of course, profiting from your bling and designer duds b. melissa: i would much rather have that. lori: we will talk about it this hour. a sharp selloff underway again. off about 100 points on the dow. nicole, stocks right here near the lows of the day. nicole: about 20 points off of the lows of the day. lots of this is what we are seeing over in japan, m monetary policy beefing things up over there, but it really is going the other way with the dollar plunging. getting caught on the wrong side of the trade. here at home the economic news, weekly jobless claims, adp reports tomorrow, and can't wait to see the numbers tomorrow

morning. they will be so telling. the retailers on a day getting same-store sales. including costco. and limited brands. gas we will find out after the bell, but we are watching names closely. while they saw growth it was less what the analysts had been expecting. we will see what happens three days in a row to the downside, the first time this year we had three negative trading days on the dow consecutively. lori: thanks, nicole. melissa: uncle sam is keeping track of your phone calls. peter barnes joins us with more on this story. what can you tell us? speak of the obama is defending this top-secret order requiring verizon to turn over phone records of millions of customers to the national security agency. the ordee approved by special

intelligence corps 10 days after the boston marathon bombings was first reported in the newspaper yesterday and in a statement a senior administration official says information of the sort described in the article has been a critical tool in protecting the nation from terrorist threats to the united states as it allows counterterrorism personnel to discover whether known or suspected terrorists have been in contact with other persons who may be engaged in terrorist activities particularly people located inside the united states. some privacy and civil liberties groups are outraged by this. some members of congress are concerned but others are not. >> online terrorism is one of my biggest concerns happening in our own backyard and i'm glad the nsa is trying to see what they're up to overseas and in the country. i am a verizon customer. i don't mind verizon turning over customers to the government

if the government will make sure they try to match up a known terrorist phone with somebody in the united states. i am glad the activity is going on. it is limited to tracking people suspected to be terrorists and who they may be talking to. >> the company is declining to comment on this, competitors at&t and sprint also declined to say whether they have gotten any orders to turn over their phone records to the government. melissa: you have imagine imagie will hear more about this. thank you so much. lori: the stocks pulling back, interest rates are higher. where do we go from here? peter, always great to see you. i want to ask about these comments yesterday for normalization of interest rates warning it could be a bumpy ride for the market.

this is partly what we are seeing today in the stock market with reaction to the bond market? >> this is actually what we are seeing. driving the missteps in the market, the wild intraday swings punctuated with elevated volume. this is parcel with this transition that we are seeing ultimately the federal reserve knows at the end of the day they need to pull back on quantitative easing. just a matter of when, not if. it would be good for the sustainability of the economic recovery. when no interest rates are largely made to turn and as a result of that turn you are seeing some volatility and in the equity market. >> is this a message to the federal reserve enough is enough? it is time to start taking the foot off the pedal? >> that is the position most

investors feel is most prudent for the long-term. i don't think there's any question the federal reserve feels that way. it is a question of when. i was a snuff rates brings with it several significant risks in terms of potentially choking off consumer demand, potentially having the impact the federal reserve has been long trying to avoid and that is effectively taking a little bit of air there is out of the economy effectively flattening out demand. lori: the big debate has been when they will take risk in the process and bond purchases. so comment on that what you think given the trading days we have seen, the declines this week now zeroed in. what is the best course of actions for the fed? >> the fed, i know this sounds counterintuitive, but the fed really should not or at least is

not mandated to really pay a great deal of attention to equity markets. it is about the currency and managing inflation and protecting the currency itself. as a result there will be a lot of volatility in the equity market. the fed i don't think will make that a top priority. it is much more about how effective has quantitative easing been. you can argue it has been very effective. we are starting to see the side effects in the longer term could become more of a negative then the positives thus far in terms of how it has inflated demand. even partially artificially within the economy. lori: you're seeing it down with the young spikes, as we have already discussed. conflicting economic news all eyes on the next job report out tomorrow morning. could that be a game-changer? >> that very well could be what the market is pricing in today,

actually. part of what we are seeing is market shifting gears somewhat in terms of trying to price in the shift in fed policy. but part of the fed policy shift is predicated upon employment. it is one of the two pillars in the shift of fed policy, employment numbers obviously and inflation. inflation, at least the official inflation rate does not appear to be a problem. the employment numbers could be. melissa: thank you for your time as always. melissa: residence are investing in survival. a closer look at the booming storm shelter industry. watching one being built right now, jeff. jeff: you're seeing it being put almost completely done. some panels have to go on this. storm shelter business is on

fire right now. this is rated to the most powerful tornado out there. 200 plus miles are our. do you trust it? >> i trust it. >> take a look at this, this is what a 40 caliber shot looks like, that is a 45 caliber round. these can be safe rooms as well. this is focused attention, the state of that weather, the hurricane, tropical storm, focusing on what can you do, how can you benefit in some ways? some way to benefit without anybody getting hurt. community capital fund, they invest in disadvantaged unities now in the rebuilding around super storm sandy. real quick, you are in this

business now, it is looming right now, it falls off and you don't have a big storm. >> people sensing urgency more than anybody else. it begins to give you a few problems, broken down on the freeway everybody going 90 miles per hour. jeff: i tell you, solid stuff. feel that, that will protect you. melissa: jeff flock, thank you so much. lori: ultralow mortgage rates could be a thing of the past. as they continue to climb. melissa: fizzle or pop. what it is doing to their stock prices today. as we head out to break, down 69 points. gold and silver trading higher on the session.

we will be right back.

melissa: it is time to make some money with charles payne. this hour it is all about the currency, who is up, who is on the way down. they should be looking at the dollar? >> there are lots of questions, the yen spiked up, over 3% versus the dollar, but the dollar has been down against everything. you can see down against the pound. down versus the euro, the canadian dollar. all of them like one and a half or better. so there are a couple of things going on. a head scratch or given big the exchanges. some people are talking about druggie, but his comments came after more or less everybody

thought he was going to do. some rumors about u.s. trying to downgrade. i will keep looking into that, my office is looking into that right now. one of those things i think more or less reflects the society. lori: do you think this is a basic fundamental perhaps the u.s. isn't holding onto the characterization of the best or the worst? speak >> of course we know japas been troubled because i think it might have overpromised and under delivered with respect to the things he wanted to do. they are determined, they will turn it around. in the meantime it has been good for the stock market because the multinationals do very well, it makes the earnings go up so you wonder why the dollar was crashing the same time the stock

market was crashing. it underscores the tremendous amount of angst that is out there. i wanted to talk about it because a lot of viewers may be scratching their head as well. gold is making a big move off of this. the active trader, no, but maybe 10% in the asset. i would buy some gold coins and put them away. maybe even silver. lori: let's check the market. soda stream shares getting a boost. nicole: soda stream has become a household name. obviously putting the dead in the drinks and selling individual so they can make soda at home. they obviously have taken over the nation by storm and there is word pepsico to be looking to take over for $2 billion.

pepsi has denied that. pepsi is working with goldman sachs for this takeover. in the meantime look at what is going on. jumping five and a quarter percent to a 52-week high. this would be one we will continue to follow in the soda world. back to you. melissa: a quick update on commodities. the lowest levels in three months. on the latest to supply report stockpiles rose more than expected last week. look at that. even with the selling on wall street crude prices are holding onto their gains at $95 per barrel. a weaker dollar is pushing up oil. we were just talking about this against the euro since february. look at that move. lori: so interesting. the currencies as well as fixed

income. we are covering it for you. and irs officials do their best. and employee conferences. how they do, lou dobbs shares his opinion with us next. melissa: take a look at the dollar once again heading out to break. it is weaker against the economies. we will be right back.

>> 21 minutes past the hour right now. this is your fox news minute. first to philadelphia where the search and rescue operation has resumed but officials believe they have found everyone at the site of yesterday's will then collapse. six people killed, 14 injured at the four-story building renovation collapsed on a thrift store. 51-year-old woman rescued recklessly last night hospitalized in critical condition. europe coping with his worst floods since 2002, at least 15 people dead, tens of thousands forced to evacuate and the zoo was submerged, and what had to be rescued.

pope francis t will remain at te vatican this summer. a palace where they had escaped for centuries including the processor. those are your headlines, back to melissa and lori. lori: apologies and explanations. the star of the infamous "star trek" video apologizing to the house oversight committee today. >> it is embarrassing, and i apologize. those videos, i know from the inspector general's report not a clear delineation of the cost, but they are embarrassing and i regret the fact they were made. lori: you can get what he was cast as spock.

elijah cummings says he was up until 3:00 a.m. trying to get the redeeming value of the video. lou dobbs is here now. it keeps getting worse and worse. not better and better. melissa: he looked really embarrassed. >> i'm wondering how long it took the management of irs to dismiss the idea of hiding him so he could not be found or alternatively imploring to change his name before testifying. and elijah cummings. imagine the redeeming value in this. steve miller gave us a great answer of the acting commissioner who was canned but really resigned. only because the president was so annoyed at the transgressions discovered. one things perhaps he might not have been upset had they not

been discovered. but at any rate, this is such a sorted, nasty, petty, mess of entitlement and empowerment, entitlement on the irs that they felt comfortable in doing these things, spending taxpayer money targeting conservative groups with impunity. that is not just entitlement, it is empowerment. now the investigation has to be about who empowered them. my judgment could not be anyone other than the political arm of the obama white house. that is what we are starting to see as each day brings just a little more revelation. it is truly a sad chapter in this country's history, inevitably part of the obama legacy. lori: why go down this road of making videos? to your point, let's get to the bottom of this and find out who was making the call.

>> steve miller had the audacity to say the estimate is a cost $60,000 to produce this piece of ignorance, and he had miller to say it saved the taxpayers a million and a half in training and other expenses. this is the kind of b.s. they conjure up without a moment hesitation to rationalize their ignorant behavior. melissa: or hope we are not getting any further from figuring out whose idea it was to target conservative groups. let's not forget the whole point of all of this is supposed to get to the bottom of whose idea this was in the first place. that is the original goal here. >> i don't think anybody is. i do think it is disappointingly haven't seen a major breakthrough whether it be the irs scandal, department of justice scandal, the rosen case

within the justice department i think is starting to fill up and starting to develop. it is really fascinating. the other part of this is not just the fact that these fools abused their power and trample the constitution and the right to these conservative groups, they also then went out and gave confidential documents to left-wing publications. and this goes on and on and it becomes resorted with each passing day. >> see you at 7:00 and 10:00. the drama family research council president.

>> one of those conservatives who were targeted. melissa: we look forward to that. are they an investor's best friend? how could they not be? and who cares, i just want it. are they right for you? lori: florida already feeling the impact of andrea. the first tropical storm of the season. where is it headed next? we are back in a moment. this is america.

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melissa: time for now stocks. as we do every 15 minutes let's head to the floor of the new york stock xchange. nicole petallides is standing by. you're watching a big whipper. >> light in the box. no one knows what i'm talking about. here is the website. light in the box,.com, is actually a chinese company. i bring you over to where it's trading right now. this is an adr, right. american depository receipt. it is trading here. it is the first chinese ipo of the year 2013. well how do you think is the stock is received? beautifully. the stock is up nearly 30% today. and there it is. over here. it is all over the place. so you can see, at 12.12 right now. beijing online retailer doing well on the first day of trading here in the states. that is a big deal obviously. back to you.

lori: thank you, nicole. here are some other top headlines today. chrysler's recalling more than a half million vehicles worldwide but they're not part of the government's request earlier this week to take nearly three million cars off the road. 409,000 jeep patriots and compasses are being recalled for airbag and seatbelt problems. 221,000 wranglers from 2012 and 2013 have issues with transmission fluid leaks. meantime, mortgage rates rising for the fifth straight week. the average rate on a 30-year fixed mortgage hitting 3.91%. that is the highest level since march of last year. rate on 15-year fixed mortgage is back above 3%. hasn't been that high in over a year. talk of the fed taper, bond buying is driving rates up. tropical storm andrea is churning its way over the gulf coast of florida. most of the state has been hit with heavy rain. there are reports of two tornadoes touching down but the country's energy interests in the gulf are not at risk.

andrea is not expected to become a hurricane but will likely hit areas north as new england this weekend. melissa: diamond are not longer just a girl's best friend. they are for everybody. more and more investors are turning to diamond as an asset class. our next guest is head of christie's of the americas jeweler in switzerland. you didn't bring any diamonds? how is that possible? >> you caught me off-season. come september we come back with big rocks. melissa: you better. meantime we have great pictures, one sold at auction, absolutely amassing in april. this prince c diamond, fancy intense pink. what is amazing about the diamond, i wish i had it here in person, 34 carats. sold for a million one a carat. $40 million. for a diamond. who buys something like this? is it an investment or something to really floor your friends with? >> look the stone was sold in 1960 at auction in london for 40,000 pounds.

melissa: wow. >> and it was sold by vanclief and arpel's who were the buyers to a private collector who owned it all these years, over 50 years. melissa: yeah. >> over time the price of these stones went up. 0,000 became 40 million. there is your answer to the investment question. melissa: i understand, you can't reveal anything about the people who buy these things because obviously they don't want to be targets down the road. this was a european buyer. you think they're actually going to wear it? does somebody buy something like this as a store of value as an investment or, i mean, is it really something they buy to wear and to enjoy? >> i think the element of investment at this level of purchase is always going to be at the back of your mind but diamond, like you said, are a girl's best friend. most of them are purchased to be worn. melissa: i wanted to sort of compare it with other investments that people can make. of course this is off-beat investment day here on fox business. when you look at a chart of it versus gold and the s&p.

diamond in general when you track them by the carat, sort of, mirror what goes on with gold but they do the opposite of what happens in the stock market. and do you find that a lot of people buy diamonds, invest in them as a hedging tool? >> well, gold is more of a commodity. melissa: yeah. >> with diamonds it is more portable form of wealth like you rightly pointed out. we sold another diamond last year geneva, in november, called the arch duke joseph diamond. melissa: yes. >> prior to that sale in november, in 1993 for $6,500,000. 20 years later, $21,500,000. gold could not have made that sort of increase and nor the s&p. melissa: there are a couple big problems with investing in dime and mo. there is not a ton of liquidity. there has to be hard to move something like that. there are not a lot of people walking around who have $21 million to spend on an diamond. if there is emergency you

need to sell it you will be sort of over a barrel. there has to be the right time to unload these things, am i wrong. >> when you speak of liquid, gold has day price and by buy it or sell it whatever the price may be. melissa: yeah. >> diamond it is question of taste, size, shape and color. if you're buying at the elite level with regards to best sizes and shapes and colors you will always find a buyer whatever the rate of the market is at that point in time. melissa: what do you tell people, and somebody comes to you and say you, i want to sell the diamond, does it take a while? what is the auction process like if they need a sale. >> we take it eight weeks before the auction. market it, ship the catalog all around the world. that takes a little bit of time. you gone out and marketed your stone to the biggest buyers in the world. melissa: yeah. >> if it is a straight sale needs to be sold a lot quicker we have private sales. not just diamond. we sell paintings. we sell wine. we sell watches. all of it privately.

come to christie's say i can't wait for the next auction, can you find me a buyer, 24 hours later. melissa: do you tell people try to wait until the economy is booming not when things are tight? >> we will advise based on what is being offered for sale. if diamond are great, we say look, this is the time to sell. otherwise --. melissa: next time bring one. >> i will. melissa: thanks so much for coming on, we appreciate it. >> thank you. lori: that was fun. buckle your seatbelt, jpmorgan ceo jamie dimon warning that as interest rates come back to normal levels it will be a scary ride for the marketplace. charlie gasparino is here with his take. melissa: off-beat investments we're talking about "what a girl wants". turning to designer fashions into profit but, first take a look at the 10-year and 30-year treasury as we head out to break here. we're looking at the dow down 54 points. and you can see the yield there on the 10-year sinking as well. four basis points. that is a big pretty move there. here's the 30-year. we'll be right back. [ male announcer] surprise -- you're having triplets.

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systems prevented customers from placing orders. nicely euronext spokesman says they can't say what caused the problem and an investigation continues. after midnight mcdonald will let it all hang out to attract late night smackers and they want to serve limited select00 of breakfast and dinner items from midnight to the 4:00 in the morning. they're calling it after midnight. cue eric clapton. that is fox biz, power to prosper.

lori: okay. breaking news for you. that is of course new jersey governor chris christie. he name ad temporary replacement for the late senator frank lautenberg. choosing new jersey attorney general to position until the special election on october 16th. melissa: jamie dimon is warning about the fed

raising interest rates and warren buffett is selective purchasing financial stocks. do investors need to be worried. charlie gasparino joins with us more. >> jamie said a couple things that are interesting. watch every word coming out of the fed. it will be scary when they stop. that they're going to stop. buffett being selective, i don't give investment advice. i'm telling you every retail investor, you got to watch being in this market. it is a crazy -- crazy, scary, i believe if the fed keeps printing money we go to dow 20. not a sophisticated investor i know thinks they will. this is probably the biggest story today, when jamie dimon the head of the biggest bank goes out to make a statement like that, you, average investor have to put it on par with ben bernanke to some extent. remember what jamie dimon does running the biggest banks. he sees all the money flows. he may have not such granular detail that he sees, to, the london whale trading

fiasco. you got to cut him a little slack with that, i believe. but he sees global money flows coming in and out of that bank. he has a perch because i believe he is on the board of the federal reserve. when a guy like this --. melissa: actually went off of the his term ended but had been for a long time. >> yesterday? melissa: i think it was january. >> had been for a long time. plugged in at least to the new york fed. talks to them every day. when a guy like that starts to tell you it is scary, this comment, this is, i think this is the biggest story today. not the exact reason why stocks are off a little bit. we had ahere open and they started falling but it is one of the reasons. melissa: to clarify what he said we'll go back to normal interest rate environment. and that's good. things will be normalized long term but the transition to get there is going to be volatile and scary. >> what does he mean exactly by that? we have two concurrent bubbles going on right now. we have a bubble in the stock market, dow 15,000, plus. it is starting to come down a little bit. why do we have a bubble in

the stock market? when the fed buys bonds they lower interest rates. go in the opposite direction of bonds. sophisticated investors say we'll buy stock, you get a better play than bonds, right? you get a better return allegedly. maybe you get a dividend, right? here is the converse thing, even as they were buying bonds, less sophisticated money, investors, as they were vying stocks, less sophisticated investors for some reason kept buying bonds. we have two bubbles. both the bubbles will pop at some point. when the fed starts raising rates. that is where it gets scary. you don't know. here is another scenario, maybe bond buyers buy the stocks. maybe the stock market doesn't crater as much. i will tell you the smart money is saying they both get crushed until people figure out what is going on. the question how long is the crush? is this market going to puke, that is what they call it a market puke. funny when you say it. to hear charlie gasparino

say it is a puke. >> what they say on the floor, it is a puke. lori: we're seeing huge fluctuations on the dollar-yen. yen fell out of bed some traders say. we have a selloff that isn't nearly as bad as it was 20 minutes ago. we see these big gyrations. we saw a spike in the vix, the fear gauge. all of these mechanisms are starting to happen but i don't know if i would so go far to call it a puke yet. >> the puke hasn't come yet. lori: what is the breaking point? maximum velocity, our guest used yesterday, melissa. melissa: that was different. talking about the economy. >> i think dimon has it right. the puke is when ben bernanke doesn't just hint he will lower or raise rates. like when they say something definitive about how they will cut back the bond purchases. why, why do rates go up? lori: managing the fed? >> this is the fed, no, this is the fed messaging the market and the market reacting. remember we had --. lori: i don't know if i agree with you. >> we had 200 point down

day. everybody is citing this. a fed governor peter barnes interviewed essentially said the same thing. warren buffett --. melissa: out on the campaign warning people. >> warren buffett says we're selectively buying banks. what does that mean? banks less interest rate sensitive. buying global banks, banks like jpmorgan which he believes are diversified into trading that could cover up some of the credit losses. so i mean, some of this is kind of complicated but i think, you know, it is kind for the average guy i think you just watch exactly what the fed will do, you know it? you don't have to pick the bottom or the top. but you do have to get out. that is that it, it is key. it is going to be a puke beyond belief. or could be a puke beyond belief. melissa: charlie gasparino, thanks so much. very graphic there. >> it could have been worse. melissa: no doubt. always. lori: zero in on the markets at least what is going on now. mark newton is on the floor of the new york stock exchange. mark, i'm not sure if you

were able to hear our conversation, chicken and egg situation, right? obviously the market is reacting to the fed but bond market and interest rates might be sending a message to the fed as well, right? maybe it is time to start thinking or at least telling us more about what the plan is for exit? what is your take on that? >> potentially i think there is is still a lot of argument on both sides and it is tough. markets hate uncertainty, you see as soon as treasury rates got back over 2%, markets sell off, i wouldn't say we have seen real capitulation, by any means. selloff is orderly, down to market short-term trading support ahead of the jobs number. dollar falling out against the yen. making people jittery to say the least. the dow has been off over 500 points for the last seven trading sessions that is only 3 1/2%. we're not at 5%. last time we saw a 5% correction was last november after barack obama's re-election. lori: before i let you go, let me get you to comment

why we are seeing markets come back here. wouldn't say roar back but all eyes on the jobs report or is this a comment or expectation on that? >> it is tough after the selloff we've seen to remain short into something as important as the jobs report tomorrow. the fact we're off 4% last couple weeks. we're down to critical technical levels. both dow and s&p are down to 50-day moving averages. we're close to oversold. people locking in profits. ahead of the jobs report. lori: mark newton, thank you. >> thank you. melissa: chanel, gucci, prada, how being a fashionista can bring in profits. our off-beat investor series continues. a clothing store owner brings us pieces that are must have. lori: we're back after this.

lori: all right. how about investing in vintage fashion? it is becoming an increasingly lucrative field. how do you know if you're buying a winner or a dud? who better to ask than the co-owner of the famed los angeles vintage store. decades and star of the hit show, dukes of melrose. welcome to you. >> how are you? nice to be here. lori:. lori: why are people buying vintage these days or? to be fashionable and show it off to friends or be fashionable for resale of these items? >> i think it is both. there is afterlife of fashion when you try to recoup some of your investment and see your fashion grow. there are girls and women trying to round out their wardrobes. so there are both things going on. lori: give your best advice.

we're a financial program. >> yes. lori: to buy vintage for investment. you sent along some pictures of high fashion items. let's go through them. this is chanel bag it is really not that old. in 2010 it sold for $3400. a resale would go for, show viewers $4400. why is that? >> that is because chanel has raised their prices every six months at the stores. likeea hot potato of pricing. they can't keep up. french potato. so you've got to keep up with the trends of that. i say chanel bag is the best investment. i tell a girl who is 25. don't ha for 360 days. get yourself a vintage handbag and make money another year. lori: that is fascinating. why buy vintage versus the department store today, that chanel bag? >> i think vintage is a little bit cooler. there is a story behind the products. where it came from, what the provenance was. that is an interesting take. if i, if i, i'm the robin

hood of fashion. i go around the world find things in paris or milan and bring it back and there's like i got this from a great closet. a great little story to have with as your bag is growing as an investment. lori: i understand if a famous person wore a gormment or used an accessory it apappreciates tremendously. you have this edith head designed, and worn by audrey hepburn. was worn in "roman holiday qoit. it sold for $130,000. there you see it. >> that is pretty. lori: how much of a premium does a garment like this carry? >> it definitely does, especially when it is a very much a media saturated product. for instance, i want to get my hand on the j.lo versace dress she wore that year. she has it in a glass case in her closet. that dress would be major to have. lori: what would you buy it

for? >> my child. a lot of money. no, no. lori: prince ses diana dress. a lot of people will remember this. >> right. lori: 276,000 u.s. dollars it went for in 2010. who decides who prices these? >> there's a market. i go to auctions and i'm bidding against a black phone that someone from bahrain used to have the dress or wherever it is around the world. i don't know the people sometimes. people want to part -- a part of pop culture. obviously diana's clothing was part of that. i don't think, as she got older her clothing choices got better. if you want a dress like that, you want to have a be a big fan. >> you will put that in a glass case? you're not going to wear it. >> i'm not going to wear i. somebody will put it away. lori: thanks so much. we'll watch it for you on dukes of melrose. >> thanks so much. melissa: coming up tonight

on "money," one of my favorite things, grilled cheese. lori: you're kidding? happy waitress? did you know that? melissa: i had no idea. lori: so easy. melissa: i had no idea. classic combo scoring big bucks for cory ward and true quackenbush. they are owners of a new franchise. we're continuing the offbeat invests on fox business. grilled cheese and tomatoes. lori: throw in a little bacon. not very kosher. melissa: i'm starving. lori: jamie dimon says the markets get scary. how do you protect your money. tracy byrnes and adam shapiro are up next on fox business. don't miss it. money has to last longer. i don't want to pour over pie charts all day. i want to travel, and i want the income to do it. ishares incomes etfs. low cost and diversified. find out why nine out of ten large professional investors

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>> welcome back, i'm adam shapiro. tracy: i'm tracy byrnes

the dow is well below the 15,000 mark. we have a top money manager that will weigh in next. adam: new questions from the white house on reports that the national security agency has been collected phone records on millions of americans. we've got details and new stuff coming up on that. tracy: yeah, that's terrible. our special series of business of offbeat investments. this hour we're looking at ways to make money from art, sports checkabilities and wine futures. they are more exciting than stocks and bonds but can you earn as much money? we'll find out. adam: nicole petallides on the floor of the new york stock exchange. we do this every 15 minutes. we heard from tracy, fighting to get back into positive territory. >> right. i do see the up arrows. i see we're down 38 points at the moment. the s&p 500 actually moving into positive territory and so, maybe liz can go find out what all the clapping is

it is a clap-off. they are getting off. oh, i know exactly what it is. talk about the dollar. the dollar has been a big story today. it is sinking against the yen. that is on the forefront. mario draghi comments, jamie dimon comments. all market moving events to a certain extent and we're waiting for the monthly jobs report tomorrow. nyse euronext, i can tell you there was some trading glitches abroad over in europe on a number of european exchanges that started about an hour late because of the a problem with the system. exchanges in paris and lisbon and brussels and amsterdam were affected by an unexplained glitch. it has been fixed and it is not a problem. it was all ooer the internet and the wires i bet if i walked around the trading floor, no one knows. nothing that affected the stock. nicely euronext stock is up a quarter of a percent.

adam: nicole, we'll see you later. tracy: congratulations to whoever is retiring. long-awaited correction is on the way because investors worry about the when the fed will slow its buying of mortgage-backed securities. we have chief investment officer from fort washington chief investment advisors. this started it off the whole taper talk. the second somebody brought it up, market got jittery and we saw volatility increase and here we are. this is all expecting a downturn. >> that's correct, tracy. in a way it is interesting, i personally am a believer the leadership of the fed, i'm talking bernanke, yellin and bill dudley, i don't think they're about to pull the trigger anytime soon but there are other members of the fed that clearly are. that is how the talk has gotten going. bernanke is not ruling out any move by september. but, you know, i'm a believer the economy is gaining traction, yet, this current quarter looks soft to me. so i think it is against that context. i think tomorrow's number is

taking on added significance in light of everything that is going on. that will give us a better sense, depending on the number, whether the fed tapering talk dies down or heats up. tracy: right. you make a great point. look, no one is pulling the plug anytime soon. you could talk all you want. it is not going away tomorrow, by any stretch. yet you, guy like jamie dimon is saying, you know as we see interest rates come back up, it could very well be scary. that is the word he used. >> yes. you know this is, we're living in unprecedented times. and so, you know the fed, it is interesting, i always ask the question, it was great while it lasted, but what happens when they start to take the punchbowl away? the fed is always said, don't you worry, don't you worry, we've got the tools. but i think at the same time there is no denying that some of the huge run-up in risk assets is predicated on the fed still continuing to with quantitative easing. so, to be sure i'm prepared for not necessarily a bear market in stocks. i just think we're in a

world of much choppier markets and more volatility than the calm and the clear trends we have seen for the past six to 12 months. tracy: that is fair enough. that being said does that create buying opportunities? you're not pulling out of this market, right? >> absolutely not. now i would say we're more hold than, you know, buy or sellers. you know the interesting sectors that's got hit the hardest have been, the high dividend payers. that is the utilities, telecoms, the reits. and for good reason. they got expensive. i don't think we're at the stage where i would say with their selloff jump right back into them but at the same time, you know, i think that if they were to continue selling off we might look at that. so again we're waiting to see if there's a shakeout and go back in and buy some things that have gotten beaten up too much. tracy: the financials one of those sectors that's clearly been beaten up? >> yeah. we've long term been

overweight financials and we did it, number one, they look cheap to us. two, we thought the private sector is gaining traction and they're a leverage play. but think again here, a lot of people say, well we're in a rising rate environment. take in jamie dimon's world, maybe rates will be rising or yields. i would say i don't think that is bad for financials and the principle reason is banks tend to buy five-year paper let's say. tracy: right. >> those yields go up. maybe you have a little bit of a capital loss but long-term that is good for your net interest margin. and remember, they still get to fund themselves at cheaper deposit rates because the fed is not raising the funds rate. tracy: right. so it's kind of a win-win for the financials right? ask you about the industrials because i know that you're, you're positive on them. we hear other people pulling out of them saying they have had their day. why are you still in the industrials? >> you know, i think it comes down it your call on the economy pure and simple. there may be some people are

looking and saying, gee, i don't believe that the u.s. economy is all that strong ttey see the industrials sector in particular having softened. those with would be people maybe taking chips off the table. my view is, we're soft in the current quarter, but i do see the underlying traction in the private sector. that is growing at 3 percent versus the overall economy, 2%. so we're not giving up on the economy getting stronger later this year into next. tracy: nick sargen, glass half-full, we love it. thank you, sir. >> thank you. adam: "star trek" fans know that revenge is a dish best served cold. well, now the latest irs scandal and stars of that famous "star trek" parody are learning first-hand about the cold shoulder from congress they so ernestly earned. another hearing on capitol hill and another apology. rich edson is on capitol hill with us. rich, live long and prosper. what are they talking about? >> i've been trying to do this. i can't do the hand thing.

uncoordinated one. >> mike emanuel from fox nailed it. i've been trying. i can't do it. i don't know if, if faris fink, he is the guy who played spock, the irs employee, commissioner of small business and self-employed division in the video. he is mr. spock, not leonard nimoy in this particular case. in the anaheim conference from a couple years ago, internal revenue service, the irs sped $4 million plus on the conference. $50,000 on videos along with a number of different speakers. some making upwards of $17,000. one guy made three grand for four, 90 minute workshops called, root canal or public speaking. lawmakers kept going back to the video. >> i know many examples we will discuss today, like the ridiculous "star trek" video. and i swear to god, i have looked at that video over and over again and i swear, i do not see the redeeming

value. and i was up at 3:00 this morning watching it bass you was trying to get to the redeeming value. couldn't get there i worked hard at it. >> it is an insult to the memory of "star trek.". >> that was my favorite. insulting "star trek." this is how much the internal revenue service has spent on conferences. this is fiscal years, $9.8 million in 2005. goes up to 18.9 million in 2006. all the way way up to $37 million in 2010, the last fiscal year, coming at $4.8 million. mr. fink, who was featured as mr. spock in that video. he said he apologized. it was a poor u.s. of irs funding. back to you. adam: there is proof, irs has gone where no man has gone before. thank you very much. >> very good. tracy: oh, my god. one too many "star trek" references. adam: "star trek" geek. tracy: you're killing me.

josh our stage manager appreciate this. never seen a "star trek" episode either. coming up another another scandal for the white house. nsa reportedly tracking phone records of millions of americans. that story coming up. adam: plus the business of offbeat investments. sports collectibles can bring you big money. expert brandon steiner tells us how to play the potentially high yield market coming up. first time to check how oil is trading right now. this is america.

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looking at market past. >> this is whht we all do. we look at the past. every phase of the market has its own distinction. one thing i've been looking at is 1994. we're talking about the fed eventually changing course. this is unique situation with respect to the tapering aspect of it because, well, you know, to the point esther george made earlier in the week, this is the first time they have ever gone this far and done this sort of thing. all of sudden wall street is not anxious about the fed raising rates but just the idea of slowing down. tracy: right. >> i want to leapfrog over that. i think that will be much ado about nothing. maybe there will be a swift move to the downside. let's talk ultimately when the fed feels the need to change course and fed ultimately does change rates. look back to 1994. we had a policy going into 1994. in 1989 the rates were 9.75. fed kept them down to three. that was that way for a long time.

1993 took no action. in 1994 they did baby steps. two months at 50 basis points, and moment of 75 basis points. that suggest as lot of worry, golly maybe we did leave rates too low for too long. well the market went sideways. the day the fed raised rates first time, that with high of the year. we opened that day at 3963. we closed at 3834. we finished year at 3525. traded in a range. bias to the downside. it wasn't crash. it want catastrophe. we know what happened in '95,. '96, '97, '98, '99. you made the point this is not 1994. 1994 was better year economically. if we ever get to the point where the fed hands the baton off to the u.s. economy i think it is good news, not bad us into. unfortunately being portrayed as a bad thing. i think this is what confuses and scares investors. adam: analysts say the market rally we enjoyed based on fundamentals not easy cash they would be

proved right if that indeed actually happens. >> that's right. but not enough people i think are saying it. unfortunately i think we have taken the market and boiled it down to second to second instead of looking longer term. tracy: they need to give us points when. unemployment hits this we'll taper by this much. i think if the market has clear predictability to it, it won't be as radical. adam: to your point i really wish the fed, they will not do this but trying so hard to appease wall street. tracy: yeah. >> if we take away accommodation, things get bad we'll add it back. if you think we're good, we're good. the idea that you're going to be influenced by each set of data points, means that we can go through this for a long time. tracy: you're right. charles payne. have you to talk about it. >> nice seeing you. tracy: quarter past. got to check on markets. they are crawling back. nicole petallides on floor of new york stock exchange. we're down 28 right now. >> markets are holding on pretty nicely. s&p in positive territory. we're watching soda stream very carefully. this stock in particular, has now, is up about almost

5% at the moment. moves to highs that we haven't seen from, since summer of 2011 on rumors pepsi was looking to take over soda stream for nearly $2 billion. pepsi since denied that. reported totally an completely untrue, according to a spokeswoman told that to the "wall street journal.". back to you. tracy: rumorville. thank you, nicole. see you in 15 minutes. coming up investing off the beaten path. sports collectors can bring in big money with the right piece from the right athlete. brandon steiner will tell us how to find them next. >> first here is how the dollar is moving right now.

>> 20 minutes past the hour. i'm jamie colby. this is your fox news minute. at this hour, tropical storm andrea strengthens as approaching florida's gulf coast. it is expected to make landfall soon. national hurricane center says a tornado threat continues for much the florida peninsula. seeing heavy rains hitting much of the state. sit of st. petersburg handing out sandbags to its residents. over in new jersey the governor, chris christie

appointed state attorney general jeffrey caisa to fill the u.s. senate seat left vacant by the death of democratic senator frank lautenberg. he is a temporary replacement though. there will also be a special election coming up. he will run in that. christie scheduled for october to fill to the seat. >> pope francis will remain at the vatican this summer instead of heading off to the traditional papal retreat where they escaped rome he is heat for centuries, including his predecessor, poem emeritus, benedict. those are the headlines on the fox business network. i'm jamie colby. let's send it back to tracy. tracy: i love hearing about our pope. our special report, the business of offbeat investing. art means big money for some investors with auction houses like christie's and sotheby's seeing sales in the last month. jolene kent is at the gallery in soho with more. earlier you showed that fabulous andy warhol of

marilyn monroe. i feel like that is one of the most famous beautiful paintings. what have you got now? >> well, you know, when we think about investing in art, you think you invest in the big artests, famous ones, and blue chip artists. you can invest in smaller pieces and lesser known artists and make a good investment with your money. we're at the martin lawrence art gallery in soho. i'm here with the director of the galley, john and you will talk to us about the lesser known investments in art. what do we have here? >> this is interesting one of our proprietary artists. he is a new england painter. all of his work is kind of surreal. what he does is take a twist on a common phrase or a double entendre. >> he is a little cheeky. >> he is a very cheeky. we have a piece called fish and chips. >> i love this one. very, very funny. >> moving over, this one is? chick magnet. >> chick magnet. >> all right.

what makes a good investment, when we're talking about these smallers pieces? can you actually make money off them? >> the interesting thing with art, art is investment and quality of your life. buy something that you like. an up-and-coming artist has potential to grow but it is a flyer. our recommendation always buy what you like. buy what you can afford and enjoy it on your wall for the rest of your life. >> all right. maybe it will make a little money. maybe it won't. kind of depends. but a good investment nonetheless. >> art is always a good investment in your soul. >> there we go. thank you very much. we appreciate your time. john salvo from the martin lawrence art gallery here in soho. send it back to you, guys. tracy: loving the chick magnet. there are a unbp of them in the studio. jo ling kent, thank you very, very much. adam: all right. our special report continues, the business of offbeat investing. one all tern tough to stocks an bonds could be a homerun is sports memorabilia. joining me, brandon steiner,

the founder and chairman of stein are sports marketing the leading producer of authentic hand-signed collectible items. show you something real quick. i'm holding an official major league baseball. if you turn it, you sigh here, mariano rivera. this would sell how much? >> 349, $300 approximately. adam: so this is an investment now because eventually when he is no longer playing what will happen to the value of this? >> he is one of the great closers of all time. he has articulate autograph and one of the great people in sports. i haven't been able to keep those in stocks. we've within doing his collectibles for 16 years now. he is at an all-time high. he has an emotional connection with somebody like him. i love collecting mari unnope. i actually collect mariano myself. if i have game used it goes up. adam: a lot of people mistakenly, to get into sports memorabilia you have to have hundreds of thousands or maybe millions

of dollars. we were talking about the honus wagner card that went for 2.8 million bucks. these kinds of items, for instance, what else do you have here? an eli manning helmet that he signed. >> yeah. adam: this is a way someone like me, get in with your kids. >> that's right. a lot of things you get into for fun. eli is one of the great quarterbacks. two-time mvp. has a great autograph. comes from a great football family. as time goes on what you want to do is come up with really cool items that are different, unusual and him sign. the steiner sports allows you to do that. you can send in an item if you were at a game, a ticket, a photo. adam: star you like, athlete you like will -- >> mariano or eli or jeter get it signed. you see it on the website, steiner sports.com. this is time, i rarely get on any kind of platform and say this. adam: go for it. >> you can, if you're smart, buy the right stuff and you will do well with it. adam: let, two things to

make sure you got the right stuff. everything you sell comes with the certificate of authenticity. >> hologram. look for mlb hologram. a lot of stuff we do is signed by mlb it is authenticated and independent. you look on the site, we have a hologram. the steiner seal means it is real. we have a lot of authentic if you get something signed yourself. adam: if you ought then it i kate jackie robinson where there is photograph with the glove. you were able to say if it its authentic. if what you're out with son or daughter and get something signed. if you have a picture. >> it always helps. double check what you think you have to make sure it is real. and in our auction, like the jackie robinson glove sold for over $300,000, almost 400. we did our auction twice a year. if you have something at home you want to sell, put on the auction we help you sell it. we sold the don larsen jersey from the perfect

game. 700,000. that was fun. adam: you also have to be careful becauss some players, today they're worth something but if they get caught up in a cheating scandal, the value of what they -- >> seeing a little bit of that today. there are players definitely not my favorite player list anymore. adam: any yankees come to mind? >> a couple yankees come to mind. this is a good moment. this is cleaning up process for the league. collect somebody who has done something great regardless whether the career ends or not and get an emotional connection with the player. that is why it is easy to collect mariano rivera or derek jeter, you know in your heart and soul they can't do everything wrong. adam: brandon, people with average incomes we can get into this type of thing. >> i love yogi berra. growinggy will never do anything wrong and he will not take tear voids. i love collecting yogi berra. thanks for having me on the show. adam: throw it back to tracy. you're a big fan of his too.

tracy: oh, my god. deja vu all over again. thank you, guys. much more ahead in our special series the business of offbeat investments. coming up you heard about financial futures but what about wine futures? gary fish says it is a lot like stocks. you have to know when you get in. he explains coming up next. check out other offbeat investment ideas on our website, foxbusiness.com and on twitter, hashtag, offbeat investments. ahead irs officials are on the hot seat about millions of taxpayer dollars wasted on one california conference. gerri willis is totally hot on this story and she is next. but first, as we head out to break let's take a look at some of today's winners and losers on the s&p 500. we'll be right back. this is america.

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ashley: 90 minutes until the close. the dow just went positive. nicole petallides is at the nyse-listed read what happened? >> reporter: we are taking a look at the dow, giving it a go throughout the day. the big story as far as currencies with the dollar, dropping. now the downside, working its way back up off of lows. you will see whether not that dalliance to the downside because that would be three consecutive days that the dallas lower, and we have not seen that in 2013. take a look above my head. down for the quarter. you can see, smokers, strawberries and jams and the like. unexpected rise in overall sales volume that was helped by a recent move to be lower prices

on falters coffee. and jeff peanut butter. cost. one thing that hit them. strong volume. actually, the sell-off we are seeing today is overdone. overweight. back to you if. ashley: breaking news. oil closing up $1.2 at $94.76 a barrel. today's jump of 1% marks the second straight day of gains. tracy: okay. we just can't stop talking about it. the irs official responsible for the $4 million conference in anaheim back in 2010 apologized to congress and said he was embarrassed, especially by his very weak performance as mr. spock in a star trek parity video. it was not enough for some members of congress. they were pretty funny. one of them said that it was an insult to star trek. get lots of free money in perkss

icicle the committee hearing and maliciously self indulgent. i think you have to say, let's break up the numbers. 4 million. all the irs employees. it costs a lot of money. to keynote speakers at 44,500. guess and trinkets, which includes all little fish that blows out water. something really nasty and crazy 64,000. you know, free little work packs and all kinds of things. commission for event planners was 133,000. video production, 50,000. as we just discussed. of course, with the star wars agenda. >> more money on that. tracy: skip the drinking and. tracy: if you're going to have fun, go ye and just -- >> they're all in d.c. why did we have to move them to another location? tracy: i talked to a source very close to the event business, and

he says kamal of these numbers would make sense if you were in the private sector. conferences like this happen all the time. conference companies make a lot of money. they do all kinds of special events, all kinds of exciting special planning. the reality is you're working for the federal government on the federal time. you want to have a conference, pick up the telephone. that is as simple is. that is what it should cost us as taxpayers, not 4 million. ashley: you have to question. we saw with the gao, what other agencies have been having conferences. >> apparently it is everywhere. what i find interesting is, what essentially is going on is that these agencies are emulating the private sector, but with none of the results. so yes, go out and spend, but if you have returns, results that make sense, but they don't. they are getting into our personal records. they're going after conservative groups.

now this. really? insult to injury in my view. tracy: you know it. don't miss the willis report at six and 9:00 p.m. eastern. she will be talking about this, all fired up right here on the fox business network. ashley: we are fired up. our special report small-business big ideas. meet the ceo of the chill automaker that grew from one small stand into an nationwide multi million dollar of brand. tracy: their will be samples, i hope. adam: new questions. the nsa has been collecting phone records of millions of americans. but before we head out to break plastic check under ten and 30-year treasurys. they are down. your dowel is struggling to stay over that flat line, down four points. we will be right back. ♪ i want to make things more sere. [ whirring ] [ dog barks ]

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♪ adam: time for your fox business brief. mortgage rates climbed for a fifth straight week. according to bank rate weekly national survey, the average rate on a 30-year fixed loan is now just over 4%. the first time that the rate crossed the 4% mark since april of last year. the sec is freezing the assets of the thailand-based trader for insider trading. smithfield foods acquisition announcement last week, agreeing

to over for a half billion dollar takeover by a chinese company. and how much would you pay for a private lunch with the oracle of lamotte? the interlock -- annual auction for the private lunch with billionaire warren buffett is underway. bidding already topped $775,000. the proceeds go to san francisco's homeless charity, the life foundation. bidding will continue until friday at 10:30 p.m. eastern. as the latest from the fox business network, giving you the power to prosper. ♪

♪ adam: in today's small-business big ideas, grown from a single stand in dallas, texas to the best-selling brand in the country in five years. starting is now to talk about that amazing growth is this ceo and kono --, owner. great to have you here. just to give people an idea of how much growth we're talking about, tune at million in sales

from 2008, 50 million last year, and you're on your way to 100 million this year. how? >> well, through a lot of hard work. we put the bread out into about 30,000 restores and consumers have reacted very well. once they tasted we have a very high retention rate. they continue to come back and tell friends about it. the brand has taken on a life of its own. adam: a good example of invest in what you know. you are among the creators of belvedere or at least the marketing creators of belvidere vodka. he sold that business and now you are in dallas. france's you have to try this command that you get involved. >> that is correct. we are consumer goods people. we have a consumer goods background. we met with our founder and partner, and he had a great product. and nice emerging grand. my business partner at the indian phillips and i partnered with josh and put together our commercial and marketing expertise and merge that with

josh and have had a really nice result. adam: you just open the new plant in georgia. that is one of the reason sales are increasing. just the fact that the ingredients are realtor, no corn syrup, less fat than as cream. how does it have less fat than has been? and not familiar with the differences. >> okay. by nature it is a milk-based product. and traditional american ice-cream will be a cream-based products. we will have a fat content of seven to 9%. the premium ice-cream brand would have of butterfat content of 14 to 15% to. adam: of $5 product, $5 indulgence, and a $5 luxury. you go from here? hundred million dollars in sales. give me an idea of the future, 2014 and 15. >> we really see a path to $250 million business of the next three to four years. everywhere we have put the brand, no matter the type of channel, geography, location,

overall, metro, the brand has succeeded and it continues to succeed. what consumers and retailers tell us is that one more flavors , larger sizes and a single surf, which we just provided them. adam: all right. thank you for joining us. i will reiterate. $5 product of $5 indulgence, $5 luxury, and that it tasted at the end of the day. >> it does. the taste is what wins consumers and brings them back time and again. adam: all the best to you. thank you for joining us. tracy: everybody just wants to be italian. all you do is emulate everything we do in italy. adam: talk with your hands. tracy: every day. is the best. adam: its mission gas. tracy: no, it's not. far and away the most popular video website in the world, but some big concept partners are totally in revolt. dennis kneale is here covering the story. >> finally coming into its own.

fans watched. 4 billion videos every single day. the signing of -- lighting a big-time content covers, but some of the partners are an open revolt. the question whether making content for youtube will ever pay off. the biggest complaint, typically taking a ridge 45% cut of their ad revenue that these partners generate. they won a bigger cut for themselves. the most popular subscription channel is 18, the site run by barry bloomberg at the conference. expressing doubts and said his relations with content suppliers are strained. this could swell over the weekend in part because of this guy, jason is a widely followed tech blogger who created three of the more popular channels on youtube. health and exercise, and mixed martial arts training. in a blog titled i ain't going to work on you to know more, he tell why he just turned down an

offer for a second yourrfunding. he quotes the of surged 45% youtube tax and a lack of marketing support, and a direct sales force, a lack of trust a man for all the millions of fans he says that channels don't own them. youtube does, and that's the problem. in fact, he reports that another big youtube supplier plans to set up a rival web video service. but youtube gives 4 billion views every single day. chances are no one will catch up with that. tracy: i disagree. think that teenagers will follow. there are a fickle bunch. adam: a critical mass and everyone goes there because everyone goes there. is your hard to overcome, especially when you're talking billions. tracy: give them a shot. give them a shot. and giving them a shot. thank you. adam: quarter till three time for stocks as we do every 15 minutes. we will head back to the new york stock exchange. we hear the arguments back and forth. the correction is beginning.

where you stand on this? >> i think we're close to the end of this first correction which started a few weeks ago. the market peaked. we sell-off. it's not even of 5 percent correction. the dow has been down over 500 points in the last seven trading days, but it's not even a 5% move. my thinking is we're getting close to levels that are important. we should have some type of a rally began in the next week for so. they could potentially take us back to highs. there are a couple important things that happening. starting to accelerate to the downside. obviously down more than 20% or so. also important to watch, but for now we seem to have come down to a level that the head of this big jobs number, getting a little bit oversold and technically we have gone down to levels with a 50 day moving average and longer trendline support this suggests that it might be time to take a breather

in this decline and suggest that stocks might be able to bounce a little bit. adam: all right. we see the effort and the push to go positive, up five points right now. tracy: coming up, new threat to your privacy. the government is keeping track of your phone calls. in the name of supposedly national security. we have the details. adam: our special series continues. a look at wind futures. first, take a look at some of today's winners. ♪ my mantra? always go the extra mile. to treat my low testosterone, i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axirons applied as uneected sis of puberty in children or changes in body hair or increased acne in women may occur.

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♪ adam: you know that verizon and where they say, can you hear me, can you hear me now. peter bbrnes joins me. you would be shocked at who might answer the question. >> reporter: the obama

administration is defending a top-secret order requiring verizon to turnover phone records of millions of customers to the national security agency, one of our main spy agencies. datasets as phone numbers, lengths of calls. just to be clear, not the content. this order was approved by a special intelligence court ten days after the boston marathon bombings and runs through mid july. first reported in britain as the guardian newspaper yesterday. some privacy and civil liberties groups are outraged. some members of congress are concerned, but others say that the surveillance powers have been effective. >> and the last few years this program was used test out of terrorist attack in the united states. we know that. it is important. fills in a little scene the we have. it is used to make sure that day -- there is not an international nexus to anti-terrorism event that they may believe is ongoing .

adam: in a statement and the ministers of the official says affirmation of the sort described in the guardian article has been a critical tool in protecting the nation from terrorist threats to the united states and allows counter-terrorism personnel to discuss whether known or suspected terrorists have been in contact with other persons who may be engaged in terrorist activities, particularly people located inside the u.s. adam: thank you. tracy: still not comfortable with all that. but now more on the business of offbeat investments. many wine lovers buy wine futures, basically locking in a price today before the wine is bottled. you have to know when to get in which is why we have your founder and ceo all over new jersey. that's really it. the last time over here we talked about the upcoming futures market. 2,011 bordeaux was about to go out to market, the future. and it was not all that.

>> it's not exciting. could year, not a great year. the demand is down, chinese market which is been driving prices has not been excited by it. the reviews on the wines are not as good as they were in 2010. people are holding at. we really have made a commitment to the 2011 vintage in the suggesting to our buyers, hold back. maybe now is not the time to buy futures. let's look back. this may be by some are nine and ten. tracy: kinnucan still go back and buy those features. tracy: well, not futures. they are now in. but if you think about anything, sometimes you get a stock. under box. it's now 120. you never buy it. it's going to go to 200. you don't make as much money but still have the opportunity. just because you did not buy it on first offering doesn't mean you should never buy it. to get time to look at it and see whether prices are.

especially nine intend to my great opportunity. tracy: 2012, you're never looking at that. >> we're holding off, waiting to see. again, we are thinking, don't always be in the future. tracy: of i'm a collector, what should i be looking at?@ the first place everyone goes is the ratings. i have to go by. >> and that's 100 percent correct. it is like anything. you need a third-party endorsement. rob parker and wine spectator of the two largest critics that have created a name for themselves and people follow that. at the end of the day if you are only collecting you need that third party. when you don't have the bordeaux futures going on, you have to look at other things, large format bottles 56 better to of than the 750. >> the less one available the greater the value. bigger bottles. limited lines. some of those really tiny, tiny

productions will always go up in value. tracy: are we seeing any kind of american wines hold that kind of weight? and now it's all about france and bordeaux and burgundy. of the napa valley wines worth investing in? >> that's a great question. we talk about screaming eagle. it. tracy: all these the cold winds. >> $1,500 a bottle. >> i know what it that is a great investment. a few years ago i came back really high-end scarecrow. 2003 vintage, 100 to $5 a bottle. al its trading in a 4-450 range. what we do is, look at what is in the future. three or four wines that i loved. tracy: that you brought to us. now, what years are we talking about? >> 2010, but we tasted them. the nine, ten. perris sample some of the 11th a great low property. tracy: and a small amount of one being made.

also on your list year. again, for the same reason. not allow the production. >> made 211 cases in the 2010 vintage. worldwide. so there is very little wind. it's a retail of about $140. tracy: where are the italians? >> there are some great producers off the charts. they appreciate in value really well. worth watching. tracy: more so than the americans. thank you very much. adam: coming up, much more on the business -- "the business of offbeat investment". wait until you hear what these three guys can make you decide is whether. there will tell you how you can make a bundle. liz has that and the rest of the day's business. the dow is up 17 points. it's all coming up on a fox business next. ♪

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