you very much for bringing us the latest on the white house response. joining us now to discuss how any of this could impact the market is stephanie miller, senior vice president of heigh

capital markets and brian gardner. stephanie, is the market immune to president trump's legal troubles in all of this? >> it's a great question. i was thinking about in the early days of this administration my colleagues and i -- we advise investors every day -- they were asking about tweets and comments from the president. at this point the president says something and a lot of investors don't want to pay attention. we are seeing an ability to ignore the president or news around the president. so the real question is what would be the tipping point and what would need to change to make folks that have become immune start paying attention again. >> what about you? the mantra has been focus on the fundamentals and economics. tune out the politics. is that what you are telling your clients >> just for the sake of being

contrary i would like to take the other side but i can't. i would have to agree with it. it is the answer i think we are getting from a lot of clients. it's not that they are immune to it. they are ignoring it. there is a subtle but important difference. institutional investors will not pay attention to this until they get a sense that the president is in realistic political jeopardy. that only happens when an issue of collusion with a foreign power comes into play. so far there have been allegations, accusations, conspiracy theories but no hard evidence of collusion. if there were to be -- if there was to be public evidence that somehow he cooperated with a foreign power then i think you see members of his own party start to turn on him. in the absence of that he is fine. politically standing, his political standing is fine for

now. >> since you watch all of these developments very carefully, the president has responded. he has tweeted about it twice, two different tweets. we just heard from sarah huckabee sanders in her press briefing. how does the administration's response and posture take us forward? what is it ultimately going to mean for the president and for the markets the way they have approached this? >> i think you have to keep in mind his audience. his audience is his set of political supporters. i think this is a calculate ad strategy by the president. also i think there is a calculated move that as we get closer to the mid term elections he is seeking to gen up his base and increase turnout. he knows that he cannot appeal to nonsupporters. he has given up trying.

he is not going to try. i think a lot of the tweeting, a lot of the press interviews that he gives and the rallies that we saw last night in charleston have a targeted audience which is get republican voters out. i think the markets are just shrugging their shoulders. they understand who he is talking to. he is not talking to them. they just don't care. >> stephanie, we do know investors are watching the mid term elections. does this change that trajectory at all what are the implications around the election >> we expect democrats will win the house majority by 5 to 15 seats. i think events of the last 24 hours have hinted that maybe we are at that precipice where we should be adjusting higher our range. i think the idea that trump is trying to gen up folks to turn out is certainly true. i think his tweeting is an attempt to take a shot at

credibility because the worse thing that can happen for trump is for cohen to come out with more information, more evidence that trump was substantially and materially involved and kind of in a way that is irefutable. if you go with trump's credibility you can refute it. the idea here that the democrats are sort of coalescing around cohen and manafort. this gets democrats very gened up around the idea of corruption. then the next question is what are democrats in the new democratic house majority thinking they need to do with all of the anger of these voters then it becomes impeachment proceedings. i think the likelihood of a house impeachment proceeding becomes more likely.

an actual conviction by the senate seems unlikely. >> for now market doesn't appear worried about any of that. . let's bring in our closing bell exchange to talk about the market. joining the exchange doug sandler. of course, joining us is rick santelli. doug, today's move is sort of m emblem embl emblematic. it has been resilience. it doesn't appear that these political developments are any different. is that what you would say >> i think the market ultimately looks at fundamentals. fundamentals have been getting stronger lately. to the extent that the

geopolitical stuff impacts that then i think the market responds. i love the fact that the complacency is really erased. the enemy of the bull market is complacency. i don't think it is fair. i don't want to be under weight stocks at this point in time. >> we have spent a lot of time talking about the strength of the consumer. i'm curious as to your thoughts given what we have seen in retail and what that will mean for the market. >> absolutely. we expected given the strong under pinnings of the economy and the unemployment rate being so low, we have been expecting stronger retail earnings and consumer strength. look at target. look at nordstrom, costco. there is a number of positive stories out there. that just speaks well, i think, going into the christmas season. and it tells us that some of those problematic retail stories

are not systemic but really a problem in and of themselves like a macy's. kohl's did well. that is why at least in our portfolios we have been chipping away at these names for a few months now and adding more diversity and breadth not only to consumer staples but consumer cyclicals because we think at the high end -- toll brothers had a record quarter. these are strong reasons why the market is going to continue higher. >> rick, we did see the dollar weaken. it has been weakening for a few days now and coming off of the big overbought period. do you think any political uncertainty has been reflected here >> i really don't. we are at levels that we closed

at on the 8th of august. we will call it two-week lows. we fell from almost 97, never closed with a 97 handle. keep in mind we are up just shy of three percent. we are hovering at 95. we gave about 1.5% back. we are up almost five percent. it is still a nice showing considering how behind the eight ball the dollar was. that is where it settled last year. as far as interest rates i think that is really a great story. we are down 19 basis points from the high closing yield in august. that's a lot. it isn't only us. european ten year is about the same. these are all countries with very different underlying economic fundamentals. the u.k. ten year has done the same thing. considering canada, they had no

q.e., no major crisis era policy like a lot of other central banks. this is a global dynamic and something to pay attention to. i don't think it is just as easy as saying the fed is doing a good job in preventing surprise inflation. i really do think that the long term implications of interest rates with investors always trying to find a place to hold these and presence of institutional and non-institutional shorts will make the long end continue to be a conundrum pretty much in every developed economy. >> any take away from the fed minutes? it looks like the members say it will be appropriate to raise interest rates soon. there are risks that they are watching like trade and housing. >> i think the view is that inflation is transitory meaning that the little spike that we had throughout the summer will go away. we would be in that camp.

i think we have enough supply of oil that the u.s. is the marginal producer. we don't have to beg opec for more supplies. i don't think there is big wage growth issues because we have so many people leaving at the baby boomers retiring at the high end of the weight scale. that won't be replaced by millennials coming in. i think an aggregate wage growth won't go up although we are seeing wage growth in different demographics. i don't think inflation is worry. it is something that every once in a while will pop up. we keep turning over rocks for what could go wrong which means market goes up 62 times out of 100 we ought to be looking for what could go right. >> we have to leave it there. thank you. for all the talk, target is

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♪ welcome back to the closing bell. your winners in the dow today, well, not dow members here. here are winners that we are watching. lo lowe's, mobile energy. energy is strong. that is a theme in today's trade. oil prices are up. >> there was a reuters report talking about the possibility of aramco ipo. the largest oil company in the world being taken public potentially enormous because of the potential value overall. i make the point it is akin to taking saudi arabia public. reuters saying that the effort

has been abandoned. i want to add insight having spoken to a number of people who are familiar with the situation. there is still a desire to take aramco public at some point. there is nourgency particularl given where oil is right now and the expectation that it could move higher. anytime it is near upwards of 70 or low to mid 60s as it is right now it is taken away from the need perhaps for them to do it. they are much more focussed right now on the talks that they are involved in in buying a stake in the chemical firm. now, a lot of that is owned by the saudi sovereign fund. and the talks between aramco and

the public investment fund of saudi arabia are ongoing. that would have the effect of monetizing some of the sovereign fund's ownership in that company. it would add an important component to aramco. those who are sort of saying they are not going to take the company public at some point would -- it does not seem to be any urgency in doing it. they don't see a need to take it public at this point. i am hearing it is still a desire of the crown prince to do that. >> the reason we care so much about this, not just is it sticking enormous valuation, also seen as the crown prince's reform, a big part of his reform effort to shift the economy. >> that's right. even in selling as little as a five percent stake you can take

the proceeds and invest them in other things. >> are there implications for elon musk here >> i don't believe so. to the extent that the fund will be monetizing some of its investment in this very large chemical company, the proceeds perhaps would be available to reinvest in some fashion. i have heard nothing. the calls that i was taking at the beginning of the show were much more focussed on what is going on right now and not tesla related. i would love to find out about that. >> it is all coming from the same place. let's bring in founding partner for insight here, as well. any of this a surprise to you? >> not at all. i think that there was still enough of the older guard. you are absolutely right about it is taking saudi arabia public. we are bristling at the disclosure requirements of the western exchanges whether here in new york or hong kong for that matter.

they hold certain information very close to their vests. we think it is 12.5 million. they have never told us for sure. the reserves are another issue. and then where some of the money goes. this deal that they are cooking up solves the problem for them. it will get the sabe prince about $30 to $50 billion at least. that just gets moved to aramco which allows him to do the investments he wants to do and build up the future city that they are aspirational for. to get the listing i think it is just an aspirational thing. i think he will have to shake out some of the older guard for that day to come for him. >> and the bankers have not been focussed on it for quite sometime. you not going to get that near term valuation. >> it has been my idea that they

should just do a bullet-type offering. don't necessarily offer out the expiration and production part of aramco. do something with the refineries and maybe barrel bonds where they have asset backed securities. he really just wants the capital to deploy to get saudi arabia modernized. the reforms have been bumpy. and this keeps some of that at bay for now which i think pleases some of the older guard. >> i am wondering how the price of oil played into all of this. brent crude oil was not where it was when we heard the plans and reforms. on the other hand it makes aramco deal potentially a lot more valuable. >> i also think that they realized the higher oil price from here, one between 85 and

100 for u.s. wti is damaging for the longer term prospects. it is why they reacted in part from pressure from president trump but in part because they were starting to see demand slip on the higher price where the countries really can't afford it. that is also part of it. this is a tricky game that they are playing. you are seeing them trying to micromanage a price level right around here. i think that has given them pause, as well. they do want to cash out, though. >> and we should make a point because people are reading that at the bottom. he is but it doesn't mean anytime soon in terms of taking the company public. >> i think it is aspirational. it may still just end up being a little local listing. >> i heard that, too. really, i got a lot of pushback when i tried to see if that

would be the case. we don't know. i heard that they had sort of abandoned that idea. you heard differently? >> that was a consideration until very recently was my understanding to try to start there and then move forward in subsequent years to a more broader international listing. this was a way to sort of monetize the chunk of money that mbs is trying to get his hands on to implement his plans. >> thank you. appreciate it. >> thank you. >> good to have you here reporting in real time as always. >> the only thing i'm really capable of doing. >> it's your best attribute. 33 minutes to go before the closing bell here. we have the dow red down a third of a percent. s&p is still positive for the day just barely. nasdaq up four 10. >> tariffs have been a major buzz kill for one u.s. maker of steel, beer kegs. ahead, we will head to the

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welcome back to "closing bell." we had a technical misfire, ran a banner about tesla. no major developments on tesla to report. of course, we'll keep you posted. >> let's check on stocks to watch this afternoon.

at&t was downgraded to a market perform from outperform at wells fargo. the firm cut the price target to $35 a share for at&t. that is above where the current price is. it is under pressure from the changing entertainment landscape. the company does own time werner and has $190 billion worth of debt. wells fargo spending a lot of time looking at the capital structure, as well. >> what's the sentiment from wall street after the deal on at&t >> the question is how will they be able to maintain if not get more growth out of time werner. there is $190 billion in debt. they are the largest single debt issuer out there. there is significant question over the ability to delever. >> i'm watching lowe's beating analyst expectations on earnings. the company says the quarter's results were due to capitalizing on delayed spring demand.

same store sales fell short of expectations but the stock is higher by six percent. there were a few other announcements that investors seemed to like, new cfo. they are looking to unload orchard which they fired back in 2016. >> some of the costs associated may have pressured earnings and people may have misinterpreted it. this morning the stock was up as much as nine percent. >> that is the reason for the lowered forecast on sales in connection to some moves. overall, what a bullish retail earnings. >> and of course, target. there is very little to say that is not encouraging about the state of the consumer and retail. time for a cnbc news update with sue herera. >> here is what is happening.

thai police announcing they have seized 14 million methamphetamine pills in one of the largest drug busts of its kind. the pills were seized as they were being transported to neighboring malaysia. the street value is estimated at $45 million. police in south carolina are searching for two more victims of one of the state's most notorious serial killers. he is in prison after admitting he killed seven people and sexually assaulted a woman that he held captive in a storage container. he has given authorities specifics on two other victims including locations and a timeline for the killings. a passenger on a spirit airlines jet on the ground at los angeles international airport captured the plane leaking jet fuel, not once but twice. spirit airline s apologized blaming fuelling past the plane's capacity.

and weigh ins is all part of the zoo's annual checkup. they record each animal's vital statistics helping the zoo keepers track their health over the years. that goes for mir cats and tortoises. >> that's a big scale for the rhino. >> cute. >> captured on camera, of course. thank you. still ahead, the ceo of wisconsin-based company tells us why he is asking his employees to get microchip implants and why almost half of them have already done it.

take a look at shares of target after the biggest sales

growth. target chairman and ceo addressed how the company is dealing with the competition. >> we compete with everyone. we have to be on the top of our game. >> it's wal-mart and amazon. i think about them every day. we measure ourselves against their performance. we are fighting for those trips. i think we are starting to build momentum. >> let's bring in liz dunn and michael. let's start with you. why do you think they will be able to maintain momentum? >> i think they are doing a tremendous job reinvigorating. they have gotten to a tipping point. the digital part of their business is large enough that it matters. they reimagined the magic of the

target run. >> give me your sense as to what that meant up 6.4%. >> it was up 6.4%, pretty remarkable outcome in light of the changes going on in the retail landscape. what has been striking about this reporting detail is the success we are seeing among traditional retailers. the vibrancy of retail trade areas is coming back to light. >> this reported margins have been declining. these companies are spending to get back to growth. is the market saying that right now? >> i think the market is saying that. i think we are getting to the point where we are the bottom

line. >> how much of that is the lower tax rates? >> some of it for sure. on the whole growing operating margin dollars is a success for many retailers. you look back five years ago many were cowering against the threat of amazon and now they were teppedly investing and had single digit percentages. now they are leaning into the investment and it is beginning to pay off in terms of top line. >> how many of these retailers are benefitting from what many are telling us is incredible strength for the consumer and not necessarily benefitting from what appears on the face of it to be improved execution >> i think it is a combination of both for a lot of these retailers. we have seen clear examples how some are doing better than others. home depot versus lowe's is a good example. credit has to go out for those that are doing well. it is undeniable that the consumer has more money to spend

and as a result their spending is prime uviimproving. it is anybody's guess if the momentum can be sustained in the next year. the other point is that while the market is focussed on the top line right now the focus will be on the profitability and the flow through. we are seeing that the cost of doing business across retail is rising. that is going to make it more difficult for a lot of retailers to grow their earnings over time. >> it also shows you who is not necessarily doing a good job. the rising tide has lifted a lot of votes. there is j.c. penney and sears, l. brands will report after the bell today. that has been a stock that has lagged. the results do not look pretty especially for victoria's secret. >> they have had a tough go of it. part of the problem is they were such a strong performer for so long they didn't feel as much pressure to innovate as many others did. you are seeing a lot of mall

players do quite well particularly in the teen space. l. brands had such a dominant brand and still do with victoria's secret. they didn't innovate quite as quickly because things were going well. now i think there is a lot more competition. brands like aery are taking share. i think it will be tough for l. brands. >> you are not expecting these kind of numbers? >> not at all. >> liz dunn, michael assar, thank you. it has been an amazing few weeks for retail. we have about 18 minutes to go before the closing bell. quick check of the dow down 60 points. s&p 500 is going for its fifth straight day of gains. not much today. one point, but that will do it. nasdaq is up almost half a percent. papa john's founder sending a love letter to his former employees. he is trying to win support back. that's coming up.

>> michael cohen impplicating president trump in his guilty plea. we will look at past presidential scandals and how the markets reacted historically. that will be later on the closing bell. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. you'll only pay $4.95. i never thought i'd say this but i found bladder leak underwear that's actually pretty. always discreet boutique. hidden inside is a super absorbent core that quickly turns liquid to gel. so i feel protected and pretty. always discreet boutique.

welcome back to "closing bell." s&p 500 is flat right now. energy by far the best performing sector up more than a percent on jump in oil prices, weaker dollar. shares of la-z-boy higher today. the results were boosted by increased sale of higher priced. >> facebook removed hundreds of accounts. julia boorstin has the details for us. >> david, facebook has identified campaigns tied to state-owned media and russian military intelligence services. both of those groups looking to mislead people and countries around the world. on a call with reporters mark zuckerburg saying facebook has removed 652 accounts, pages and groups linked to iranian. the company is working with the u.s. treasury and state departments on the issue.

facebook says it can't share details on how many russian-linked pages, groups and accounts it has removed because that investigation is ongoing. it's not just facebook. last night twitter announced that it is working with its peers. it suspended 284 accounts from twitter for what it called engaging in coordinated manipulation saying it appears many accounts originated from iran. google's youtube removed one account tied to iran. zuckerburg says they are working with other companies as well as with government agencies to protect users from manipulation and to keep data safe. he said there are other investigations underway. guys, back over to you. >> thank you, julia boorstin. we have 13 minutes to go before we get the closing bell. i was afraid i would say opening. i said closing. >> where do we have the s&p

right now? it's up. >> almost one point. >> i'm not going to mention the dow. we are going to have a look at biggest movers in the nasdaq. >> i will mention the dow down a quarter percent. later we get earnings results from l. brands and williams-sonoma. do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. tap one little bumper and up go your rates. what good is your insurance if you get punished for using it? news flash: nobody's perfect.

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stay with their families until their 40's. ♪ welcome back to "closing bell." s&p just flipping back into negative. art cashin is stopping by. 600 million to sell on the close. slight bearish bias in terms of the imbalance. maybe that is taking some of the steam away. nasdaq still up more than a third of a percent. >> in fact, technology having fairly good showing. some of the names we like to focus on. >> more losers in the dow today. utx, travelers, verizon, intel all losers. exon and microsoft are the biggest winners.

>> i mentioned some of those nasdaq names. let's get to megan terrell for an update on what is going on uptown. >> the nasdaq is holding up a little better than the other indexes helped both by tech and by health care. among the biggest tech contributors microsoft, amazon, nvidia and netflix. bio tech contributing to the index being higher. among biggest leaders myriad genetics. we will point you to big deal news that is exact sciences. that stock up about 30% on a deal that announced with pfizer early this morning to co-promote the company's test to screen for colorectal cancer. >> thank you.

megan terrell. >> dow is down 84. we will come right back with my favorite part of the show. >> which is the closing count down where david walks and talks at the same time. >> i'm not sure i can do it but i will try. it is the longest running bull market in history. we will break down which companies came out on top and who lost out. keep it rit re ghhe. i wish you weren't so worried about moving. ghhe. i'm hoping these nature sounds will help me relax a bit. at least we don't have to worry about homeowners insurance.

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welcome back. sentry aluminum is benefitting from tariffs. >> we are going to get straight to secretary ross here to talk about the ribbon cutting ceremony. you just gave some remarks talking about how important this is. this is a win for aluminum today. china struck back since the announcements were made. it is possible that this win could come at a cost. >> there will be some retaliation. so far we are way ahead of the game. look at the unemployment figures. they are going down. look at the fact that there are now 6.6 million jobs unfilled and only 6 million workers without them. the economy is surging 4.1% in

the quarter. it doesn't feel to me like we are being bothered very much by retaliation as a country. there are individual hardships that have been unfairly created by china. that's why particularly in agriculture the president has appropriated $13 billion to help farmers who are unfairly hit by china. >> also, the stock market responding certainly to fears over the trade war. it seems that the market is taking things in stride, a record high for the s&p yesterday. also, some of the moves forward tend to take stocks higher. >> is it break throughs that make a difference? >> anybody can complain about a stock market that is at an all time high strikes me as silly. >> a real quick question for you. it's not just about china but also about canada and mexico and

russia. speaking about mexico, is it possible as the media has reported that there is a handshake deal on the table? >> we are trying to get to a deal. we are making progress. we don't have the deal just yet. i think a deal is very likely within reach in the very near future. >> some headlines yesterday, big news coming out with cohen and manafort. how does this impact the administration >> there is no impact whatsoever. >> no impact at all. you are not worried about a distraction? >> we are doing our job. >> global economies around the world are watching us inside the round table. you said there is a new marshall in town here, donald trump bringing people to the table that never were willing to talk before. elaborate on that. what does that mean for the future >> what it means is we finally will get to negotiations and the way everything eventually ends is in negotiations.

you have to precondition people to make the kinds of decisions that you need before you go into the negotiation. remember, these are the countries that have been spoiled by decade after decade of benefits at our expense because of errors, policy errors that were made earlier. they are not going to give that up easily. naturally they will retaliate a little bit. at the end of the day we have many more bullets than they do. they know it. we have a stronger economy than they have. they know that, too. the thing they have been under estimating is how patriotic the americans including the ones who have been hit with retaliation really are. they'll know pretty soon. >> thank you so much. david faber, i will send it back to you. >> very interesting. bob pisani, go with mexico in the very near future. >> they are making progress on

china. i would note the street believes that. we have seen aluminum stocks and we have seen steel stocks rally on those expectations. >> and there it is. closing bell. the s&p down on the day. nasdaq having nice moves. ♪ welcome to "closing bell." david faber rejoining me in just a moment. let's look at how we are finishing up the day on wall street. when the dust settles dow closing lower by a third of one percent down 87 points at the close. s&p 500 i think williford frost would call it bang on flat, totally unchanged shrugging off the political uncertainty that came from both of trump's former campaign manager and former

lawyer being guilty. nasdaq composite did manage to close higher. this is the fifth day in a row. russell 2000 index of small caps closing at a new record high. we will discuss this record bull market and whether there are signs that the rally could be nearing an end. joining us michael santoli and nancy tangler is here from heartland financial. leading the dow exon mobile. on the s&p lowe's was the big winner while century link was the biggest decliner. mike, unchanged, really not too seemingly worried about what is happening with president trump and his legal issues. >> pretty perfect illustration of how the market is kind of shrugging at all of this or at least maintaining a wait and see. let me wait for something that looks tangible that has policy, economic or electoral

implications before we try to price it in. i think without any of the headlines this is understandable kind of market action. the market is up six percent by the s&p in about eight weeks. that is a decent move. you kind of flirted with the all-time highs. it's the natural place to hesitate. great retail stock picture, some interesting things going on beneath the surface. on the whole, very subdued session. >> turbulence heading into mid term elections. every single guest we talked to about this today and we put it in a headline says it will have to be a lot worse to take down the stock market. >> i agree. i remember where i was when president nixon resigned. it was a much different kbhecon at that time. we are counting on margins continuing to be strong and potentially expand, given lower inflation productivity.

we think labor costs are better than expected as we move forward. we think that will continue to drive this. it's not going to continue at this pace. it is going to be choppy between now and the mid terms i believe. and i think investors -- it will matter which stocks you own. >> choppy but no 20% or so down shift. it's officially in the books. this is the longest bull market on record. >> let me quibble with it. there is no central rule making body. but we haven't closed above the january high. let's say there is a chance that we go down 20% before we make a new closing high, it meant the bull market ended 6 1/2 months ago. i don't want to push this sort of quibble, but that -- if we are talking about official we have to go by the rules. >> when did the last one start was it 1990 or 1987? >> to your point, assuming the market does not collapse before

it goes up a half a percent again then yes today would be the day that it becomes the longest. >> which makes us wonder how much more is left. >> we are sort of expecting another 12 to 18 months out of this thing. i don't think it is spectacular. i think it will be high single digits. there is room in individual stocks. many of the -- all of the stocks that did extremely well were the stocks that had under performed up into that point. so then you had home depot and macy's who no one cared because they had strong runs. valuation i think is going to matter. i don't think the tech trade is over despite what many people are saying. >> let's bring bob pisani into this conversation. >> the important thing here and what is going on here is that we are talking about the big stories and big stocks moving. this is the i can't believe i didn't invest in netflix story overall. the s&p 500 bottoms on march 9,

2009 when it hit 676. it is up more than 300% since then. that is nothing compared to moves with some of the other big winners we have seen like ggp, align technology and ulta beauty. netflix is the champ among f.a.n.g. names. the same amount invested in amazon would be $311,000 and you get smaller gains for apple and alphabet but still pretty eye popping numbers. the s&p 500 is a market cap weighted index. the bigger the market cap the more it can move the market. the companies that contributed to the biggest gain in the s&p are first apple. it's 4.1% of the gains. s&p is up 100%. it is 4% of the gains followed by microsoft 2.4. jp morgan and general electric had big gains from 2009.

wells fargo 1.5%. amazon was sixth. you put the stocks together and they were almost 15% of the gains for the big bull market run. there are big losers particularly among the commodity stocks. mosaic, gold producer, copper producer all commodity stocks all still down since 2009. >> thank you for the run down. let's bring kevin o'leary into the conversation for reaction to the bull market and sort of raises the question of leadership and if we see some sort of change away from tech and into retail. bob brought up commodities. how long do you think it has to go and who will lead the way >> i don't think we will see a significant change. we have been waiting for financials to take over and energy. the only place where there is

really material growth where companies are growing 15% a year are in none of those sectors. it is all in tech. if we go out six months and look at the classic tech names that have consistently delivered they are still the leaders because nothing has really changed. i love to mash my teeth and worry every day about everything. at the end of the day it is earnings and growth. you just can't find growth in places like financials. their world has changed so much even the conversations goldman sachs has been cut in half. young people would rather work in tech than a bank. it is amazing how much has changed. >> one thing that has changed is the fed has started raising interest rates. so far the market and the economy seems okay with that. now the economy is doing very well and there are signs that inflation is picking up to the fed's target. doesn't that change the

trajectory for the fed what would that do to the market >> i will assume the fed continues to slowly raise rates. you have to look back at history and see what happens. yes, it will have an effect on rates and housing to a certain extent. you are seeing housing slow down in states like california, et cetera. there is lots of evidence that raising rates is an attempt to stand inflation. inflation allows corporations to raise prices. that is why you find stocks that continue to perform as rates go up. it's not enough to scare away equities, people putting money into equities. the bottom line is if you are entrusted with making 5% or 6% a year and you are a large state pension plan or institutional investor you can't get that out of debt. i'm pretty bullish for the next 18 months we will continue to see new highs in equities and have frivilation around the edges. the s&p i believe will close up

again aet end of the year from where we are right now. >> i saw you shaking your head even though kevin seems to agree with what you told us. >> i guess my response is i don't think the fed is necessarily on track for two more increases this year. i'm not convinced that -- all year we have been at they stop at september. we started to hear some of that today, that there is -- if the economy is slower than expected and we are hearing that from companies that the second half is going to be a little more difficu difficult. on the calls we are hearing that, maybe they don't fully understand the full implications of the tax bill. i do think i agree on financials. i don't think financials has been the trade you have wanted to be in. we are not overweight though we did initiate a position in goldman sachs. >> goldman has been pretty cheap

they would argue. it has been that way for a while selling close to book. >> and i'm a value manager. so when we get a shot at it it probably isn't a happy day in the goldman board room. we can find value there. we will be forced out of some of these stocks. they are not seeing the benefits of rising rates because of the yield curve and there is not a lot of borrowing. president trump just tweeted about this very subject. let's pull up the tweet. longest bull run in the history of the stock market. congratulations, america. likely watching closing bell. >> maybe he is. how many people are participating in that bull mark market as an etf guy i'm sure you are all about democratization of the markets. is it america benefitting or a small slice of america >> people don't give enough credit to how many pension plans are invested in equities and in ways that middle america benefit. it's not just the stock market.

i'm an investor in over 34 small private companies average size 29 employees, 5 million in sales all over america. i have never seen a better time to be invested in a small cap stock in my life than right now. unbelievable growth. we are just killing it. and then on top of that we get a tax reduction in a major way so cash flows are up 20%. right now i am loving investing in america. there is lots to worry about but in small towns all around the country we are just killing. it's a wonderful time. >> it does bring up the question as to whether the stock market is a real reflection of the u.s. economy right now. >> you know, it is in broad terms. i do think so. obviously, especially in the u.s. consumer sector it's reflecting pretty good levels of activity. i think the bigger question is has it already -- is the market

telling us that it figured out things were good if you go back to the first earnings reporting season of this year in january it is up two percent since then. a half a year and we are up two percent in aggregate. so the market got there on some. it doesn't mean you can't actually have a big rally coming off of this. it's much more to me about the durability of the cycle. that will determine how the market goes as opposed to whether the market is disconnected from what is happening in the here and now in the economy. >> there is no blowoff. i can remember the comp in '99. we thought maybe '98 was the top. it did come and it did come with a huge move up. we have seven percent s&p move this year. it is not exactly going to be. >> i think maybe that is where we are for a while. it is going to feel a lot harder than what we end up with. i'm exhausted and we are up seven percent.

normally that is not bad at this point in the year. i think there is something else going on that nobody else is paying attention to. that is the savings from deregulation. you have basically all of the obama regulations, most, not all, taken off the books. that is going to go to cap x. that will continue to drive this and the productivity story. labor is a problem. rising interest rates can cut us off. >> you can write all of that off right away. >> thank you. kevin o'leary, thanks to you, as well. >> he has had a good call on small caps. up next, michael cohen implicating president trump in his guilty plea of violating campaign finance laws. we'll look at whether history says this scandal will impact the market and the economy overall. casino executives are making a big bet on the future of their industry by purchasing their own stock at a rather furious pace.

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to several charges including bank and tax fraud. eamon javers is at the white house with the latest details and response. >> reporter: we heard from sarah huckabee sanders, the white house press secretary whose message of the day was that the president has done nothing wrong and there are no charges against him. sarah huckabee sanders was asked if the president feels betrayed by michael cohen and if the president is concerned about anything that michael cohen might tell the special counsel. here is how she answered that question. >> i don't think the president is concerned at all. he knows that he did nothing wrong and that there was no collusion and we are going to continue focussing on the things that americans care about and that we can have an impact on. >> there may be more opportunities for michael cohen to tell his story. the new york state department of taxation and finance confirmed that it has issued a subpoena to michael cohen based on some of the disclosures that he made in federal court yesterday. that expands a state

investigation. there may be interest among members of congress up on capitol hill to talk to michael cohen again who has already testified on capitol hill. now that he has changed his story the members of congress might be interested in hearing what he has to say this time. >> i'm not sure we are closer to understanding fully. we heard this morning, is he cooperating in a way with mueller? do we not know is it possible he is doing it but it is not public >> reporter: all of those things are possible. it is possible that there is a cooperation agreement that is still under seal. it is possible that he is not giving an official agreement. if you plead you can get a reduction in sentence ultimately at sentencing if you plead guilty. that might be the deal that he took. prosecutors might not be offering anything further. this could be personal. this could be michael cohen

saying he feels betrayed by the president and is suspicious that he doesn't have cohen's best interest at part here and feeling this is the option he needs to take. cohen said this is all about putting his family and his country first ahead of his loyalty to donald trump personally. >> thank you. >> eamon javers outside the white house. joining us now for the impact of presidential scandals on the overall market. let me start with you. we can go back i guess to nixon and then to clinton, kind of very different stories in terms of how the market performed during those periods of potential impeachment and in the case of clinton impeachment that did not result in him leaving office. what do you expect here if we go down the road of more and more questions about the president's ability to hold on to the

office >> i think what a lot of guests have said to you today is it depends on what economic fundamentals do from here and if the pro-growth policies are in place then it is probably not going to have a huge impact. in a way for the markets it could have a positive impact in that there is a lot of optimism in equities earlier in the year. that has been taken off and this could be part of the reason why. if you look back at the nixon time and the clinton time economically things could not have been more different. we are in the worst recession since world war ii in 1974, the worst bear market since world war ii in 1974, double digit inflation. you contrast that with in 1998 you had at that point it was about to be the longest expansion since world war ii. that should sound familiar today. we have low inflation and you had obviously a strong bull market, as well. so the fundamentals today are

probably closer to what you saw in 1998 although not as strong. again, if it doesn't have a change in policy and sentiment remains subdued it shouldn't derail the bull market too much. >> i can't tell you how much hate mail and hate tweets i got for tweeting out that chart about water gate. and the point was there is some historical precedent and the context matters in what was happening with oil and geopolitics was completely different. how do we think about those historical examples versus what we arelooking at today >> i think it is a secondary or tertiary factor here. i think it only becomes very relevant if we are talking about a serious change of mood, a serious change of risk appetite by investors or ceos and societially if it feeds into trends that will jeopardize the

expansion. >> otherwise it would have to be a shock. if there was some kind of sudden moment where we say the president is in jeopardy. then it would be different than this process that we have been acclimated to for a while now. >> you are in the camp that says investors are likely to tune it out. is there a point at which you tune it in >> i tell my clients you have to ignore the surface and focus on the fundamentals. they have been saying to focus on the fundamentals. the historical pattern is that the markets often trade down when they are waiting for bad news from the special prosecutor's report or from the impeachment of bill clinton. as soon as they find out what the worst of the bad news is they trade up. the stock market went up 30% during the clinton impeachment from the day of the report to the day of the impeachment vote. the reason for that is that they have seen the worst that can happen and decided it wasn't a

serious threat. right now i don't think the markets really perceive this as a serious threat. if this is the worst that mueller can come up with, campaign finance violations, it's probably not going to be something that -- capitol hill itself would be a ghost town if every member who was guilty of a campaign finance violation in some way was out of office. the markets have been looking forward to the month of september and the month of october. they have been waiting for the mueller report, the big pre-election report. it's not like we didn't know something big was coming. it is also not like we didn't know a major impeachment would probably be the focus of next year for democrats in the house majority. >> i'm sorry to cut you off. i want to get a final word from ed on the confidence question. that is really how it filters into the economy and the markets. consumer, business, investor, what will it take for that to

change >> i think from here you have to look at the fed. if for some reason tariffs do lead to higher inflation, higher inflation expectations and the modest cycle has to accelerate then it leads to weakness in housing. it could accelerate. as we get into next year earnings growth will most likely slow down because we will not get the nice year over year comparison. you could look at next year and say we could have a combination of things that could lead to that. there is a lot that can go on between here and there. >> gentlemen, we have to leave it there. thank you. coming up, we will have much more on what is now the longest bull market in modern history and whether it can be on its last legs. i have a feeling we will be saying that a few times. >> we have to preface every

time. >> every day it will be more true. >> you can only emphasize it more. >> i feel like maybe we will hear more about that, as well. soaring steel prices are threatening to tap out the only producer of stainless steel beer kegs. we'll take you to that factory when "closing bell" returns.

we have an earnings alert on

williams sonoma. >> shares are popping here after hours more than nine percent for williams sonoma after they beat estimates for earnings. the street had been looking for 68 cents. revenues at 1.28 billion topping estimates of 1.26 billion. also strong comps for the whole company combined up 4.6%. if you look at the guidance for the third quarter there is earnings guidance but strong revenue guidance. for the full year they did raise the revenue guidance and range for earnings is above consensus. a quick drill down on the comps because there is a number of brands under williams sonoma. pottery barn kids and teen stronger than expected.

the namesake williams sonoma brand up 1.6% which is less than expected. >> thank you very much. west elm and pottery barn kids. >> i'm familiar with both. it's interesting. it's like a lot of retail stocks. they had the big panic after amazon and whole foods. williams sonoma is way below 2015 high and up big from last fall. they have kind of still had -- they were so cheap that they are not that expensive. people think comps would continue. >> 15 times next year's earnings. up 45% in a year. president trump's tariffs on imported steel and aluminum are helping domestic producers of metals. having somewhat drastic consequences on american companies who use the products. we have news about the fallout

the company is facing. >> the american keg company has been unexpectedly hard hit by the tariffs on imported steel. it looked like they could potentially benefit because all of the kegs you see here in this facility are made out of 100% domestically sourced and produced steel. it turns out that demand for steel based here in the u.s. went up and so did the prices. kegs that are being imported from china are about $20 less than kegs offering for sale here. the reason is there are tariffs on imported steel but not on imported kegs. they say they lost about 20% of business and cut production and laid off about one-third of their staff. >> we used to run three shifts. this place used to be packed all the time. people had decent jobs.

people had an income that they can count on. one day you are giving somebody a chance at employment and the next day you are telling them they don't have a job anymore. >> reporter: the company's ceo just got back today from washington, d.c. where he was testifying in front of the u.s. trade representative asking for an import duty on premade steel kegs coming over from china because that is where he has been losing business. they are hoping if a tariff is leveed on that that would help bring back business here in the u.s. and level the playing field moving forward. >> the solution to suffering from the tariffs is to pile on more tariffs against chinese goods. that's what they are hoping for? >> one specific tariff that would help them because that one keg coming in is about $20 less. they don't want more tariffs. in that case it would help this particular company. >> interesting story.

>> interesting contrast between kate's reporting on this company that lost employees. all because of trade. >> i wonder how the keg industry is doing with beer sales falling in the u.s. >> good question. >> you only drink out of the keg. >> when i drink i only drink out of the keg. >> let's look at how we finish the day on wall street. the dow down a third of a percent. energy stocks did well. more losers in the dow. s&p 500 closed lower barely. the nasdaq was the winner closing higher for the fifth day in a row. tech come back and russell 2,000 index closing at a record high. it's time for a news update. let's go to sue herera for that. >> here is what is happening at this hour. hawaii is preparing are for a category four storm as hurricane

lane moves towards the islands. tropical storm force winds, heavy rain and large swells are expected to hit hawaii beginning today. arlington national cemetery was evacuated after officials received a bomb threat. all families, visitors and employees were evacuated safely from public buildings and work areas inside the cemetery. the cemetery was closed for the rest of the day. however, funerals will go on as scheduled. details about the nature of the bomb threat were not immediately available. a powerful 7.3 magnitude earthquake rocking buildings in venezuela yesterday. tremors were felt in trinidad 500 miles away. the quake caused power outages throughout the region and walls to crumble. no deaths were reported but they are still getting after shocks today. europe's summer heat wave is melting a glacier in the swiss alps shrinking the ice and snow

pack twice as fast as previously thought. experts say it has been reduced as much as 50 yards every year and six 10ths of a mile over the last 30 years. you're up to date. i'm going to send it back downtown to you. >> thank you, sue. sue herera, back at our headquarters. let's get some of the other big stories in our rapid recap. >> today officially marks the first day of the second stage of the longest bull run in u.s. history. president trump's former lawyer michael cohen bleeding guilty late yesterday to eight criminal charges and a statement that seemed to implicate the then candidate donald trump, a jury finding the president's former campaign chief paul manafort guilty of fraud. >> as the president has stated he did nothing wrong. it looks like target is coming in with adjusted numbers seven cents better than the street had been expecting.

>> we are seeing returns of over 14%. the projects are providing the right return for the shareholder. >> facebook announcing it identified campaigns tied to -- zuckerburg saying facebook removed 652 accounts, pages and groups linked. >> existing home sales in july down 0.7% to rate. >> the listing, the ipo has been put on hold and the oil giant has disbanded their advisers according to sources familiar. >> i want to add insight that i can offer having spoken to people familiar with the situation. it is still a desire on the part of the crown prince in saudi arabia to take aramco public at some point. >> that can get confusing.

>> not that they are going to be coming public anytime soon. they have not shelled the idea. we said earlier real focus from the saudis right now on the fourth largest petro chemical company in the world. >> it's not as if they have to withdraw filing or do anything formal if they are just going to wait. >> potential under writers have been sitting on the sidelines for almost a year. they monitor things. it's not as though they have been actively preparing for it. >> nthey are not disbanded. >> i don't know what that means. >> stocks have taken a beating on the back of disappointing quarterly results. executives from companies like pen national gambling and caesar's have been buying up their own stocks after a may supreme court decision that legalized sports betting. >> here to give us a take on

whether it is giving gambling a boost, cnbc fast money traders. tim, you know, it is funny hearing about this for a while, media companies think people will benefit. >> we spent a lot of time talking about where the media companies probably have the better angle here. caesar's for the terrible run they have been on i think they tended to benefit the most. what we have seen from a capital markets perspective is that some of the casino ceos have been opportune in stepping up. when they have made the calls they have been absolutely right. there is obviously some elements to that story. it trades almost two turns cheap to itself. i think mccow is a little overdone on the down side. very interesting level for

casinos here. >> pete, do you agree? >> i absolutely agree. i would also play on the disney side of this whole thing. we talk about media and espn and one of the benefits of that with sports gambling. i would point out las vegas sands. 10,000 shares brought by the president not that long ago, july 31. by the way, august 6 we have the cfo exercise 75,000 shares seven years early when he did this to position himself in las vegas sands. when you start seeing something like that it is reminiscent of the days when we watch steve win buy his own stock. it doesn't mean that these stocks are going to double like that but it is something that encourages us that after the selling we have seen maybe the stocks have a little bit of life yet to come maybe on the upside. >> it's been a good bet to buy with the executives.

>> we'll see you at the top of the hour. don't miss a first on cnbc interview on this topic with jim m murren at the new casino in massachusetts. and andrew left says they are about to drop. he has been short the stock before. he'll explain why he is right this time around. jim cramer does not agree with this man on this. >> the stock did have a nice day today. >> left has been wrong. >> we have a news alert on nordstrom. >> take a look at shares of nordstrom moving on news that the company's board of directors has authorized a 1$1.5 billion share repurchase program. the company had attempted to go private. it didn't work. we talked a little about how

that put a bit of a floor in the stock price but here bouncing higher after hours. >> thank you. coming up, we are going to hear from the ceo who has been implanting employees with a tiny microchip that replaces i.d. cards and passwords. are you taking the tissue test? yep, and my teeth are yellow. time for whitestrips. crest glamorous white whitestrips are the only ada-accepted whitening strips proven to be safe and effective. and they whiten 25x better than a leading whitening toothpaste. crest. healthy, beautiful smiles for life.

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we have a news alert on facebook. julia boorstin has the story in los angeles. >> that's right. one of facebook's most senior executives oversaw the company's business development team is leaving the company. he has been at facebook since 2006 and not leaving to take another full time job but to move to hawaii with his family. he says he is going to stay with facebook through mobile world congress in february as the company works on his replacement. facebook shares are trading roughly flat. guys back over to you. >> what's app, they have been pretty busy when it comes to m&a.

they don't buy public companies. >> a number of really important accusations. if you look at the company's revenue and feature instagram it has become really crucial for the company especially as it competes with the likes of snap chat. there is no question that dan roads has been instrumental in shaping facebook. it is notable that he will stay until february which is possibly why there is no stock reaction. he is not going to another company. he is really just going to be with his family. he announced this on a facebook post. it will be interesting to see who facebook chooses to replace him. there are a couple of internal candidates. it all began 3,453 days ago. no one thinks the longest bull run in history can go on for another $3,03,000 days.

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last year wisconsin-based company three square market announced plans to install right sized microchips in employees. they can be used to scan into the office building, purchase food at work and log into the computers. >> ceo is back with us to talk about how the program is going

so far. what has it been like? how many of your employees have chosen to have the chip implanted? >> to date we have 196 employees and 92 of them are chipped to this date. >> and what has it been like in terms of their experience? has anybody said i want this thing out of me? when they leave do they have to get it out >> we have had one employee that has left that had it removed. however, the vast majority of our employees absolutely love the conveniences that having this chip in their hand really brings to them. >> i'm sure you have been asked this a million times. why not a badge? why do you have to implant a piece of equipment into people >> if it can be lost it will be lost. and the very first day that i had this done i had a late night interview and i forgot my i.d.

card. i thought i have a chip in my hand. i scanned my hand and i was let in the front door. it is really a huge convenience factor that the employees seem to like with it. >> it's very small. i have a grain of rice in my hand which i'm told approximates the size of the chips. we all carry around our phones these days. why not just have people use their phone for this kind of thing? >> because this is much more convenient. you can do a lot more really with this than you can your phone as far as i can log into my computer with this which i do every day. i can log into my phone with it. i can pay for items if i forgot my credit card or my phone. i can log into work. this is the actual size of the chip. i don't know if you can see that, but it is the size of a grain of rice literally. >> i went with the actual grain of rice here.

i just wonder -- you haven't gotten any pushback at all on this at this point people are happy to have this? are they they afraid that you're tracking them beyond work? >> no. we have had some normal pushback which coming with anything you do, however, what we've really done with this, i think is you see a lot of discussion about implants and how they can take your heartbeat and take your blood glucose level and you see amazon just hiring a top-notch doctor you see walmart filing for patents on this. what we've really done is made it acceptable and brought it to the forefront and looking at the benefits that it can do for a person so do you have this objective to expand the capabilities or services a tafrped to this or market this as a product or is

it really just kind of adding convenience for people there >> we did this honestly initially just for fun because that's what a company does and often when you start with something you end up with something completely different and that's the case here and we started with a simple little chip and it's evolved into a whole other business which we're in development right now which is an actual chip which will be powered by the human body and the heat and it will have gps-tracking capabilities along with recognition >> ten seconds and bcu just punctured your hand with the needle and you can push it right out the same hole. >> thank you and thanks for checking in appreciate the update. >> thanks for the time >> tom wespy from third market square >> the markets take a remarkable

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the market hit its longest bull run on record with the s&p more than 300% with march 9, 2009 how much longer can it run joining us cnbc contributor, and joseph zock from asset management joseph >> how are you >> how much longer >> well, i can't predict market tops, but i can tell you that our firm is an active anti-consensus manager and what does that mean we found balance sheets and found cash flow projections and analysts have in the analyst meeting every monday and they come in with reasonable valuations on stock and that is

my personal canary and when analysts come in and say i just can't find names and they're out of favor and they're underappreciated right now, but they're still there. i can easily come if and say weave reached peak earnings and peak valuations and that's an easy argument. if i told you that china was slowing and the fed was tightening and our government had great debts to pay and that could be a case >> there are plenty of rooms on both sides and we just look at stocks and valuations and our job is relatively self >> and wasn't there a ton of cheap stocks >> and a ton of cheap stocks, but not in the tech sector right now we're looking at energy stocks and some industrials and the tariffs have brought on valuations and the compelling force for certain companies that currently have high valuations and high costs and associated with importing goods and passing along with their consumers and eventually they'll be able to pass along

those costs and it's a fascinating market to be in and we're active. >> what about you? >> you're always looking at the macro risks on the horizon i know you've been skeptical sometimes that the stock market rally and how do those stack up today? bull markets get killed from the fed and the tightening from other banks and we are getting deeper into the tightening and the ecb and the bank of japan and the net liquidity will actually go to zero and it was 100 billion a month in q4 next year and that will be a test of the market to see how it handles that on top of another fed rate hike and central banks will always push us too far and we'll see how the bank of japan will exit their policy and i have to believe there will be an impact that will affect valuations and credit cycles now that ebb and flow with monetary policy. we have to pay attention as we get deeper into this tightening

cycle. >> we cut it kind of short, but thank you for your thoughts. on the longest bull market in history, peter bafar and david zock and thanks to david faber thatting do it for us on "closing bell," "fast money" starts right now ♪ ♪ >> you what? america is beautiful and so is its stock market it's a day for the history books as it is now official, this is the greatest bull market run ever with no draw since 2009 and the s&p is up a whopping 300%. that means more money for pension, retirement, your pocket and of course, your online brokerage account and as we enjoy in the riches of capitalism two very important questions remain how long can this bull