let's bring in neil wineberg and bob pisani. let's give him a grade on the performance from mr. on. what do you think, bob? you start. >> everybody came in thinking, sue, that jamie dimon would get the living daylights beaten out of him. he didn't. he answered every question in a short, assured manner. he wasn't disrespectful. look what he did. instead of concentrating on the mistake, he admitted he went forward and ended up with policy discussions. this is a win for him. >> you agree, neil? >> he got to talk about the things that he has problems with, he doesn't like the volcker rule. thinks we have this -- hash spaghetti pile of regulation and kind of turned the agenda in what the banking industry want to talk about. >> i think it was interesting. he didn't lose his temper, wasn't cocky and a couple questions where the senators were not well informed in terms of some of the facts. and he resisted the temptation to fire back at them. >> they don't know -- look. the congress doesn't know how to manage the trades, either. the bottom line is he answered every one of the questions.

with us is simon hobbs and bob pisani. let's see if the relief of europe is enduring. changed? what should i take away from all of this, simon? you first. >> in a sense we dodged a bullet, didn't we? least worst outcome. the problem is that because you don't have a panic or capitulation, it's actually if we don't get movement from them by the end of the week certainly the politicians, we are not in a good place. >> the can is not kicked down the road very far but i don't think the break-up of the euro is imminent and there's a signal of a willingness, this week signals it makes the markets more calm and not a lot of people invested in stocks right now. >> sort of agreeing with both of you, actually. the can is ticked but not as far. let's talk about microsoft. rumors flying about a microsoft design tablet. a big announcement later today. others speculate a kindle killer or a direct competitor with the mighty ipad. >> i can tell you, remember what happened with some of the other stuff they tried doing so well. i guess they could bring in -- remember the zune? they were

we asked bob pisani and david kelly, steve liesman joins us as well and rick santelli as well. steve, why did this blouailout l to impress? >> subordination is part of it. >> explain that. >> the idea as a private investor i would come in behind the european governments who would be helping out spain. so it doesn't really present a clear path here. which is that what we know now if you give money to spain, spanish banks, spanish banks can buy government debt. who else will buy government debt and come in behind the european assistance out there? i think that's a big part of the problem. plus, i think it is failure to follow up there is no bigger talk of a larger coming together in europe. what i have -- said for a long time, every time they stabilize the situation, you see the stabilize at a lower level from where they were. which just -- goes to show you they remain continuously behind the market. >> rick santelli. i mean, we knew the subordination issue was there. why did we even bother to rally to the open this morning? what happened here? >> i think the subordination issue

. >>> let's get to bob pisani and rick santelli. bob, lots going on.druple witching expiration on friday and jamie dimon today where the focus was and the gains in the dow short livered as jp morgan stock picked up after the testimony. >> yeah. yes, the answer is volume is heavier than normal. there's a witching expiration, quarterly. and options and the important thing is we would be lower, mandy, if it wasn't for speculation about what the fed might be doing next week because there's worries of the greek elections. people aren't sure how to trade or what to do about it. for the last month, we basically stabilize. we have stopped going down. we were going in to june. generally on a down trend. now things stabilize. the stuff i look at every day, the australian dollar stopped dropping so much. oil has stopped dropping. copper has started to stabilize a little bit. it was in freefall in the month of may. i think this is, again, a little bit of signs of technical things and a little bit of signs of the fed trying to act. meantime, as you mentioned, big s

bob pisani? >> the guys everybody thought would win in greece did win and the rally occurred on friday. that's a simple explanation of what happened today. volume on the light side, very narrow trading range, about 80 points for the dow. investors are definitely expecting some hints of fed easing on wednesday. i think we'd be disappointed if we didn't get it. ms. merkel did reject the third bailout for greece but there are indications she's going to soften on that. energies and financials were on the lagard side and have been on the lagard side. all the builders closed right near their highs. apple finally participated. last week they didn't have anything to do with the stock market. today they had a great move to the up side. steel stocks down again. now a.k. steel said their earnings would be below expectations. >> we have breaking news right now. i want to get to kate kelly at headquarter. >> chesapeake energy, the embattled company shaking up almost its entire board right now has sorted out w

let's go to bob pisani. we're showing viewers we lost about 50 points in 10 seconds.ket looking for some of that fed special sauce they did not get. >> well, the important is the one thing they wanted most qe 3 that would have extended the gains they did not get. got the selloff. that's the immediate knee-jerk reaction. this is the kind of gain you get people who sell right on the news. then you get other people who move a little bit after. watching these fed announcements is very interesting. two different kinds of players who will come in. guys play on the headline and guys who will argue that the numbers aren't that bad or the comment is not that bad. notice here-of- how we're coming off. bank stops immediately dropped when we got this. bkx, then rallied back. the important thing here, we've had a huge rally in the last four or five days, 4%, 5% move in materials. in apartments patience of this a downdraft what they didn't get on the perfect scenario is fine. a pretty good market reaction. now turn on what's going on on 28th and 29th. some movement toward common fi

bob pisani joins us back here. >> try explaining this day. >> up 12 and so many forces involved it's a boring 12. >> very interesting to follow europe and the, of course, the federal reserve. three legs to what happened here. put up the dow jones industrial average and see what happened. number one, disappointment of no specific qe3 program announced and then dropped and said, gee, they're laying the groundwork saying employment slowed and said inflation declined. there you go. that's the groundwork and then 1:00, angela merkle said the bailout funds do include the possibility for buying sovereign debt although she said no concrete plans now and there's a point of further german concessions. that's the point. there have been some point of changes in treaty rules or things like that. she's slowly starting to back off. another little bend back. >> a first of many. now the forecast coming up and then the news conference. i mean, do you anticipate some more violent reactions or is this sort of where we'll be for the day? >> he's handled this very, very well. he'll clearly indicate they s

bob pisani here. do we owe this rally or not?n, deposit insurance, some kind of resolution fund also regulatory oversight. that's got people talking as well. that's definitely what's going on here. here is the problem. germany starting to push back. recently officials say we don't want a banking union right now. look at the headline. this is the real crux of the problem going on here. they don't want a banking union without a fiscal union. what does that mean, the germans aren't going to transfer billions and billions of euros to southern europe under any circumstances for the banks, sovereign unions. here is the quote of the day from one of the bank officials. whoever accepts liability, that would be the germans, also has to have the right to control. that's the heart of the issue. germans want control over where they are spending money. how southern european brethren are spending it of that's the problem. they are not going to give up the sovereignty, that's why it's so darn difficult, plotting from crisis to crisis. to make th

let's check on bob pisani, here on the stoke floor exchange. >> and we're up, did you notice futuresegan rallies almost immediately after the disappointing initial jobless claims numbers? and the revision for the prior week was moved up a bit as well. this is what i call rallying for all the wrong reasons. you know what i'm talking about, folks, because there's speculation qe-3 is coming, if not qe-3, an extension of "operation twist" next week. this is the bad news is good news story. it makes trading extremely difficult, but that's what we're getting this morning here. the important thing is what was going on here on the qe-3 speculation, it's been getting louder all throughout the week. that's one of the things that's been prop our markets up. a story on greece is very simple. generally the feeling is no matter who wins, the troika will lose. what they're going to do is give them more money as part of the concessions, no matter who wins. they're going to roll back the reforms, they're going to extend the terms, reforms, economy, the layoff that we stalked about under the old auste

. >> let's check with bob pisani with more on what is moving thorn. >> the probable is kick the can, and the can isn't going very far anymore. there have been proponents, arguing it's buyings time. the problem is what's going on with greece and spain right now, did you see these early reports? there are reports the greek government will seek a two-years extension. what does that mean? very simple. they're not going to meet the tax collection. the troika will have to come up with more money? nobody knows. it's not clear yet. they'll have to have negotiations, but the issue is very simple, how do you kick that can down the road when the netherlands is having elections in september. it's not even clear this could approve more money at this point. germany isn't isn't going to do it, it's going more different. kicking the can seasonal moving the can very much. they're losing faith in the ability to actually do something, you see what's going on in the give-20 meeting? absolutely nothing. the main accomplishment there shall they'd try to increase the money, try to ray $420 million. we'll s

bob pisani has more. >> remember, when we used to get a real bounce on these weekend euro bailouts.ibly. >> for more than a month. we were up 80 points right at the open. look at the dow. it's really been straight down, really. as simon mentioned, a slight pop here. really, that's not the direction. we're clearly moving to the downside in all your major sectors. particularly material stocks. industrial stocks. the stocks that are involved in the global economy. all turned negative very, very early on. so materials and energy and industrials within the first 20 minutes, they went negative. you can see remain to the downside. a lot of comments this morning about the political ramifications of the spanish bailout. let's call it that. in fact, there apparently was not a lot of strings attached. perhaps no austerity. no imf program. that may be a little controversial. he may or may not have been level with the spanish people about this. there were a lot of comments over the weekend from various elected officials. samari, head of the conservative party says the spanish bailout adds urgenc

. >> let's check in with david who's found bob pisani here at the new york stock exchange. >> we're talkingbout a banking union in europe. at least that is certainly one of the key headlines. we haven't talked about europe at all so far in the first 45 minutes of the show. >> the important thing is, are they ever going to make any progress other than throwing money and building up more debt upon debt. two events in the next two weeks. things are starting to come to a head. g-20 meeting is next week. going to be in mexico. president of mexico is hosting it. the big thing that's going to come out, whether or not they're going to raise a lot of money for an imf bailout fund. over $400 million is what they're looking for. can they actually do it? $400 billion is a lot of money. the issue is the u.s. is probably going to sit it out. you'll get the brazilians, chinese, russians, japanese. maybe the u.s. won't pledge anything. this would be a historic shift that could happen. that's the big news. after that june 28th and 29th an eu summit. i know. another eu summit. who cares? well, this time ther

. >>> mary thompson is here on the floor in for bob pisani. >> we have a mixed market in early trade.he nasdaq, of course, which is coming off a five-day win streak the weaker area here. now down fractionally as sect conductors are under pressure today along with energy stocks. drug stocks and bank stocks looking higher. we're also keeping watch on commodity stocks today because it appears that the risk on trade is off today in large part because of the disappointing manufacturing data we received not only from china but germany as well. all of this coming on the heels of yesterday's downgrade of the u.s. economy by the u.s. federal reserve. still we continue to wait for a number of economic data points coming out later this morning. l.e.i. for the month of may. philly fed index as well as existing home sales. that could change the tenner of the market. as i mentioned we're watching commodity stocks again because of concerns about a global slowdown buffetted, of course, by the fed's move yesterday to lower outlook for gdp growth here in the u.s. of course, the continued weakness in ma