is it the financial times article that just moved saying that come wednesday, ben willis, ben bernankeraphs to the market clearly we are soon going to taper, but he's got a communication's problem, doesn't he? he has to make sure it's not rate tightening. >> a great job leaving the fed, and big ben's buzz on billion dollar market movements. they are using the media to taper without moving off the market yet. they are tapering right now by using the leak through the press whether through the "wall street journal or the "financial times," that's is what you are witnessing here, how the market reacts. it's a test run www.spending money, it's working brilliantly. liz: you know what, i never herd it put that way. you're right. listen, they speak to john, at least moved their message through him, which is wonderful, through the "wall street journal," you now to see it's in the financial times, again, for those of you just joining us, the markets had been up, dow up 191 # points. looking at the intra-day, you see this. suddenly, when the article hit the tape, and it said that ben bernanke wil

ben willis on the floor of the new york stock exchange. e major indices posting loss this is afternoon. the dow, it is accelerating right now, down 121. what is your take why this is happening? >> well i think the market is long due for a correction. it has been a fools trade to try to anticipate if it is actually going to follow through. we haven't had three straight down days or anywhere what could be considered a technical correction in this entire year. we have not seen a run like that since the 1930s. so it is somewhat of an easy pull back. it may have started the other day. i'm not saying it is a correction. but the lack of data, the lack of news outgoing on right now, yesterday we had an up move because it was first day of the month in my opinion. we have nothing. we'll wait for adp. then of course the numbers on friday. that being said, there is no reason to be in this market right now. melissa: ben, there is nothing in particular that is causing acceleration right now? as i'm watching, we're down 125, no one thing? >> my gut tells

ben willis, what's the volatility about today? what's the message of the market?to tell us? >> it's still an unwinding of the interest rate trade. the whole market is trying to find a place where they're comfortable where the whole tapering will happen, how that will affect the broader market, from the bond market that's been the mattress for the investing public for quite a while into the utilities stocks, in the equity side of the equation. the volatility is all on the financials now, because of what came out about citibank and the risk -- again, the interest rate risk that they're associated with. that's the big picture affecting the volatility. >> so is that why this market is tracking so close to rates? with the market closing down in the triple digits, what does this tell you about tomorrow, ben? >> i think as we continue because of the lack of any other significant economic data throughout the week, anytime a central bank around the world sneezes, it will move this market. today, we attract back to the plus side on pretty decent movement, but then we gave i

finally as promised here's my interview with ben willis from the floor of the new york stock exchange where we talk about the vanishing liquidity in the markets h f t and how to buy protection in these crazy market times. i'm standing here on the stock exchange floor. with the third ben thank you for joining me now you said that you've been here thirty years what have you been doing this entire time and how that how things change i get to need to learn something new every day last thirty years i come in some things always change so i mean the most dramatic change for me has got been from trading on paper and learning stock symbols to trading electronically and having a computer in my country place paper and where are all the h f t algorithms that i keep hearing about they're not on the floor here they're in the data center so they're here there and i wish i had brought my handheld camera with me and i looked at my both of my power but they are embedded in our head so that you know high frequency trading often gets a bad knock not all high frequency trading is predatory sure and some o

peter, did you hear ben willis talking about how they were jawboning.course, that is the focus of well as china. >> reporter: yes. and we did get as they did on monetary policy from one of these fed bank presidents, richard fisher, president of the federal reserve bank of dallas after hearing here that he talked to a dow jones, his spokesperson confirms. they flashed a headline that he felt there was too early to assess the effect of recent volatility. that's it. we have not seen the rest of the story. his pr guy says he was not within, so we can't tell me the rest of the story. as soon as we get it, we will get it to you. fisher testified today with the president of the federal reserve bank of richmond. they are both hawks to have opposed a recent easing money policies. they are both hawks on banks that it's too big to fail which is what they were in town testifying on today. the house finance services committee. they both believe that dodd-frank financial reform does not end too big to fail, but it would allow regulators to do bailouts of the biggest

finally as promised here's my interview with ben willis from the floor of the new york stock exchange where we talk about the vanishing liquidity in the markets h f t and how to buy protection in these crazy market times. i'm standing here on the stock exchange floor now that all that was the third ben thank you for joining me now you said that you've been here thirty years.

we have ben willis in the last hour, a trader on the floor say it was the fact that comments popped upn a website, pulled down, put up, amended, and really were just enough to shake these markets. >> liz, we have not been able to confirm that. we have a call-in to the kansas city federal reserve reaching out to the federal reserve here in washington, d.c. to see if we can corroborate what ben said there, but you hit the main highlights there. we had, again, dualing comments from fed members after george issa, an inflation hawk, voting member of the f1c this year, came out, and said she supported slowing the pace of asset purchase z as an appropriate next step for monetary policy. she said this back in may as well. we're not exactly sure what the earth shattering news is in her comments, but we did hear sarah make these comments about the unemployment rate at that talk at the roosevelt institute saying the up employment rate remains -- the unemployment rate remains high. she didn't comment on tapering the policy, but that got traders thinking that she might, because of that, might still

liz: we had ben willis trader, right at the top of the hour of three p.m. we talked specifically about this. i'm amazed the fed is doing ssmething they had not seen before, using the media, the journal and "the financial times" to telegraph a message because they are so concerned about their communication abilities to make sure people understand this is not rate ttghtening. it is simply scaling back because we have better economic news? >> ben willis is absolutely right, liz. liz: have you ever seen that before? >> yeah. actually "the wall street journal" for years has had a little bit of a pipeline but this time around it has been really messy and comment, the single comment in the question and answer that ben bernanke gave last time undid his hours worth of presentation. so yeah, all these talking heads, plosser and said one thing and all the people saying all these different things. markets get a little confused, they get nervous and get something negative to trade off of including the algo is. david: mike, we had a taste what makes markets very nervous

ben willis, yes? >> absolutely.r or five points and it will be the best day, if i recall correctly. >> it's early. you've got time. look at this. for the week, where'd my notes go? okay, monday, we were up a 138 points. tuesday, down 76 points. wednesday, down 217 points. thursday, finished up 80 points. we had that late rally. we were wondering, you know, we've got a jobs report the next day. why are they rallying here? and now we've got this 200-point rally underway here, for the week, for a gain of about half a percent here when all was said and done. dollar was a big part of this whole thing. the dollar/yen trade. look at this, when the dollar collapsed yesterday, the reversal of the carry trade against the yen and don't worry about what that means, but when the dollar collapsed, that took stocks with it and we've been holding steady here. for the week, the dollar index is down 2%. ten-year yield has been going up. are they selling bonds finally to buy stocks? that remains to be seen. but look at this. the yield

investors worried that chinese consumers won't be able to buy as many american goods, but analyst ben willis sees an opportunity in the falling stock prices. >> you should be buying your equities in the same way you're going to the supermarket and buying things on sale. >> the scaled back stimulus is pushed mortgage rates up, but that's not necessarily bad news for the housing market. >> a lot of people have been on the side looichbs waiting for whatever reason but they've decided rather than wait for the rates to gown further, they're going to get back in the marketing. >> it will be scaled back gradually only if the economy continues to gain speed and the job market improves. >>> let's talk more about the markets with lauren lyster of yahoo!. good morning. >> good morning. >> do you think they maybe overreacted a bit to this? >> i mean that is a good question. one of the many people i was talking to are saying like people at yahoo! finances, this is the pullback that people have been waiting for. it's very unusual to have that kind of a rise without some kind of a pullback and that this wa

overnight, interest rates shot up by double digits according to wall street trader ben willis. >> this is a natural correction we've been looking for. we can blame it on ben bernanke, we can blame it on china, we can blame it on greece. >> reporter: but with credit tight, investors who r worried chinese consumers won't be able to buy as many goods from the west, hurting other economies. but willis remains optimistic seeing opportunity if falling stock prices >> we love this. this is what we live for when you have this kind of volatility. this is a dream for us. that's why you're in the business. >> reporter: this is when you make your money. i >> exactly. >> reporter: and with the dow rising more than 12% so far this year, stocks were selling at a premium so, scott, many investors see this plunge as an opportunity to buy shares at a discount. >> pelley: carter evans at the new york stock exchange. thank you, carter. so why would the federal reserve roll back the stimulus program that has been buoying the economy for years now? well, the answer is economy t economy's getting better and,

there's i think i just stepped on one actually i had the opportunity to talk to ben willis is a floor trader here he's been here thirty years and we had a really interesting conversation about in the migration to electronic trading and we will be playing that interview in the very near future so i'm pretty excited about that. and sense you know the last time you were a very does it seem like there's less traders and more electronic trading going on . definitely and that's the general sense and that's the report that i've gotten from the floor is that electronic trading has taken over but the other. thing is that overall volumes in terms of both good and electronic are down that has and that's a multi-year trend that's in place and that also has to do with the fact that we're getting in the summer right now so that's something to be so expect of that's a little bit so quick all right well thanks so much rob to get us the update from we for all right thank you. if you want to weigh in on today's show be sure to it like us on facebook at facebook dot com slash prime interest. and it was

good sign, thanks very much, ben willis. cheryl: all right.oline futures today. getting a boost from retail sales, phil flynn is standing by in the pits of the cme. you said the worst was over rising gasoline prices. what is going on? >> i get struck by lightning. better not say that. god is mad at me. every time we see the midwest, we have had one refinery issue after another. julius, you name it, it has all been done, they were all up and running, gasoline prices were supposed to come down, that major storm came through, lightning on the refinery and shot that down giving us a boost but what is really going to happen is the retail sales number. a lot of people bought a lot of cars, most bought teslas putting gas in those cars so that too was reported to the market. the editing was gasoline, crude, really kind of a mixed bag. it has been heavy but holding up today with strong stocks. back to you. cheryl: phil flynn and the pits of the cme. boeing, big black eyes for boeing, 787 dreamliner. japanese airlines, two japanese airlines have a probl

ben willis is on the floor of the new york stock exchange. ben, we'll up 73 points. take it after what we saw yesterday. is there fundamentals driving us forward or is this back and forth of speculation? >> the upside move is not fundamentals as much as technical. the overnight session we hit 1598. the relative low from recent lows intraday. we bounced off that. that added to the fuel of a bounce after three straight down days which we have not seen this year. we actually had quite a run where we had not seen three straight down days. set a new record. so that's, i think that is mostly what we're seeing today and the lack of volume is also indicative there is not a lot of conviction in this upsiie move. adam: forget a black swan event, is there a white swan event, something perhaps that could really set the market on fire forgetting the federal reserve? is there something that we could look for that would set us on a positive trajectory for good? >> yes is the answer to that but it will come out of the fed. most people, the market has swooned on the idea that the fed

ben willis at the top of the pack. what do you think?gain people with lack of other headlines are simply saying what is the fed going to do and what happens when some fed members meet to discuss policy? >> the big picture, this is an interest rate driven market and those interest rates are being driven by the central banks. a lack of real data for the entire week quite frankly adding to the dramatic volatility 200-point swings we are seeing. the big picture is the interest rate risk is being repriced by the market happening in the bond market first and foremost making our correction look like nothing, quite frankly. as we price what is going to happen where the music is going to stop, that is what investment managers tried to find a seat as the music stops, so to speak. that being said you have the pressure on the utilities. the rest of the market where does the money go. we had some of the money going into gold, gold coins and gold bars. you cannot keep them in stock. you are seeing some money tiptoe back into the technology sector. so

ben willis says he is not exhausted. on to have this kind of action. if you're buying on the dips it should be for the short term some of the traders say because it is hard to gauge where the market will go in july and august. but there is certainly seems to be some sort of a con ses this was a pull back people were looking for to a certain extent. you have a lot of wildcards out there pertaining to the fed and europe and china. very heavy volume which is worth noting as well. back to you. adam: nicole petallides, thank you. ashley: gold rising today after this week's massive selloff. oil though still moving lower. our own jeff flock is in the pits of the cme with latest on the roller coaster week for commodity, jeff. >> indeed the metals are coming back but energy is definitely not. i want to show you the euro-dollar futures pits here. i don't have the quotes up. this was probably the most active pit at the exchange today. i will tell you why in a moment. one. reasons, margin requirements increased because of volatility

first, let's get to ben willis.e have a week or two before the fed and the federal open market committee start meeting and gyrating gasol again. today seems to be all about the actual fundamentals of stock. >> what we had today was impact from the fed. actually speaking on another network. he had an impact, suggesting that capering is coming. if you take a look at this market and the big picture, we are in the ninth inning, the game's about to end. see really what said your seat after you have 16 percentage points on the board or would you want to leave miami to valley begin now and take your money off the board? is there enough reward to stay in your seat in the stock market? my opinion there there is not. liz: he did that first. peter is right here. okay. i'm sure you guys are listening to what mr. lockhart said. more importantly, the reaction from last week seems to be swipe the slate clean and everyone is waiting for new information. >> you know what, i am looking today. it was pretty disappointing. i was expect

joining us now, gordon cheer locke and ben willis.don, what was it like on the floor today for you. tell us about some of the behind the scenes activity? >> maria, it was different today than it was on friday. that was precipitated by the liquidity event. a lot of fellas got into japan, watching it say, this is great. now they're starting to see that turnaround and say, this is great. so one thing leads to another. one thing, we've seen a little bit of reversal in the ten-year, gotten up to like 10.18, now that's turning around. and now the number today, setting up for friday's number too. so traders are sitting there, saying, you can't pull the stimulus yet. it's too dangerous, it's too fragile. like a bunch of babies. let's go here. >> a bunch of babies. ben, what about you? you say this is interest rate related. obviously with the ten-year going up to 2.1, but is that really that competitive to equities. >> it's all a question of money flow. and the fact of the matter is, we got above 2%. and i think in the bigger picture, you and

ben willis joining us to close out another crazy, wacky week on wall street. stay tuned for hour number two. all kinds of data to get you set up for next week. yes, dolph lundgren on the second hour of the "closing bell." have a good weekend. >>> and it is 4:00 on wlst, do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. stocks soaring on wall street, ending what has been a wild week for the market. take a look at how we're settling out on the day, on the street, for the dow jones industrial average recording the second best day of the year today. up 206 points on the dow jones industrial average, 1.33%. volume just okay, not great, and that was one of the big things that the skeptics brought up today, of course, on the heels of what has been a wild week. just wednesday, down 200. nasdaq composite of 5.5%. naz dick finishing on top tonight. s&p 500, up 1.25% at 1643 on the standard & poor's, with the dow closing up better than 200 points. the dow and the s&p 500 sn

peter costa and ben willis are out on the street with maria.will do next week? >> i think the fed will use jawboning as one of their major news. they're effectively tapering with jawboning. they did it without much action. they were able to move the markets and that's what you'll continue to see. >> what about that, peter? >> well, as far as -- they're not taking any risks by just keep talking about it, the potential of ending it. >> what's your anticipation of the market reaction? let's say ben nailed it and that's exactly what happens, we see some jawboning. how does the market trade? >> well, actually, what we're seeing in the market now is we're seeing this is more of an event -- equity event type thing. any time there's news to particular, there's stock movement, or any kind of news -- ma macro news, the market reacts to it. everyone is starting to discount -- or put to bed the tapering off into their portfolios already. >> we've got to jump. here's the bell. >> that's it. have a good weekend, everybody. all yours, maria. >>> and it is 4:0

ben willis, more to come? what are you expecting here? >> absolutely.more fed heads talking. they're going to have an effect as we talked earlier in the week about tapering, using the jawboning technique. i think you can expect more of that throughout the week with fisher and all of the whole crew talking throughout the week, and some real economic data to look at, too. the volatility is here for a while. >> as a trader, how will you play this? will you wait for the market to come to you, as they say, are you going to try to dip in here a little bit? >> as a trader, i'm still going to play for the short side. looking for a continuation of the correction from a long-term investor. i've got my shopping list ready. the stocks have been through the correction, and i'll add to the portfolio. >> very good. thank you. >> pleasure. >> have a good weekend. rest up. it could be another busy week. we won't -- we'll stop with eight consecutive 100-point moves for the dow. it won't happen today, as we finish up what has been a crazy week. and the worst week for the

. >> ben willis joins us as well. good to see you starting this monday. it is pretty impressive we have the market coming in at these levels to start off the week. there has been an awful lot of volatility though. >> volatility, as you said, it goes both ways. >> right. >> volatility not down in these moves. what you're seeing today is the idea that we can have a successful rotation inside a correcting market where you saw utilities and high dividend stocks being sold off in the last month. you're seeing a rotation into tech stocks. funny earlier, we heard before it was old tech, that cisco is an old tech of the world. i think it's kind of funny, but the fact of the matter is cisco news indicated that that whole industry can look forward to growth, and i think that's why you're seeing the rotation in the vix coming off inverse relationships. >> what are you watching for this week? what's the most important data points or forecast or comment? what are you looking for this week? >> i think the commentary out of fed is going to real be what's moving the mark

. >> ben willis is on the floor of the new york stock exchange. ben, your thoughts?have for 30 years, you know we have been a target for all kinds of crazies over the history of the world. we had one of the worst bombings in the history of the united states back in the early 1900s right outside. there's still pockmarks on the wall. we know that. my children didn't like coming here when you had the atlas and ems crews outside with the heavy armament. i'm also on the safety committee here. so we know that we are a target. it's obvious to the rest of the world and thank goodness for the technology we have that can protect us. >> is there additional technology, additional measures of protection, the physical presence you mentioned, and cyber security because the nyse is such a target? >> we have brian gimlet, a brilliant guy who came from the secret service is head of our world security. we have all the devices and the highest technology the world knows about protecting this building and all our facilities. >> bob pisani joins us now. we have some reaction to the new yor

willis. ♪ gerri: ben bernae's taper talk might have happened all to send.ve aasurance is the economy's getting better,irst quarter gdp growth gettin revised down to just under 2%. with more on this, an economist with the university of maryland. i thought this was a big revision. tell me what you make of this. >> well, consumers are spending the way we thought. sinesses are remarkably hasn't to invest. they're just not convinced the economy is taking off. they willave customers. they see uncertainty about the costs associated with obamacare and would just rather look for other places to invest. gerri: you look back at the recovery. of course it has been slow, but3 it has been a recovery. are we do for receson? >> i don't know that that is the cacase. it seems as thoh the economy is content to slog alo. the second half o barley be a little bit better, but it will be anything to che about. this recovery is for a half years, averaged about 2%. the comparable amount of me during the reagan recovery was 5%. gerri: the world has definitely changed when it comes to

ben & jerry's. you don't want to miss that. "the willis report" is coming up next. thank you guys. gerri: hello, everyone, i am gerri willis. tonight on "the willis report", why did it take so long to get action on this fire risk of jeep vehicles? and do you know where your money is really going? and amtrak. dishing out lavish meals and you are taking picking up the tab. >> we are watching out for you tonight on "willis report." ♪ ♪ ♪ gerri: wildcard, black angus steak, your choice of red or white wine. this is not the many fancy restaurant, these are the meals being served right now on amtrak. it is also getting some help from the country's top chefs, and yes. you are paying for it. john mica, chairman of the committee on government operations who oversees all of this is that it is timeeto cut out the fancy meals and stop taxpayers are being taken from a ride. congressman is with me now. >> how much money are you spending on us if and how much money are we losing? >> i hope you're sitting down. but as of the last 12 years, this year we have lost a billion dollars in food service a

ben & jerry's. you don't want to miss that. "the willis report" is coming up next. thank you guys.i willis. tonight on "the willis report", why did it take so long to get action on this fire risk of jeep vehicles? and do you know where your money is really going? and amtrak. dishing out lavish meals and you are taking picking up the tab. >> we are watching out for you tonight on "willis report." ♪ ♪

willis. >> it is full speed ahead of the federal reserve as ben bernanke says he's not taking away the punchyet. but there is an end in sight. looking out for your money tonight with investment news to make for the party ends. the author of investing in the age of sovereign default and how to preserve your wealth in the coming crisis. peter, thank you for joining us. so ben bernanke is saying that we are not making a big move just yet. but we could before the year ends. what are you telling people that they should be doing right now? >> i would not change ny strategies. i think that they are not going to do anything this year. i also think that we are in an age of deflation right now that is global. i'm not really sure taking away the punch is going to have that much effect once it happens. the market disagrees with me. gerri: that is an interesting point of view. it's easy for you to say that nothing will happen this year. but how can you be so sure? >> you cannot be sure. but i do not think the fed will take away the punch bowl till 2014. that is what i meant rri:kay. >>hat whetheyill art.

willis, what is happening? >> well, the markets are afraid that ben bernanke is going to take his foot off the gas pedal no energy left for the economy. interest rates will rise, scenario that is horrible for american families. people are fareful of what happens when bernanke backs out, the federal reserves stops supporting the market. >> what they're doing is, quantitative easing is printing of money, putting more money in the economy, and the government spends a lot more money and allows the private sector to get its legs back under it. the government takes over when the people can't, and then when the private sector gets its legs under it, the government backs off. hasn't happened. >> the feds have been trying to push interest rates down and stimulate borrowing and lending. the fed has kept saying, okay, we acknowledge we're sort of printing money but we think weeing pull that money back when the time comes. and that's not the issue. the hirsh here, number one, this is a market overreaction to what bernanke, the chairman of the fed, actually said yesterday. he did not say we're going to stop this program. he d

ben had to say. we have an analyst who wonders whether it can survive. tracy: student loan rates are set to rise next week. gerri willise has broken down how much it will cost the average student. she joins us in a moment. first, it is top of the hour. time for stocks. nicole: we have had and lots of volatility. we were watching may 22 when bernanke began to talk. we were around 155. then we dropped to 145. with that being said, the bulls are out there and happy we did not go further to the downside. the s&p 500 is actually squeezing out a game. ibm is down. that is one reason you are seeing weakness here today. june is a weak month. we will be snapping the winning streak. a lot of traders still watching the ten year very closely. right now it is that 2.51%. every time it goes above that, people get nervous and then they sell. when it is below that, they buy it back. still very cautious of what the fed is doing. back to you. tracy: thank you. cu and 15 hits. the yellow metal is having its worst quarter on record. phil flynn is in the pits of this cme. we came back today, but will we see a selloff on monday? >> today wa

over ben ghazi but i think she is certainly more than capable to be the president's national security adviser. >> it will be exciting to watch how this happens. i agree she was hung out to dry. williehosen a must read? >> we have a very special must read from the onion. when a guest on our show headlines one of our must read's we like to include it in the segment. this comes from "the onion" of yesterday. "the new york times" reader stoked after noticing article penned by favorite reporting duo. >> i might as well hang it up now. my career has piqued. >> here we go. these guys balance each other out perfectly. peter brings shear out of his comfort zone. you might have a favorite. my wife is a shear person and i'm a peters guy but you get the two together, boom, it's like lightning in a bolts. not bad, jeremy. >> at least they didn't have me being hauled out of dave and buster's after getting out of a drunken brawl like did with joe biden. >> your biden reporting is amazing. >> willie, thank you so much. i thought you didn't read it because there are some "f" bombs. thank you very much for that. we will be right back with "news you can't use." to dream about that steak. i'm going to