mark sebastian of option pit mentoring and consulting is with us on this thursday morning. and there's a fear factor that's back in the market, mark. > > well, if you want to call a vix over 16 a fear factor. that's still welld/or a goldman > > mark sebastian, have a good trading day. thank you. > > you too. violent anti-government demonstrations in both greece and spain caused a shake-up in the markets yesterday. stocks slid after violent footage between police and protestors put the euro crisis front and center for investors. however, michael iannaccone of mdi investments tells first business that the ripple effect on the market is likely temporary. "it's a continuing problem. until they come to a solution that seems viable, then that would be a positive to the market. so it is just a weight on the market, but the weight hasn't increased, so it's not going to pull the market down." spain releases its 2013 budget today. it's expected that the budget will include more government austerity measures. toyota is pushing back sales targets because of the eurozone debt crisis. the

today, it's mark sebastian. he is with option pit mentoring and consulting. we didn't have much excitement in the markets yesterday because it was rosh hashanah. let's talk about commodities. what was behind that big plunge in oil prices? > > well, there was a rumor in the afternoon that we were going to get a release of the strategic oil reserve. when you have big risk premium built into oil, typically when we get these type of rumors, it can cause oil to go tumbling, and we saw that in the afternoon when that rumor started to hit the pits. > > corn and soybeans, there was a trade limit on that, is that right? > > soy was. corn barely missed. both got smoked because the crop report did not come in as bad as many people were expecting. still bad, but just not as bad. > > let me ask you about apple. it's been up over 70% the last year. it hit $600 fewer than six months ago, and now yesterday crossed into $700 territory. americans just love their apples. this can't keep going on forever... > > there are people out there who will argue that it can. i tend to agr

we have got mark sebastian in the pits of the cme, stephen saks and david trainer are going to duke it out. but let me start with mark, and, of course, i have to start with oil. how long does this dip go on? >> well, you know, i think it could go for a while. demand was not at $105 or $100 a barrel. it's closer to 80. so everything, in my opinion, above kind of 80, $85 a barrel is all risk premium from iran. so as long as we're above, you know, around 90, i think that's fairly priced. i think you're going to see some real resistance around $85 a barrel. but we could sink a little bit further. [inaudible conversations] david: the problems here are not going to be solved in a month, probably not in two months unless there's some kind of action on the part of israel n which case all bets are off. >> right. david: what about b the demand situation? i would have thought that the china slowdown would sort of telegraph to us by federal express was a much more important factor president pushe price down. >> yeah, that's also really important. i mean, oil's been relatively overpriced for severa

let's go back to the cme group in chicago with mark sebastian. what are you seeing, mark? >> mostly unchanged. i'll tell you with empire manufacturing as bad as it was this morning we'll have a tough time selling off unless we get really bad news this week. expect kind after slow one. it was a slow day today. we have the jewish high holidays. don't expect may major volume but look higher for the rest of the week. david: watch out for oil, folks. there is something going on there. sandy will get into in a minute. sandra: yeah. shares of office depot insurgencying today. let's head back to nicole petallides on the floor of the new york stock exchange. >> we saw office depot shares jumping. people wondered why. a hedge fund is interested in your company and you get a nice top. that is exactly what happened with office depot. starboard confirming they have a 13.3% stake in office depot. that helps the stock to move higher today. of course we watched the office companies, staples, officemax and office depot, we watched them very closely especially during a tough economy. david:

leader fernando alonso of ferrari six red bull's mark webber with seven but will start twelfth after a great penalty behind defending champion sebastian vettel it's been quite a long time since i got my proposition back in two thousand and nine monaco i think so. yeah it's pretty emotional you know some days of being good for the past few years but some of those who've. not gone perfectly could. a great qualifying session. it's so important to come back after the break up to such a long break. with a good result and certainly one of the races tomorrow but this is this is close to winning a grand prix for me it's been it's been so long now the news golf's world number one rory mcilroy has a one shot lead at the halfway stage of the doj bank championship in boston the northern irishman started brilliantly this approach setting him up for an eagle on his whole. he then went on to birdie the next and goes into the penultimate

after coming in fair while other title contenders hopes took a blow including red bull gio sebastian vettel and mark webber to finish along with jenson button. now i do i it's been fantastic to win here the defense crowd i was so happy for my team i was really a fantastic i know it's a two time champion is incredible i am i. know the news rory mcilroy has won the b.m.w. championship in indiana to claim his second golf title in his many weeks at the northern irishman started the day a shot behind joint leaders phil mickelson and v.j. seeing in those two were looking good early on mickelson bearing this forty two foot chip for birdie while singh was also showing good full. but it was mcelroy who took the lead on the tenth. after this approach coming up which saw the ball rolled within a few feet of the hole and he went on to carve a five under sixty seven for two shot victory and a check of just under one and a half million dollars he goes into the tour championship in a fortnight as the favorite to pocket it and million dollar jackpot. this is the best golf i've ever played for sure to win three out

after coming in fifth while the title contenders hopes took a blow including the red bull of sebastian vettel and mark webber and failed to finish along with jenson button. oh i do do it it's been fantastic to win here but the fans crowd was just so happy for my team usually a fantastic day and it was a two time champion and it's incredible. i know the new story mcelroy has won the b.m.w. championship in indiana to claim the second gulf title in two weeks the northern irishman started the day shot behind joint leaders phil mickelson and v.j. seeing and there used to looking good early on mickelson bearing this forty two foot chip the birdie while seeing was also showing full. but it was mcelroy to the so late on the ten. surprise coming up which saw the ball roll to within five feet of the hole and he went on to carve a five hundred sixty seven for victory and a check of just under one point five million dollars and he will go into the talk championship in a fortnight as the favorite to pocket and million dollar jackpot. this is the best golf i've ever played for sure to win three out of my last four

coming in fifth all of the title contenders hopes took a blow including the red bull jewel of sebastian vettel and mark webber who failed to finish along with jenson button. but in the meantime heavyweight boxing champion of italy kitsch co has successfully defended his w.b.c. crowd here in moscow after the ukrainian stopped jameis manuel chill in the fourth round of the olympic skier enough to stop the fight off to a kitchen punch opened up a cut above his opponents are like cocaine he won all four rounds of the contest but afterwards just said he felt he could have carried on one and then asked for a rematch he was told to he. might have greater respect for you and i want you to give me in there a jones i'm sure fans in moscow and germany and all with the world would like to see one more fight between men and i'm sure you will accept my challenge. when you were i understand your great motivation to fight me once again the problem is you're not the only one who wants it there's a lot of worthy contenders who are waiting for their turn to get a title shown you've already had your chance tonight you've

button was forced to retire with mechanical problems and it was a bad day to the red bulls as sebastian vettel and mark webber also failed to finish denting their championship dreams along as though now tops the standings by thirty eight points from hamilton with seven races left oh i do do it it's been fantastic to win here and the best crowds and just so happy for my team. to do and i know it can be incredible yeah right on the gulf now rory mcilroy has won the b.m.w. championship in indiana by two shots to claim his second title in two weeks and all the irishman started the day one shot behind joint leaders phil mickelson and v.j. saying and those two were looking good early on mickelson burying this forty two foot chip birdie wasing was also showing good form and sank his first birdie of the day on the fifth. but it was mcelroy who took the outright lead on the tenth and he went on to call it a five under par sixty seven for a two stroke victory ahead of mickelson and lee westwood that extends his lead at the top of the world rankings for what well number one tiger woods is back up to second after

coming in fierce while other title contenders hopes to go below including the red bull of sebastian vettel and mark webber who failed to finish him on the jenson button. to do it has been fantastic doing here with the fans crowd and just so happy for my team. and i think over. the top. on stan is now defending champion why that joke of age came back. from a set down to be fair in their weather delayed last for much to set up a us open final against andy murray the match was postponed by the pair in the first set g. toward tornado warning about twenty play started again the spanish fourth seed served out the open at sixteen however the big full back with a vengeance to take the second set six one. closer thanks x. six for racking up victory in two hours and thirteen minutes to reach his fourth final flushing meadows and olympic champion andy murray will be waiting in that final the briton came from a set down to knock out big serving thomas burdick the sixth seed who beat roger federer in the last eight took the first set seven five but then mary found his rhythm and won the next six two to level th

coming in fifth while other title contenders hopes took a blow to including the red bull of sebastian vettel and mark webber who failed to finish along with jenson button oh i do too or it's been fantastic to win here but the fans crowd and they're just so happy for my team it's really a fantastic day was and i know it's a two to one town and it's incredible the area over. and on to tennis now andy murray is waiting to find out whom he'll face in the decider of the u.s. open as holder novak djokovic has resumed his delayed semifinal against spain's davidge farah was postponed tornado warning box when play started again the spanish fourth seed serves out the opener six two however just which pulled back with a vengeance to take the second set in six one however the third set is looking and much tighter it's my job of each of them i'm going to fight for it and waiting in the final is andy murray the briton came from a set down to knock out big serving thomas burdick the sixth seed who beat roger federer in the last eight to the first set seven five but then murray found his rhythm and won the next six

good standings leader fernando alonso rode six red bulls mark seven but will start twelfth after a great penalty behind defending champion sebastian vettel. it's been quite a long time since i got my proposition back in two thousand and nine monaco i think so. yeah it's pretty emotional you know some days it's been good for the past few years but seven days of. not going perfectly you could say. a great qualifying session. it's so important to come back after the break up to such a long break. with a good result and certainly one of the races tomorrow but this is this is close to winning a grand prix for me it's been so long. meanwhile the brand new raceway is the place to be for local racing fans this sunday as the g.t. one world championship comes to russia for the first time in qualifying the overall leading pair of model battles and burton and had troubles with their b.m.w. and they'll start the qualifying race from the back of the grid while at the other end mclaren to. take on the news here will be on hold. and finally the first weekend in september the russian capital celebrates moscow day with fun and entertainment across

four of those races hamilton came here i can and defending champion sebastian vettel within just two points of one another with mark webber also still in contention for his maiden title so there's all still to race for as the drivers prepare for the night time graeme frame which is one of a long those favorites for me is surely more spectacular food but i. feel sure that our service is more challenging and i like. the layout it said but i think in terms of overall weekend this is a spectacular now and as the n.h.l. lockout starts to bite in north america russian stars are returning to the k h l one of the biggest names alexander ovechkin a failed to score on his return to deny moscow but this is point as his side hammered denominate main six seven to counseling to top off has the details. on wednesday alexander ovechkin signed a concert with his former club in defending champions the nominee and the very next day all eyes were on the twenty seven year old russian story marchese stories time in the way to mu jersey for over seventy years and in the first one it's home to do nominee and here and in this is buoyant as

towards asia for four of those races hamilton kimi raikkonen and holder sebastian vettel are within just two points of one another with mark webber also still in contention for his maiden title so there's all to fight for as the drivers prepare for the night time brown free which is one of the loans on his favorites. for me is surely must get back with food but i. feel sure that our story gets more challenging like it's those who get the lay out it's a bit of a pain in terms of overall we can be systems but they're good now to ice hockey and as the n.h.l. lockout starts to bite in north america russian stars are returning to the k h l one of the biggest names alexander ovechkin failed to score his return to the k h l with the now moscow but an assist point and his side how might deny moments seven teary was considering the top of reports. on wednesday alexandrovitch concern the concert with his former club in defending champions the normal moscow and the very next day all eyes were on the twenty seven year old russian store marquee name in the way to mu jersey for over seven years and in the first one it's home to do norma

come to pacing the right in an unsafe that is a long leaves a mark webber by forty points at the top of the standings with holder sebastian vettel inserted as the season resumes of eight month long break. while russia will have to wait until twenty fourteen before hosting their first formula one race but this sum up they did host a stage of the world superbike championship for the first time and this was in no small thanks juju russian entrepreneur alexander you acknowledge cousin but apple records. when you talk about morris pork you think of formula one how if it's he'd speak take your would take it and then it was maneuvers you're up to then leave filled for the super bowl. finally russia had a chance to taste some high octane too will actually when the superbike world championship game to moscow for the very first time owner of the motor sport team alexander was the driving force in the dream the sports of the country the russian entrepreneur ascending into ten year deal to host the event at the mosco raceway where i see what's portable connla such as i'm always asked why i did that is more sport that popular in russi

withstanding a number one long as a ferrari six red bulls mark webber seven spot will start twelve after a great penalty behind defending champion sebastian vettel. it's been quite a long time since i got my position that's back in two thousand and nine monaco i think so. yeah it's pretty emotional you know some days it's been good for the past few years but seven days of. not going perfectly you could say so. a great qualifying session. it's so important to come back after the break of such a long break but with with a good result and so i think you know the race is tomorrow but this is this is close to winning the grand prix for me it has been it's been so long. well meanwhile the brand new must die race way is the place to be for local racing fans this sunday at the g t one world championship comes to russia first time in qualifying the overall leading pair of michael barr tells the globe have troubles with their b.m.w. they will start the qualifying race on the back of the grid. the other end of my current job i want to put anything and the work was done mostly a week on. yeah but it's way past the moscow raceway was also the venue la

straight up and under long as a ferrari six goes mark webber was seven school will start twelfth after a great penalty behind defending champion sebastian vettel. it's been quite a long time since i got my position back in two thousand and nine monaco i think so . yeah it's pretty emotional you know some days it's been good for the past few days of. not going perfectly you could say so. a great qualifying session. it's so important to come back after the break of such a long break with with a good result in certain races tomorrow but this is this is close to winning a grand prix for me it's been it's been so long. well meanwhile the brand new must die raceway is the place to be for local racing fans this sunday as the g t one world championship comes to russia for the first time in qualifying the overall lead in pair of michael boss allison gilman bowman troubles with the b.m.w. m l starts the qualifying race from the back of the grid walmart's the other end of the mclaren jew a lot of good in theory and good like i do most of the ai would be on call it would . be just the sort of the moscow raceway was also the venue last weekend for t

standings leader fernando alonso ferrari six red bulls mark webber was seventh but will start twelfth after a great penalty behind defending champion sebastian vettel. it's been quite a long time since i got my proposition back in two thousand and nine monaco i think so. yeah it's pretty emotional you know some days of being good for the past few years but seven days of. not going perfectly you could say so. a great qualifying session. it's so important to come back after the break of such a long break. with a good result in certain races tomorrow but this is this is close to winning a grand prix for me it has been it's been so long. well russia will have to wait until twenty fourteen before hosting their first formula one race but this summer they did host a stage of the world superbike championship for the first time and this was in no small signs due to russian entrepreneurs like that they are much closer to but apple reports. when you talk about more sport you think of formula one how if it speeds pic taken or were taking and dangerous maneuvers you're after then lou killed further then superbike. finally in russia had a chance to taste

however reigning champion sebastian vettel came in second ahead of can be right in and around the german was arguably the biggest gainer as the red bull man over to teammate mark webber into second in the overall standings at all is now twenty four points behind along so the top. ten is now it is a sweet revenge for serena williams as the four seed rushes katherina cart of archer reach the fourth round of the us open but although he was ranked forty second in the world however not just the american after the australian open. made sure there wasn't going to be a repeat beating the left hand their six four six love to reach the last sixteen the thirty year old will next play unseeded czech and there. will be another russian area carrying. the second seed agnieszka about dance there is also into round four the polish star overcame your lady activity in a scrappy match this or nine breaks of so six three seven five was the final score . next play italy is roberta vinci. why the men's draw roger federer needed just two hours to get past the mando that asco a no nonsense straight win for the top seed as the swiss maintains he stunned for a record six title. the man

champion sebastian vettel caught his way up from tenth on the grid to finish second ahead of him reichen in the german was arguably the biggest gainer as the red bull man overtook teammate mark webber to second in the overall standings vettel is now twenty four points behind a long chop. you know this circuit is such a special tomorrow special circuit to most drivers. you know the way that it flows in the history. so to get a victory to the light. is very special especially now with me is easier for me so . very very special. i'm fine even u.k. shell season will begin this week and it will see last night if you are a star will participate for the first time since the plane crash which killed the entire team a year ago to commemorate the play's lives and to support their families n.h.l. superstars you can email in and easily cover to lead to teams in a charity match with more is arch in korea. on september the seventh russia will commemorate one year since the tragic plane crash which killed the entire committee for a slower ice hockey team to mother the tragedy of this year's annual pre-season charity match will see all the profits donated to the victims' families. among the

champion sebastian vettel clawed his way up from tenth on the grid to finish second ahead of communication and the german was arguably the biggest gainer as the red bull man overtook teammate mark webber into second in the overall standings vettel is now twenty four points behind along the top. ten to sound defending champion novak djokovic has cruised into the fourth round of the us open the serbian second seed didn't face a breakpoint for a second straight match to seek out class to frenchman julian bennett so while spanish full speed that would farah overcame a slow start to beat two thousand and one champion lleyton hewitt. athletics now defending champion oscar pistorius has set a new world record in the two hundred meters at the paralympics in england the south african who also competed after the long develop shaved more than half a second off the previous best finish in the time of twenty one point three seconds at the paralympics the sprinter is also defending his one hundred and four hundred metres titles his new two hundred meter mark is one of many records that have been set in these games raising the question how much of this progress to improvements in technology a

reigning champion sebastian vettel clawed his way up from tenth on the grid to finish second ahead of q i can and the german was arguably the biggest gainer as the red man overtook team mate mark webber into second in the overall standings bentyl is now twenty four points behind along at the top. ten is now a defending champion novak djokovic is taking on french when julian beneteau in the third round of the us open the serbian second seed has dropped only seven games in sochi two matches is not to set the good there in the third set there was a spanish number four seed david ferrer he's up against two thousand one champion lleyton hewitt but it's the australian you took the first set. athletics now in defending champion oscar pistorius to set a new world record in the two hundred meters at the paralympics in england the south african who also competed at the london olympics shaved more than half a second off the previous best finish to speed in a time of twenty one point three seconds of the tirade in texas when she was also defending his one hundred four hundred meter titles and his new two hundred meter mark is one of many records that have been set at these games raises th