bringing that to our attention and thank you for joining us today to talk about why you're so constructive on the space that does it for the exchange, everybody. "power lunch" picks up the baton right now. stocks are down big once again today before making a comeback in the last hour. does this sound familiar at all? like yesterday, maybe? are we seeing losses that can turn into gains very quickly that's been the pattern. always a lot of volatility in these final two hour of trading and we will guide you through it and get you ready for the fed action, the decision tomorrow. right about this time. fed not expected to make a move at this meeting, but what chair powell says or doesn't say will be a big driver of where the markets go from here plus, looking for opportunity amid the chaos chip stocks getting crushed

today, this week, this year. so is this your chance to buy nvidia or amd at, kelly, a big discount >> thank you, tyler. hi, everybody. take a look at this board behind me a moment ago, the dow was down 17 points so we are within .005 of a percent the nasdaq still down 1.5%, but it was down about 3% earlier on. technicians say the key level to watch is yesterday's intraday low. 4222 we're 150 points above that now with today's declines. as for individual movers, ge, worst performer today. supply chain problems hurting he revenue. another poor earnings report and we're seeing the stock reaction down off the lows. still down about 6%. the chips are trading poorly again today.

nvidia and amd, down more than 20% this year. we begin with the big event happening in 23 hours and about 58 minutes on this program the fed decision on rates followed by chair powell's press conference where he'll likely set the stage for a rate hike steve? >> hey, kelly. with a drastic change in market expectations, the key to the fed meeting and press conference after that, we'll be listening for guidance whether jay powell affirm expectations for tighter policy, a rate hike in march or do they lean against it. despite the selloff and volatility, markets remain poised for hikes this year well priced in for june and september. there's a 62% probability of a fourth hike in december, but it's that contract that is the most volatile. note that the market has priced in quarterly hikes

though some believe the fed could be more aggressive and hike monthly that's likely another round of questioning for fed chair jay powell unclear how much detail he plans to reduce the balance sheet, but the survey shows 380 billion in runoff 860 billion next and the 2.8 trillion over the next few years. it's remained to be scene how much detail they'll give about their plan, but i don't expect him to back off much if at all for expectations on the removal of stimulus this year, kell y. >> i guess the whole market divide, we heard this from mark last hour, seems to come down to whether the fed will ultimately back off of what it's currently sort of hinting at for ti tightening this year or stick with it. even if the market is soft, even if data gets soft because of omicron. >> yeah, let's go back and the

last two days, you have been there with rick santelli at about 1:20 or so or 1:10 when he comes on with these bond reports that show that the auctions so far, despite what the fed is about to do, have been pretty well bid here and that has been at least somewhat responsible for a rebound in the market. certainly today we saw that in spades and so i don't think that with these bond markets being well bid, the market, look, it's off 10%, depends upon how and when you ganluge it from. it's not enough to dissuade the fed from the job it has to do, which is it should be raising and tightening in any event because gdp is where it is, but you layer on top of that, the 7% inflation rate and i think you've got two reasons for the fed to do what it's about to do and i don't think the market is enough to dissuade it. >> thank you very much steve liesman reporting.

we'll be hearing from steve throughout the day and all day tomorrow meantime, let's bring in a fed watcher who steve knows well david, senior fellow in economic studies. long-term editor and reporter at "the wall street journal." >> my former boss, by the way. >> your former boss. >> i gave her her start. >> he did. i am here today because of that man right there. >> a wise man you are. >> best of the best. >> so i asked steve yesterday if everybody knows what the fed intends and the fed knows what the fed intends to do, why don't they do it at this meeting what is holding them back from just going ahead and ending the quantitative easing and raising by a quarter point why not? >> i think it's a great question they only have $30 billion more to buy in part of the quantitative easing thing and i suspect there's a good argument for why don't they just say at

this meeting we're not going to buy anymore. but they've been so focused on not surprising the market. so worried about repeating the taper tantrum that they seem to have a commitment not to surprise the market. i think on the rate hikes, the issue is, yes, they probably have in mind three to four rate hikes over the next 12 months, but there is a lot of uncertainty. what's going to happen to inflation? will omicron persist, make supply chain problems worse? will it cut into demand? and of course, they have to worry, are we going to have some kind of war in ukraine so they don't see any reason to commit they're going to move slowly powell has to assure everybody he's on the inflation case he's on the defensive because it looks like they're behind the curve, but he doesn't want to lock himself in. >> that's very interesting if you wait another meeting, you get into mid march, which we're all you know, sort of looking forward to as the action meeting here what more data will the fed have

and how do you think they factor in the threat of a war or an invasion of ukraine? >> so, couple more months, you have a couple more bits of data on the labor market. th is labor force participation rising again, which i doubt. is the inflation rate coming down you of course have the option in march to raise rates by 50 basis points if they feel that's what they need to do. i don't think, i think on the foreign policy stuff, it's down to the wire. no fed is going to aggressively tighten into the middle of a war. so that's a last minute decision i think they probably hope this will be resolved by the march meeting. i sure do. but there's no way to know so there's no way to commit yourself now they really need to wean the markets off of this forward

guidance they need to say we're data dependent, every meeting is live, so they have flexibility having strong forward guidance makes sense when you have rates at zero and you're trying to prevent long rates from going up, but they're in a new phase now so somehow, they have to wean the markets off of this certainty of forward guidance. >> very, very guidance and david, what do you make of the fact, on the one hand, a lot of people say if the market gets worse and falls out of bed, the fed's going back off okay, fine, but the economy would have to get a lot worse. the unemployment rate is so low right now. inflation's pretty high. where do you think their reaction function is in terms of backing off on all this tightening. >> i don't think the stock market is going to make a big difference unless, a, this all this volatility starts to cause some strains in the financial system which we haven't seen yet. or b stock and bond markets suggest

that the economy is slowing more than they anticipate so what would discourage them from three or four rate increases if the economy is really slowing precipitously doesn't seem to be likely, but our ability to forecast how the economy responds to the pandemic is very limited. one thing that's changed is when they were meeting at the end of the year last year, they assumed there would be another big chunk of fiscal stimulus from congress in the build back better thing more child tax credit extension. that's now in doubt. so that gives them a little bit more flexibility they don't have to lean quite so much against this big spending spree in congress. >> because that fiscal stimulus is certainly, it's not off the table, but it's not on the table in the way it was six weeks ago when we were together in washington >> absolutely. the child tax credit, the expansion of the child tax credit has expired most people, including the international monetary fund say

we've changed our mind and now we don't expect that to come anytime soon that's a big driver of consumer demand for that set of people. people who get the child tax credit spend it quickly. >> that is a big check a meaningful check to lots of families and its disappearance certainly means discretionary spending is probably pinched for those people who depend on that. david, good to see you, my friend made a good choice with kelly. really good choice >> he had to do a lot of work. >> i did not very proud of you, kelly >> with the stories, yeah. thank you, seriously, for everything good to see you. stocks are selling off ahead of tomorrow's key fed decision, but they didn't get back down to yesterday's lows yet is that a sign of stabilization and a reason to chase this turnaround joining us now is barry knapp. i don't know if the market stole your thunder a little bit. if we talked to you yesterday, would you have said get in and buy here and now, here we go

>> well, i think you still find putting money to work here so the way i frame this out and you and i were debating this last fall when i was looking for a 10 to 12% correction and we were arguing well, is the taper already priced or not. here's how i come at this. i've looked and analyzed every business cycle since world war ii and the period after the global financial crisis, which is decidedly different so in every business cycle since world war ii, you had one fed policy normalization related correction it came at the point where the fed gained enough confidence where they could start normalizing policy, raising rates or whatever their policy tool was those were generally worth 8% on the s&p. after the global financial crisis, we had eight of those policy shocks. end of qe 1, 2, operation twist,

qe3. the taper tantrum. end of the taper zero interest rate policy then the two shocks during '18 when they were contracting the balance sheet. market average was 11% so larger because of their involvement in the mortgage market, the treasury market and just broader interventions in the capital markets. that was my expectation was we would have one given how hawkish the pivot was and then when you try and really home in on that and say okay, is enough enough being an old derivative guy, i look at things like the level of the vix. the term structure is the front month future trading at a big premium to the six-month future all those things occurred in spades my measures of volatility were three standard deviations above their long-term mean just a way of saying that sentiment had gotten extreme and that was an appropriate sized adjustment to a hawkish pivot

from the fed >> and i remember when you came on and the market was high and you said, i was like, why wouldn't we be pricing this in you've been 100% right on that so what happens next have we reached the end of this correction >> we've made an appropriate sized adjustment so you were talking to my old colleague, steve, the other day and he was telling you what happened to home builders. mortgage spreads to treasuries to slots have moved out. fixed income volatility has moved up the fed is likely to start contracting their balance sheet in may i doubt powell can say anything tomorrow more surprising than the capitulation of the doves over the last few weeks. greater daily evans, kashkari. all afalling in line saying we really missed the boat on inflation. we need to get more hawkish. this looks like an appropriate

adjustment typically, the market would rebound, take back most of the losses then be stuck in a range for a period of time as we go through this adjustment to a different monetary policy regime that makes perfect sense that you know, given this change in liquidity profile that's occurred relative to last year, that we would have a more difficult environment, but not, it's not going to be enough to really change the trajectory of economic growth and steve's sector is a great case in point. >> let me ask a question i just asked david about the fed and how it might handicap or take into account what could happen in eastern europe how do you figure that into your modeling and the effect that it would have on global consumption, the propensity to spend, people's sense of personal security really

>> those are such tail events. they're so low that the only place i would ever look for those to really impact the markets is in the far tails of the index volatility distribution we have these events they've come up throughout my 30 plus year career and the market gets scared about them, but it never really impacts the trajectory of growth what's a more interesting question you guys were talking about is the fed put and that to me is a really interesting question i was actually quoted in baron's at the same story. you can ask steve liesman about this, sorry to change the subject, but it's an important point, is that if you think about where we were in the aftermath of the global financial crisis, we had household net worth fall 16% from '07 to the beginning of '09. didn't recover until the third

quarter of 2012. house prices peaked in '07 sorry, in '06. didn't recover those gains until the losses, excuse me, until 2018 stock prices peaked in '07, didn't recover until '13 the fed needed to cushion household balance sheets in the aftermath of the financial crisis so when we had the big selloffs, the fed did need to slow the process this time, it's 26% of where it started the pandemic at. debt is at levels where it was in the late '90s the fed has no need to cushion househo household balance sheets the reason the market stabilized is not because the fed's going to slow the process. it's because growth is not going to be impacted by the fed removing what i think is counterproductive liquidity. >> so if i heard you correctly, barry, no matter what happens in ukraine or eastern ukraine, you

don't see it being more than a marginal tail risk and not a big one. >> i do view it as a tail risk for sure now, were it to happen, would that impact fed policy of course. but i view it very much as a t tail risk. occasionally, those turn into something. but for the most part, they're tail events and i don't think they really impact valuation i don't think they impact consumer behavior. i don't think they affect corporatebehavior. capital investment, any of those things >> yeah. that's an interesting thought. i grew up during the heart of the cold war and i remember crawling under my desk as a second grader during air raid drills the idea of nato troops or american troops shooting at russian troops anywhere still has the power to scare me. but barry, thank you very much >> not that far behind you

>> yeah. keep it that way, man. thanks, man. by the way, the dow has now turned positive. take a look here we've erased this morning's 819-point loss to go positive. hanging on to a 17-point gain. the second straight day of a giant turn around. today, if it holds, we've erased an 800-point drop. coming up, the chip wreck. some of the highest flying names are coming down the hardest. nvidia, a superstar, down 25% this year. $200 billion of market cap wiped out, but we still need chips for just about everything. so will these stocks rebound and given the market volatility, you would think people would be looking for safety, but the ten-year yield is higher today, meaning the price is down. gold is up but only 1% so far in january. what's happening to the safety trade? and take a look at some of the stocks hitting new 52-week lows.

or did so earlier today, like invesco, now it's higher there's dn fi3mowa fth of a percent. we'll be right back. [copy machine printing] ♪ ♪ who would've thought printing... could lead to growing trees.

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welcome back been a rough start to the year for semiconductor names. are they finally slowing down after years of outsized growth or is this just a speed bump on the way to more record highs let's talk to john

it's great to have you here. would you differentiate in the space or should we just still talk about it as a group they're certainly not trading that differentiated lately >> yeah. well, thank you for having me. we actually like a lot of these seminames like marvel, nvidia and amd. when i think about the space fundamentally within semiconductors, obviously what's driving a lot of the selloff is not only the broader market selloff, but you are having some peaking concerns about where we are in the semiconductor cycle we've had three years of very strong growth in stocks. in the history of the stocks, we've actually never had four years of stock appreciation. 2022, the stocks would be up, would be that fourth year. that's really what's driving the selloff here fundamentally, we think these companies, which are leveraged to the cloud, are going to be

much more better off fundamentally this year with some of these broader cyclical concerns >> we can show some of the stocks like amd, you have a $155 price target >> how much upside do you see in what could be a tough year for the sector >> what we're recommending to investors now is to kind of lean into more of these secular driven stories versus names that have more broad-based exposures to the autos, industrials markets. if you think about names like nvidia, marvel, and amd, they are highly levered to cloud growth 60% growth in capex this year driven by the metaverse build out. these names are highly, highly

levered to those stories we see over a 20% plus upside based on what we've seen in the market this month. names like on semi is a cyclical name there's kind of a management turn around story here that we think is going to drive incremental health here. if you look at the track record, they were previously at cyprus semi they turned the company around in a very short period of time and got them sold to infineon. >> talk to us about qualcomm and what it has been doing in its business perhaps the move away from hand set chip sales and into other areas and what it's dependencies and risks are. >> yeah, qualcomm's done an excellent job of diversifying away from mobile hand sets 40% of its chip business these days is tied to non-hand sets. these include iot, automotive

and -- i think a lot of investors are really encourage wd the diversification there i would not ignore the mobile hand set business because you have strong secular growth driven by 5g we're anticipating that half of the market will be driven by infrastructure and on on of that, they are gaining significant share in the android market as well >> interesting thank you very much. appreciate it. >> thank you can you count on the crypto? bulls have called bitcoin digital gold, but lately, it's been anything but a safety trade. on pace for its sixth straight week of outflows. how's the volatility affecting crypto exchanges be right back. the new ww personal points program. it's particular to you. what's your favorite food? avocado you can fill a bathtub.

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welcome back here is your cnbc news update at this hour. a third shipment of u.s. military aid has arrived in ukraine. it's part of a $200 million security package amid concerns that russia could launch an invasion, although the white house says president biden has no desire to unilaterally send u.s. troops to ukraine, but moments ago, the president said that the u.s. could personally sanction russian president putin if there is an invasion. boris johnson preparing to make a statement after the expected release of a report from an independent invest igatr looking into lockdown gatherings involving his staff. it was reported they have given photos of the alleged parties to investigators. they feature johnson and show people close together with wine bottles. in parliament today, he said he welcomed a separate police probe. >> i welcome the next decision to conduct its own investigation

because i believe this will help give the public the clarity it 234 needs and help to draw a line under matters. >> and if you ever wanted to own your own cia jail, a building in lithuania used to holdren edition prisoners will soon be available to buy the lithuanian government official said what was going on, we did not determine that. >> thank you very much i think i'll hold off bidding. >> same. ahead on "power lunch," finding opportunity amid the volatility stocks whipping up and down the past two days, so where is a safe harbor for buyers a top strategist weighs in next. and check out consumer discretionary stocks etsy down 4% domino's and ebay down about 2% and there you see the consumer deaselinx wl. i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this.

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welcome back we want to get you caught up in the markets. as we have seen, things have changed quickly. these last two hours of trading. stocks, bonds, and commodities

are on the list. let's begin with bob pisani as the dow turns positive, but the nasdaq and s&p remain lower. >> all we were concern pd about this morning was not dropping below yesterday lows a lot of technical concerns here, but we're not even close to that. we're about to go positive just like we did yesterday on the s&p 500. dow already did go positive. 422.20 was the low yesterday we're 160 points away from that. take a look at the sectors what's clear today is value over growth mostly financial names american express, good report there. zion and a lot of the regional banks doing well and the ultimate inflation trade, energy stocks, all moving higher today. marathon oil, schlumberger, all moving up. at the same time, the growth trade, technology, still struggling at this point even megacap names xilinx, nvidia, 30% off the highs for nvidia

microsoft reporting tonight. apple's off the highs, but still to the downside. you can see this pro-value, pro-innovation and anti-growth trade. the s&p value ive has seen some very big block trades going off. somebody's making some bets in value today and the agricultural fund this actually consists of agricultural products then a lot of people are shorting the nasdaq 100. the pro shares ultra qqq and of course betting they'll be going up that's ultra on the other side of that. so the important thing here is a will the of bets one way or another in some of the growth versus value how about the problem with what we're seeing right now modest earnings growth and the fed withdrawing liquidity. usually the pe ratio comes down

when you start getting tighter liquidity. modest earnings growth, tighter liquidity. implies subpar returns for the potential for 2022 >> thank you very much following the volatility in the stock market, we're seeing a small tick up in bond yields let's go to rick in chicago to explain it all >> tyler, we had a five-year note auction both auctions were quite aggressively bid and the category that wasmost aggressive were foreign interests. and foreign interests couldn't be more important this day and age as qe, the act of the treasury and the fed working together to buy maturities that they don't have control of like overnight funds to try to control interest rates that's all going to end. who's going to buy all these we've issued all this debt maybe the answer is clear in these auctions let's look at the five-year today that had an auction of 55 billion. you can clearly see after the

auction, yields popped up a bit and it was a great option, but here's something more important. let's look at the vix. here's an intraday of today's vix. notice the way it's moderating let's do a two-day it looks like it did yesterday midday, it started to moderate and as stocks started to move higher, it moderated more aggressively, which makes sense. two big things in large institutional positions. the less volatility, the less hedges for the short equity side as volatility starts to come down, you'll see buying going on only a taste because risk parody, if they really started to cover these shorts and vile starts to come down in the form of the vix, there could be more size coming in tomorrow's the fed decision day so the third and final auction will not be tomorrow it will be on thursday tyler, back to you >> rick, thank you very much and

let's talk oil prices. higher today pippa is covering it all for us >> oil is moving higher, reversing yesterday's losses with geopolitical tensions front and center wti is up 2.8% at $85.68 brent crude up 2.4% at $88.33. cibc private wealth rebecca babben saying it rests squarely on russia. she added each day that passes without a deescalation runs a supporting bid for crude natural gas is also in the green although the white house is saying today that limiting natural gas exports from russia would have little impact on u.s. prices given the regional nature of the market and the energy sector is vastly outperforming today, up more than 3% every single component not only in the green, but up at least 1% leading the way with apa, occidental and marathon oil up

more than 6% and the sector now up 17% on the year back to you >> look at those moves there all of them. thank you, pippa as volatility continues to grip markets, our next guest says investors looking to get more defensive should consider value oriented, dividend paying stocks welcome back good to see you. >> thank you, tyler. good to see you, as always >> beyond what you're -- what are you doing in your portfolios these days and what have you been doing over say the past three to six weeks >> sure. let me just put what's happened in 2022 into some perspective. as we know, coming into the year, the stock market was on its best performance run, three-year performance run since 1999 with a total return of over 72%. all of that led to some excessive valuations with the pe to close out 2021 over 26.

those excessive stock market valuations ran into a more hawkish federal reserve who suggested they were going to end tapering by the end of the first quarter, perhaps have as many as three to four different interest rate hikes in addition to some balance sheet unwinding. that clearly unnerved some investors and some chose to take some profits, perhaps move to the sidelines. and as we know, trying to time the market is often an exercise in futility. rather time in the market is more important so for those investors who are alittle more offensive now, they should be true to their risk tolerance and perhaps now consider some value oriented dividend-paying stocks to allow them to stay in the market, earn income and also perhaps participate in the upside, which we think is coming ahead. >> three you like are amerisource bergen, proctor and

gamble what do they have in common and why are they timely now? >> absolutely. all three of those are components of our defensive 50 equity strategy. we went back in history, identified the stocks, low relative volatility and positive longer term performance. all three of those stocks meet that bill. in fact, amerisource has a yield of 1.5%. and of course, everyone knows the household products distributor, proctor and gamble. they have a yield of about 2.4%. investing in these types of companies allows you to stay invested in equities with some downside protection and income potential along the way. now that doesn't mean that

portfolio is right for everybody. for those looking at these pullbacks as an opportunity to get more aggressive or identify some areas that perhaps went too low and have more upside potential as a result, well, they might want to consider some regional banks or some smaller cap biotech companies. there are opportunities for growth in this market this year. >> kevin, thank you very much. happy new year good to see you, my friend >> you as well stay well. check out the vaccine stocks pfizer announcing encouraging news on the omicron front. we have all those details right after a quick break. pfizer shares up 2%. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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two stocks bucking the down trend today. pfizer and biontech. companies say they're going to start testing a new version of their vaccine against omicron specifically let's bring in meg for the full details here >> we know as soon as the omicron variant was identified, the companies got to work working on a new construct of

the vaccine in case it's needed. so now they've designed it, developed it and started the clinical trials to see what kind of results they get. so they're going to be testing this in multiple ways looking at three different cohorts in this trial. they're going to be loogking at the omicron-based vaccine as the primary series and third dose. we are showing you how effective the vaccines are against delta and omicron. this is against hospitalizations so you can see even though there's less against omicron than delta, with a third dose, that gets boosted up to 90% with the original vaccine there is of course less efficacy against preventing infection or cases as we have seen so many breakthroughs happen with the omicron wave of infection. but still, there's a major difference in vaccines and boosts compared with the unvaccinated so in terms of the trial, testing that omicron specific

vaccine in as a primary series then also as the third dose and as the fourth dose they're also going to be testing a fourth dose of the original vaccine as well. so really, kelly, just trying to get a sense of what is going to work best and then they'll work with regulators as to what version of the vaccine should be used potentially later this year >> and perhaps it's all the more important because what was the news today on the administration's front as it relates to the antibody di treatment for omicron? >> well, one thing we've known essentially since the beginning is that some of the monoclonal drugs don't retain their activity against omicron so now that this variant has become 99.9% of all new cases being identified in the u.s., that's new data from the cdc, the fda saying we should not use that antibodies number they're revoking the emergency use aught riizations from those. there's a preventive from as tra

se astrazeneca, however, they're in short supply states don't have access to as many treatments right now. >> could you still get the monoclonal antibodies if you don't have omicron or has that been removed >> the eua has revoked in general. because it's 99.9%, it's very unlikely you'd have something else, but we have seen some flexibility when there's more of a mix of variants out there. >> thank you very much coming up, you'd think that volatility would be good for exchange stocks. take a look at coinbase and robinhood. we're going to take a look at those two with a top analyst when we come back. one's down the otr heup wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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welcome back, everybody. here's a quick look at bitcoin and ether, which are moving to the upside and also moving to the upside yesterday as well, as we watch markets stage a turnaround this afternoon, reversing the recent trend, the crypto companies were hit hard, but are trying to follow these around a kerf. take a look at some of the names. coinbase, riot blockchain, all

down 25% to 32%, just since january 1. our next guest has one name that may be an attractive pick in the pullback joining us is richard rapeto good to have you back. let's start with the good news who do you think is an opportunity here >> i think coinbase is an opportunity. you have seen it drop like the numbers you mentioned. and it's down right in line with bitcoin, bitcoin price, except for today, bitcoin is up a little more. if you look at year to date, also from the highs of november 9th, they're both down pretty much in lockstep with each other. we don't think that -- we think the opportunity for coinbase remains as strong as ever. you know, with the institutional adoption and greater adoption in general of cryptocurrencies. >> why do you think investors have punished it so much i can kind of understand because the attitude towards crypto lately seems to be like don't want to hear about it. don't talk to me about it. it's over.

that was a 2021 story. >> yeah, it's sort of a double-edged sword they have had what we would term an institutional penetration or an adoption. so institutions are now well more involved in bitcoin and coinbase as well and so when you see a market, a broad market pullback, a pullback in the nasdaq growth stocks, you see all kinds of margin calls you see position close-outs. you know, your show has talked a lot about liquidity means. people are selling, you know, growth stocks at random to meet these calls. i think that's impacted the actual institutional adoption has gotten bitcoin and coinbase acting a lot like some of these other more risk assets that have corrected. >> richard, you mentioned coinbase as one you would nibble at give me a pick or not a pick, an anti-pick, i guess, one that you

would certainly avoid based on what you know. >> an anti-pick. i don't know whether i have an anti-pick, tyler >> not a short, necessarily, but where in this category of stocks, bitcoin, robinhood, pay pal, square, where would you stay away from >> what i would say is that with the heavy pullback in the nasdaq growth stocks, the fintech stocks, et cetera, there's, i think investors are questioning right now whether the elevated retail volumes we have seen over the last year will continue. i certainly think they'll stay elevated, you know, relative to the pre-pandemic levels. but compare the last year and the year prior, there's some concerns you'll see the retail investor, there was an article in the "wall street journal"

this morning about the meme stock pullback so some of the stocks like the exchanges, the ones that are more focused on equities, you know, are down this year down a little more, although all of the exchanges are down with a correction here, they're down a little more because i think there's worries about, you know, will the retail investor continue to support the elevated volumes that we see in the markets. >> richard, thank you very much. richard repetto. >> a big intraday turnaround for stocks what does all this volatility mean for gold? we'll talk about next on "power lunch.

all right. you have wild swings for the markets and a fed set to raise interest rate probably in march. gold is only up 1% so far this year there's inflation. kristina partsinevelos, why isn't gold doing what gold does? >> i'm going to explain that for you, but let's talk about where gold is going, so amid all this market whiplash, there's one asset holding up we talked about it, gold it's helping some gold miners like barrett gold, and we can bring up a few on the screen over the past five business days like you mentioned, futures are only up .5% at the moment. it's been the highest level since only november. we have passed this key technical level of 1850, and the next resistant zone will be

1865, but what is pushing up the gold ever so slightly, like you mentioned? we did see bullish momentum in the spider gold etf on friday. it posted its biggest inflow net ever that was a positive. what are the market drivers for gold the federal reserve meeting along with alaundry list of geopolitical risks they expect it to hold value, the inflation, and you have a hedge, but analysts at td ameritrade saying not so fast. they pointed out distorted options activity and much of the demand coming in right now is from china ahead of the lunar new year on february 1st, and that is going to pass. they suggest it could be time to sell if gold were to fall to 1850 i would like to answer your question now gold is only up about 5% from its december low, so not a massive swing. one analyst told me that could show the geopolitical tensions may not be perceived as imminent as we may think. in other words, people hold gold

when things get ugly, and it's kind of worked it's getting its luster back >> as you point out, at thistume of year, chinese new year's buyers of jewelry is a big force behind the metal kristina, thanks >> thanks for watching "power lunch. where is the market? it's come back >> let's see what happens in the closing hour the "closing bell" starts right now. yes, he we go. kelly and tyler, thank you welcome to "closing bell." i'm sara eisen if you thought the market would calm down after yesterday's stunning comeback, think again the major averages making another remarkable turn with the dow now up more than 200 points. it was down 818 at the lows of the day. >> stunning reversal yesterday, almost as stunning today. i'm wilfred frost. good froome. let's look at what's driving the action earnings season wrapping up with ge, american express, and j&j after reporting before the bell.