fromis kevin giddis raymond james. how much of the movement in the last week is significant and where are your thoughts evolving to when it comes to the treasury market and yield? >> a wonderful week for the treasury market because we learned a lot about the market itself and the direction of the market. the treasury can sell almost $260 billion worth of debt without a hiccup. the fed used language, further gradual increases and the gradual part is key to the market, not as worried about inflation as maybe the market is. when you go into the marketplace and sell the debt, hold supporters resistance levels and get a benefit from the fed, saying maybe you thought of this too hard and that is good for the market. evident today here in -- evident today. nejra: earlier this week you said buying the 10 year anywhere close to 3% could be a great buy. even if we get to the present, will we retreat or go higher? how important is that level? >> the 295 level of the 10-year was a key support level and served as a resistance level

head of fixed income at raymond james.oming from boston is eric stein, codirector of global income. guys, it is great to have you with us on the program. kevin, let's begin with you. sense for the treasury to be woken up to the world around us? nothing to me has fundamentally changed in the last couple of weeks. this story existed for months, yet suddenly the treasury woke up. why? sense for the treasury to be woken up to the world around us? nothing to me has fundamentally changed in the last couple of kevin: we spent most of last year focused on inflation. treasuries are going to go on a higher yield if we see inflation. that changed after tax reform and a number of new factors came into the market that would create this new wall of worry. the dollar decline. the dollar decline is an issue. trade disputes. china is the biggest buyer, and now the deficits. if you are not taxing then you are spending and you are going to build deficit. those things have changed the dynamic of inflation and why yields have jumped up. jonath

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. >> the headline from a note today from raymond james says overlook the short squeeze another rough year ahead in 2018. >> gross margins were 150 basis points below expectations. inventories were up 26%. dtc growth was 11%, stores were 22%. you don't want that combination. you want the reverse actually to give you a clue as to the health of the brand and the product so i think this is absolutely a short squeeze. if it goes to 20, that's great i think you get out. >> it's already faded. >> this is not the year. this is not the year -- >> there's another note from jeffries which says the top line beat and strengthened direct to consumer and international proved the brand is strong globally. >> they bought those sales >> it's too soon to just, oh, it bottomed because it's having a great day. this is a stock that is down 70% from its 2015 highs going into this report. >> it was at 11. >> 11. >> okay. >> i'm just making the point, it was down -- >> 16 and change, you don't think it bottomed at 11. >> but you're making my point for me stock has been below its 200-day moving average since

i tell you what, raymond james stadium doesn't get full for football games but was it ever full in four days 4,900 people walking to the front of the stadium giving their life to jesus christ. he gave a lot of light to a dark world. in the wake of the parkland shooting his message of hope should be remembered. >> bill: that especially. you think about the times he made the trip to washington, d.c. when a u.s. president called on billy graham, you knew it was a big deal. >> that's right, a huge deal because he was the spiritual advisor, america's preacher, someone who provided so much guidance holding the highest office in the land making life and death decisions a lot of times and having the consultation of someone as wise as billy graham bringing god consulting and advising prayer and faith in jesus christ. he had a huge influence on this country not only on the religious side but political side as well. >> bill: you knew his state of health recently. we reported on that often. i would guess you were getting ready for this moment. he would have been 100 years old in november. but still

joining us is the chief investment strategist at raymond james and the portfolio manager at fed rated investors gentlemen, good to have you here bertha had a great metaphor. for a couple weeks the markets were eating rocky road, now we're back to vanilla. what do you make of this tremendous move off the bottom and where do we go to from here. >> i was on cnbc pretty much four or five times in the month of jab saying that our intermediate and short-term models that had been pretty constructive for 2017 were telegraphing the first point of down side vulnerability coming in february. you had the selling climax, i was on the show on tuesday, february 6 you hada selling climax. we said at the time you should get a sharp throwback rally that fails and then you test the selling climax lows and if it's textbook perfect, you make an undercut low from those selling climax lows and you buy it and that is what haas happened we'll run into overhead resistance at the 20 day moving average which is at 27.54. so i would be cautious on a trading basis but longer term we're in a s.e.c. you alread soa b

. >> you bet >> jeff saut from raymond james.earing up after bell, disney, chipotle snap moved 17% in either direction on average after its results. over the last eight quarters, chipotle on average has moved 6% disney seeing a move of 2% to 5% over the past eight quarters even for the big cap it's been swinging around a lot. >>> julia boorstin will have an exclusive interview with bob iger we'll get his reaction to the earnings he can talk about what he sees going on in his business as soon as they cross. mike, so timely given all of what's -- even when we were talking about super bowl ratings over the weekend, the declines there, and some rumors that even our parent company might try to make another go at fox. >> absolutely. plenty going on. and also the stock like so many is in a fascinating position right now. basically came off a cliff from recent highs but still above where it was four, five, six months ago so, what i'm mostly interested in, kelly, is just how the market pays attention or doesn't to corporate news. i mean,

people still concerned about online sale reducing down to 23% from 50% in that third quarter now raymond james have to say before you move on from billy graham, wow charlotte north carolina very big game our conwill do especiallies to the graham family. >> exactly 99 years old. >> thank you. >> on floor of the new york stock exchange we have this breaking news as well broadcom adjusting offer for qualcomm 79 a share says other terms proposed merger unchanged there is the stock this morning, they have been pushing back don't want to do this deal mike your thoughts. >> kevin and i have been talking about this a lot. i think broadcom had to do this they introduce you a line in the sand for qualcomm said you can't go above 110 for purchase of ex -- they acquitted qualcomm announced going to pay to up 127. maria: what -- >> qualcomm had to respond to that i think, but ultimately i believe qualcomm will get acquired because if you are on the board of qualcomm right now i am a big shareholder you tell me the stock is 62, we have an 82 now 79 dollar officer on table i am rejecting it better have a pla

. >> joining us now is jeff south from raymond james, and michael tyler, chief investment officer atastern bank wealth ma manageme management jeff, we got 12% in intraday correction six straight days brought us back down to 4%. after yesterday's move we're down 5.5%. i know llong-term it doesn't matter to time these right, but do we test the lows? do we get close to 12? do we go through 12? do we not get to 12? what's happening here in terms of wringing out some of the bullishness? >> i said on friday on cnbc that it would be tough to get above 2750 the 20-day moving average was 2754, which is where the market peaked on friday it will take a couple more hits against that level to get through. any pullback will be contained the s&p rallied about 220 points to give back a third of that that brings you back to 2680 to 2700 that's all you get then i think we go up and crack 2750 >> someone that might follow technical, a lot of 50% retracements both up and down. we get the move down, then a 50% retracement back up. then another 50% retracement of that 50% retracement it all takes time for

watchers, rich bernstein from richard bernstein advisers and fred lane from lane generation of raymond james joining us right now rich, what do you make of -- this is pretty dramatic today, obviously. >> well, bill, volatility is always unsettles i don't care if you're a hedge fund manager or long-only manager or someone worried about your 401(k), nobody likes volatility it can be very, very scary the key thing that i think people should keep in mind here is that the market moves a lot very quickly it doesn't mean fundamentals are changing that quickly. and even in -- as you guys have been talking with us over the last 15 minutes, you've mentioned technicals, you mentioned psychology, you've mentioned sentiment. but you haven't mentioned fundamentals and i think the fundamental backdrop is really what investors as opposed to traders -- investors should be focusing on the fundamentals it's somewhat healthy. >> richard, the reason why you haven't heard a lot about it is exactly to that point. has anything changed fundamentally? now, there's a couple things people could point o they could say,

of eventually buying an entire airline we're going to talk more about that with an analyst from raymond jamesvi, thanks for joining us. this is something that i want to be very clear about. warren buffet did not say they were in the hunt to buy an airline outright, but as you know, he has built up a large stake in four of the major airlines have the idea of owning an airline, that was something that was so far reaching for him before, have things changed on a very basic level and made the airlines a much better place to be >> i think that they definitely have you've seen profitability over several years now since the recovery in 2010 in the four years since deregulation you haven't seen this long of a string of profitability. i think his comment about competition is right this is still a very competitive industry but it's a far more disciplined competitive industry it's not self-destructive anymore. there's something attractive here especially the valuations i can understand his interest in the group. >> this is something we've been hearing about from other investors for quite a while as well

confront and surprise university of maryland president raymond pearson, as well as the dean of the law school, with questions they could not answer. rawn james: is there a law school for the colored citizens to go to? the answer is no. therefore maryland is violating the rights of its colored citizens under plessy v ferguson. the judge shocks everybody in the courtroom. houston and marshall's argument prevailed. and donald murray was admitted to the university of maryland law school. that case showed that the equalization strategy, as houston put into effect, could work. narrator: what was also working was houston and marshall's success as a legal team. rawn james: it's tough to imagine two individuals who were so different working so well together to such great historic effect. charles hamilton houston was very abstemious and a proper person, who as one of his close friends remembered, did nothing with levity. thurgood marshall was a true bon vivant. jose anderson: they were quite an odd couple. houston did not drink, did not curse. marshall did. he enjoyed a good card game, his bourbon. justice john paul stevens: he had an army of stories