next spending. >> how worried are you about tariffs and trade? >> i'm not. we had it last time and we headed in the biden administration and we have still seen consumers prosper except for inflation. >> great to have you with us. >> thank you for being here. >> thank you for watching. >> closing bell starts right now. . >> thank you and welcome to closing bell. scott walker live here from post- nine at the new york stock exchange. another record high for stocks as a year full of milestones begins its final stretch. we will ask experts today where the markets are likely to head in the months ahead. in the meantime, take a look at the score card with 60 minutes to go in regulation. looking a little more green edging toward close. you will see the nasdaq is the standout today. that is good for about 1%. and meta, the outperform her. another update for tesla two.

that stuck getting an upgrade. some price target bumps and it has been bumping up big time since election results. near 4% again this year. intel shares are lower after getting an initial pop on news that ceo pat gelsinger is out. the stock, as we said, was up about 5% earlier today. not anymore. it is down 50% this year too. it does take us to the talk. why stocks are likely to rise in december. let's welcome one of this country's top private wealth managers, cheryl young, rockefeller global family office with me at post nine and the barons hall of fame put there in 2023. welcome back. >> thank you. >> do you feel good about the markets and where we are? >> not especially. >> you hesitated. i thought maybe it was a rhetorical question. but you say no. why? >> i would like to think i'm a good luck charm. the last few times i have been on your session, markets have hit the all-time peak. >> did again today.

>> looking good again today. some high multiples. the last time we saw these numbers was around march of 2000 and that makes me a little nervous honestly. >> goalposts have moved, some would say, with the result of the election. the economy is good. you get deregulation and upping of the tax cuts in some form. some would suggest a more friendly business environment. doesn't that justify where multiples are, if you get higher earnings to match that? >> if. if you get big earnings to match that. if they can continue to expand going into 2025. >> are you doubtful? >> i think you have to be careful. if we look at one trump took the presidency in 2017, the ratio on the s&p was trading at about 18.5 or over 25 as we speak. on so i would argue we are about 44-45% higher than when we took office last time. not the same market. >> what does that mean? what

do i do as a result? >> , wealth manager. i don't want to sell my stocks. as you know, technology is about -- >> what is the best way to do it? >> right now, i'm selling after many calls on a lot of the mega caps. i'm using some proceeds to buy and do some all caps financials. financials are up about 13% since the election. so it is getting a little bit rich there too. i think healthcare is the only area that has lagged. almost 4.5% since the election. you could make the argument to look at the rotation. >> you think that the broadening trade, if you want to call it that, and so many areas of the marketer up, especially since the election. it is hard to find sectors that have really lagged and maybe they have light for a reason. are they the ones to lean into in the new year? >> you have to be careful. healthcare tends to struggle before elections. it is happened pretty much

every time in the last three or four elections. they are cheap for a reason. however, compared to the s&p, maybe a little less cheap. and the mac seven, all but one trading above the s&p. one bargain out there, i can't call individual names. >> we will do the math to figure out that one. >> of a look at the spread, you have 20p on the low end and 160 on the high end. so that is a big spread in the magnificent seven in terms of where they are trading. you can't say everything is equal. it is a market where i would be a stock picker and not index. >> you told our producers watching traders piland the more risky parts of the market is of grave concern. why so? >> trading ground at 13.5 right now. very quiet. feels like the quiet before the storm. we have to have everything aligned so perfectly over the next year to see the kind of expansion we have an earnings to support the multiples and it

could happen. we could get no noise from tariffs. i do expect tax cuts to be extended. but we had a lot of supply chain issues last time. some of that was covid and some of it was around this tariff. when that slows us down, we look at the semi conductors which have been on a terror this year. they are usually the first to be down. >> but they have not been on a tear as of late. software has crushed them. >> and i predicted this last time i was on the show. >> what happens now? >> what happens now, i hate paying taxes. it is not one of my favorite things and not one of my client's favorite things. we are selling calls and using proceeds to diversify and again, more than equal index and more broad sectors. also because the things don't go smooth, there could be some surprises ahead. >> i'm supposed to hear you say to some degree that things have to be perfect or go perfect in 25. i don't think that is what people necessarily would agree on, that may be if you get the

ramp up an a i, at the beginning stages of that, you will have deregulation. you will have more deals and you will hopefully stay with at minimum, what the current growth rate is, if not even pick up further. you will have more tax cuts. you may get a lowering even further of a corporate rate. that does not sound like -- it sounds like almost baseline. >> it sounds like almost baseline and i think people are counting on that. let's take deregulation. let's talk about self driving cars. let's talk about if we start deregulating rules around self driving cars. i live in the bay area where most of the data is compiled and testing is done. i can tell you in the back seven, the number one winner and that space is definitely not the number one winner in

terms of the amount of data or tests being done. i'm not sure that is a clear winner. i would be cautious, crowding into some of these crowded traits. >> let's broaden of the conversation and bring in stephanie link and stephanie hooper. stephanie, you go first. what did you hear that you liked? what did you hear that you might want to take issue with? >> the market is expensive at 22, 23 times. i think there are other sectors in the market that are cheaper than that and there are opportunities. i love the stock picker's common. i think that is the case as well. you have to be very clear on the fundamental analysis. i think there are plenty of ideas to be had. we had three great data points today. we had a consumer holiday spend at 3.4% year-over-year. online up 10. and store up one. doesn't matter where they are spending but they are spending. the consumer is resilient.

manufacturing group, 200 basis points. still in contraction. i get it. but it is on the rise. new orders are important. that was up 300 basis points. the one area of the economy that has been kind of mixed in manufacturing is starting to recover. and that is 90% of the economy, those two pieces. we have not even begun to see the projects we talk about all the time in terms of on shoring. 1. 8 trillion around the world and only 16% have been completed or started rather. so the third point is the gdp atlanta tracker. 3. 2%. it is an economy that won't quit. adding it all up, earnings will be better than expected. they have been better-than- expected running 8-10%. i think the momentum will continue under the trump administration progrowth. i think tariffs are overly concerning to people right now. not as much to me. if you look at inflation in trump 1. zero, the inflation number was 1. 9%. i think a lot of it is kind of

just tactical and commentary regarding immigration. >> why do you declare it is stock picker's market as if you have to be so selective? you are painting a view where a lot of things can go up under what you are suggesting and they have. >> that is the whole point. a lot of things have gone up. the s&p 500 is up 5% or was up 5% in november. small caps up 11%. let's just say it is not as easy to just throw a dart at the s&p etf. you can if you want to. dollar cost average, i'm all about that too. i think the better opportunity is to buy stocks trading below the market. >> you've been telling people for a while to going to small caps and mid-caps and leaning on that idea even when others disagree with you. russell is up 10% in a month.

more to go? >> absolutely. i think there is the potential there. we need to see some improvement in earnings. right now mid-caps are probably the sweet spot. we are seeing better earnings there. i think small caps will follow. i think it is important to recognize that i don't have a pollyanna-ish view. of recognize there are pros and cons that come with the trump administration policies. the positive column, we have tax cuts and deregulation. the negative column, we have tariffs and immigration. i don't think tariffs will be a really big issue. i'm worried about immigration. but that is going to take some time. so we will have to wait and see. deregulation though, let me focus on that. that has the potential to release animal spirits. not just for the stock market before the economy. so we can discount that. >> the market, that is why financials have rips of the election, right? >> absolutely. it is already anticipating that. >> and that could continue. we could see more spending and

more capex and more m&a activity. for the most part, what we are likely to see is, yes, some concern about policy uncertainty. some concern about what might happen. but that is put on the back burner as companies are encouraged to spend more and invest more and quite frankly, the fed easing will help. >> i feel like all three of you have concerns, different levels of, but playing it, the market, it, through similar ways. you have been adding to financials and small caps and industrials. everything we heard already on this desk that we like. tell me more. >> financials are up 13.5%. if we break down the deregulation play, again you can look at, for examp crypto currency. a huge winner since the election. and it is the smaller coins that will benefit by

deregulation and up the large coin. it doesn't help that they have the etf around them. i think there has been a lot of rushing into trades that don't necessarily logically makes sense. we have to separate the noise from the reality that is just going to be important over the next year, to look at the earnings and look at the quality of growth from the companies we love and be a little more cautious. i'm not saying it is time to get out but i'm saying it is time to be a little more cautious and i don't see how we get another 20% plus year on s&p. i think it is a fantastic year for us. >> what you think? >> i think it is continuing to rise. and that is a surprise in the 3rd quarter for all the big six. the m&a pipelines have not even begun to come into the marketplace. the ipo has been not even out there and have not even come to the market. there is that. i think wealth management, we benefit from higher asset prices. and we have not seen a net interest income cycle in years.

that is what the 2025 story is i'm not so sure you are going to see massive m&a, from deregulation. i really don't. >> good to see more than you have had. >> i will give you that. i have been talking about that forever. you get lower capital prices that they have to have on their books and then all of a sudden you have more m&a. and then you have more of a buyback. bank of america has not talked about it. when you get the end game, they will buy back $20 billion of stocks. >> private equity is busting your chops to do stuff. >> i think everyone in the financial services industry is looking to do things. >> don't you think a lot of that is in the stocks? goldman up 57% year to date. >> morgan stanley is a little more expensive at 18 times. i like the combination of wealth management and investment banking. you have wells fargo. they have an asset cap catalyst coming up and stock trades at 1. four times the book value. the truest financials in terms of 4% dividend yield and they

have a turnaround source. i think you can pick yourspots. back to the point of pick your stocks. does not necessarily have to be financial services in general. >> is there a fed risk at this point? or the markets kind of coming to grips with that we are not getting as many cuts as we thought? nor will we get them as quickly as we figure. does it matter? >> it matters to a certain degree. not as much as it did pre- election. but i think that what we are likely to see, the risk rerun now is if there is a resurgence in inflation that the fed puts a halt to easing or hikes. i think it is very unlikely. but that is really the fed risk for 2025. >> you just said it is very unlikely. and in the chance of the fed pausing, i get it. the chance of the fed hiking, really? i have to think about that? i don't think so. do you? >> i don't think so but i'm

telling you that i'm laying out the risks. you have a more sure but with the ecb. economic data recently has been poor. there is more getting priced and in terms of easing there. this is an argument for diversification. increase your exposure to european equities and uk equities. in particular, have a nice dividend yield. you have significant monetary policy easing. and despite economic headwinds. >> boston on the tape thing is not preordained. december cut. in a way of comments from fed governor waller. right steel eastman? >> yes, we do. the fed governor will say that he leans toward supporting the december policy. depending of course on incoming data. he says he expects rates, rate

cuts to continue over the next year. until we approach a more neutral setting. there is still some distance to go before they hit that neutral setting. and on the outlook for policy, policy is restrictive. that is putting downward pressure on inflation. and then cutting again means the fed is not pressing on the brake pedal as hard. but says pressing on the brake pedal, will not dramatically change the status of monetary policy. there are concerns and we will get to those in a second. he says the speed and timing of cuts will be determined by economic conditions. recent data raised the possibility he warns that inflation progress may have stalled. he says monthly readings on inflation have moved up noticeably. but expects to continue on the path to 2% which is what he says he can support a cut coming in december depending on the jobs data this friday. he mentions the jobs data

tomorrow and mentions the upcoming inflation reports and retail reports that are coming before the next meeting. he does expect a rebound in the november payroll data big labor market he says is significantly more loose but strong. the committee could be skipping rate cuts. just a conversation you guys were having. multiple times on the way to neutral. assuming next year's fed forecast or average forecast is a 3.4% funds rate and still accurate. so he is on board with a cut but says hang on a second. we have some data between now and then but still seems to be leaning toward the december cut. and i will check for you the probabilities that are now 10 points higher as a result of this for december. we went into it at 60.8. we are not 70.3. to be precise. and i can't do the math on all of it but it does seem like it has also raised the probability of a march rate cut down to 48, from 43. and more so down the road. 10 points higher now on the december cut after the waller remarks.

>> do you feel like at minimum, we will have a more vigorous debate in the room about -- maybe december will happen but certainly after that. if you take bowman against waller and maybe some others others, you will have more back- and-forth maybe then you have had over the last many months. >> for sure, scott. interestingly, i think the market is priced for that. if you look at the wait is priced, the december cut with 70% probability is not a slamdunk but closer to a dunk than anything. and then they have the pause built in in the futures market. that gives time for a lot of stuff to come through. remember we had that pop at the beginning of last year. that could cut both ways. you may have a new round of beginning of the year praise hikes come through. you also have tough and easier comparisons with last year that

could bring down the inflation rate. so they will get a chance. with the market bolton for january, they will get a chance to get some time to figure it out. remember that you don't have another h i kept ke built into the structure. i can't do math on the fly. you were at 55% going in. it looks like you were at 57 or 60% for may. so not another cut built-in until may and another thing i want to check for you, which is the one year from now, the november 25th headphones, that is 3. 82. so bring it down another quarter. that brings it to 438. that is another, call it 20-40 basis points built-in over the next year. the way the market is set up, you get a cut in december and you get this kind of intermittent cutting going on. >> and you can battle over where neutral is because they still don't know. steve, thank you. with waller headlines. i bring up the neutral thing

because waller lso says that he thinks there is still some distance from neutral that leads you to believe he wants a cut a few times because he thinks we are far away. others would say, maybe neutral is higher then we thought. so maybe you won't get as many cuts. how would you answer the question as to how many cuts? does it matter at this point and do we need them? >> i think it matters. if growth is good and you have to balance unemployment, it has gone up a lot in the last year. it definitely matters. with that said, look at the markets pricing. a massive move. 23 basis points on treasuries in one week. the markets are already pricing and may be are overpriced. i think we need to be a little cautious. i would say going short on the yield curve because of that reason. i think maybe it is overdone in terms of pricing. >> the move in rate is lower and has helped the market. it has taken it off the boil which started to get calls that you would get 5% on the 10

year. >> you are not going to get 5%. i will tell you now that growth is what matters and we are growing and economy in the 2.5, 3% level but maybe that means we don't get to 2% of inflation. the court last week came at 2628. and the pce is fine. currently at nine. we have come a long way. maybe the neutral rate is higher. four, 4.5%. i think we can handle it given the growth. >> we have a big week ahead for data. the jobs report coming up. i didn't adp and more economic data. we have two more weeks. good to have you here. cheryl and christina. >> did you forget my name? >> no. >> stephanie. >> i was not sure which order i felt like going in. >> thank you. >> a volatile day for shares following news that ceo pat gelsinger has retired. >> the embattled chipmaker has warmed a search committee and is

working diligently to find a permanent successor to pat gelsinger. a hedge fund manager i spoke with thinks that this increases until founder being spun off perhaps five equity. keep in mind brookfield has injected capital into the intel fabrication plans in the past as intel attempts to rebuild its competitiveness and expect more focus on the intel cost structure. the chief financial officer will act as the co-ceo of the company and told me that intel is tightly managing capital spending to drive better efficiency to make sure the quality of the balance sheet is in a good place. and that the until goal of cutting $10 billion is pretty much done as it wraps that thousands of layoffs. that same hedge fund i spoke to said whoever is appointed ceo of intel will need to spend more time in silicon valley convincing hydro scalars. president-elect trump has been critical of the chips act in

the past and the company does need that money to make its foundry ambitions a success noting that shares started the day higher on the news of the gelsinger exit and now down 1%. >> thank you. we are just getting started here on closing bell. next, jason hunter is back with us raising a red flag on key warning signs he is seeing in one part of the market and will explain next. we are live at the new york stock exchange. you are watching closing bell on cnb c. ♪

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we are back with the s&p 500 and the nasdaq hitting an all-time high. this marks the s&p's 59th record of the year. the next guest watching the bond market for potential sign of whether there is a run in stocks and can continue. joined me at post nine is a jpmorgan head of technical strategy, j.p. hunt. >> the bond market holds the

key to the whole market in your mind. >> yes. we have a lot of macro uncertainty here. as technicians, you follow the trend provided it still looks healthy, which it does. if you are trying to get some kind of foresight and you worry about inflation and reflation and disinflation, we feel that this is the thing to watch. and for right now, it looks okay. like i said, things are constructive. >> if it breaks out of that range to the upside, reading, you could have this reflation affect? >> that would be more on the inflationary side. looking at a tendency to break even. 240, 250. multiple quarters. when the first inflationary panic comes off in 2022 and it is 2023. like i said, going below the area. the most recent run-up we had

into an after the election, rejected the resistance again and fell off suggesting inflation expectations are contained in their is no real fear of inflation at the moment. >> so you must be pretty positive on the stock market. >> yes. and you are starting to see the breath brought now in the russell nasdaq ratio pressuring its resistance and arrange for the better part of 2024. that is constructive, especially if that starts to break. >> do you feel like more broadening than is in the often ? >> we are starting to see that when you see the ratio would something like russell that has been underperforming. small caps underperforming for the better part of two years. >> picking up a lot lately. >> and it has not only been constructive in absolute terms but you look at a relative basis, the russell versus the nasdaq performance trough in july and make a caps underperformed to perform in line with russell since then. >> so you are starting to see that broadening and the breath

start to expand. >> some suggested you could get 6300 on the s&p goodbye the end of the year given where the trend is. what kind of numbers you have in your mind? >> i think the big upside target is 60 1. 95. that is most likely my target for late this year early next year. if you get this continued rotation and m continues to lag, naturally that will take some of the wind out of the sales for the s&p given how heavily weighted those leaders have been in the index. so more of an equal weight. >> coming out of the woodwork today i feel like talking about the equal weight for that very reason. >> there is a number of things. seasonality. a number of reasons why you could see that play out. >> areas of the market we need to keep our eye on includes what ? >> besides bonds what asset classes? >> on a near term basis, watching the trends in equities are important. as we get into january, if we hit those targets, the question is what happens next. >> i think what you are willing to see for the broadening to

continue is some recovery in the global manufacturing story where if you look at, it has been very much a u.s. centric story across asset classes and you see that with fx. you would want to see those outside u.s. stories that generally have a high correlation to the golden manufacturing story. things like the copper to gold ratio. em equities. you want them to catch their footing and start to move up. it is all part of the broadening breath story. it normally correlates with performing like nasdaq. we want that to unfold in the next year to enforce this holy broadening. >> do we assume a continuing stronger dollar as a result of expected policies from the new administration? >> there should be more. if you look at the affect team outlook, there is a continuation of the stronger dollar into the 1st quarter which at one point it hits an inflection and starts to top out. and then recovers. >> what about commodities as a result of that? >> if you look at the commodity market as far as from a technical perspective and i think the fundamental view is

very much in line for jpmorgan, i think the most important thing to watch are things like industrial metals versus precious metals. you want to see industrial metals start to outperform precious metals. and again, that is something with the ratio. >> it is good to see you here. >> jason hunter of jpmorgan. more on how investors should be positioning as we head into a new year. join us after the break! nothing dims my light like a migraine. with nurtec odt, i found relief. the only migraine medication that helps treat and prevent, all in one. to those with migraine, i see you. for the acute treatment of migraine with or without aura and the preventive treatment of episodic migraine in adults. don't take if allergic to nurtec odt. allergic reactions can occur, even days after using. most common side effects were nausea, indigestion, and stomach pain.

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we are back. may verdure -- major averages of 20% or more. how should investors be evaluating and rebalancing their portfolio after a back-to- back year of a strong return? let's ask kristin bitterly. back here at post nine. welcome back. >> good to see you. >> i guess the general consensus at this point is positive. the trend is up. markets have more room to run. does your view fall into line with that? >> i think so. going into the end of the year, we basically have one more week of economic data that could -- an even with data, a robust jobs report that could push back one of the rate cuts. even if that were to happen, i think the overarching sentiment is positive and at this moment, i don't think we see anything that would significantly derail the rally we have seen. >> as we said earlier, we have already come to grips with the fact that we will get fewer cuts . >> when you look at that market pricing next year, it is two, maybe three. we do think we will get the 25

basis point cuts in december but when you look at the backdrop of what we know to be true, we have a lot of cash on the sidelines. we have had robust earnings. looking at the new administration, yes, there is this healthy tension between deregulation and tariffs and will dominate the markets but i think there is more certainty around deregulation which is why you see the flows coming into areas like financials and energy and more specifically, industrials in that space. >> what is your base case for the market performance next year ? >> i think we see a continuation of earnings growth. i don't think there is anything from a market perspective that would tell us we are not going to see continued earnings growth. i think the one major difference is where you are picking your spot. as we talk about positioning going into the end of the year, some of the major things we are discussing with investors right now is to evaluate your cash position.

this is probably number one. a lot of investors continue to be significantly over cash. you can make argument that cash had a strong yield but when you compare that to at the equity market has done, we could have a very different outcome. the second thing is taking a look at where you have outsized positions in concentration. i think that will dominate a lot of the flow next year. not just blind flow into the market capitalization weighted index but saying, let's look at the s&p 500 equal weighted. let's look at the profitable small and mid-cap shares. >> a big theme today. equal weight and small caps and you are leaning in on that too? >> we are leaning on it as well. with small caps, you need to be careful. if we have a situation with rates that are higher for longer, you will want strong balance sheets. you will want profitable growth shares in that space and you can certainly do that. >> he talked about earnings growth expected to be robust. is it going to be robust enough to justify expanding multiple quick some are questioning if you can justify it now. if you get

multiple expands, the value of the market goes up and you better have earnings that justify it. >> and i think we will. i do. if you are looking at high single digits for earnings growth, that is a strong and solid year. i think the bigger story will be the continued strength continuing to broaden out and i think it will be, we talk about what could introduce volatility in terms of market performance, that will be policy and not politics being put into action and seeing, what is going to be the impact of tariffs? i think the market is trying to figure that out but we don't know yet. we don't know yet. >> i think you lean into the winners or laggards? like healthcare is by far the lag or. it is up. 7.5% on the year. when you compare it to financials up 35, or tech up 35 or industrials of 27, you can go on and on. astounding for these sectors.

what do you lean on? >> healthcare is an interesting one. it is one that we have liked for a long time in terms of investing in longevity. we talk about healthcare, we tend to assume it is one thing. when we talk about pharmaceuticals versus biotech, it is one of the things that can drive a stronger performance. we are all talking about increased m&a activity in 2025. that is obviously an area to watch in terms of biotech. it is something that is more of an idiosyncratic story. remember that not all healthcare is form a while pharma sold off, you could look at the selloff and say, are the evaluations good entry points? >> u.s. over international, you like. is that view colored by the results of the election hooks or would you have liked it anyway or how do you think about that? >> i think there are a couple of things. a lot of the tailwinds i mentioned in terms of cash on the sidelines and in terms of strong earnings growth we have seen, we think that will

continue. i think the international story, there is always this element of, look at the relative valuation but where's the innovation and where is the capital flow happening. that will continue to be at least for the foreseeable future, a very u.s. centric story. that doesn't mean they are not great multinational companies and stock selection isn't a good thing as far as international exposure. we have those positions within the portfolio. if we are looking at what will be a relative outperform her, it is u.s. >> thank you for being here. kristin bitterly. we track the biggest movers and standing by with that. >> less than 19 minutes left in trade. accounting shakeup continues at supermicro and stocks going to new highs. and more coming up after the break! .

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so you're not just growing and protecting your wealth. you're sharing it. because doors were meant to be opened. great job, everybody! 15 out from the bell. let's get to a look at the stocks. what do you see? >> we have to start with supermicro searching after the report of the external review of its business found no evidence of misconduct and fraud and starting the search for a new cfo. the decision based on recommendations made by a special committee formed to look at supermicro accounting practices. stock up 28% and then up 68% in

the last month. let's talk about crew stocks posting strong gains as analysts increase royal caribbean and siding and highly encouraging bookings outlook and strengthen european sailings. norwegian and carnival hitting the highest level in two years. royal caribbean reaching an all- time high. now up 91% this year, scott. >> thank you. still ahead, roku shares are popping today. we will tell you what is behind that big bounce and what could be at stock for this going into the new year. closing bill coming back. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought

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the closing bill market zone. cnbc commentator mike sent totally here to break down crucial moments of the trading day and tesla going for a 52 week closing high today. and a roku trade merger. we have the details. first, your thoughts on this trading day. >> upward drift is what history says to expect and we are getting that today. not a lot in the way of markets seizing too much in the way of data. i would say the growth stocks carrying the weight here. there are no sellers that feel like they need to step in. quite low-volume if you look at the ets. but the index is down. kind of an uneven day below the surface. you have these moves with meta. it has been enough for now.

>> weill come back to you and a second. i want to bring the viewers some unfortunately very sad news. a long time floor trader and friend, and frequent guest of cnbc has passed away at the age of 83. one of the most widely read and widely respected voices on wall street. he joins us now. i know this hits you hard. it hits all of us hard. there was one person that helped us understand the markets when we needed somebody's help the most. crisis, wars. >> it was art. >> he had this amazing ability. a classic old-school wall street teller of stories. a market historian. but not in egghead. not an academic. somewhat disdained academic. so we understood why they had to exist. his job was to understand where

the market is going and explain it in a simple way and he excelled at that. when i got here in 1995, there were 4000 people on this floor. imagine what that looked like in 1995. and he befriended me. i will never forget it. when art said you were his friend come you can trust him to 4000 people on the floor and it made a difference and my reporting and doors were suddenly open to me. i will never forget his generosity and kindness. he was one of the greatest guys on earth to have a drink with and believe me i spent many nights sitting across the street and upstairs of the new york stock exchange having drinks with him. he liked to drink doers on a regular basis and he knew exactly what he was talking about and every night, no matter how he stayed out drinking, he came back and did the art cashin comments. for over 40 years. one of the most widely read on wall street. every day. no matter what he did. no matter how late he was out, he was that dedicated to his craft. >> he liked to marinate his ice cubes. that is for certain.

>> he would always remain nimble. >> i remember trying to look into the big selloff that the stock market had a 1962. i'm reading about it and art was like, i can tell you how that felt. he basically had just gotten here around that time and he could give you the dynamics and compared to other cycles and other events that we were dealing with up until today. >> we are so flush at this point with information. we have so much in front of us now and ways and things we didn't in the past. and so often, he would be the guy that you literally would turn to to try to figure out what was happening. there have been so many amazing people that worked on the floor floor. and he was the one person that you visited with i think every year for the last, feels like 20 years. >> we were trying to see if we could get to him. he was in rehab for a long time. to see if we could do it for

this year. we went across the street to harry's and to various places over the last 20 years to do an annual art cashin look ahead. >> to where the end of the year. we went to harry's last year. and it was wonderful to see him again. the problem was that he just couldn't figure out a way to do it. and unfortunately, he passed away very suddenly. there was an announcement in.com on my bed on where you could send memorials. and a scholarship fund set up for him. you people are interested, check it out. there is an obituary there to tell people where they can send money. >> i have always admired and listened to those who have a unique ability to take the most difficult to understand things and somehow distill it down to the easily understandable knowledge that art would drop on you. all the time.

people, very few, can take whatever event is happening around the world at that particular time. >> and a back log of, you have seen and heard it all, but that was part of the genius. >> getting to know the rhythms of how the market metabolizes new information and where to look for clues as to what people , where they have been caught or surprised. and the business of this place, i remember this one time when they had gone to trading in decibels. the controversial thing of doing what on the floor. it's like there is a bus that stops anytime 70 raises their hand. is that more efficient than having bus stops at more white increments and having people cluster there? that was a perfect way to illustrate the difference between having a little bit more of a spread and having the volume cluster in those places than just having it be a little more haphazard. >> i will tell you what he really was. besides being a great market

historian, he was a tremendous character. he refused to use credit cards. i never saw him use a credit card. i was out with him many nights. he would whip out a huge wad of cash to pay for his bar bill in cash. and i said one day, why are you doing this? he said, i don't trust credit cards. i like being anonymous. he refused to use a cell phone. he had a flip phone he used for years and rarely answered. he refused to type out his notes on the computer. he sent it to his assistant, handwritten notes to his assistant. he was that kind of a character. and he firmly believed in that haphazard look that he had. it was very carefully put together. everything about him was careful although gave the appearance that he didn't care about a lot of things. >> rarely if ever missed the song that was sung down here at the end of the year. wait until the sun shines. he was at the front of the group with the old timers who were down here. that became a tradition. and in part, because of this.

>> even when forbes greatly diminished after 2006, he led every year. he brought people in from florida every year. >> he did it last year. >> the blue shirt group bringing the closing bell at the newark stock exchange, we have record closes for the s&p 500 and the nasdaq as the final month of the year begins. that is the scorecard on wall street but we are just getting started, welcome to closing bell: overtime . >> the nasdaq is the standout with his best day in nearly a month but the dow jones sitting out the market rally, down for the second time in three sessions. intel taking