let's get straight down to bob pisani at the nyse. bob, we started strong. as you can see, we're drifting lore. why the weakness in the middle of the day? bob pisani, you there? okay, maybe not. we'll hopefully get to him in just a second. of course, the question is, where, of course, we're headed from here. let's bring in now bmo private banks, jack abelin. have you been surprised at the level of strength we've had this year, especially with all that's going on, notwithstanding a little weakness this afternoon. >> i'm certainly remarked with the gains we've saw this weak. we had the crimea referendum hanging over our heads as we came in on monday morning. yet, the markets powered 2% higher, even after that, so it has been remarkable, certainly choppy the beginning of the year, but it seems like a lot of that same liquidity-fueled momentum we enjoyed last year is coming through again now. >> jack, it seems like there's two ways to look at this, with crimea, with china slowdown, the world is a scary place. sell stocks, buy bonds or gold. or, the world is a sc

let's get straight down to bob pisani at the nyse. bob, we started strong.can see, we're drifting lore. why the weakness in the middle of the day? bob pisani, you there? okay, maybe not. we'll hopefully get to him in just a second. of course, the question

bob pisani is here to talk about that. first, we go uptown because the nasdaq, the biggest percentage mover today and the biggest percentage winner. sheila dharmarajan is going -- ladies first, right? sheila, you go first. >> the nasdaq is taking home the crown today, hitting a fresh 14-year high. also, the nasdaq composite up more than 1.5%. we have been talking a lot about how this is really a relief rally we are seeing today. you can see that when you see the breadth of nasdaq buying. in fact, 90% of the nasdaq 100 is higher right now. take a look at qualcomm having the most positive impact on the index after announcing it was raising its dividend by 20%, also upping its share buy-back program. microsoft, google, apple also all leading the nasdaq higher. everyone is talking about how today is all about risk on. take a look at biotech, up more than 2% on the day. also, momentum names. we like to talk about them a lot here at the nasdaq. well, they are also higher. tesla, netflix, priceline, all these names higher on the

for "nightly business report," i'm bob pisani at the new york stock exchange. >> joining us now to talk more about the markets and his second quarter expectations is russ kestrich, global chief investment strategy with black rock. russ, good to have you back. welcome again. >> thanks for having me. >> i want to get to one of the risks that you're concerned about in the second quarter of this year. and that is geopolitical instability. and within just the past few minutes we've gotten word that president obama and russia's president putin have had a conversation where actually mr. putin called mr. obama trying to work out a quote diplomatic resolution to the crisis in ukraine. what would a quote diplomatic resolution of this instability in that part of the world mean to the market, and what would happen if things heat up rather than cool down? >> well, i think right now the risks are to the down side in terms of things heating up. a solution from the market's perspective means that this gets taken off the table. this is not something investors have to worry about, either in escalation of

first to bob pisani at post nine. bob? >> we are just off the highs for the day but as we move towards the close of the quarter, i want to point out winners and losers today. continuation of a number of trends. first, we have seen energy stocks, big winner. all of these names up nicely today. these are mostly in the oil services area. most of them are sitting near their highs for the quarter overall. let's move on. you were mentioning emerging markets. eem is the big etf here. you are right, it was a terrible start to the year. big sell-off. we have been coming back, seven days in a row the eem is moving to the upside. we are almost where we were back at the start of the year. one thing that's the opposite of that was the gold stocks. remember they had a miserable year last year but they started very, very strong. look at this. recently, they have been coming off of their highs. they are up today but the trend definitely is to the down side. let me move on, talk about speaking to the down side. once again today, biotech st

bob pisani, you're looking at eem?hat's interesting is what a roller coaster it was for everybody. we started out at the beginning of the year sell emerging markets and buy the growth names in the united states. bottom line the eem, take a look over here, we sold right into it. look how dramatically it moved into the downside. we've been up eight days in a row. we are now at essentially highs for the year in the eem. we had given this up for dead. they were concerned about china's growth slowing down. now there's still concerns but the chinese are talking about some kind of stimulus. that's helping the overall market. elsewhere, what a roller coaster. consumer discretionary started strong. they sold off because the retailers did lousy -- brought down the numbers. >> whether it was weather related or not. >> health care, including biotech, led the way with pharmaceuticals. then a little sell-off. i think it's all very good news. i love to see this kind of rotation in the market. it gives us a lot of things to talk about

bob pisani, come into the conversation. there are people who want to play china both long and short so if you think that china is indeed cracking or the government can't fund all of those issues that peter baum just addressed, how do you play it? >> there's a lot of different ways. thanks to etf, it's one of them. let me show the simplest way. go short to market. there's an etf for that. thank goodness. yxi, very straightforward. i like this etf a lot. pro shares, short china. if china drops 2% with this particular etf, you go up 2%. it's very simple. there's nothing very tricky about it. i like it. if you got a lot of nerve, there is even leveraged etfs. take a look at one of these. >> got to have a strong stomach for that, right? >> this is the one -- >> i don't know if i would do that. >> yang. three times inverse of the market. if the china market goes down 2%, you make 6%. but this is just on a daily basis. we have warned you about leveraging inverse etfs before. >> so 1,000% gain doesn't mean anything. >> doesn't mean

let's talk more about this with ty and dominic and bob pisani. ined it for us, but it feels orderly, the sell-off that we saw in the market earlier this morning. >> that's because you're not seeing wide swaths of the market selling off. we tend to highlight those part of the markets that are having the biggest problems, and they are today the market leaders, the big momentum names, biotech names, gold stocks, some of the tech names, semiconductor names that have been market leaders all year. >> that's an interesting chart you put up there, bob, showing it was those that have had some of the big of the run-ups, dominic, so far this year, ones where people are taking profits nowing for whatever reason. >> and that's the interesting part about this right. >> talking about a mark where you are seeing pocket of under and outperformance. people are still out there with divergent views. it's not everything selling off or going up in tandem. >> next, what will housing look like in 25 years? we'll come back and tackle that one when we come back to "power l

bob pisani is watch that part of the market. bob? >> the interest rate sensitive groups have done well this year as rates have come down. utility sector, that's the second biggest sector gainer on the year. up 7%. reits are also up big. nearly 10%. high yield bond etfs up over 1%. treasury etfs, seven to ten-year treasures are up almost 3%. the concern traders have that i hear right now is if yellen changes the for regard language guidance like we're talking about, they will probably replace t with some mish mosh of other statistics like labor demand or inflation. all of which might initially confuse the markets and interest rates might actually rise, particularly on the shorter end of the yield curve like the 2, 3, 5-year treasuries. that could be damaging to the markets but particularly hurt sbre rate-sensitive stocks, all of which are mixed right now. the fed wants to keep market expectations of when the next rate hike will come pinned to the back half of 2015. it doesn't help them at all today, scott, if rates starred to steepen

the big movers right now pr bob pisani and rick santelli. bob is at the new york stock exchange.e'll go to you first and then to chicago. bob, we come off a rough day yesterday. how is the tone? >> we rallied a short while ago. you can see mr. lavrov, russian foreign minister, came out and said that russia has no plans to intervene in the eastern ukraine. that's that rally you see 40 minutes or so ago. we'll see. everybody is expecting the g-7 to make a comment by monday on what happens over the weekend with that so-called referendum that's going on at the crimea. it's been defensive all week, scott. if you look big leader today has been utilities. that's been the big leader all week. tech stocks and financials are down again today. that's the same situation that has been essentially all week. tough week in retail. aeropo aeropostale, stock is down 14%. ann taylor, revenues on the year, surprise. one of the few companies getting decent revenue guidance on the year. they're all talking about castlight health, moon shot today. we're talking about a company that price talk was 13 to

bob pisani has that story from the new york stock exchange. good evening, robert. >> it was ugly. but at one point, the dow down 250 points but he only ended down 153 points. the russian stock market down 12%. but other emerging market countries like poland were weak as well. there was the usual flight to safety trades. dollar was up, treasuries were up. gold and gold stocks were up. gold at a four-month high. wheat and corn were up. the ukraine's a big exporter of grain. and traders were playing agricultural commodities. sugar, wheat, cattle and corn did five times normal volume and is up 14% in the last six weeks because of the ukraine and bad weather in the u.s. and brazil. >>> higher grain prices make it easier for farmers to afford fertilizer and seed. but iron ore and copper and steel companies were down on concerns about slower global growth. that's the big issue right now. how long does this go on for? the vix, the volatility index, was up, but not dramatically today indicating for the moment the traders don't think this is going to be a long-term crisis. yet nobody seems

bob pisani is with me. a number of financials are doing well.ave a little consolidation in this market. >> of course we will get news from the fed shortly, hopefully, but bottom line is everybody's throwing out february numbers right now. adp disappointing, didn't really matter. they are throwing out everything in february. all we want to see is what's going on in march. >> hopefully the weather is better in march.ç that does it for us. >> that's right. that will do it for a wednesday edition of "power lunch." >> breaking news on the fed and the economy just moments away. "street signs" begins right now. see you tomorrow. >>> welcome to "street signs." the federal reserve releasing its beige book for february saying severe weather impacted much of the united states economy during the period. the economy, however, continued to expand with eight districts of 12 improving and most of the economic gains however were modest to moderate. retail sales, auto sales, vast swaths of the economy weakened due to weather. real estate, however, continued mode

many thanks to bob pisani. returning now to the situation in the ukraine, reports say russian troops have, in fact, moved into the crimea. we welcome back don jensen. and cnbc's own chief international correspondent, michelle caruso-cabrera. don't let me go there. weeng last night that the crimea may be the very center of this whole story. now let me just ask you. is this idea of a treaty with ukraine, that russia can put troops in to protect their military assets in crimea. is that what they are saying >> there's three treaties governing this and the russians are splitting hairs. the russians have a treaty to guarantee the territorial integrity of the ukraine which they signed with the u.s. in 1994. the russians also have a long base agreement with ukraine to keep the black sea fleet there. how this is interpreted in practice, of course, is what we're arguing about today. there's no question that they moved around in a provocative way. do i think it's not a full scale invasion. but it's going to be an irritant

bob pisani is down on the floor another the new york stock exchange. re guys on the floor and the traders down the surprised by this strength of this comeback today? >> i think the concern was a lot of people assumed this would go on longer, maybe not for months on end but certainly longer than one day. and what we've heard from putin is we still don't know what's going to happen. it's unlikely there's going to be tanks rolling in to kiev. and that's sort of the interpretation. i think people were caught a littlesurprised. classic relief rally. 10-1 advancing the the key is not only that but hitting historic highs as well, on the s&p and the russell, historic highs on the mid cap. when you see historic highs and relief rally, people are forced in. this is the russell 2000 etf. classic vehicle that juiced by a lot of very active traders to hedge into the market. huge volume right now. i'm counting 45 million shares. that's a full day's volume already at 12:00 in the afternoon. that's an indication of what's going on. point out breadth of the rally when y

bob pisani, you were down at the nyse. sheila dharmarajan is at the nasdaq. bob, we really do have to remember, don't we, despite everything going on, the u.s. market is doing so much better than many other developed and emerging markets so far this year. in nikkei down 12%. i won't even start on russia or brazil. >> in fact, you and i think exactly the same way. i will show you what's going on. you're right, the s&p 500 is basically flat on the year but germany is down 5%, a three-month low. those are obviously some concerns recently about what's going on in the ukraine. china is down 5% but china has been declining since 2008, to be blunt about it. not so, japan. this is the worst performing over in asia, and brazil, down 12%. it could be worse. you could be russia. did you see the russian stock market this year? put it up. 26% decline year to date so far for russia. i will show you what's going on in the middle of the day here. the important thing for everything is that we had a little rally here and that's because mr. lavrov, the russian foreign minister,

bob pisani joins me on the floor. yes, the overseas news has been influencing the market but i'm impressed by the fact that we have been able to come back so considerably off the lows of the trading session. >> there are other sectors of the market offsetting the weakness but the real story is still china. biggest drop in exports in four and a half years, biggest trade deficit, a trade deficit in china, who would have thought, in two years. this is -- >> it's the lunar new year. that's the excuse. >> i'm not too sure. bottom line is when china gets a sneeze, the rest of the world catches a cold. there's the fxi, the chinese etf exchange traded fund. brazil is weak, australia is weak, south africa is weak. these are all exchange traded funds. what do they have in common? they are countries heavily reliant on commodities. copper has dropped almost 6% in two days. that's remarkable. we are down about 13% for the last 12 months. we are sitting near a 12 month low here. that as well as the fact that iron ore is very weak i

bob pisani is here at post nine on the floor of the nyse. what they took away yesterday, they're giving back today. >> we are getting rallies, though, a two-day rally in two very, very big groups in the s&p 500. i want to point out, banks and even tech names. these are big moves. and it's not just the big names. regional names are moving along like zions. i get this, higher rates, even though a flattening of the yield curve isn't going to help banks, they're plain higher rates. and it's tech i want to show you, and i mean old, old-school tech. look at these names in the last few days. seagate, applied materials and i have dozens of examples to show you, not just these names here. there's a lot of speculation about why this rally has been happening in the tech names in the last couple of days. first is, tech is much more growthy. you get a higher multiple when you get a rising interest rate environment. the other point is, a lot of the super growth names people have played might be played out. i mean, work day, software, with all the new tech

let's bring in bob pisani and ben willis. so ben, we were looking perhaps to some fundamental event that would take the market lower. looks like this is it. what do you do in a market that has this kind of disarray today? >> be a buyer. without a doubt. i always thought the move lower would be from a central bank. little surprising it's coming out of this particular situation. but the united states stock market knew about this on friday before we went home and closed. we knew about 2,000 troops landing in crimea so we were a little bit shocked coming in this morning. what i really was shocked about is that i expected our market to open lower and then recover. we have continued, we had a little bit of bounce early as the safe haven bet, the fear bet, but we have given up more as this situation becomes more and more obvious how disastrous it is. that's a buying opportunity. >> the problem is how long does this go on. the longer it goes on, the longer the safe haven assets become a more serious buy issue, the gold, the dollar, t

bob pisani at the nyse, give us the reality. >> well, look, michael lewis made some very, very bold commentsn "60 minutes" last night. let's go right to it. here's the quotes heard round the world. >> the stock market's rigged. the united states stock market, the most iconic market in global capitalism is rigged. >> by whom? >> by a combination of the stock exchanges, the big wall street banks and high frequency traders. >> that's a pretty bold statement. a cabal of individuals and firms are rigging the stock market. look, guys, you and i, all of us at cnbc have had problems with high frequency trading. we talked about it for awhile. but as a general principle, there's a couple things almost everybody agrees on. the first one is information should be available to all participants at the same time. that's a principle of fairness. the other ones, i keep talking about this, nobody else does, the regulators don't have tools that are adequate enough to understand what the markets are doing. we need to give them more tools to understand what's exactly happening. these are general principles to go

going to what bob pisani was talking about earlier. we see some money tip towing around in the commodities area where we hadn't really seen that money before, particularly coming to a forefront because the ukrainian wheat and the discussion on coffee. some of the trading money may not be in equities right now as a side to keep an eye on. but the fact of the matter is with the russell doing what it's doing we're not ready to fall back on that any time soon. >> are we waiting on friday now in is this the thing that's going to decide where we go from here? we had a big down day because of russia, largely. we have a big up day because of russia largely and maybe the tensions ease ing there. is friday going to give us the direction we're hoping for? >> i can't tell you with any certainly what's going to happen friday. i can tell you, i believe, with some degree of certainty what's going to happen in the ensuing weeks and that's the market is going to go higher. if the number comes out and it's above consensus which is about 150, 160 now, i

bob pisani, what's going on a very busy day for ipos? >> it is indeed, scott.tuation there's no indications posted yet because they haven't received approval to actually open. we're waiting for approval from the government, from the s.e.c. they have to get what's called effectiveness which is their okay for them to actually open. the indication is we're just waiting for the approvals. it's a little strange. i haven't remembered the last time -- i'm trying to remember the last time this actually happened and i can't. so, i'll try to get a little history on that for you. in the meantime, we had a very good opening in amber road, price 7.3 million shares at $13 and it opened at $17.50 that was certainly a success and we're still waiting for borderfree at the nasdaq, as soon as i get more, i'll let you know. >> bob pisani on the floor. another exciting day and strong open amber road. >>> shares of luxury retailer tiffee turns positive this morning following results that missed expectations. you can see the reaction in the stock fell way off the lows and now higher.

bob pisani makes this point all the time.a mom and pop investor or retail investor, it has never been cheaper or easier or technologically more efficient to get into the market. that's an important point that cannot be forgotten amongst all the high-flying words around this theme. >> should we be surprised that some guys, i'm using that as a generic word, some guys get a better deal than others? >> look, i think again, it's sort of been out there for those of us in the financial media. i think the mom and pop investor listening to "60 minutes" last night learned a lot about what is basically legal skimming. it's a very small amount from everyone's portfolio, but what is legal skimming i think to mom and pop of america, they are going to be surprised. they did learn something they didn't know before. >> thank you both very much. michael lewis will be with us right here on "power lunch" tomorrow. sue? thanks, guys. appreciate it. >>> indeed, michael lewis will be with us and we look forward to that very much. all right. we have

for the "nightly business report," i'm bob pisani at the new yo new york stock exchange. >> concern that china's economy could slow dramatically perhaps sandbagging the rest of world with it. eunice yoon explains. >> reporter: for many years china was seen as a cushion for the world. chinese economy clocked double-digit growth while other countries struggled. now the economy is slowing. exports are falling. the currency is weakening. and the leadership seems comfortable with the slowdown even if the rest of the world is not. at the country's annual gathering of lawmakers, t the premier -- >> investors believe china's growth rate this year could be slower and lower than the official rate of 7.5%. >> what is the slowest rate of growth that you would find acceptable without stimulating the economy? >> translator: there's no denying we may encounter a more complex situation this year. we set gdp growth tar get for this year about 7.5%. this quote unquote about shows that there is a level of flexibility here. you asked me what's the lowest possible gdp growth we can live with? well, this gdp

for "nightly business report" i'm bob pisani at the new york stock exchange. >>> joining us is david rosenberg, chief economist at gluskin chef and patricia edwards from u.s.back wealth management. patty, should the market have been as surprised as it seemingly was? >> you know, i don't think there was a lot of surprise in the announcement today. but i do know how markets react. if you look at market reactions over time, anytime there is any scrap, any more sell of information that they can get from a fed chairman or chairwoman in this case, they are going to pounce on it, parse it, dissect it, look at it three ways to sunday, make some choice and then reverse those choices later in the day. that's exactly what we saw today. it's just typical knee jerk reaction. >> to me, david rosenberg, it seemed like those days where you kind of know you're going to break up with your girlfriend or your boyfriend. but then when it really happens it's really a shocker to you. talk to me a little bit, though, about the broader picture that the fed painted of where the economy is right now. should we

bob pisani is down by post five. bob? >> we're passing around menus for lunch. to $38 is the indications. $13 to 15 was the price talk a few days ago. again, the key point about what's happening is the float is very small here. we're talking about 11 million shares. that's only about 12% of the company. now, i don't know how many stock -- what number of stock's going to actually open, but i'll bet you it's probably not more than 2 million at the open. 2 million is probably 88 million, 89 million shares outstanding, it's a very small amount. there's a lot of demand because it's a hot stock in health care. it's got technology, it's got big data in it. it intersects a lot of hot sectors a high profile co-under founder and a small float and you have intense demand for very little stock. this strategy, carl, has been very successful for ipo companies, all the companies know don't go with the big float, go with a small float. and the stock holds up six month, eight months, ten months down the line and that's why we are getting the huge secondaries that have been comin

let's get to bob pisani and see what's moving. >> hey, carl.t's not only impacting our market, it's really impacting the global markets particularly countries with a strong commodity exposure. here in the states the mining stocks have been weak since the opening here. big mining company, big iron ore companies, iron ore prices are down as well. freeport mcmoran, most down about 10% from where they were even a year ago. this is not a story for today. this has been ongoing for a while. steel stocks also have had a tough time today, even companies based in the united states have been weak, like u.s. steel today. elsewhere, multi-industry companies, companies that sell in the united states, outside the united states and across many different industries, all are weak today. so your textron, parker, regal, all leading industrials downright now. these are all affecting companies and countries that are heavily dependent on commodities. brazil is notably, some big brazilian names are down, australia, south african weak as well as china. housing stocks s

sue herera's going to join me now and so is bob pisani and dominic chu. t do traders expect to hear? what would they like to hear today from the fed? >> look, number one, on the forward guidance i know everybody just wants to talk about it. i think the main concern is they might change that forward guidance with some of the hodgepodge mix of other indices that will confuse traders and that might cause rates to go up. that's one problem. one thing i do want to hear a little more about is what's going to be in paragraph 1 and that's all the news on the economy. we've seen better economic data just this week. are they going to acknowledge that? and that could help us out a lot. tyler? >> dom, what are you going to be looking for and listening for most closely? because there's a lot of people down here on the floor that say once this news conference is over and they get a true read of ms. yellen and her style that they're going to move back to russia, uk wrain, and china, and that's all headline risk. >> that's going to be the real key here. it's to eliminate

you guys at the stock exchange. >> all right, court, thanks so much for bridnging us that. >>> bob pisaniverybody is abuzz down here about the financial times story this morning. it says that chinese e-commerce site alibaba was 95% certain, a quote from them, they would list in the u.s. shocked a lot of people here. that leaves hong kong out in the cold. what may be the biggest ipo of the year and new york suddenly very much now in the running. what we don't know is what exchange they might list on here in new york. nyse and nasdaq, i spoke with both of them this morning. they have no comment on whether they're getting the listing or not. why not hong kong? the company is based in hangzhou on the coast. alibaba is in dispute with the hong kong stock exchange over the partnership structure of the company. they allow a group of top managers and founders to control the board but only control 13% of the shares and that's a problem with the hong kong authorities. is this a problem in the u.s.? and it's not. we allow any company to have two glasses of stock, one class could have ten times the v

bob pisani is on the floor of the new york stock exchange with more. bob, a mixed picture today? >> yes. here's the good news. we got five ipos priced. the parade continues here. bad news, we're at the highs of the day and not seeing double digit pops in the ipos. a mixed picture. cbs outdoor, the billboard business of cbs. priced at 28. open eed at 30.10. not a double digit gain. cloud based online educational provider, 2u. another 6% move. okay. but not double digits. some are down. aerohive networks, cloud based mobile plat form for businesses. priced at $10. open at $8.95 and is still below that price. and take a look at others ones. everyday health down here at the nyse. priced at $14, opened at $14.50. now at $18.39. we had a trading halt on an ipo. they make wire free charging technology. priced at $6. opened around $10.25 at 9:50 and then was halted when it dropped to 9:00 -- $9. you have the trading halts on these stocks because if they move other than 10% in five minutes they're halted for five minutes. i support these kind of things. i support circuit breakers. in the

. >> let's get to bob pisani on the floor and see what's moving. >> mr.tary exercises are done, we've reversed all of the losses we had yesterday so take a look. europe is all up nicely. all the big youreuropeyour roeus are up and all the flight to safety trades we saw yesterday are reversing. the dollar, gold, all to the downside. treasuries generally are a little bit weaker as well. you can see there, the vix futures are all down today, so we were up around 16 on the vix yesterday, that's come down to 14 where it was a few days ago. emerging markets are all stronger even the russian stock market has bounced back and a lot of people were debating whether geopoll tibbs or economics really mattered to mr. putin. it's not clear what motivates him but if you put up the list of factors that are affecting russia yesterday, selling pressure on the ruble, foreign capital outflows and sanctions from international organizations, disruptions potentially of oil and gas supplies and the potential war in the ukraine it's clear economic factors were the primary issue.

. >> bob pisani is here at the new york stock exchange. ave sheila dharmarajan tracking the market action at the nasdaq. bob, you kick it off. what is the mood on the floor as we head into the weekend and this referendum on crimea. >> the problem is everybody knows what's going to happen. what they're concerned about is what the g-7 might say on monday afternoon, and it's not clear what the response is going to be. look at the s&p 500. we rallied in the middle of the day. lavrov, the foreign minute of russia, said they had no plans to interfere in the eastern ukraine. that caused a little bit of a rally. we've been dropping lower. there's been substantial imbalances for sale going into the close. i think that's affecting a few things. utilities, the whole week, guys, have been defensive and that's true today. utilities and telecom are leading. cyclicals on the downside. a lot of people have been talking about taking the air out of the momentum stock, your amazons, yelps, facebooks, zillow. they're not cracking, down a little bit, but nothin

bob pisani just said the data has been good. i'd call it mixed.have been fantastic, but the market wants to plow higher. you can't get in the way. i have been wrong for the last 60 s&p points. i thought the last sell-off would sort of move faster to the downside. it didn't. so it tells me the market -- it tells me we will continue to go higher. >> we saw the market slice down through on the s&p 500 that 1850 level but it has sprang back up, kate. what do you make of that and the move we've seen at the same time seen in commodities. is that a bullish sign fundamentally or will it be a problem down the road? >> real quick on the stock market, more or less the folks i talk to in hedge fund land for instance say they're constructive u.s. markets still. they like the conditions they're seeing with some limit ed qe involved. they like domestic cyclicals among other things, like the u.s. relative to europe for sure. in terms of commodities, interesting story with the drought in brazil and california as well as some ind yo sin kratic issues in the oat mar

the whole stock market here we've found a level here, right, bob pisani. down 178 points and the question i have been posing is who wants to remain long going into the evening here? >> not a lot, but not a lot of selling. the volume is moderate i would say, and if you watch the vix, there's your fear indicator. the vix is 16. i'd barely pay attention. that's up, but i'd barely pay attention to it when it's below 20 and it's not even above the longer term contracts. so the fear is very short-term in the market and the question is does this turn into some longer term thing where that risk-on trade, bonds, gold, et cetera, play into it in a big way. >> could it be just the opposite? it starts to roll on and on and people get used to it? >> the bigger question is what happens if we win. >> you give them even more money. >> they're reportedly asking for $15 billion. the im f cut them off four years ago when they wouldn'ted adhereo the terms of the deal. they wouldn't cut gas subsidies, they wouldn't do spending reforms. they have done a terrible job of managing

cnbc's bob pisani joins me along with the panel to weigh in.be the catalyst for a change? >> this is all not an accident that snyderman comes out with something, gary cohen has an editorial. michael lewis has a book coming out in a week and a half. we're getting a mini boomlet in discussion on market structure. i think it's terrific. it's about time we had a discussion. mr. cohen has a couple good points. i'm in favor of a kill switch. a kill switch would say if things go crazy with your algorithmic trading, you find a quick way to shut it off. >> chris, what do you make of all this? >> it reminds me of 20 years ago when jerry corgan left the fed in new york to become essentially the protector of the otc derivatives market and goldman was always sponsoring these meetings to talk about back office, structural office. i sit on a finra committee that talks about this all the time but we never talk about half the volume on the big board is from program trading. >> what are you saying? >> i think this is a beautifully executed diversionary tactic by

. >>> and bob pisani for more on the market, into this conversation. t interesting jim iuorio basically said it felt panicky in chicago xxxvii a short while ago. it doesn't here. a little intense. down 200 points, but a disconnect between the bond and stock market. i'm wondering which will be more accurate? >> a notable move in the bond market. yields moved to the down side. >> 2.66, from 280. >> quite a notable move. notable in stocks though the vix not as much as you might expect. geopolitical issues put up the s&p poor economic news in in china. concerns about ukraine. reuters is running a story now. the ukraine saying that russia has fired on one of its planes over crimea. that's in the mix. earlier reports the acting president said he saw a risk of war with russia here. rick made a very good point about the end carry trade. it bears repeating. it's impacting our markets. put up the yen. this choort is moving down, the yen is strengthen here. what happens when china weakens is investors repatriot foreign investment. the japanese and u.s. money comes

bob pisani, art cashin has been identifying 16,410 as a resistant level. >> you know what's interestingow choppy it's been in the last week. the prevailing paradigm in the beginning of the year, short emerging markets and go long cloud computing stocks. now everybody has decided to go short cloud computing stocks and you know what's been better? emerging markets. this is the way the stock market works, herd mentality. >> you have been highlighting the ipo craze lately. tonight we get a popular one i would say. we'll see how it does, but king digital, the maker of candy crush. >> my wife was addicted to candy crush. >> she's not alone. >> 95 cents she would buy for the extra things. i'd say what are you doing? i have to get to the next level. you know what i think is the most interesting deal? c bs outdoor. it's the boring billboard business of cbs. economy getting better, they charge more. >> there's a reason les moonves will maintain 80% of that company's ownership. >> that will be interesting to watch. much more conservative than the stuff we've been doing recently. >> thanks, bob. se

down to bob pisani at the nyse. working out what it was that sped thaup big reversal, bob. seemed more pronounced around the europe close. one of our friends of the show, matt, saying we really need to focus more on the german dax. why the german dax? it closed down nearly 2% and saying a strong correlation between the spx and the dax in recent years. particularly since the 2009 lows. is it germany, that's hurting us? >> i don't think germany, but i have been mentioning all morning, since the close, germany at a one-month low, the economic leader and bellwether in europe. what you want to watch. i don't think you're far off, but i don't think germany is the cause. there are economic and geopolitical issues begin wig china. the main reason. very poo economic numbers out of china. then the concerns in the ukraine. the acting president sees a risk are war with russia. reports russia fired on a ukrainian plane over the crimea. these reports came out in the middle of the day. just off of the lows of today. this is an intraday of the s&p 500. also, mandy, how this plays out with

. >> bob pisani, thank you. see you later in the show. >> ty, up to you. >>> it's been the gold standard for credit cards for a long time, but is american express' platinum card losing some of its luster? the big changes that cardholders may need to know about. >>> plus, after decades of sanctions, cuba now open for business in a big way -- or is it, michelle? >> making big changes to invest law, tyler. encouraging some, maybe, but is the money going to roll in? i don't know, homer. discuss that right after the break. >> doh. be right back. ight back. real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. how much money do you think you'll need when you retire? th

he's with us as is bob pisani. so you think we're stuck for now, right? >> i think we're stuck in the middle. as we've seen it for the mast month and a half we keep bouncing off the lows and hitting our heads on highs. and the market doesn't like to do it at the moment. >> what's going to break et it of the range? >> i think at the start of the next quarter which is only next week, i think they're holding it here because of the end of the quarter. when april comes there's this realization. you're going to start talking about earnings and more data. is the fed going to continue to withdraw. if they do, what does that mean for rates? if the markets start to sell off, it's because the pmi number came out. people were saying the rates would go up in 2014 rather than the mid-2015. >> what you want to look for is the market leadership. i don't mean biotech. chinese internet stocks. if there's a slowing growth in china, they've had a tough month. many of them down double digits. cloud computing stocks. recent ipos, they've had a tough month. they're coming off h

bob pisani is on the nyse floor where some are expressing concern over how many ipos there have been. >> this is the hot topic down here. brian, business has been great. let me show you how good it's been in the past few weeks. the average pop the 22%. returns since the ipo went public this year has been 29%. that's a great number. ipos versus the market, etf of the business. s&p only up .5%. this was bigger just a few days ago. slipping a little bit but overall great numbers. here's the three things i'm going to watch for signs of a bubble. first ipos getting pulled. i've only seen one recently. not enough to worry me right now. repricings. when you get ipos coming out and they suddenly price below where people were talking about. haven't seen that much. if they're worried about the economy, they're going to come out and going to demand that these stocks price lower. haven't seen that in any big way. check on this one. third one, ipo after market. how are these companies trading after the market? recently it's been pretty good. but in the last week or so, i've seen some signs of conc

bob pisani? >> there's a huge sigh of relief down here on trading desks around town. look at the big three here. trinet, provides outsourcing for human resources. priced at 16 in the middle of the rangs. look at this. $19. up 19%. square one financials on nasdaq. lends to venture bank companies priced in the middle of the range. actually above the range. square kun financials. you see that stock trading up nicely, $20. finally, biotech firm on the nasdaq. small one. applied genetics priced at $12, below the range, increased share size. 15, up 26%. why is it a relief? because king freaked everybody out yesterday. look at king which is up a little bit today, but that stock was a met opened at $22.50 pricing and ended below $20. everybody saying, oh, my heavens. the ipo market falling apart. now just a problem related to king directly here. put up the big three. i'd be impressed see the gains? if all three closed up double digits, a big success and quiet the worries about the ipo market. scott and mandy, we have five of them pricing tonight. this is going to be a demucha

. >>> to bob pisani on the floor of the nyse with a quick update on the market, down about 49 points.> take a look at the s&p 500. sort of steady as she goes. we are in a standard range, 12 points fairly normal for the s&p 500. sitting just off of the lows for the day. i want to highlight alternative energy stocks, noting the huge explosion in fuel cell and plug in the last few days. plug power had very good overall numbers. fuel cell reported inline earnings better than expected sales amid growing demand for clean battery technology. all of these stocks had huge gains but look at this. clear profit taking now going on. this just started happening in the middle of the day. how about copper? a lot of discussion on what's going on, down 2.5%, multi-year lows here. take a look at the copper stocks. freeport's down about 17% this year. this is not happening today, folks. this has been going on for awhile. some of this is due to weakness in the chinese currency. rick had a very good point earlier. it's making it more expensive for the chinese to buy copper but 50% of world consumption in c

." >>> hi, larry, bob pisani here. thanks for having me in your show for all these years.ot the kind of guy who looks backwards. i like to look forward, and i'm looking forward to seeing you more in the daytime right here on the floor of the new york exchange would you can give us the benefit of your knowledge on politics, but more importantly to me, the benefit of your knowledge on the markets and the global economy. oh, and one more thing. when you do come down here to see me, try not to dress so well. you know, i try with the pocket squares, but you always look a little more dapper than i do. it's tough competing against you, old friend. but it's never been boring. love you, larry. i've always had to keep my eye on her... but i didn't always watch out for myself. with so much noise about health care, i tuned it all out. with unitedhealthcare, i get information that matters... my individual health profile, not random statistics. they even reward me for addressing my health risks. so i'm doing fine... but she's still gonna give me a heart attack. innovations that work for

and i think bob pisani has been really sort of mentioning a lot lately that interest rate-sensitive sectorss, like reits have been the best performers this year. utilities is the second biggest gainer on the year. today in terms of what we're seeing in terms of the reaction of the s&p has come back a little bit after the statement here. utilities, they're an interest rate sensitive sector. it is down by about 1% as we speak. >> again, here's where we're standing right now. i know, mandy, we took a turn. you know what's going to happen tonight. you know what's going to happen right now. and what's already happened, by the way. speculation of why the market took -- it didn't fall 300 points. nobody's out there -- >> we have to come back a little bit with that digestion that always happens. >> federal reserve statement was i think perceived as i'm trying to read and do live tv at the same time. pretty bearish. bearish for rates. bull bullish for the economy. bullish for the u.s. economy. federal funds rate still historically very low. at some point rates will go up. or maybe it's just traders