let's bring up the boxes live at cme and the nymex, elliott warren is down at the nymex, and ben willis at the new york stock exchange, ben, begin with you. the difference between today and yesterday for your clients and the calls you were getting? . >> yesterday, we witnessed very aggressive buying from institutional clients, normally sedate and passive wanting to let the stock market come to them. this was buy stock, buy stock, i had to keep confirming with the trader. you want me to just buy it? i want you to buy stock, when you give me more, i'll tell you what to buy. liz: how about today? >> were they able to get the price on the tape. we have jeff green say i wanted to get facebook much lower than $82. when the trade went through, i hit it at 82. i wanted the lows of the session. >> if facebook traded on the new york stock exchange you would have gotten that price. the nasdaq can't guarantee those prices. liz: them's fighting words from the nyse. tim, are you laughing from the cme? tell me what you're seeing on the trading floor there? >> similar to what he said, and yesterday was

let's get to our floor show, we've got traders at the new york stock exchange, and ben willis on the r. ben, talk to me about today and especially that we're about to see the lowest close for the dow for the year. >> well, i think the buyers are beating you and trish to the beach. i think all the buyers that were supposed to be here are on hamptons or long beach island. today was a demonstration of a buyer's strike. it was very open, light opening volume on the floor of the new york stock exchange and then the sellers just continue to sell into it looking for this buyers that quite a while frankly haven't shown up. you know, earlier you heard some of the comments that i made with your group saying i would buy them here. we're at that level again. >> but then nobody is buying. not to be rude but annoying is buying. everybody -- look, we're in 2015. ic sitting on the beach in hamptons and buying stocks. i've got my ipad, i've got a phone, i've got a terminal in my house if i'm certain people. >> that's what i'm -- >> where are they? this is opportunity, ben. >> that's exactly what i'm s

for the stocks you love the most and as i to say it back to you, liz, hey, i just want to note, ben williselationship to gerri willis okay? just saying. we've had the conversation. [laughter] >> you know what? he would be lucky to be related to you, and he's such a doll and is so helpful to us, you would be lucky too. i'm sure. thank you, gerri. >> you're welcome. >> gerri willis back at fullback headquarters. i need to tell you right now we are about -- 17 minutes before the closing bell rings. watch out. the jitters are in full swing right here. how will we close out this week? let us just tell you that we are going commercial free once we take this break. but in the meantime i will send it to jeff flock. what a story you have, jeff i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now an

ben willis, a trader there down at the new york stock exchange was just telling us that he saw that information, ben, you saw that information, i know lori is there with you, crossing from bloomberg first? >> correct. 142 as you go back on that headline. >> correct and you had mr. -- i'm very happy to be on with jon hilsenrath who is probably the single greatest expert on the fed and how the system works. the point of the matter is, the leak, whether bloomberg meant to do it, some of the other leaks that happened on fed minutes and important data have been predatory in nature, trying to serve those people that were paying a fee to have the news hit them before anybody else. >> you don't think this was an accident? >> no, i do think this was an accident. i don't think that bloomberg was doing this on purpose, they have too great a reputation at stake, other than other systems that use their computers to scrape for information. this, i think, is purely an accident. somebody delivered, you know, instead of sending that text, you only want your lover to see, if you hit reply all, that's pretty much

ken mahoney joins us with john brady and ben willis. gentlemen, welcome to all three of you. >> we started lowering our risk going from growth to value. this week remind me of that movie with bill murray, "groundhog day." every day he wakes up to the same kind of thing. >> 400 point decline? that's groundhog day? this is uncommon. >> every day we wake up, shanghai down 6%, followed by european markets we get the hot p potato with the dow down 450 points. it will end at some point. we are encouraging investors to take a deep breath. over the weekend look at value type of stocks or everyone tfs that pay dividends. the fed raising rates. maybe september, later this year. it will be different. we'll see a market go from growth and value and towards dividends. we want to take a deep breath and look at this. >> ben willis, this is expiration day. that will add fuel to whatever fire we've got going. read the mind of the market for us. what's on everybody's mind through these last 15 minutes of trading here? >> where is the bottom? none of the

it was a breathtaking ride even for veteran traders like ben willis of princeton securities. >> i have never seen the dow down 1,000 points. that was an extraordinary thing to see happen. >> reporter: what exactly happened, peter tuchman of quatro securities tried to describe it. >> is it the end of the world? no. is it correction territory? perhaps. definitely. that's what it felt like. >> reporter: the catalyst was another plunge in chinese markets, down 8.5% this morning, the shanghai index has fallen nearly 38% just since june. the world's second largest economy has been slowing, but investors now fear it may be even weaker than the chinese government is admitting. >> part of the real issue is we don't generally feel like we know exactly what's being the on in china on a good day. and this isn't a good day. >> reporter: max wonderful is an economist with manhattan venture partners. is the market overreacting? >> in the short term, yes, but it's underreacted in the past. >> reporter: all three major indexes are down 9.6% or more over the past week. and this was not one of those ligh

. >> ben willis is with us and rick santelli is in chicago. it didn't seem like the market was expecting a rate hike. that didn't feel like a market expecting a rate increase any time soon. >> i think you're right on the dollar. >> the fact it went down is, bill, as you point the oud, doesn't fit. what does fit is the two year note at 72, closed at 66. six basis points on the week. tens are down one. and 30s are down nine basis points on the week. that type of curve flattening, short rates being higher than long rates does mean there is some type of trade there that they're nervous about a normalization. but the one caveat is we have to discern is it a passive lick dags trade or a pro active trade i think it's the former because even at 72 basis points we haven't closed above 74 in a two year which was high yield in december. if we gain more traction on investor trulyi believing they should take the shorts, but at the highest levels in recent memory and we'll look to see how that develops over next coupling weeks. >> how you are playing this m

let's bring in ben willis with princeton securities group. this your run-of-the-mill data-driven selling, or is there something more that you're seeing? >> i think it's data-driven at the back end or to the lows we've been taking. but i think we witnessed a head fake. the u.s. market futures gave us an idea we weren't in such bad shape as europe and i think the european selling used the bids that we had in the united states to raise money somewhere else. it was european selling, i have no doubt. as you know, simon just pointed out, the pressure on the european markets going into the close just closed right now. added to the pressure worldwide. so that i think was the most important trigger. the inventory build certainly did not help the energy complex in any way. >> in prior sessions, the u.s. market has been able to shrug off the sentiment from europe and stage a rally in the afternoon. are we being set up in any way for that today? >> i believe that is entirely possible. now that europe is closed, we'll look at it and i'll have a better feel

this morning, ben willis was .alking with mike mckie mike's first question was, how are you doing, andid, it is absolutely thrilling for a traitor. this is what you live for, all due respect to clients who are long. that are the kinds of days really get you excited to dig in and talk to as many economists as you can. there is a connection between what happened in china and that will continue. absolutely. thank you very much. we will talk about emerging markets when we come back. ♪ matt: i am matt miller. an exciting day for equities. i want to get to julie hyman. a day when we go down 1000 on the dow in the open, and then we are down less that 100 points on the dow a few hours later, not something you see very often even as our summer markets correspondent. definitely not. it is not something we see often at all. a dramatic round trip we are .eeing for stocks the s&p 500 is no honor in a technical correction of a decline at 10%. on au look at the s&p year-to-date basis, what we have seen here has really come up dramatic from the lows of the session. it has happened in a number of indiv

. >> add something ben willis on the floor of the stock exchange said pertaining to gas prices, loweroing back to the economy but inflation is not being accounted for, rand has been on theent has been on the rise and health care costs. dagen: and college tuition. let's get you caught on global markets, stocks are mixed, they have turned lower, losses across the board in england, france and germany. they were mixed 20 minutes ago, stock futures are hanging on to gains at the moment. the biggest gainer in percentage terms will be the nasdaq 100. asian markets started the week mixed with stocks in shanghai soaring. for details we go to tracy chang live in beijing. tracy is a reporter for chinese state television. >> good morning. asian markets are showing a mixed picture. the composite soared 5% despite some weak trade numbers. shipping story, that story has been denied by people in charge of our. investors expect the government to implement more easing given the lackluster indicators. in hong kong markets lifted by strong performance in england. hang seng down 1%. japanese shares revers

. >> let's get ben willis with princeton securities. ben, what are you doing today? >> hello? >> you have to stop trading for a few minutes, ben. >> sorry. >> that's all right. what were you just trading? >> i can't tell you but it's a buy order. >> it's a buy order, okay. is that speng for what you feel the message of the moment is for the markets? >> carl quintanilla will back me up at 8:00 this morning when carl walked on the trading floor i said look for a very severe drop on the opening but you're going to see a snap rally right on opening. i think what we heard the panelists all alluded to, we saw some panic selling that was very mispriced. the trading floor and the hedge funds throughout the world took great advantage of it. and apple is your best indicator. jim cramer talking to tim cook, you have to go back and remember that part of this pricing -- actually this pricing of the global markets is a slowdown in china that rescued the rest of the world. that being said, apple sold off on the idea on their earnings that their earnings in china were going to miss the target

thank you, ben willis, color from the floor. a buyer, tyler, on the day. >> thank you, sarah and ben. big day for oil down 4%. it broke below the closing low from back in march and that level to watch as we head into the last hour of oil trading is $43.46, and look, it is below that now down better than 4% on the day. while oil has been falling 18% in the past month, one oil stock is holden onto games, core labs. it is higher as you see there, coming up on "power lunch" later today, we will speak exclusively with the ceo of core labs about where he sees crude oil going from here. you want to catch that interview in the 2:00 p.m. hour, exclusively on cnbc. sarah? >> tyler, i want to check on gold prices closing as we speak. they were up earlier on this whole idea of currency devaluation. you go into safe havens like gold, lost most of their gains. finishing up a little bit higher and a little above the 1100 mark. it's been a rough few weeks, months, and year for gold, third annual decline. copper, palladium and platinum are in the

joining us, john manley, ben willis and sam stovall. it's nice to hear the optimism on stocks and to see buffett put his money from his mouth is with the biggest takeover ever for berkshire. >> i think so. to paraphrase st. paul, if warren buffett is with us, who can be against us? he's buying. very difficult to time these things. says to me that stocks are not outrageously expensive. he's been known to pass when things are expensive and it says there's a need to put money to work. so specific to him but there's more generalities behind it. >> it seems warren buffett is always buying. long term, you should be thinking that way if you're an investor. but on this network, we go short term because it would be boring if every day we came on and said, well, stocks are going to be higher 10 or 20 years from now. i happen to agree with him. >> i could learn to live with it. >> ben willis, is this rally for real today? >> it's very real. we are in a way oversold condition -- i don't know how much i can add to this conversation. bob pisani naile

. >> joining our "closing bell" exchange now, we have keith fitzgerald, ben willis from princeton securities. welcome back to all of you. what do you make of this turn around? think we're going to hold here today? >> i think we do hold. and we've been talking about the market on close and balance since yesterday. people should know what happened yesterday was a function of the market working correctly. because the new york stock exchange -- rather than in the last second of trading which is the way it used to happen. just a development of a system called market on close order types that came into the marketplace. but we used the news by humans to tell the world that you're going to have a chance to buy stocks cheaper than they were an hour ago. >> i think the bigger picture is here after six days of decline. not only are you up over 400 points in the dow. there are only 25, 26 stocks of that in negative territory. this looks convincing. >> well, technically, it certainly is, you're seeing high volume, institutional buyers come in on a lot of value if you've got the right perspective and the

ben willis is seeing some institutional buying.teven said he is worried about short covering and watching 1926 on the s&p 500 as the level. >> for those of you driving and listening at 1939 right now. dow jones industrial is now 600 points nicole thank you very much. listen, she also just talked about a situation where we have major, major move on monday with the dow jones industrial names they're worth ten names minimum that were in bare market territory, and now, yeah nicole. >> to hear the shout 630 points to theup side. >> quick one. you blink and you missed it may see this accelerate because we're less than a minute away from 345 p.m. eastern. remember when i told you 15 minutes left in the close. and that's when you're going to start to see some real action. here we go so we're looking at a real gain of 613 point. biggest day in seven years. nicole told you but fear is still there. why? because what started drama on monday in the first place was weakness in china. so why not bring in a guy who knows most about china. he's the

also here, ben stein, gerri willis, and charlie gasparino. why do you this one so much? >> it's a darn good start. the middle class has been crushed with taxes, how much they have to spend just to file their taxes, 75,000 pages of tax code. something's got to be done. there are people in this country that work for the month of july just to pay their first dollar. more money in people's pockets means more savings, more spendings and a better economy. corporations are not competitive because of how much they pay in taxes. >> we have the second highest corporate tax rate in the world. >> 39.1%. that's where the money is. if you're going to do anything, cut corporate taxes. there will be more jobs, better paying jobs. we have fewer people working in full-time jobs today than we did at the high point before the recession. that's job one. >> i love that, too, because it's diametrically opposed, opposite of what hillary clinton is saying, we need to snatch the money from the corporate balance sheet, tax them more, get their income and redistribute it. >> but when i listen to do

also here, ben stein, gerri willis, and

. >> yesterday ben willis echoed what you were saying about people who were being sacked were not performingnd the liquidati liquidation, not on the underperformance buying stocks doing well but the liquidation of stocks doing badly. which do you think is a more major dynamic? >> the problem is, we've had this discussion since 2008, and that is when you can't sell what you want to sell, you sell whatever you can. in some of these cases, stocks have gotten to sud lin weak, biotechs and other things that people lighten up in the things that have done well. you saw what looked like momentum stocks. >> it kind of roll aid long ted week. it ended with health care this week. >> i think part of the problem is and we discussed this over the last couple of weeks, the amount of cash on hand that mutual funds is at an all time low. and the only thing that's important with that is if the market begins to sell off and they get redemptions, they have no money so they have to sell other stuff so that becomes a vicious cycle. that's what you don't want to see. >> we'll be watching the opening bell a few min

charles payne, ben stein, jer , willis and jessica. charles payne, you say defund planned parenthood. >> absolutely. the videos weren't enough to convince you, we always the auk about how we're barreling towards $20 trillion in debt. the idea that taxpayers are paying a wealthy organization that gets donations from the largest corporations, the wealthiest people, let them go on their own, do this kind of thing on their own. in this particular case, i think it's appalling but certainly the fact that any taxpayer money goes to it is a shame, a sin. >> too early to tell if there's criminal stuff going on here, but i have've talked to pro lifers and pro-choicer ace like who say, whoa. >> whoa is right. that's the right response. trying to defund it is nearly impossible. why not take them to court? it's illegal to sell fetal body parts. that's what we should be doing. we should be stopping them in their steps. >> why can't we defund them? >> it's medicare reimbursements. that's how the money goes out the door. legally it's almost impossible

can see some of the dow loosers today, disney, apple, boeing, keep an eye on again according to ben willis we hit a low in march '11, and he believes there's opportunity to jump back in when we hit that number. back to you. >> by the way, gold is up big time, up $25. meanwhile market on your calendar. this is a first. we've got a hurricane in the atlantic. hurricane danny has sustained winds at 75 miles an hour. that makes it the most minor kind of hurricane, it's a category 1, it's still far out in the atlantic, may not do any harm. we're going to be tracking it, though. the first hurricane of the 2015 season, august 20th, 2015. meanwhile experts saying oil is going to crab into the $30 a barrel market. but why stop there? jeff flock weigh in on exactly how low oil can go can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? . . . . ♪ i built my business with passion. but i keep it growing by making every dollar count. that's why i have t

but ben willis joins us here at post 9 to make sense on whether or not this is about china no longerker of

ben willis is a trader here on the floor. what has changed from yesterday to today? >> the fools are out of the market. yesterday's selling was foolish. it's mostly what's called passive investment material. we need to sell x amount of shares and this is what we're going to do. it was about the fact that they needed to raise capital because they couldn't raise it in china or europe. obviously it was a mistake. >> reporter: but the underlying problems with china are still there. the economy there still is slowing. why would the market rally back so hard today? >> because again it was a function of a passive investing the style that had to do with china's stock market not with china's economy. we need to be very, very clear that the global markets are trading on china's economy, not on its stock market. their stock market is a frontier market. you need to put very, very little weight on the idea of what their stock market is doing. >> reporter: what should come here in the coming days? are we going to see more volatility? >> we probably are going to see more volatility

also here, ben stein, gerri willis, and charlie gasparino. why do you this one so much? >> it's

joining us for analysis on what people are saying and doing, ben willis, senior floor broker with princetons, and on the left, stephen kilfoyle. what's happening here? >> i think the market caught up to china. the european buyers seem to keep us afloat early. right now energy is obviously the one in the barrel right now get crushed. brent breaking $50 a barrel. >> i think it was last week, make the week before we were gently repricing klein into the market. is that what's happening here or has it become bigger than china? >> i think it's become bigger than china at this point. we've taken a look particularly at the oil contracts realizing oil had no business being at $100, or being at $50. if you're a long-term investor, i'd be looking for values in the energy sector. >> is that your take? >> i certainly think the energy sector is getting to a spot where it is going to be a tank. there are some positive here, also. you airlines today, profits are through the roof due to the lower costs. the whole airline sector is up 3%, 3.5% today across the board. >> i agree you can make money, that's rat

ben willis who's at post 9 i think. we have ian weiner and our own rick santelli. rick, what was the market response when that came out? >> it definitely firmed rates up, but i think the real story is if there's anything about the fed that truly impacts markets, there's one fast and easy place to look first, the dollar index. so look at the dollar index. see the way it firmed up? and see the way ten-year notes around 120 eastern when that came out and of course it's continued a bit and it was a fertile environment for that selling to push up field to tens considering that yesterday we closed a yield that was below where it settled last year and the lowest yield close that we've had since may 29th. now whether they actually do it or not, meaning tighten, i can't tell you if mr. lockhart really has his thumb on the pulse of what janet yellen and company will do, but i can tell you in front of adp tomorrow, jobs report on friday the market's a little itchy. there aren't that many big data points between now and the meeting so i would have to say, yes, in the market re

people like ben carson although he is polling are willy well there are a lot of people watching the debate who are seeing him for the first time. radio oo they will have a chance to say what he this want to say. why shouldn't we see them grill. >> the great function is to knock politicians off their script. these aren't really debates. no one is talking to each other. the only opportunity you have to knock a politician off is the talking points and get them to reveal something. >> we had the split screen. i appreciate that. i know i work here but i have to say even as an object i have observer, i appreciated when chris christie and rand paul went at it. it poses a huge risk within the republican party. it's an important exchange that will continue. >> the most important change of the night i believe>> do tell? >> no i have to go now. >> first on monday the republican presidents were taking part in a voter's first forum in a place like new hampshire. not everyone did well. jeb pubush seemed happy to be there but avoided a question entirely. >> on legal immigration does a problem of crisis e

willis point. rest of the trains on or close. robert and juliet. >> we're going to do the campaign ben, you know for our bosses to improve ben. >> something different. >> banner and check him out. you have to get the full effect. >> i like it. >> say that about my coworker. >>ening i think angular face with a little scruff. i like that. easy robert. >> so krvelg comfortable telling him that. >> we improve speaking of men. more women go topless in the ongoing debate over the toplessness in the debate in the city. >> excited to see how we were going to transition from the beard to this story. i see juliet did it. live now in times square with more. good morning, liz. >> good morning state police out here in times square speaking with topless women on saturday. when our fox 5 cameras shortly out here on the plaza you could not find any of these topless women. now mayor and governor have both said they want them gone. but everybody seems to have an opinion on whether they could stay or o go. it is the latest hoses physical to hit times square. topless women exchanging cash for pictures. on sunday more than 300 people went topless in

ben rson, marco rubio all saw upticks, some of the insiders, jeb bush, scott walker, they lost some gravity. that tells you something about today. they're gravitating toward the outsiders, whether it's trump or willie? >> after all that, trump is still up double digits at least >>> a major development tonight in the fight against isis. six americans f-16s arrived in rkey today to join the battle against isis in neighboring syria. our pentagon correspondent jim miklaszewski has more. >> reporter: the u.s. has launched more than 6,000 air strikes against isis and iraq in syria. yet the overall war seems to be locked in a stalemate positioning the war planes at the incirilk airbase may provide a boost to the campaign. the f-16s will be within only minutes away from the pot ntial isis targets, providing a much more rapid response to any isis threat. u.s.-armed drones flying out of incirlik launched timely attacks aglaainst enemy forces inside syria. this also signals that, for the first time, the turkish military is getting more directly involved in that fight just across its border. u.s. military officials caution at the same time, however, this is not a game changer. air strikes alone cannot defeat i

ben carson, the only others receiving did you believe budget numbers. recent comments on trump made on how much he pays in taxes, gerri willis has the details on that one. i love this, gerri. >> i love it too. you know, what love about trump is he's so relatable. and here's what he said on cbs this sunday about taxes. listen to this. >> i pay as little as possible. i fight like hell to pay as little as possible for two reasons. number one i'm a businessman and that's the way you're supposed to do it, and you put the money back into your company and your employees and all of that. but the other reasonsy hate the way our government spends our taxes. . >> so listen to that. trump being super relatable there. saying what all of us think that the tax system is horrible in a recent poll, 59% of americans think that the tax system needs to be changed completely. get that. and we all know that the tax system isn't equitable. less than half of the folks out there pay income tax. so a lot of the people who pay feel it's unfair. and, melissa, i have to tell you as a businessperson, if he doesn't pay as little amount of tax as he possibly can, you just think he's n

bankofthewestclassic.com >>> first on cbs this morning, ben tracy tykes us inside what could be the future of food. >> this piece of gum is a three-course dinner when williereporter: but now a company called soyland has found the formula to replace food as we know it. it comes as both powder and today a ready-to-drink form. rob reinhardt is soylent's ceo. what do you against food. >> absolutely nothing. quite the opposite. i love food. i love pizza, doritos, barbecue. >> reporter: the engineer working long hours he was eating a lot of bad food and wasting a lot of time and money on it. he now drinks 80% of his daily calories. you view this as real me remacement or supplement. >> this is not something designed as supplement to fill in gaps of your diet. it's a full meal, going to give you everything your body needs. >> reporter: designed to provide a complete meal of essential vitamins, minerals and healthy fat with zero cholesterol. each serving 400 calories and contains 20 grams of protein. >> yeah. it is bland. >> it's chalky. >> reporter: reinhardt says he designed it that way so people could flavter to their liking. make a version that tastes like a m

ben tracy takes us inside what could be the future of food. >> this little piece of gum is a three-course dinner. >> reporter: when willy wonka created a three-course meal chewing gum -- >> it's tomato soup! >> reporter: -- it did not turn out so well. >> violet, you're blowing up! >> i feel funny! >> reporter: but now a company called soylent says it has found the formula to replace food as we know it. it comes as both a powdered and beginning today, a ready-to-drink form. rob rheinhardt is the ceo. >> reporter: what do you think give food? >> nothing. quite the opposite. i love food, pizza, burritos, barbecue. >> reporter: the 27-year-old engineer realized that while working long hours, he was also eating a lot of bad food and wasting a lot of time and money on it. he now drinks 80% of his daily calories. do you view this as meal replacement or is this meal supplement? >> this is something that's not designed as a supplement to fill in the gaps of your diet. this is a full meal. it's going to give you everything your body needs. >> reporter: soylent is designed to provide a complete meal of essential vitamins, minerals and healthy fat with zero c

willie. >> mesmerizing. >> barnicle. >> showmanship. >> a new suffolk university poll shows donald trump with a 5-point lead over wisconsin governor scott walker. the previous front-runner, marco rubio and bene republican debate and of those, viewers found rubio and carson the most impressive, 11% said that about trump. more than half said they were less comfortable with his candidacy for president and 23% said more comfortable. in new hampshire, trump is down from his double digit leads of last month but five points ahead of jeb bush with ohio governor john kasich surging into a close third place at 12%. we need to get to the kasich story before this block it over. michael steele, take it away. what do you make of those numbers? >> it just tells you that there was a slight hit to trump in terms of his performance. but he still has that graphvy tagsal pull. folks are 65% more uncomfortable and yet he's still leading and they are gravitating towards him. he's got this amazing mix of repulsion and inclusion. as long as he's able to do that, he'll stay where he is. i've said before the only way trump goes down, if he takes himself down. i don't know how he does that at this point. there have b