here with me is bob pasani also cnbc market analyst kenny, tyler is in the conversation. dominik chu in the conversation. we move below the 50-day moving average, and that's what triggered the selling. the technicals. >> it's much more technical. i had it in my note. we've been teasing with the level the past two and a half week. it tends to be confusing. essential great news out of there. you have some divergence. >> it begs the question as to the rally we saw this morning was mostly short covering or whether there was some real buying in this market because it doesn't look like there it is now. >> it tried to pick -- that was the first disappointment. energy stocks didn't respond even though oil was down and came off its lows. didn't really respond. second problem was home building stocks late in the day dropped as kb homes says their margin of 2015 will not be as strong as people thought. the whole complex fell apart. alcoa went negative. they were strong during the day. generally good comments on their earnings overall, and then it just went negative a little after 10

speaking of snow, or not, go back to bob pasani in southern florida.n their new coin based bit coin wal lut. take it away. >> you know, it's amazing is we had 2,000 people in here just about an hour ago packed into here about an investment that most of them have -- don't have anything to do with and are not invested in, but they're interested in possibly figuring out a way to do it. our two guests, both talking about that today. cameron and tyler winkelvoss join me here. the important thing is you have announced an exchange. you have announced one. gemini.com. tell us about how it would work. >> sure. so we're just trying to be basically the bit coin -- excuse me -- the nasdaq of bit coin and be fully compliant and regulated and be based in new york. >> and there's another component to this. you have had a registration for a bit coin etf for a while now with the s.e.c. that's a slightly different part of this whole thing. can you tell us where that stands? that's been if registration for a while. >> yeah. we've been following the fifth amendment that's

bob pasani who has perfect timing is in sunny hollywood, california, with some of the details on thaty, bob. >> just out at the right moment sue. we're all trying to figure out how we're going to get home again. the bottom line is this is the biggest etf conference in the world. 2,000 investment professionals trying to figure out how to make money for their clients. i'm swroined by dan draper. he runs power shares. this is one of the big four etf's. he knows what he is talking about. smart beta says why should everything be market cap weighted like the s&p 500? you can weight inteks other ways and make more money. what's the argument? is there a real reason i should consider something else other than looking at a market cap weighted index? >> >>. >> it'sover eighty stuff that might be -- >> the russell 1,000, which has big cap index. the s&p 500 is a market cap weighted and the sim bomb is eqal. why equal weighted? why do we need an equal weight index in can you show that would outperform a market cap weight? >> >>. >> you have an index that weights -- they pay the most di dendz. can

let's get down to bob pasani at the new york stock exchange. shortened trading week for you, bob. what's everyone talking about? >> we have a problem. there's no bids. there's not a lot of interest in buying. >> that is a problem. >> i know that sounds simple mrisic, but sometimes it's the truth. >> we started out all right, but immediately we just droop because there's no bids. there's not a lot of people interested to buy. why is there no interested in buying. the markets are choppy for several reasons. the full screen there. a certainty on the ecb and on greece. we've got russia and ukraine starting to perculate again. little pieces coming out. we've got earnings estimates coming down. that's the biggest problem. this is the world i live in. it's turned by earnings estimates. let's see why i'm concerned. take a look at what happened in q4 for the earnings estimates. they were up 4.2% right now. that's today for the s&p 500. five weeks ago they were up 6.6%. that's a big decline. now look at q1. this is what we're in now, and this is where stocks really are priced with what's go

bob pasani on the floor of the new york tenning. rick santelli is in the pits in chicago. the weak retail sales really just twist thad knife in further. >> futures dropped ten points on that retail sales number. that just does not happen intestine. that's not normally a big market mover. take a look at the sectors today. we have no intent to rally at all. 2:00 in the afternoon and nothing. we're sitting near the lows of the day. volume is veering towards the heavy side right now. 2% drops right across the board, and all the big sectors -- financial, energy, discretionary, as well as materials. the banks have been breaking down. banks will normally sell off going into earnings season. it's very typical. this is a worse than normal, so jp morgan, disappointed report. near the october lows. same with bank of america. citigroup is below the october lows at $48. we've had some problems here. this selling off bank index down about 10% this month. that long energy trade and probably high yield weighing on the banks here. we should have a rally in energy stocks. nat gas up 8% toda