bob pasani is on the floor. bob. >> this is a slightly different feel to it than this week.emember, we have been slaves to the oil market. it's been oil that's been a mover of the stock market this week. this is a little bit different today. take a look at the s&p 500. we started on the weak side, and basically just drifted lower all throughout the day. remember this is an expiration date. the volume is heavier than normal. >> in fact, that is not bringing down the market. what's interesting here is financials are weak. remember something. if the expectations are for lower rate -- less number of rate hikes, less chance for yield curves staep steepening. financials might have a tougher time. they have run up a little bit ahead of the fed meeting. as you can see, regions, goldman, and citi are all to the down side. the most beaten up energy names today, they're not selling off. your chesapeakes and your range resources, your hess and apaches and southwest energy, look, they're all up today. it's an interesting quasi-rotation going on. i want to show you consumer staples. this

our bob pasani is on the exchange to bring us that moment. bob. >> certain things change and certain things don't. barbershop singing goes back to the 1860s. this song written in 1905 has been a staple down here every single year since the early 1930s. here's art cashin, the lead of the annual rendition of "wait until the sun shines, nelly." >> one, two, three. ♪ wait until the sun shines, nelly ♪ ♪ as the clouds go drifting by ♪ we will be happy, nellie ♪ don't you cry ♪ down lovers lane we'll wander ♪ ♪ sweetheart, you and i ♪ wait till the sun shines, nellie, by and by ♪ >> merry christmas, everybody. merry christmas. merry christmas, everybody. special merry christmas to art cashin. 50 years on the floor this year, and 50 years leading that. it never really changes for you, does it? >> no, it doesn't. great old tradition, and we want to hang on to it. come back new year's eve. we do it again at 2:00 in the afternoon. >> do it every year. certain things never change. we hope they never will. merry christmas, everybody, from everybody down h

our bob pasani on the floor watching everything. bob. >> we are in the middle of a modest rally.emember, we were -- we got down 20 points in the s&p 500 right at the open, and we have more than half that with the s&p down only six points. let's take a look at the market internals. give you an idea of what we're looking at. it was a crummy open. a 10-1 declining to advancing stocks. that has now been halved. it's still not great, but a lot better. new lows have expanded. over 300. there's about 2, 500 stocks that matter at the nyse wroosh let's do the math there. that's one out of every eight stocks. it's higher than recently. it's a modest up tick in volatility. the vix is about 17. that's not in alarm bells territory, but it's been moving up in the last couple of days. some of the energy names are at new 52-week lows. they've come off of the lows in the last hour or so as oil has come up. you see some of them are positive. transports of the other group, these are industrial stocks that have been hitting new lows, lug some of the railroads like union pacific, kansas city, ryder,

here's bob pasani. >> when making predictions be bold and play against the consensus.st, the profit recession will finally end, but just barely. after four consecutive quarters of negative earnings growth, the s&p 500 will see earnings improve in the mid single digits. the key will be a modest turnaround in earnings for energy companies after a 60% plunge in 2015. second, after years of playing growth and momentum names like apple, for example, investors will gravitate towards boring old value stocks. particularly energy names like exxonmobil and financials like citigroup and industrials like united technologies. finally, the proposed merger between dow chemical and dupont won't be the last in the beaten up materials space. there will be more in 2016. fertilizer giant potash tried and failed for german fertilizer giant k plus s, but management said consolidation was still on the board, so potash will be talking as well as those in the seed business, including syngenta and mondsantmonsanto. >> what's going to outperform? that's the big debate? you can see that going on

. >> bob pasani has a look back. >> there have been a lot of winners and losers.re have been an unusual amount of losers, and we'll focus on 2016. fit bit had a great close to the year. i put shack page in there as well. that was up about 90%. big name winners. there were a lot of particular segmented losers that were out there this year. >> univision. neiman marcus was floating out there. never happened. we'll see if that happens in 2016. the big trend is 2016. i think it's going to be tech stocks. >> we did already get some filgsz. business storage companies. this was a big cnbc disruptor in 2015. if they make it to the finish line, they would be the third. pure storage is on the list as well. secure works. that's a dell subsidiary. they also filed about two weeks ago. we mentioned equity stage bats. that's already filed. nutanics and secure works could go public in the first two weeks of 2016. they may be the first alumni of the new year. others that have not filed, but are floating out there. adaira and student loan refinancer, social finance, also a potential

. >> bob pasani has details of the ipo. the good, bad, and youingly, and those that never even happened. bob -- >> it was a good year for a few and a bad year for a lot. let's just take a look at the winners right now. you know what we're talking about. the fitbits of the world. go daddy all did pretty well. these were anomalies. more typical were ones that break even or even lost for the we're. etsy had a big splash sxended up down 47%. fogo de choa also down on the ipo losers side. party city also on the loser side. then as mandy mentioned, the leftovers. stuff we kept talking about waiting for it to happen. it never eventually did. i'm talking about albertson's, soul cycle, univision, mcgraw. still waiting for 2016. overall, ipo market, take a look at the ipoetf. down about 9% on the we're. this is a basket of about 60 ipo's. reflecting disappointment out there particularly in the second half of the year. underperforming the s&p 500. for 2016, the story is very simple. tech, fewer private deals. more public ipo's. that's

. >> what bob pasani, it has been a lousy year for ipo's.ertainly last year has been different than last year. theologic put out a note. it's not been that great of a we're. >> it hasn't, and i think the reason is that we have just made it much too much of a hassle and too expensive to go public. with all the new regulations after the collapse in the 1990s, nabbed that people were very frustrated after that, but we've created this environment now where the only companies that go public are so mature by the time they go public that all -- or a lot of the growth is out of a lot of them. we're trying to derisk them. they go down. >> what about the jobs make this -- a fast track to the public -- >> go back to the 1990s. a lot of risk in these companies. people need to beotology accept that. i think that folks who are buying speculative tech stocks ought to be able to take that. if i'm going to play in this space, i have to beotology have a lot of these go zero. when amazon went public, it went public at a 500 million market cap. that is just inc

bob pasani has details. >> what's important here, new car sales have been fabulous.'ve been talking about huge numbers, potentially record numbers. and yet carmax reports numbers that are little weaker than expected. and it's not in the new cars. it's in the used cars that's going on. 0.8% decline in used car sales. what's happened is new car sales have been strong, we all know that. due to low rates, aggressive leasing promotions, the used and new car people have been so successful pulling away from the used car business. so this is really good news. great deals on cars, great deals for the consumer out there because the leasing promotions are really strong. but bad news for carmax because there's not as much out there for them to buy. lack of supply a big issue for them. carmax down 11% for the year. we've got all these great new car sales numbers and the auto companies aren't really doing much. and these guys have 4% yields, ford and gm, 4% yields right now. none of these stocks are expensive on any stretch of the imagination. we got the a new deal with the uaw, w

our bob pasani is on the exchange to bring us that moment. ings change and certain things don't. barbershop singing goes back to the 1860s. this song written in 1905 has been a staple down here every single year since the early 1930s. here's art cashin, the lead of the annual rendition of "wait until the sun shines, nelly." >> one, two, three. ♪ wait until the sun shines, nelly ♪ ♪ as the clouds go drifting by ♪ we will be happy, nellie ♪ don't you cry ♪ down lovers lane we'll wander ♪ ♪ sweetheart, you and i ♪ wait till