crowd rushes in. now, really quick on a side note, i want a chance to tell you to go out and tell a police officer thank you for what you do this weekend. you think it's been rough being an investor, it's been far tougher being a law enforcement officer. and with that, i'll hand it off to my if colleague, liz claman, as the market tries to bo into this weekend -- go into this weekend with a little bit of strength, liz. liz: i second that emotion for our police officers. they go out every morning and don't know if they'll come back to their families. charles: yep. liz: charles, thank you very much. yes. guys, will the bargain hunters and bottom feeders step up their game even more in this final hour of what has been a volatile afternoon of trade? markets again wiping away morning losses after the s&p dipped into correction territory. the dow's losses have evaporate rated as well, green on the screen right now. the oil patch helping to propel the markets as oil surges once again, but is it on a true path to $900 per barrel -- 100 per

barrel as some experts suggest? we will ask this question to ceo of one of the largest oil production companies in the world, chevron chairman and ceo mike morris joins the "the claman countdown." lithium battery recycling follows intel's lead straight into ohio. its ceo is here to tell us how he picked the buckeye state and what that really says about the future of electric vehicles. but first, we given with breaking news. you're looking at a live picture of sixth avenue going north to central park in new york city. now, we're not even close to seeing the full force of a major winter storm that's reportedly heading for the east coast, but with new jersey's governor with already declaring a state of emergency and new york under blizzard and winter storm warnings, this could hit supposedly around midnight if to three a.m. airline stocks are already getting snowed in, predicted

snow totals could be as much as 5 inches in d.c., 8-12 inches in new york and up to 2 feet in boston. and, by the way, norfolk if, virginia, and parts of north carolina are expecting snow as well. you can see the airlines are pulling back, hawaiian, american, southwest, spirit, united airlines all in the red right now. we do have, if you want to see how many cancellations there are, at this hour we appear to have about 1,183 according to flightaware. that's here in the u.s. alone. so far chicago's o'hare, boston's logan and the new york metro, jfk, lagarde -- la laguardia and new york liberty seeing the most cancellations. we are watching the markets as well where a weeklong storm of a different kind is also clearing at the moment. check it right now, we're at 3:02 p.m. eastern time, the dow, nasdaq and s&p all moving higher. the s&p up 45, nas a damage up 1.5 here, that's the leader, up

194 pointings. but make no mistake, the day has not been without absolutely crazy volatility. shortly after the open the s&p 500 belly flopped into correction territory. but it's since climbed steadily back and well above the flatline. however, if this week's volatile point swings have taught us anything, it's that you have to wait until the very last ding of the closing bell before declaring a win or a loss. look at monday's dow point swing, totally nutty, as elon musk would say. up 1,270 points from trough to peak. tuesday, 1,046. wednesday, fed day, 939. we ended down. and at 766, yesterday's point swing was perhaps pretty gentle. but today's maybe a little more gentle. we do have at least for the dow about 604-point swing. today, as we say, we're back on the swing set. at the lows, the dow had dropped

353 points but, you know, like the weather, give it a few hours, this'll change -- it'll change.. if you had to pick one stock that kind of best reflects the wild market movements this weekend, it's got to be robin robinhood. right now it's up 7%. but it was a disaster, lower as it did not have a very good earnings report. investors were very unhappy with it. just keep in mind at $12.48, it is so far from what it started off at going public at $38 a share. but flip it over and look at apple. investors are cheering last night's quarterly report that beat on both the top and bottom line, showed an 11% revenue jump, services up 24%, and that is lifting the tech sector out of the pit that that it's been stuck in. the fed. the fed is on track for multiple interest rate hikes this year, make no mistake even as chairman jay powell puts it a remarkably strong economy urn u.s. market

action -- under u.s. market action remaining jittery. does that make some stocks an obvious buy or should you stay away? let's get to our floor show, scott redler and brian smol ec. scott, the s&p fell into correction this morning, but q4 gdp showed the economy grew 6.9% annualized rate. do you buy the s&p in its total at, what, a 10% discount or stay tactical and go with individual names? >> well, it all depends on your time frame, okay? it depends if you trade actively for a living. if you do, today was a great opportunity to buy in the hole at some levels that you talked about. if you did that, you're having a decent day. if you trade or you invest longer term and you think you want to be a little bit more perfect, i kuwait this to the -- equate to the 2018 taper tantrum. the s&p fell 20% off highs, the nasdaq, 24 percent off highs,

and that was when the fed had made accommodation, they were talking about raising rates. so is this like 2007-2008 financial crisis? is it the tech bubble burst? no. i think it's like 2018 where the fed has to take away the accommodation, they have to raise rate, they might have to also reduce the balance sheet. so in my head, the s&p fell 10% from the highs and hit that low on monday. although we can get an oversold bounce which we're getting between now and maybe next week, i would think 4500 to resist on the s&p. i will be putting long-term money to work, okay, if the s&p falls 20% off highs -- liz: 20, okay. >> but it doesn't have to be in the next few days, it could be the next few weeks and months. liz: okay. well, we know that the russell has a taken a bigger hit. let's bring in brian. before we get to that, i do need to ask you about technology. and because we start to see tech really coming back today, does that stretch out furthersome i

mean, you know, if you look at the proxy for technology, it's the ark investment fund, cathi' -- cathy wood's fund. if you take a look at big tech today, it's a leaderrer. it's a sparkling diamond. does that continue? >> so we've been underweight tech for the last 12 months or so, and that's generally been the right call. we've been underweight software which is a lot more expensive than other areas of the market, and we've owned some semis, hardware and semi-cap equipment. i would say over the last month the entire space has become a lot more attractive. software has been hammered, it's down 40% off its highs, and those are great companies, so i think there are places where you can pick your spots. semis have had some bad news this week with issues in supply chain a, but i still think

demand exceeds supply, and they're set up pretty well. i think they're more attractive here. we're nibbling, it's not like we're going all in at this point. liz: okay. but then to the small caps, the russell's taking an outsized hit. ing today it's closest to the flatline, flat to slightly lower, at least at last check. and tell me what you like here. yes, slightly down. >> yeah. so small cap is definitely more attractive. it's been bad this year, it's been bad for the last 14, 15 months when people are in a risk-off mode if, they're going to hit small caps particularly hard. on valuation, it looks pretty good. it's trading at a pretty big discount to the s&p, and if you have a 12-month look out, we think earnings are going to be good. we like -- we're still overweight consumer industrials and financials, within that we like an energy company that's high growth and chart industries who makes storage tanks for chemicals and gases.

liz: scott redler, the sentiment is so bad right now. in fact, there's a new survey out that shows bearishness is at a nine-year high. a nine-year high when we have a decent economy here that is only appearing to grow? the consumer's pretty steady as well. yes, we've got inflation. we've got the fed's favorite indicator, core pce, which is at a 38-year high. pce, of course, is perm consumption expenditure. highest in 38 years. but, you know, are we missing an opportunity here? >> well, listen, i love using sentiment as a gauge on trading actively, and like you said this morning, it was at, you know, multi-multi-month if high. that's why we were trading at key levels, and we did get the inflation data at 8:30 that came this less than fear thed. so i did go out to my community and said i think today could be a bounce type day, maybe next week a little bit more which would wash away the negative sentiment, but i don't think you get caught up in a bounce, you

know, which we could have because i do think, again, just like 2018, the fed is taking away the accommodation. they have to actually reduce the pace of purchase, then they have to raise interest rates, and this corrective phase could go on for multiple months so there will be times to play oversold balances like this, there'll be times to sell strength. if you're a long-term investor, just put a monthly close in every month. long term, the bull market wins. you want to time the blood in the street, like i said before, i think at so some point the year -- this year the s&p already down 20%, and that's when we start putting in the overlay, and just like this 20 the 20, there were massive opportunities, and there'll be massive opportunities again. you just have to be patient, watch and know what you're looking for. liz: discipline. discipline. okay. scott, brian, thank you very much. dow jones industrials up 234 right now. breaking news, ten people injured when a snow-covered bridge collapsed this morning in pittsburgh. look at these pictures.

this is a bridge that spans over a park. it had six vehicles traveling on it. one of the vehicles -- see that red bus will? was a port authority bus with two passengers and, i mean, you talk about missed it by that much, that bus clinging to the bridge. america's crumbling infrastructure kind of in a crazy way. this is a perfect backdrop for president biden's trip to steel city at this hour. he just visited minutes ago the site and is expected to speak at any moment about the importance of rebuilding the nation's roads and bridges. but let's get to fox news' jacqui heinrich at carnegie mellon where the president is soon expected to speak. >> hey there, liz. this is the unofficial start to the president's tour to reset the administration's messaging and tout its achievements including the bipartisan infrastructure law that he signed. it's this collapse of a bridge just a few miles from here could not be more serendipitous. just about a week ago the

administration announced this state is getting more than $1.6 billion to fix some 3,000 bridges across the state. but the focus of today's visit here is manufacturing, research and development, the big piece of the infrastructure law are, but its bigger focus is the competitiveness that the legislation is pressing congress to pass right now. they're framing it to create jobs, but it comes at a tough political moment for biden who's still drag down by inflation. the commerce department reported core personal consumption expenditures, it rose 4.9% from a year ago in december. that's the fastest gain since 1983. and axios reports the kind of economic growth we saw in 2021 likely will not continue in 2022 the because of the fiscal drag. coming from government benefits. but the administration is still optimist in. optimistic. >> these are great numbers. i mean, not just big numbers

told, but this is the strongest economy in 40-plus years. wages are up, gdp growth is up. people are back to work. we're the only economy in the world that's stronger now than we were pre-pandemic. >> reporter: so a possible sign of the toxic political environment, two of the top three democrats on this spring's statewide ballot turned down the president's invitation to appear at this event including john fetterman, however, he went to the bridge collapse this morning and met with the president there. and he evidently followed him here, because he's in the front row height now -- right now in his hoodie and gym shorts so he will, in fact, be attend -- attending, liz. liz: thank you very much. we're watching closely what happens in pittsburgh. on top of that, elon musk's ev giant, okay, talk about volatile. it was punching into the green this afternoon, slightly down

right now by about a third of a percent as more than a million orders for the cyber truck signal huge demand for all things tesla, even ones that won't begin production until 2023, and that would be the cyber truck. oh, and by the way, the 10-month wait list for the model y doesn't really seem to be the concern for investors who for much of the session have shoved his name into the green. but one company betting on an absolutely tidal wave ready to solve an e eventual lithium battery shortage, live cycle. its ceo is here next to tell us all about it. with the closing bell ringing in 45 minutes and these markets never failing to disappoint, at least not every single day this week -- at least when it comes to volatility -- "the claman count down's" coming right back. ♪

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recycling giant, is building a mass recycling plant in warren, ohio. livecycle striking the deal with gm's battery partner to recycle the battery material and bring it back into the supply chain for gm's ev production. but that's not all. livecycle is also a going to norway in its first venture outside of america, partnering we costar -- its ecostore and morrow batteries to bring its talents to southern norway. of course, norway's been the leader in ev adoption and is on track to phase out sales of combustion engine vehicles by this april? that's pretty soon. with li-cycle poised to bring ev batteries back to live -- life for new cars, shares have turned around during this session. they were way down, folks. we're now up 2.8% just as ceo and cofounder and president ajay

kochar joins us. now you're to the upside by more than 2%. we're going to take credit for that because you're suddenly appearing on our show. you've got not one, but two if partnerships to build recycling plants. can you gives a ballpark if on how much one of these costs -- plants costs to build? >> yeah, sure. look, i think our model has been very well received by our customers. local arized plant sites, that one in ohio is actually on site, and that's where we're taking the batteries, think of it like the pizza dough to the pizza saw. and then we have a centralized facility that we're also building where we bring that back into battery-grade materials. look, this is basically urban mining. everything is about domestication in terms of supply, supply chain disruption, and we fit exactly in the epicenter of all those things. liz: we just i saw a pile of black. now, that's called black mass, as i understand it, when you take a hit yum ion battery,

you -- lithium ion battery, you tear it up, get it into this pile of black, and then what happens? how do you extract the lithium, and is it as good, equivalent to so-called virgin lithium? sometimes when you're recycling a plastic, the original is much better than what you get with recycling. >> yeah. i think a lot of people think of glass recycling, plastics. historically, that's been challenging, right? you don't go back to as good of a product. in the case of lithium ion batteries, it's not the case. when your battery dies in your vehicle, your phone, all the elements are still there, and the best way to describe it is we're basically going back to the fundamental building blocks, things like the bricks to the house, and the lithium, the nick if el, cobalt that we make -- nickel, is as good, if not better as a virgin product. think about it, it came from the ground at one point, all these impurities got taken out, and that's the starting point. what you need to get there is

technology, and that's what we've been working on the last six years, and now we're a commercial business doing this today. liz: you would not make this expenditure or and build these plants unless you saw something, i don't know if it's right now or on the horizon, when it comes to ev adoption. let me get inside your brain. what did you see? what are you seeing right now? >> yeah. so let me rewind a bit. we founded this company as a joint venture between general motors and lv, as you said. we came from the lithium industry, myself and my cofinder. we were making are lithium for mining and for bat orallies, and we saw this sue fahmy in the -- tsunami in the future. fast back, we spent all that i'm, it was early. we built great commercial relationships, and so why are we growing so quickly? first and foremost, due to manufacturing scrap. think of like a gingerbread

cookie and the key is this raw product when you're cutting up the cookie, there's all this scrap left around it. it's kind of how battery materials are made as they go into a battery. that's called manufacturing scrap, so we're going to take it to ohio, and that creates contracted base load so when we invest capital, we know we're going to recoup that a investment and drive to economic recycling. liz: good news for you, your stock is now up 4%, 4.25%. so, you know, you've got a very mote rated -- we've got a very motivated investor audience here on "the claman countdown." we'll be watching, please come back. >> thank you, liz. appreciate it. liz: all right. where there's a best, there's got to be a worst. which stock has the trophy and which one looks to lead today -- leave today's session empty handed? we're about to tell you next. with the closing bell 37 minutes away, now the dow's up 305 points. we've also got the ceo of

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♪ liz: breaking news, president joe biden is now speaking in pittsburgh about infrastructure and the supply chain after visiting the scene of that collapsed bridge this morning in the city's frick park area. the house's recently passed $1.2 trillion infrastructure deal, and wills no doubt the collapse of -- there is no doubt the collapse of that a bridge added significance to the visit. check the dow, up 267. fox business alert, the laggard of the day on the dow has got to be caterpillar. even after reporting revenues popped 20% during the quarter. the problem? the heavy equipment maker warned that the inflation gremlins will dent operating margins with high labor and production costs to blame. the stock is down 6%. meanwhile, visa, well, it will

take the trophy, leading the dow at this hour. having its best day in nearly two years after reporting a beat on both the top and bottom lines, quarterly revenue topping $7 billion thanks to a resurgence in travel spending. helping to drive performance higher, up 9.33% for the stock right now. and another turn around from down to up here, we've got the buy now-pay later company affirm spiking 13.5% on a bullish call from d.a. decade davidson -- davidson. it did lower its price target from 110 to 75. the analysts suggested the recent selloff in the stock is overdone, but that's, you know, that's max levchin who was here yesterday with us unveiling the company's new super app. do you really need to wait around fortune for -- for

analysts to tell you when the news is good? if right now it's really good. and sprint's former ceo is leaving his role as a soft bank's chief operating officer after nine years. his departure comes after an alleged $2 billion pay dispute with the ceo for health launch, soft bank's billion dollar investment fund that led operations at wework when that thing nearly imploded and the founder, adam newman, resigned. softbank is now up a third of a percent. black gold has turned to real gold over the past several months, from $50 last january to $87 a barrel today. how close are we to $100? we're asking the ceo of chevron, he joins us next on "the claman countdown. " don't go away. ♪ ♪

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♪ ♪ liz: well, just a day after sprinting to a record, chevron shares retreating at this hour by about 4% after a reporting mixed results for the fourth quarter. while the integrated oil giant missed on earnings per share a, it beat on revenue by more than $2.5 billion and its dramatic turn-around from the depths of the lockdown has brought it to its best annual results in more than seven years. with oil prices inching toward triple digits and tensions rising between russia and ukraine, what's in store for 2022? let's bring in chevron chairman and ceo mike wirth. mike, great to have you here. thank you so much for joining us. i want to start with your revenue number because when you look at your quarterly report through that prism, year-over-year the jump is pretty historic. you know, the world a year ago had stopped due to covid restrictions. what is demand like today actuallied -- compared to, let's say, the pandemic low point?

>> well, it's come back significantly. as everyone recalls during the low point, economies in the united states and around the world really were locked down. people were staying at home, and even, you know, remember the shelves sometimes weren't filled with the goods people were looking for. so we've seen a strong recovery from that and yet not a complete recovery. liz: and the current quarter, if i could ask you about that because as we look at what demand was in the most recent quarter, how much better or neutral, worse does it look? can you give us an idea? >> well, it's a path of continued recovery really. and i think in the most recent quarter we don't necessarily see what some people worried about was this latest coronavirus variant having the effect of kind of pulling economies back to where they were last year. we really do see continued

progress, and a little different in different parts of the world. but broadly speaking, it's a story of continued economic recovery, and certainly as we move into 2022 that picture holds. liz: the surprise 6 dividend hike to, what -- 6% -- that came out before your numbers. that really caught the market's interest and investors' interest. the company's existing share repurchase program means chevron is going to distribute, what, more than 40% of this year's cash flow to investors. at the same time, your cap-ex isn't exactly electrified. how should investors interpret that many. >> i think they should, first of all, understand that we had another record quarter and a record year when it comes to cash flow. so the fourth quarter was the second quarter in a row where we had all-time high free cash flow. and for the full year of 2021, our cash flow was 25 president

higher than the highest -- 25% higher than the highest year in our history. so we're generating strong cash out of our business, and more of that is being returned to shareholders. a 6% dividend increase, we're able to reinvest in our core business and keep it very healthy and return even more cash to our shareholders. liz: and, believe me, shareholders don't complain about that. i want to take you back even well before the pandemic. your very longtime employee at chevron who you took over as chevron in 2017. there was an oil glut and a collapse in prices. now you're dealing with the exact opposite. oil hit $90 a barrel earlier this week. you look at wall street's $100 a barrel forecast by this summer, that suddenly doesn't look is so lofty. what is your price outlook for, let's say, the spring? if forget the summer, the spring. and americans, even though they're still not driving as much as they did pre-pan deming, what are the factors? >> could we see $100 oil, i

think we could. we're not far from it right now. and a lot of it depends on hinges that are very hard to predict -- things that could happen around the world which is why we stay focused on the fundamentals of safe and reliable operation, efficient execution of our spending and our projects and meeting the needs of our customers for our products. we are in an up-cycle, there's no doubt about it. we're coming out of a period of time where demand has collapsed, and there was concerns there was so much supply, we wouldn't have places to store it all. so during 2020 supply had to contract simply to recognize the fact that the demand had collapsed so significantly. and as this has turned, we're seeing that supply now is struggling to keep up. inventories have been drawn back down, and we are seeing that reflected in prices. and, of course, we also now see geopolitical concerns such as

those related to russia and ukraine are once again creating jitters in commodity markets. liz: mike, bringing up ukraine and russia, i'm glad you touch thed upon that. obviously, any kind of -- could crimp supplies. have you been asked by the biden administration to prepare for that a possibility, and if so, what would you do? increase natural gas production? you know, let our viewers know. >> well, i really won't comment on discussions we have or haven't had with the administration, but i will say we're always planning for contingencies, and things happen. we operate around the world, and so we're exposed to events every day in different parts of the world that we need to be prepared for. safety and the security of our operations is obviously paramount. and then you do look for circumstances where you may be called upon to try to do more.

the reality is in this strong market that we've seen, the incentives are for all producers to be producing as much as they can because the demand is clearly there. liz: well, this wouldn't involve private conversations with the administration. president biden outright has criticized publicly u.s. oil majors for spiking retail fuel prices in a letter to the ftc, the federal trade commission. he noted that you and exxon were on track to double your profits while american families are paying more at the pump. now, clearly, no one was complaining when oil and gasoline prices cratered five years ago, and, yes, complaining about this situation right now does show a pretty much complete lack of understanding about the boom and bust cycle you guys always endure. but what is your answer to that if, you know, you had to face the american people and explain why they're paying so muchsome. >> we're a very small player. we're 2% of world oil supply.

there's a very large market that trades on commodity market fundamentals and the prices reflect the supply and demand in the world. and companies like ours do not have the kind of market power that is suggested in the letter that you referenced. a year ago we lost $5 billion. this year most recently that closed we earned a profit again, and those numbers reflect economic circumstances around the world and commodity markets. and if we want to see lower prices, what we really want to see is more supply. and we need policies that encourage investment in supply, and this is a country that's an energy powerhouse. we're the largest producer of oil and gas in the world and can be for a long time to come. if we're allowed to responsibly develop those resources. liz: well, that brings us to the breaking news from last night, right? a federal judge blocked $190

million of gas and oil leases the biden administration had auction ad off in the gulf of mexico saying that the government didn't adequately study or offer a detailed analysis of the environmental impact. so the option is dead in the water. you were the biggest spender. what does this ruling mean for the company? >> we're studying the ruling because, as you mentioned, it just came out, and we were not a party to this, to this legal challenge. we've got a very large position in the u.s. gulf of mexico today. we like the leases that we bid on and the sale to further strengthen that position. this is an important part of u.s. energy security, and, frankly, the gulf of mexico production is some of the lowest greenhouse gas production in our entire portfolio. so we believe that american energy and should be develop responsibly for the energy

security of our country to create jobs and economic vitality that comes along with it. liz: before we go, the esg movement appears to have a little bit of staying power here. last october chevron pledged net zero operational emissions by 2050. can you please both share hollers and climate activists, and when will the renewable business contribute to earnings? >> so we outlined some goals for our business to reduce the carbon intensity of our operations and, importantly, to grow new energy businesses alongside our existing businesses. and so we laid out very specific targets to grow our renewable fuels business, so that'd be renewable natural gas, diesel, sustainable aviation fuel. we laid out targets to grow hydrogen production and have aspirations to grow both blue and green hydrogen which are low carbon hydrogen sources, carbon capture and storage, how can we

take carbon that's being emitted and secure it and store it so it doesn't go into the, into the atmosphere. and so we laid out $10 billion in spending for these lower carbon initiatives over just the next few years and are working on a really robust pipeline of opportunities today and have made some announcements. we're selling renewable natural gas, we delivered our first sustain a bl aviation fuel to one of the big airlines, and i think you'll see in the quarters and years to come further progress. it's very exciting, we've got a great team of people working on it, and we see it as an important part of the future in creating a lower carbon energy system. liz: yeah. well, you guys are evolving, and that's what shareholders, i would imagine, like to see. thank you so much for joining us, michael wirth of chevron. ♪ ♪ liz: all right. this is interesting, stocks are now at session highs. the dow popping up 342 points. the biden administration gearing

up to take on cryptocurrencies with the release of an executive order that will outline regulation for the industry. what's that going to mean for crypto prices which have sunk lately? charlie's about to break it next. closing bell's 15 minutes away, and as we said, we are at the highs for the session pretty much with the dow, the nasdaq and s&p. don't go away. ♪ ♪ at libertymutual.com so you only pay for what you need. isn't that right limu? limu? limu? sorry, one sec. doug blows several different whistles. doug blows several different whistles. [a vulture squawks.] there he is. only pay for what you need. ♪liberty, liberty, liberty, liberty♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed.

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a gain of $1,624. e etherium better by 7%, nice move, and litecoin up 4%. etherium, though, still is well below 3,000. it's been 75 days, for those of you who are counting, since bitcoin fell from its all-time high of nearly $69,000 while the overall crypto market has fallen 48%. but shares of marathon digital are up right now. this is a nice move, folks, about 10% for marathon digital after jeffries and the crypto mining service said it was become the largest public minor of 2022. -- miner. coinbase is also in the green, up 4.25. speaking of cryptocurrency, president biden may be concerned with infrastructure at moment, that's a live picture of him in pittsburgh, but his administration is ready to take on the crypto industry as, quote, a matter of national

security. charlie gasparino has the story. i know we're expecting by february some sort of road map on regulation for crypto, right? some. >> i'm hearing from my sources in the crypto is industry it could come next week. there's a good chance it's coming nexts week. that'll be interesting timing. here's what i would say, we don't know's in the report yet. they will probably leak it to a friendly outfacility, and they don't consider me a friendly outfit -- [laughter] but if i'm owning crypto, this could be important. now, of course, crypto prices, and you have them up there, they're contingent on a lot of things. fiscal policy and whatever regulatory policy's coming out of the white house and monetary policy. monetary policy, you know, usually when it raises rates, crypto gets very volatile, and that's what's been happening lately, and the fed has announced rate increases. you have to look at next week's

report in the context of monetary policy as well. but if you take monetary policy aside, take it out, here's what we're hearing from crypto players, that they fear this report's going to come out, essentially established etherium, but mostly bitcoin as the favored cryptos. it could be good for those established cryptos, and everything else the sec is going to deem a security and look to -- and essentially look to force if you don't get registered, you know, essentially bring a case as they did against ripple for selling the xrp digital coin, you know, over the last couple years. and there's an ongoing case right now. ripple's, as you know, fighting back. but that's what this looks like, liz. it looks like it's kind of picking the winners and losers here. and people are betting the definite winner would be bitcoin, the most established crypto, maybe etherium. who knows? gary gensler, sec chief, has been somewhat negative on etherium saying they could be a

digital coin -- excuse me, a security, meaning they are an unregistered security because they didn't seek registration, and they could face the same fate that ripple's faced. and everything else is open game for the sec. so this could be really, you know, bad for most of the industry and good for the established one or maybe two established players. and it could be bad for xrp and ripple. i will say this, they can pass whatever they want, they can put out whatever they want, you know, the treasury and the sec. in court this new york sides with ripple and says the sec has stepped over its bounds, it's game -- it doesn't matter what they write. that's going to have -- liz: you know what matters? you know what matters, charlie? >> what's that? liz: it's your birthday! 60! charlie gasparino, oh, my friend , it's a great day. we're coming right back.

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liz: this is pretty stunning. we are looking at an 800 in point swing for the dow which is suddenly on fire. the nasdaq up 3494. the qqq. we are talking about it, it was up 6. it's up 17% right now. todd, you are a long-time trader. what do you make of this last three minutes of trade? >> when you have a market head into or in a bear market, the rallies are the most vicious you will ever see and the best looking. these are probably selling opportunities.

i don't see the overall strength on this market other than people don't want to go short over the weekend. this is a relationship your face off rall -- this a -- this is a rip your face off rally. >> the qqq is up 3%. look at dow jones industrials up 536. russell is up 26 points. it was flat at the bottom of the hour. what do you buy in this atmosphere if we are in a bear market? >> say want to buy consolation brands. i want to make a back door play. the lobby has a hole in the industry. it failed because they are burning out with no cash. we'll get federally:marijuana.

they will wait until the big companies are ready to go and the little companies will get done. liz: we are closing at the highs of the session. s & p up 103. transport is on fire. nasdaq is the percentage leader. "kudlow" is next. [♪♪♪] larry: i'm broadcasting down here in washington, d.c. i spoke earlier and ran a panel for the republican governor's association. much more on that in a moment. we have governor ducey of arizona to talk about it. but i want to begin the show with a few brief thoughts on this tragic heartbreaking funeral or slain police officer jay somebody rivera in