bob iaccino in pits of cme. we want to start with jo ling kent and talk about this extraordinary ipo, jd.com. i was trying to describe it to somebody but kind of like overstock.com. have a whole lot of stu on the internet. they're still not making money. still not profitable. what is going on with ipo. >> still not profitable. more like amazon than and alibaba. i spoke with former coo and ceo of jdmall.com and biggest revenue generator for jd. they are inching towards profitability. how the bumps in the road could affect chinese consumer he is depending so much on, he not expect middle class that is growing outward. look at their numbers. 60% growth in revenue in early nine months of 2013. you have billions of dollars worth of merchandise volume swishing around. a lot of potential for jd.com. what does he think about alibaba? what does he think for jack ma. good time to go public in u.s. liz: we'll see in alibaba's picks the nasdaq or new york stock exchange. thank you, jo ling. we have bp earnings out right now

bob iaccino from pits of cme. let's talk about whether this is bump in the road, bob or whether it's something bigger than that. what does it feel like to you? >> well as it sits right now it feels like something bigger than that and a lot of it goes back to your conversation with nicole. the volume all on the downside was very good. we vane seen a lot of volume to the upside. it kind of makes sense. the market has been moving sideways. people talking about this potentially being a sideways type correction. to me this is still a bull market we need to see. the correction crowd is growing. it is not going away. february lows, asset allocators, traders everybody one he welcome that. eight to 10% in the s&p no one will complain about that move if it rallies from there which i think it will. liz: you have a delicate balance, kimberly with all of this coming at us. you're calling this second quarter dassault lay type of market where you have to do that balancings ability. >> there is slew of data. 1/2 ghaith the markets

bob iaccino of tethys partners joins us now. bob how critical will today's market action be as you are trading here? > > the'll be very critical. the way we saw the market close on friday even though we had a new high in the dow -- a new record high, i think people get a little bit too excited about the word record high or record in front of it. it's not really a material change in the appreciation of the dow or the s&p when we get these record highs. you need to see movement with volume. we're not seeing that. the way the market traded on friday, you're going to need to see some follow-through today and tomorrow. if we don't get the follow-through then i really don't put a lot of stock in friday's record high in the dow. there actually has to be movement the following week-- that's what we should get today and tomorrow. > > earnings are winding down so what will give you clues? well i think we had a look at the guidance going into next earnings season. this particular earnings season, companies didn't do bad. the vast majority o

trader bob iaccino of tethys partners steps in now for an early look at the market. bob we are at the end of may. how is today likely to play out? > > well we'll probably play out with a little bit of selling but that something you have to take with a grain of salt. everybody knows the sell in may and go away phrase. it doesn't work in a bull market. if you track it historically and if everybody agrees we're in a bull market which i don't see how you can at this point disagree with that-- it doesn't work. so sell in may and go way that will affect some people toward the end of the month, but you're going to see new positions being established in june and held even if they don't gain traction. > > should investors be watching for clues about the economy and the market in the bonds or stocks? > > well the 10-year is sort of the canary in the coal mine. i think a lot of us including myself thought we'd see a 3% 10- year this year. we're at 242 as of yesterday, so i think that it's telling you that there's potential for some kind of slowdown until you look globally, and w

trader bob iaccino, of tethys partners leads the way on this friday. good morning to you. > > good morning. > > well we definitely have some market weakness especially in tech and biotech but what are the opportunities out there that you would like to take advantage of as you're trading? > > you have to look at this market 2 ways: you're either a bottom fisher, which i'm not and if you're going to be a bottom fisher you're going to do in the small caps and the biotech but you want to wait. you want to see what the broader market does. we have a technical correction in the russell 2000 down a little over 10 percent, we don't have that in the broader market and if the broader market reaches for a correction which some of the volume we saw yesterday on the selloff seems to imply that it might be doing that. russell could be down 16-18, 20 percent so you want to be careful on those small caps and biotech. but if we're still in a bull market which i believe we are, and the only sell-off we're going to see is a technical correction which i believe we will. t

here we go with trader bob iaccino, chief market strategist, at tethys partners . good morning. let's talk about market reaction. >>let's. >>the stock market is reacting already to the fed and gdp. now today we have the ism number coming into the market. what do you anticipate? >>i think we'll be looking very closely at the jobs number. yesterday at the close of the fed meeting, you saw very little reaction and very little change in the statement. we closed at a record high and i know people like to get excited about that. i get excited about it too. but you have to realize that the month yesterday basically closed slightly up on the dow and slightly up on the s&pboth less than 1%. the nasdaq was slightly lower. the record doesn't really mean that much in people's portfolios and i think it has to be looked at in that vein. the ism number while important, when it's inline with the non farm numbers the way it is, it's really going to be shrugged off. >>as far as that jobs number, are traders likely to sell on a good number or on a bad number? >>that's an interesting point because

we want to head back to bob iaccino in pits of cme. bob?seeing very quiet into the close just like when i was talking to you a few minutes ago. there is not that much going on from volume per perspective and momentum perspective. i think this week played itself out. we're in a bull market. the correction if needed will come quickly. people keep powder dry an be ready to come back. tough buy dips for 2014 u. you have to be careful where you buy it. risk/reward is skewed. don't want to go long here. liz: the guy behind you wearing beats? i don't think so. those look like 1970s headphones. >> i own a red pair of beats. liz: that is cool. he is a young pup. adam: tim cook over at apple. liz: have a good weekend. thanks. >> see you guys, bob, thanks. liz: the dow closes at all-time high after quite a choppy session and sizable declines for tech plays and small caps stalledket momentum earlier this year. adam: are we getting ready for a summer bounce? this is a great question to ask. is it time to commit more money to this market? joining us russ

bob iaccino at cme. this market continues to move higher. >> yeah, it does and we think it will continue to do. that the interesting part about the way the price action played out is this sideways movement with these very small new record highs. on not a lot of volume continues to happen. i hate that i have to be bullish. but i am. so i'm sort of split between the two guests. i have to buy this i have to buy the dip. there is nothing on the horizon, look at the 10-year. this 10-year, it is the fed's dream. they get to taper and see rates go lower. so you will not see end to tapering but not boeing to see end to the rally either. david: yuri, this is the first quarterly contraction since 2011 and market is up. what does that tell you? >> it tells me this is very, very strong bull market. people are looking for reasons to buy. the reason here would be, down gdp, they feel the fed will be in there supporting them forever. i think it is backwards thinking. i would have thought the market would have gone down