bob pisani joins me from the floor of the nyse. bob, they're parsing every word coming out of capitol hill and house speaker boehner giving a boost to the markets a bit ago. >> he did. he is a little more optimistic. but we're being blown around by the headlines. look at what happened. in the last two days on headlines coming out of the congress, first yesterday senator majority leader reid said there was little progress being made on the fiscal cliff. that was yesterday afternoon. we lost 50 points on the dow. even though mr. reid said he was hopeful a deal could be reached, damage was done. senator mccobble said democrats should be more actively involved in the debates. he said the president was traveling around the country having complain like stops, he should come back to the capitol and make a deal. today representativeboehner saying he was optimistic a cliff deal could be rachd. the market rallied nicely on that after disappointing new home sales results. just in the last hour, we've rallied because the president has come out

joined by jane wells and bob pisani. cross country version. y, the first non-british citizen ever named to the bank of england. but bob, he is a subject, isn't he, as a member of the british commonwealth? >> regardless. listen this is a smack in the face to the old bureaucracy, the bank of edge land. one thing carney did, everybody knows about made it more transparent about their decisionmaking, what the targets were. he wants a more open policy, he will getted it upper carney. >> jane, what do you think? >> i say put a canadian in charge of the fed. i love canada. best people, best neighbors. they put up with us. see "argo," i love canada, love the way they say about. all happy about it. >> gm and the chevy volt. despite the u.s. market's weak appetite for electric cars, jane, do you see lot of volts thought in california? >> no, and this is california's fault, because car makers are doing this because to sell any cars in california, the state is going to make themselves a certain number of electric cars but nobody -- while californians love t

bob pisani joins me from the nice. what turned us around?a pretty decent pop a few minutes ago. >> we had a rally on nothing. on air. this is one of the lightest volume days of the year. bond market is closed. folks, we've rallied 70 points in the dow in the last hour and a half. and i think a lot of this might be related to the options expiration. the vix, volatility index, intraday has simply collapsed. a lot of people are likely short. we're going into an optionics piration on friday but the vix has just collapsing right across the curb. that's a big decline on intraday. light volume, going out even january and february numbers have come down a little bit. it wasn't just even today. the front end is the one that's down the most. elsewhere we're seeing declines as well. if you look at the sectors, fairly light. we're about even on the advance/decline line but this will be one of the lighter volum volume days of the year. >>> gold markets are closing as we speak. >> gold is practically holding steady here right around $1,730 an ounce after

joining is now, bob pisani and john carney. topic one, sac capital in the spotlight. say could be the most profitable insider trading case in u.s. history. a quarter of a billion dollars! but the is also trying to get a closer look into the notoriously private world of the founder of that hedge fund, steve cohen. bob pisani, your thoughts. >> the point here for the prosecution is they're after plp cohen. so far all they're saying is this beautiful manager, a, who we think is steve cohen certainly authorized trades based on what mr. martomo told him but we don't have any direct evidence that he knew it was based on insider information. i know it is strains credulity to realize he wouldn't have this kind of information but so far i haven't seen it surface. i think we have to wait for more information. >> i want to strain the credulity a little further because i've actually been talking to some people who used to work at sac capital. they said, look, if you got a piece of information you weren't supposed to have, you might put in the trade but you'd never reveal to anybo

bob pisani is covering today's wild swings. eamon javers is on the political back-and-forth. bob, start with you. as we saw the market got boehner, then got schumered to the up side as well. what do you think the market wants to hear from these guys? >> two things. very simple. they want a deal within the next -- end of month of december and it has to be substantive. there's two parts . a deal soon and it has to be substantive. boehner came out 11:30 eastern time said no substantive progress is made. that's what happens to the smasht. then the democrats started talking, senator schumer came out and said he was confident a deal would be reached by christmas. the market goes up. that's the deals we're looking for. bottom line is this -- the market believes something is going to happen because it's been holding up extremely well. remember all those concerns about higher taxes on dividend? the dow utilities bottomed several weeks ago. okay, it is not a gigantic move but the slope has been upward. utilities are among market leaders today. all right, fractional but it is a fairly br

. >>> but first, bob pisani is at the nyse. >> hello, mirchelle. most of the time stocks were pretty flat as president obama was speaking. they did dip to the lows of the day though when he started talking about tax increases on the wealthy. president obama said going over the fiscal cliff will have an impact on the holiday season. take a look at the dow industrials. he made these comments, the dow dropped to the lows of the day. would impact corporate planning as well. he stood firm on the tax the wealthy rhetoric, by and large, saying a modest increase in taxes on the wealthy, "will not break their backs," and would not impinge on business investments. he reiterated again several times, "what i am not going to do is exten the bush tax cuts for the wealthiest 2%. that we cannot afford." i think that was the reason we saw the markets dip down a little bit. tougher rhetoric coming from the president. michelle is right, folks, the dow's dropped 1,000 points in the last three weeks or so. partly on concerns over the election, partly on the fiscal clif

bob pisani joins us from the floor of new york stock exchange. nice rally we've got going on here. i would imagine though not quite so nice trying to get in to the nyse this morning. >> it's a mess! but first to the rally. it is the first day of the month. we usually get some inflows. that's what's happening. i love it when it works right like that. nice vol volumevolume for beate. we might make it under the heavy volume. 4 million shares. a lot of beaten up names, techs, materials and financials all doing a lot better today. this is the first day of the month, hopefully a sign of buying coming in. this has been absolutely commuting hell to get into lower manhattan. it is almost impossible to get in through new jersey. two-hour commute, 1 1/2 hours this morning at the lincoln tunnel. a lot of people are trying to stay in hotel rooms. there's not a hotel room anywhere -- anywhere in new york. a lot of them have no power and no hot water. how is that for a nice little week for you? nonetheless, everybody's shouldering this very cheerfully. >>> in terms of some stocks that are doing a

. >>> bob pisani, how are traders down here investing -- reacting to mr. obama and mr. boehner? >> it depends on what the headlines are. so the president said the clear majority voted for a balanced approach. but there's a lot of debate about what that means. representative boehner i thought was much more into fighting words over there. listen to what he said. increasing the tax rates is the wrong approach to take. he said there was a stalemate in the talks with the white house. look at the dow industrials. we did move down around 25, 30 points as his comments came out. he said we're almost nowhere in the talks. sitting right near the lows for the day. if you look at the overall sectors that are moving today, pretty much balanced on either side. pretty much even on the balance-decline line. worries about higher taxes on dividend paying stocks seem to be -- >> lows for the day but not violent downstrokes here. >> i think the problem is we'll have trouble moving into positive territory at the close. a lot of concerns about headline risks over the weekend. we could be down 10, 15 o

bob pisani is here at the nyse. arwood, eamon javers, brian sullivan who's at the white house. he's my partner for today. bob, i haven't been able to hear from you yet on the dramatic moves in the market in the last 20 minutes. what does the market want to hear from the president today? >> there are four topics that i think everyone's been talking about. capital gains tax, dividends tax, the home interest deduction has been a hot topic for the last 48 hours. finally upper income tax increases. there is a lot of uncertainty already built into the market. we're 8% off of the recent highs we had in the dow about a month ago. we're down 1,000 points in the dow a lot on this fiscal cliff uncertainty. if this can get resolved by the middle of december, i ink the market has a chance to rally going into the end of the year but we are a long way from having that happen. >> brian, what do you think? that dovetails with what the fund manager we were talking to a few minutes ago just said. he thinks a lot of what's happening and

get down to bob pisani you the floor of the new york stock exchange. bob what are the markets telling us about what is happening with the election? >> i see a classic risk-on trade that doesn't necessarily favor either candidate but some resolution of all of this. what do you see in a risk-on trade, what we are seeing today. look at the dollar index. you see the doll loar move down. put that dollar index up there you go happened a little after 11:30, sitting near the lows for the day, as you can see what are the characteristics in the stock market of the classic risk-on trade? commodity stocks moving up like energy and material stocks to the upside and see transports moving up as well. there are your market leaders, these are the classic risk on, industrials not shown here, nofgt upside. what is the market concerned about, the two things they are most concerned about? a short-term concern that there would be no whipper. wle long-term, concerned about the fiscal cliff. they are hopeful there will be a winner one kind or another and deal with the fiscal c

bob pisani is down on the floor of the nyse. bob, new day, same problems worrying investors and the biggest bug there on the street these days seems to be fiscal cliff anxiety. is it rational? >> yeah. it's rational. i'm hopeful a deal can be made but it is rational to worry about it now that the election is over. one uncertainty down, now a new one out there. i'll outline the concerns. i think this is what's moving stocks in the last couple of days. we are seeing some people selling on fears of higher capital gains tax that's out there. that some deal, whatever it is, is going to matter. is it rational? yes. likely to go to at least 20% but 40% like i hear some people talking about? i don't think so. others i've talked to are taking these high-beta risk stocks down a little bit to protect the gains that they've had on the year. they've had nice gains. they dodged the headline risk associated with the fiscal cliff. look at particularly the leadership in some of the big tech names that have had nice gains this year, including appl

he joins us along with bob pisani.ndres, you're more optimistic about the fiscal cliff regardless of who gets into the white house? >> do i. i think you have to put yourself in their shoes and one thing politicians not only care about is gnot just getting elected bu getting re-elected. president obama and mitt romney have in common they don't want to tax more than. whoever gets elected has an incentive to try to make a deal by december to allow at least, or punt for next year some bigger issues down the road. >> we haven't had a budget for four years. we went through the debt crisis in august of last year. i'm not going to state the obvious. this congress can't get along. >> and obama said he's ready to veto any legislation on the table that says taxes will go down for the highest earners. >> political posturing, which is very important right before elections. you mentioned something that's interesting. last year this just happened for the congress, which actually makes the markets even more hypersensitive to what's ha

bob pisani joins me here on the floor of the new york stock exchange, a decent pop, fairly broad based. an election day lot of commentary floating around, a lot of people pushing positions, much of the commentary is erroneous but that's what moves markets these days. here's what's important, the biggest single the move is weakness we are seeing in the dollar because that's pushing up a very important sector of the market, all the commodities and commodity-based stocks to the upside, oil up big, gold up big. >> topping the 1700 dollar an ounce mark. >> over that. moving towards the -- moving averaging gold, put up some of the big material names, you will see what i mean. see steel stocks huge, ak steel, alcoa free port, b hchhp billit. energy stocks a tough time in the past couple of weeks, oil being weak. look today, refiners like tesoro and val lair row, down the last couple of weeks. >> but an 80 -- my favorite indicator, tran nist, up 80 points today. see you later. kenny poll carry on the other side of me here, i feel like it's been ages. >> it has been ages. >> tell me what you th

bob pisani joins me on the floor. >> i think sharon's got it right. two reasons people are citing for the lack of energy we have potentially today, sitting near lows. the first is a slightly political spin. that is the extent of the jobs report makes the pofblt president obama getting elected a little bit more likely. that means sell the winners, capital gains taxes may be going up. that's been cited by traders. but i think sharon is right, it is the dollar moving up. we are at a two-month high. when that happens you tend to get pressure on a lot of different sectors in the market. if you look on the downside what's leading the market to the downside, they are the two most dollar sensitive sectors in the market, material stocks and energy. that's because these are all commodity bases and they get impacted by the movie on the dollar here. if you look at what's most active at the exchange traded funds, i'd pay a lot of attention to volume in the big exchange traded funds. tracked about 100 of them at a time. these have the heaviest volume. look. silver,

also with us is bob pisani. you doing something different tobias because we got this kum-bi-ya moment over the weekend? >> no, no. >> why are you changing, then? >> we do this every two months. we review everything from sentiment indicators, specifically industry groups, not because of -- >> none of this has an impact? >> none of it. >> are you worried about defense spending cuts -- >> are you buying more or selling more? >> the first five financials are booking in some profits and we're actually taking down a couple of defensive areas. it's not because we say get long, get aggressive. >> why aren't you writing off the rest of the years like so many clients you met with this last week? >> i think part of it is, you know, we still have what i consider to be the cornerstones of a bull market. i think the u.s. housing market is still strengthening. we have good data today on that. i think the u.s. expansion is in pretty good shape. there will be noise from hurricane sandy but we got lower gasoline. i think investor

let's bring in tyler mathisen and bob pisani. the fed chairman went into fed policy, the looming fiscal cliff and the recovery, said the economic recovery was continuing and largely positive about the direction of housing. i want to focus with you though on the fiscal cliff, because he centered on that and he did say that it poses substantial risks to the economy. in fact, it's already hurting. this was a fed chairman saying don't look to me to fix the fiscal cliff, rise above and solve it. >> could have been wearing one of our buttons in part of our speech today. he really basically said get your act together t is up to congress and the white house and the administration to hit the right balance between budgetary restraint in the long run and a do no harm policy to the economy in the short run. and he was absolutely crystal clear in his answers to one of the last questions there, scott, that if congress and the white house can't come together and we do a full thelma & louise off the cliff you can the fed doesn't have in its quiv

>> we have chris levy from blackrock, michael from penchant partners michael jaynes and bob pisani. let's talk about this end of year tax increase, which is likely for certainly the highest earners. michael, how do you want to be positioned? >> i think the dividend stocks clearly are the most at-risk for that. if you look at utilities today, they're among the worst performing and that's a high dividend-paying tech tore. i think there's internal rotation under way but you could be bullish if you push people away from the safety trade of dividends it may force them to focus on cyclicals which are relatively sheep. >> you're still in bonds as a result? >> we've been in bonds since the corrective hesitation began end of september. i have to question how deep a correction can be under this idea of a bear paradox. the deeper the decline of stocks the more the yield rise relative to bond yields. there is a floor as far as how deep stocks can fall. >> cliff lee, you're very bearish. >> our view is you'll have lots of volatility between now and year-end. some of that we've already experience

bob pisani is down on the floor at the new york stock exchange. , bob. >> i just put out a note on my trader talk blog highlighting the problem today -- that's fiscal cliff anxiety. that's the newest worry on wall street, concerns about the imfact of potentially higher taxes on an already weak u.s. economy. that's it. i don't particularly like the trading action today. we've been drifting lower and it's been very orderly. but the volume's been a little bit heavier than normal. we just took a tiny leg down here on the s&p 500. the dollar has been up. this has gotten a lot of peopleapeople a agitated. anxiety over qe3 and possibly qe4 is putting pressure on stocks. freeport, bhp all down 2%, 3 where 3%, and in some cases 4% or 5%. st amazons, apples, googles, all getting hit pretty hard today. back to you. >> yikes. that is not a pretty picture. >>> it is not pretty at the nasdaq either which on a percentage basis is now down about 1% compared to just a loss of .66% on the dow. seema mody, how much of it is apple, how much of it is the rest of the te

we're going to get to bob pisani in just a minute. >>> but first we need to get to eamon javers with some breaking headlines from mitch mcconnell on the fiscal cliff. eamon? >> brian, we're getting a trial balloon here just within the past couple of minutes from mitch mcconnell. he's the senate republican leader responding now to the president's proposal of yesterday. mcconnell telling the "wall street journal" just within the past few minutes what he had's like to see are changes to ensitelement programs, he's floating the idea of means testing medicare and social security. that means that the rich would not be able to receive the same level of benefits that the poor would from those programs. that would save some money. he would also like to see some retirement age extension. obviously both very controversial in democratic circles. but mcconnell saying that is the price that republicans are going to demand if they're going to talk about new tax revenue. now speaking of new tax revenue, we just saw president obama in pennsylvania at a campaign style rally touring a toy factory, and

bob pisani, what happened to the stock market today?e doesn't know -- >> because he's playing -- >> i'm killing aliens. this is the future. >> look at that one. that's what i'm interested in. >> a game pad. >> they have married a tablet with the game player on the wii-u. >> it will never replace -- >> you are a swordsman, bob pisani. >> joining us to talk about one of the hot games for the christmas season, reggie is the president and coo of nintendo of america. good to see you. welcome back. >> good to see you. >> you're launching it right before christmas. that makes sense. >> this is the wii-u, the entire proposition of the game pad controller, which -- >> you're using my intord. >> -- which utilizes 6.2 inch touch screen. the console itself, which is communicating with the game pad, communicating with the internet, this is our big new innovation we launched yesterday. already well sold through in retail. not a lot of stock left until we start replenishing in a couple days' time. >> so that -- i mean, there will be more available for

bob pisani's on the nyse floor with me here. at least we bounced off the lows. we tested the lows, then bounced off. that's a little bit of encouragement. >> believe me, there was a lot of worry that we were drifting just lower and lower. they had to find some kind of level in the morning because a lot of people had come in and were buying in the morning. there was no stability at all -- until we hit the close in europe. so here's my thoughts. 100, 125 points. dow would be 125 points higher if it wasn't for the draghi comments. he made those comments around 7:15 this morning and the futures just fell apart. we were basically flat on the s&p futures. the s&p futures intraday. that cost us a good ten points just before the open. then we kept dropping into the open and obviously this is concerns on obama's election. take a look at the major sectors here around him. coal stocks, financials, defense, energy, and dividend payers. that's the last one there, all to the downside. >>> finally a few points when apple broke the 20% decline mark. >> i think that's quite sign

bob pisani is here at the exchange.'t all been corporate news that's moved the market. >> no, we have some international news. usual concerns about the fiscal cliff that's weighing on things. we don't have a resolution. friday is when the real debates, the real discussions again because that's when the president will be meeting with congressional leaders. right at the open we got word that israel had killed a top hamas leader. that popped up on a lot of trading desks. that was a significant strike and a significant retaliatory commentary coming from hamas. i think that was a factor in the weakness here, in addition to the weakness of the concerns with the fiscal cliff. let me move on and show you, we've had some damage here in the last few weeks. gary is absolutely right. the dow has dropped 1,000 points in the last several weeks. i don't know if you realize that. here was our five-year high, october 5th, 13661. we hit 12,662 this morning. we're off of that. that's 1,000 points drop in the dow. that's about 7.5%. all ri

bob pisani is on the floor. >> we're expecting headline risk.ressional leaders and the parties break up and everybody comes out with a spin on when's going on. a lot of things can happen right now. the dow industrials, not far from the lows of the day but a weak opening and didn't have a lot to do with the fiscal cliff but an extraordinary industrial production number and the comments right in the top paragraph, out of the fed, interesting. i think important for people the look at. industrial production was much weaker than anticipated but the fed came out with a statement at the top saying sandy reduced industrial production output by nearly 1 percentage point so the bottom line is the industrial production would have been above expectations were it not for sandy. and a lot of people took a while for them to read that. i think that helped turn the markets around a little bit right now. elsewhere, the sectors hit hard by concerns of the fiscal cliff on the downside today. it's been an ugly week for industrial trust. down 6% since the election. t

bob pisani sat down with one of the world's biggest high frequency traders.he biggest high frequency traders out there on any given day, they could be 5% to 10% of total trading volume that's millions of trades a day. i asked dave whether he thought day traders and long term investors could possibly compete against his machines. >> of course you can compete. the markets are open to anybody. long term investors, they're just playing at a totally different time frame and their ability to analyze long term fundamentals of the company doesn't change. but you always have somebody that's willing to provide short terminally liquidity to the system. >> a guy comes in, starts trading, comes home flat every day. can he compete against you? >> you know, we spent 13 years developing a good computer system and developing intellectual property around those trading systems. and so the notion that a guy can kind of trade and just kind of do it as a hobby and compete, i'm not going to say it's impossible, but what you can do in life that's meaningful without some pretty signi

bob pisani with santa exclusively on the floor today.'s shift to bonds and the dollar with rick santelli at cme in chicago. good morning. >> i hope santa doesn't give congressmen more checks in their checkbook for christmas. if we look at market, no check. long on the treasury complex or bund complex for that matter. looking at a 24-hour chart, two-day chart or two-week chart, you see the same thing. treasuries have reversed a bit. we're close to a two-week high in yield and busting out over that tight range we had for about six trading days. here's what's fascinating. we're about ten basis points off the low in that two-week period since we last saw these yields. 1.58, 1.68. europe at 1.42, identical. yield on two-week extension on today's high yield was 1.32. they're about nine basis points above their low. there's symmetry. which way it's going to happen on greece, which way it's going to happen on the cease-fire, it seems dynamics are to take your foot off the accelerator. biggest foreign exchange trade, 24-hour chart and year to dat

i want to go to bob pisani in the crowd. oration hardware, bob, it looks like the top end has risen. >> reporter: yes, $32 to $32.25. remember, the range here, $22 to $24, priced at $24. the talk and they hand icap basd on what they think the demand is, but $2 at $26 looking at $32. i am told the deal was 28 times over subscribed and you don't have anything to compare that to, that's a lot. you hear four times oversubscribed but on those numbers that's quite a remarkable number. remember, the ipo trend here, keep the size smaller. we're dealing with over 5 million shares. that's not a lot. the two limited partnerships that went today. their dollar size is bigger than this company. so that's what's going on here and that's the important thing here. coming up we'll have the ceo and the chairman both standing right over there wait to go make the very first trade. remember how this works, this is an actual open outcry to the people standing here in addition to family members here, some little kids right over there, all people wit

bob pisani is here post 9 looking not just at today but next year. >> yeah.er outlook on things. maybe because we're starting to realize 2013 is going to be a lot tougher. we're even on the advance decline line a fairly narrow range on trading. utilities are leading. i want to show you a couple things about what i think is happening. what the traders have been saying. long term they're looking at 2013 now. they see the fiscal cliff, whether you get it resolved or not, as still a tough year overall. we've got tax increases, spending cuts coming. no matter what happens even in a good news situation we have likely tax increases and spending cuts coming. intermediate term and short term also an issue. short term talking about today and into the weekend and into monday morning here. remember, this is the last day of the month. we'll have real headline risk over the weekend where anybody can make any statement and all of a sudden we could end up down 15 handles on monday morning at 9:00 a.m. eastern time. so that's a big issue short term. intermediate remember a lo

first to bob pisani on a trading glitch that occurred today. >> we just talked to the new york stock they've been rolling out a new trading platform for a number of weeks. today there was a glitch in one of the matching engines that affected order match-ups here. the important thing is there were 216 stocks that were effected by this. they didn't close. i talked to the nyse. they said they found the problem and the stocks will open as usual tomorrow. what i find rather remarkable about this is even though the stocks didn't close, had this been 15 years ago, it would have been a serious problem because the nyse controlled the volume in most of the stocks here. nowadays, these stocks trade on other exchanges as well. so, what happened was, the orders simply went right around them to the other exchanges and while, of course, that was important that it went to the other exchanges, it was a loss of business for the nyse. i'm not sure i saw changes in prices. other exchanges picked up where the nyse wasn't trading. >> that's the way it's supposed to work. thanks, bob. >>> key earnings out

all hour long and let us start off with bob pisani who is down at the new york stock exchange. all right, bob. how much blame can we put on politics? how much on european politics? how much on apple? how much on the snurricane. >> i'll forget about the hurricane but i'll blame everything else. you got it right there, brian. put up the three reasons. they happen one, two, three. i can show them to you on the chart here. one, mr. draghi talked about the weakness in europe spreading to germany. number two, the presidential election affected certain groups very clearly. then apple hitting a 20% decline. you don't believe me, just take a look at the s&p 500. i'll show you how you can do this. we were at about 1,420 or so, right here is where we were about 7:15. that's when mr. draghi came out and talked about europe. then at the open right here, here's the concerns about obama and clear stoshcks around obama election dropping. then right about here we had apple coming out, suddenly hitting $568, that 20% decline. we took another leg down. good news -- why i am a little optimistic --

. >>> down to the stock exchange of the floor of the nyse, bob pisani. we got ourselves a rally. how much conviction is hyped this? >> the volume is only on the moderate side. the answer is not an awful lot but in a sense it doesn't matter. people don't see the congress making negative comments about the fiscal cliff and they're happy. everybody's going to be gone for a week and a half. we have a nice little bounce off and it was really friday morning when the president started talking and came out with some of the congressional leaders. here's what's been going on. this is since the close on thursday. tech and materials, consumer discretionary, right across the board. 2% advances. that's a wide swath of the market that's moved up. one other thing i want to point out, three days in a row we've seen insurance stocks rally. some of these stocks have been outperforming in the last few days. all outperform being the market because there is a belief now that a lot of the claims here are going to be somewhat limited. there is a lot of discussion about business interruption insurance. i

bob pisani spoke exclusively to dave cummins, owner of trade bot systems.al million trades a day for them. there now that we are trading in milliseconds, faster than humans can react, brian, i asked dave if he thought it was time to slow down the markets and introduce speed bumps. >> i think if you introduce artificial speed bumps, it causes other distorting effects that are generally not helpful for the market. i think you need -- and the markets need mechanisms that automatically slow them down when we get extreme situations like the flash crash is a great example. >> what would happen if there was a speed bump. say you could only trade in pents pen tenths of a second. or every second. would you recalibrate the machines? >> we can imagine all different kinds of rule systems. whatever the rule systems are, we are try to recalibrate our trading strategies to play within those rules but i think we want to make sure that we've got a rule set that creates the kind of market structure that we want for all the whining and complaining about high-frequency trading

bob pisani has been track being the comeback for the major averages. eamon javers has been following the cliff negotiations. bob, i want to start with you. that incredible turnaround that we saw in the market sentiment this morning on some happy talk out of boehner. >> yeah. let me just show you what happened this morning here. first mr. boehner said that he was optimistic. put up the dow industrials. said he wasoptimistic that a deal could be reached. that happened here around the marked move up. then president obama got the markets to moch ve up. he said he wanted a deal before christmas. two comments today is what's moving the market. again these are all fiscal cliff issues. if you look elsewhere am some of the industries that are out, home builders had a little bit of a disappointment today. new home sales for actually below expectations. september was revised downward. we haven't seen this. this is the first sort of negative bit of housing data we've seen in a while. home builders are not going along with the rest of the story. finally retail stock

bob pisani has details heading into the weekend. >> 2-1 advancing to declining.olume is heavy because it is an options expiration day. everybody suddenly decided to switch sides. republicans say they're willing to put revenue on the table. the democrats saying they recognize the need to curb spending. everybody's switched positions here. that's why we got the market rally. one thing that did happen, the one loser today -- if you're buying volatility, that's just been a losing trade for two weeks now. no one's been able to make money playing volatility. vix simply collapsing as those people came out of that meeting with the president. we have seen some signs of bottom in some very oversold names recently. finally getting at least a flat line on the dow utilities. that's after a 6% drop in the last couple of weeks. we also have oversold and overblown in the housing market. i've been asked, why are the home builders up so much? simply because the concerns about the mortgage interest deduction are way overblown. if they touch it, they're not going to get near where m

. >>> to the action here at the nyse, bob pisani here on the nyse floor.t words out of your mouth were much better that yesterday. what kind of steady as she goes? >> even on the vans decline line. volume is light to moderate a heck of a lot better that yesterday. best volume in a long time. and a very strong european close. that was the big factor, big speculation again about spain being involved in perhaps the ecb coming and buying spam nish bonds, all vague speculation but helped the spam nish close and the european close. here is sector up today for the first time this month, utility stocks. they have been slammed on speculation on the fiscal cliff, of course, dividend payers have to pay higher taxes, the first time, sue, in nine trading sessions, the utilities on the upside a lot of the big utility names you see down 7, 8%. some of this, some of it is due to hurricane sandy but much on speculation on the fiscal cliff. retails a great day. home depot, 12-year high good reports from dick's sporting good, tjx, michael kors. the head of home depot very ne

let's bring in bob pisani for more. >> inflows, volume boarding on the heavy side, 3-1 advancing to declining stocks. dow jones industrial average, best day for the dow since september 13th when bernanke announced qe3. beaten up stocks are getting a bid. that's my theme today. look at some tech names. my heavens, what an awful month it's been for tech. these stocks were killed in the last month. but these are nice little bids here. intel up 3%. that's a rarity. how about financials? not great recently, particular some regions like pnc and regent's financial had a terrible month on their earnings. bank of america, highest close since april. jpmorgan also good. simon, you think the sandy play would be over, but no. trex, those waterproofing products -- >> you got to wonder if they're covering shorts in advance of the employment report perhaps, bob. >> they're buying on sandy pretty heavy on these stocks. >> >>ty, more later, back to you. >>> a lot of economic data out today. some of it supposed to have come out earlier in the week, was delayed. shows an economy building momentum. that is at lea

bob pisani's here with me. once again -- >> the fiscal cliff circus continues.e're going along, it is nice and quiet day. then of course look at the dow jones industrial average. 1,130 or so. speaker boehner, head of the house, said no substantive progress made in talks with the white house. stocks dropped on those comments. there's that drop in the middle of the day. we came off around noon, that's when the democrats started talking. senator charles schumer of new york, among others, saying he was confident a deal could be made by christmas. stocks rose. you get the idea? stocks up, down, whoever says anything in washington. fact remains this is a pretty good market. 2.5 advancing stocks to deep kleining stocks. that's pretty good. look at advances. when you get a market where health care an materials an financials are all up, although fracti fractionally all of them are up, that's a nice advance for markets overall. not so great for retailers. there is serious damage today. kohl's down 10%. you don't see these stocks move 10%. tiffany's missed. that's a big mo

. >>> to the trading action down here with bob pisani joining me on the nyse floor.ait and see, wait and see, wait and see. >> yeah. it is all about basically political interpretations of the stock market which i can't stand. it bugs me a lot because i tend to look at it in a much more -- i like to think dispassionate light. but who knows. some are arguing that the trading action suggests certain victories and certain people. bank stocks. i'll give you an example. they've been notably weak today. some are arguing this implies an obama victory because, well, president obama will be more pue to banks. utilities, the reits and the telecom stocks are the weakest sectors. some are arguing that president obama would raise taxes on dividend payers more than under mr. romney -- or governor romney. that's an interpretation. the problem i have with these interpretations is they don't usually stack up to make an argument. dollar index has been up four days in a row. if an obama victory was more likely, and for example, easing was more likely, you'd think the dollar index would

we have news from bob pisani. >> are the markets saying obama's going to win or romney's going to win? it depends on what index you're looking at. stocks moving to the upside. the dow is up, for example. some are saying that's more indicative of a romney win. dollar up as well, the dollar index. that would tend to favor a romney win because less chances of qe3. other people are looking at bank stocks down all day saying president obama will be more punitive of president obama. that's indicative of a obama win. a lot of people noted big dividend players, r echleits, telecom, some argue higher taxes from president obama on dividends, indicate president obama likely victory. bottom line, the markets are not sending a clear signal either way. back to you. >> bob, thank you so much. here's a sobering report on taxes. goldman sachs says it doesn't matter who win. dif dent and capital gains taxes will go up regardless. for president obama we're talking between 20% and 30% or more. for governor romney, we're talking 19% if republicans don't win a majority in the senate. joining me, long-time

. >> let's get to bob pisani. he can save us on the floor with what's moving. morning, bob. >> the important thing here today is i'm getting excited about housing. it's been building for a while. we all say there's a housing recovery. everyone is holding their breath waiting for some very clear trends to start emerging. home building companies moved ahead of this. overall industry has been very mute on this. now we're getting the numbers. they're coming in. this is a real housing recovery. home builders this morning were up about 2% as i was coming down the stairs. housing starts numbers best since october 2000 and 894,000. we're starting to approach the important psychologically important 1 million start levels. that's where you will see a lot of building materials companies, the guys who make sheet rock and drywall, that's where they will ramp up production levels because a number of them said we want to see clear evidence that housing starts are in an upward trend. you get near 1 million, they'll start increasing factory production because a lot of stuff lik

let's go to bob pisani here on the floor. >> talking to jim cramer for all days to come in and make ament, couldn't he have stayed home today and helped us all out? look at what happened at 7:15. futures were flat. there we are. we had a chart that showed where comments were made about germany now joining weakness. our markets fell apart. europe dropped on that. we went weak going into our open. we have since weakened from there. the important thing is look at the s&p 500 on intraday basis. the key point here is there were a lot of people buying on the weakness at 10:00 and 10:15. if markets drift lower, that's not a good sign to people who have been buying here near the bottoms at 10:00 in the last half hour or so. a danger zone here. you need to see stability and mild bounce. look at the sectors we've been talking about. hospitals. they are on the upside. medicaid managed care, medicaid coverage is going to expand. that is good for companies that are in that business you see. medicare companies, medicare advantage companies, rates are going to be negotiated lower. that will be the t

. >> let's check in with bob pisani on the floor with more on what's moving this morning. bob. >> good morning. let's get a wide shot here. stocks have opened as normal here down on the trading floor. might remember there was a trading glitch yesterday. the new york stock exchange has been rolling out a new trading platform for several months since september and every week they add more stocks. yesterday there was a trading glitch with matching engine for new stocks they were putting into this new trading platform. 216 of them. problems throughout the day and bottom line is they fixed that. they went back to the old system right now and stocks have opened as normal. that's the important thing. i think what's going on here is overall equity trading volumes are weak and continue to be weak. nyse last night published their volumes for october. they were notably to the weak side. cash equities in the united states were down 8% from september to october. 39%, 39% year over year. clearly some of this was because of hurricane sandy. hurricane sandy started on october 29th. the mar

. >> let's check in with bob pisani here on the floor with more of what's moving this morning. >> boydid i hear dumb talk over the weekend about going over the fiscal cliff. i guess you were going to hear it. go ahead. let them go over the fiscal cliff. who cares. i heard this even from some people whose opinions i respect. well known economists and columnists. good heavens. did anybody look at what happened last time we were talking about this? the fiscal cliff is a wake-up call to politicians. august 2011, we were all here sitting on this floor when they couldn't agree on simple ability to raise the debt ceiling and they downgraded the debt. remember what happened? the s&p dropped 7% that week on the monday after it dropped another 7%. the vix went to 50 for a long time it stayed there. it ruined it the entire summer. almost the entire year of gains for virtually everybody. does everybody forget that? no consequences. i think not. there will be very serious consequences. we cite the obvious. imf, congressional budget office, all of them saying that we will go into a recession if we

. >> let's get to pass bob pisani the floor. >> gold down almost 2%. it's down almost 2%. of comments on beige book at 2:00 today. normally that's not a source of suspenseful reading necessarily but with comments from mr. evans at chicago fed that we should consider keeping quantitative easing going into 2013 at the same levels and change that and mr. fisher over at the dallas fed saying we ought to put a clear cap on it. it might be a little more interesting reading than we normally have the beige book. that got comments this morning. a lot of talk about costco and now joining the special dividend club. there are lists of cash rich stable companies that may be able to join this special dividend club. here's a couple i've seen bandied about this morning. william sonoma for one. home depot another one i heard bandied around. office max another one and even p petsmart i heard bandied around as special dividend candidate. about the knight capital deal and getco offer of 3.50. they asked if knight could survive as stand alone company at this point. it's not clear. the board as

bob pisani. send it back to head quarters and kayla.diamond food. the stock tlaubled for the last year a half. down another 11% today on a downgrade from jefferies. jefferies saying there is a -- 33% more downside for this company to go. last week it restated earnings for the last two years. wipe out about $56 million in profit. they had problem was their accounting and with the payme payments. >> meantime, tensions rising in the middle east. senior official close to binyamin netanyahu is ready for ground invasion in the gaza strip but prefers diplomatic solution to that conflict. >> reporter: hello there. in fact, it is nighttime in g . gaza. the attention is shifting south of where we are. focusing more on cairo, egypt. that's where intense negotiations are taking place as we understand it. egypt is trying to mediate a truce between palestinian factions and israel. hamas made clear it feels it is in the driver's seat here. it says it will not lay down its arms or stop firing rockets until israel blocks on the territory. it is securing

let's check on bob pisani on the floor with more. >> hello. happy thursday, everybody. a lot calmer on the overnight. mr. draghi didn't say anything too controversial or market moving today. the worry for stocks right now, the general anxiety on the floor. additional sell on capital gains worry and there's a lot of questions about how long it's going to take. we need the address this soon and the capital gains from 15% to 20%. not so bad. 15% to 43% is a catastrophe and the uncertain is gnawing at people. make a deal sooner rather than later. people trying to figure out how long does it go on? one potential beneficiary of capital gains uncertainty is etfs. exchange traded funds. most etfs never distribute capital gains. voila! solve the problem. if you're worried, buy etfs here. when taxes goes up, tax efficiency is an important issue. i expect you hear more about that in the coming days. if it looks like the fiscal cliff will drag on for a while. prices 2% to 3% lower than yesterday. interested in buying? already middle on the banks yesterday. you know the debacle of t

bob pisani joins us at post nine. >> and a nice little rally.ow jones industrial average. we haven't had a move up like this, 144 or so points. best day we've had in a long time t more importantly, this is a one-month chart. breaking out of a range here in the last six or seven days to the highest level. so we do keep track of these things. let's look at why we've been moving today. several important points here. take a look. first day of the month, that always brings in new money. doesn't necessarily translate into higher prices. though it does bring in new money here. just want to show you what's going on with the chart on the first day of the month. ism was strong, a big help. europe was on the upside. consumer confidence is improving. jobless claims are going nth right direction, if not dramatically, slowly moving to the downside, a so a few points have been helping. you think these stocks would be exhausted after the while. we've been playing them for a week. if you got in a week ago, you're in good shape, but they're up again today. armstr

. >> let's get to bob pisani on the floor watching what's moving today. od monday morning to you, bob. >> good morning. happy monday morning. three issues for the market. could china leadership change? numbers have been better in china. a lot of people betting that there will be large scale development programs coming in after the new leadership settles in. then we have the greek parliamentary vote. they are voting tomorrow on whether or not to implement some of these new austerity plans selling some industries, opening up the labor market. betting is that will happen. thursday they will release their report and betting is they will release the money. 3 is billion euros although probably in an escrow account. that's number two. third one of course is u.s. election. this is where some of the problems is. have you noticed german bonds today moving on the upside rather aggressively. u.s. bonds moving on the upside. that's all this stalemate concerns out here. that's all i heard this morning. that's all i heard over the weekend. the likely outcome is a stalema

. >>> bob pisani at post 9 looking at -- what are you looking at? technical levels?l is coming on the fiscal cliff. whether it's going to be enough to avert problems in the first quarter and potential doubt downgrades, we don't know. they expect not only that it's going to come but that it's going to be substantive. not just a little nonsense deal. something that will really make a difference and avoid debt downgrades down the road. that's what they're worried about. look, we've been rallying almost every single day since november 8th. almost. not quite. that's a pretty nice upward climb from where we were just about 2 1/2, three weeks ago. nice broad advance today. 3-1 advancing to declining stocks. that's very healthy. not just one little sector. look, when you get everything up like this, all the major names here, health care, financial, technology, when you get health care mixed in with materials, that's a broad advance. it's not cyclical names that are just moving or names that are risk on that are just moving. the whole market is sort of moving to the upside. a

. >> bob pisani is out there. >> the veneer of civilization gets thin when you have no gasoline and nogary doing his best to hold up there. we are looking to see if the market is projecting a clear winner or loser here. no. i can't see it. i know people are trying to see it, but i don't. the argument everybody is making is you see the dividend players in the last few days. look at the reits and telecoms. the utilities are weak on sandy, a large part of it. these aren't statistically significant moves. fractions of 1%. i'm not impressed. the bank stocks weak yesterday a few days. people saying obama would be more difficult or hard on the banks. today the banks are up. again, i don't see a pattern that would indicate a winner or loser in the election. defense stocks to the extend governor romney might be favorable, defense stocks have held up well. i will make a comment. but my point is i don't see a clear winner or loser coming out of this. there are two risks the market is worried about. the biggest worry for the stock market is no winner. this goes on six, eight weeks. heaven knows ho

bob. we did. got it. >>> let's get the trading action here because there is a lot of it. robert pisani joins us. >> it's very simple. congress left and the market loves it. congress left, the market loves it. >> i understand that. completely! >> i'm not even being facetious. that's the good part about this. because there's nobody around to say anything negative about the fiscal cliff. president, leadership are all out on the weekend talk shows and -- not the president but a number of the big congressional leadership were there. they said they can make a deal and now they've left and there's nobody in congress for a week and a half. that's what's holding things up. sectors beaten up the most -- recently, oil service names, for example computer hardware stocks and a lot of bank stocks are exact lit ones on the up side. we have an oversold rally, oversold bounce. the rally is moderate. we'll 3.2 billion shares. that's moderate. dividend payers have gotten hit very hard but have also stabilized. they're not outperforming today an telecomes, receipts and utilities are all moving up. insuran