home builders as an etf down 12 1/2, 13% for the year i thought i'd single out toll. toll has done something it hasn't done in the history of the data going back to 1986, 32 years. it's declined at the end of today, seven months in a row never happened it's had a peak trough decline, 32.3%. compared to home building as a group, down 12 plus. so a three fold wipe out at some point you can be contrarian, i would think it's so bad it's good here is the toll chart over the past ten years since the '09 low. i want to show you an overbought or oversold condition by putting in these arrows. what it tries to depict is a over shoot or under shoot, mean reversion trait is profitable. i'm going to bet 32, 33% decline is due for some sort of throw back here's the chart without the moving average the notion of support, ready, put in the line. we have sold off two support we've broken support support is not a plywood board or a concrete floor. it's a mattress. so, indeed, we are well into the mattress at some point you sink down to the point where you find support. i think we reach

talking anxiety and fear 2% move up or down it's an opportunity to hedge portfolios or rotate if you look at the beat-up sectors, we look internationally. some of the etfslook at, they had a hard six months to start 2018. >> into what it makes me nervous that people are getting so safe with their money. >> what have we seen it rotate into tech look at the nasdaq 100 sensational year after a phenomenal 2017. i think if you have tech exposure and some of the big names, these fang names, we talked about it earlier, they have attracted allured global assets if you have an overallocation or a high tilt in the portfolio, two tech names, it's time -- goldman sachs has had a rough year if you've seen volatility pick up the back half of the year, they'll profit from the trading they typically do so well at. >> jeff killburg, the fang stocks still look good have a good fourth. >> have a good fourth. >>> best to you and the family. >>> interesting of the day, not what you think but what you -- but what you think what is the biggest risk for the second half of year, higher oil, trade/trump, rising interest rates or calm down, stocks are going up anyway. there's no

turning down a proposal by the winklevoss twins to create an etf the price of bitcoin dipped below $7,900 following that news the s.e.c. believes the etf would not be protected from fraud. cameron winklevoss says he and his brother are committed to bringing a regulated bitcoin etf to market and building the future of money. there are three other proposals pending before the s.e.c >> there is still a chance for one of these other etfs to get there, but within the bitcoin community this was a huge blow they have been trying to do this forever. >> they have a lot of cred in the community. >> people have been trying to parse the rejection to understand why and whether there will be an opportunity in the future for something like this, or whether the s.e.c. -- and depending on if you're an optimist or pessimist on cryptocurrency, you can come out with different understandings of this reading that's why the price of bitcoin dropped today. >> okay. are you a bitcoin believer >> eh, honestly, i could take it or leave it. i don't know i'm not into it. >> okay. >> are you >> i've actually started t

an etf. tumbling on shares that revenue missed. there are questions about its merger with time warner. the first report since the merger. they were downore than 2%. the story is that they are integrating the merger well. time warner will be called warner media. they took a disappointing number on their domestic wireless subscribers a pair the losses in their pay-tv and that is what the merger is all about. we will see how it plays out on wednesday. yvonne: joining us from new york. trump administration is throwing a lifeline to farmers caught in the crosshairs of the trade war. a $12 billion package. he spoke in kansas city and asked primary producers to be patient. >> they're all coming. they don't want to have those tariffs put on them. they're all coming to see us. the farmers will be the biggest beneficiary. watch. we are opening up markets. you watch what is going to happen. just be a little patient. yvonne: let's go to our congress editor. we were talking about how this was more of a self-inflicted problem. is this likely to offer some aid for some of these farmers will be potentially hit by tariffs? >> it is certainly going to

down and up. increasingly, this has been integrated, much like bsg a few years ago. is fundamental in rsp's and analyzing the company. matt: it is interesting. there is an etfs at both of those things. board,s diversity on the but also diversity in management below the board level. it has done quite well this year. here is a year to date chart. about it has gone from $70 to $75. not bad. thank you so much for joining us. we appreciate your time. up next, netflix misses a subscriber estimates. but up nearly, 150% in one year. it still has done fairly well. this is bloomberg. ♪ 24 minutes into the european equity market session this tuesday. >> good morning. a u.k. phone company just reaffirmed their guidance for the year. this stock is up this morning. tom-tom. continue with they have raised their guidance for the year. analysts are looking at revenue, which they inspect -- expect to increase this year. this company is taking a massive tumble today. bottom ofme in at the the bottom, missing expectations. they say they are going to take decisive action, but analysts are not so sure. the stock is down this morning. matt: thanks very much. sayslackrock ceo esca

down at three basis points. but i still think that there is more flattening to occur. we are barbells. are usingrt end, we an etfise of hours that shorts two-year and five-year treasuries while simultaneously being long 30 year futures. that tells us how much of a barbell we are trying to take it has worked out quite well. i think it will keep working out through the end of the year. yvonne: what could actually change? you are saying things could right?y steepen, whether it is trade related. the fed seems to be talking about uncertainty, but nothing they would act upon. when it comes to yield curve inversion, do you see the fed acting upon that and limiting the amount of heights we could see this year? bryce: i think what might happen first is that the treasury might decide that may be we are nineng too many t-bills, hundred billion plus, flooding the short end of the yield curve. maybe we need to stretch that out, issue more of a five-year, 10 year. that might be what stops the inversion of the yield curve. also, enough inflation. pce is right at the 2% limit. their target for the fed. for the whole year are ov

an effect already. could it take the market down 15%, 20% >> if you see that break in the etfs, you could see that correction ask if there's a line in the sand, could they back off the trade war. >> and it could be something different. like the fed keeps on raising rates on the front end now we use the inversion -- >> we're going to stop talking about the fed. >> you're going to stop talking about the fed. i don't agree with that. >> i do think to your point a lot of investors don't think this is going to be a big issue. i think there's going to be opportunity in financials and industrials. >> are you buying financials right now? >> absolutely. we are overweight financials and. market earnings. >> given you just bank of america today. what would you like next >> jpmorgan is the next i n.ow >>> coming up when we return, breaking economic news we'll be back in a moment. making cars lighter, it's a good place to start, advanced oils for those hard-working parts. fuels that go further so drivers pump less. improving efficiency is what we do best. energy lives here. improving efficiency is what we do best. with t

down to jim cramer at the new york stock exchange. take a look at futures right back in a moment what do advisors look for in an etf?x, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. i thwell wait. what did you meetthink about her? it's definitely a new idea, but there's no business track record. well, have you seen her work? no. is it good? good? at cognizant, we're helping today's leading banks make better lending decisions with new sources of data- so, multiply that by her followers, speaking engagements, work experience... credit history. that more accurately assess a business' chances of success. this is a good investment. she's a good investment. get ready, because we're helping leading companies

down momentarily because there are so many etfs. then they bounce back as people realize what are they doing selling the stocks >> quickly, what do you make of hasbro >> it was an what happens when toys "r" us is completely through then it's like nike. wl hheanhieritilgoigr d gh whoooo. you rely on tripadvisor so you don't miss out on the perfect hotel... but did you know you can also use tripadvisor so you don't miss out on the best price? tripadvisor searches over 200 booking sites to find the hotel you want for the lowest price. saving you up to 30%! so you can spend less time missing out... and more time paddling out! tripadvisor. visit tripadvisor.com or download the app! >>> welcome back to "squawkbox." breaking news regarding fiat chrysler they're under pressure premarket following the sudden replacement of long time ceo sergio. now there's word that alfredo, who ran fiat chrysler's operations in europe and the middle east will be leaving the company on an interim basis. new ceo mike manly will take over the responsibilities that were part of his tenure in terms of the middle east and european operations so more changes at fiat chrysler back to you. >> t