let's go to bob pisani on the floor at the new york stock exchange. bob, last year the s&p 500 ended the year at 2058.90. the question is whether we will close above that number today, increasingly it does not appear so. >> take a look at the s&p here. we got over it earlier in the day as oil rallied, it moved up towards $38 then we had faded late in the day as oil has come off of its highs here. one tradition that's happening is buy the losers on the year, that's happening a little today, so the energy names, so many of these energy names we put up every day like devin and range resources they are modestly on the upside today, another one buy the losers is industrials. we talked about how weak the railroads can be like kansas and csx and required, united rentals, other ones like that generally had a little energy today, they are fading a little knit middle of the day. courtney mentioned some of the tech names, activision one of the great deals, up 90%, google, microsoft up 20%, you can see they're selling them a little bit although the selling and bu

bob pisani has more on the sectors that tend to do well in the final month of the year. >> reporter: historically, december is the best month for the s&p 500. in the last 25 years, the s&p 500 has been up 80% of the time in december for an average gain of nearly 2%. that's according to data from kin show. what's less commonly known is the sector performance is uneven. according to ken show again, the best performing sector in december for the last 25 years has been industrials up 84% of the time for an average gain of almost 3%. another surprise, utilities was the second biggest gainer. oddly the sector that gets the biggest publicity in december, technology stocks, they're only up about half the time. why is that? the data doesn't tell us, but it's possible investors are still unsure about the capital spending plans of companies and since technology is where a lot of the capital spending occurs, investors just fear the worst. for "nightly business report," i'm bob pisani at the new york stock exchange. >>> more now on the hot november auto sales. the results show the american consum

bob pisani takes a look at what's going on. >> reporter: a lot of investors are relying on a year-end push, but we may have the santa claus rally with a big 3% move up last week. the traditional rally during the last five days the trading year and the first two of the new one is called the santa claus rally. it's been a very reliable trade. it's good for a roughly 1.4% gain in the s&p 500 since 1950. but we're off to a rocky start. december's usually a reliable up month. it's been up six of the last seven years. but it's down actually for the month so far. the problem is that the two biggest factors in the stock market this year, china and oil, both down today. china's shanghai stock market after being fairly calm the past few months was down over 2% and oil was down almost 3% today. don't be discouraged, though. there's powerful incentives for a modest rally into the close of the year. that's because a lot of professional traders are just on either side of break even for the year, with the difference between an up and down year so close there's a lot of incentive to bid up the market

for "nightly business report," i'm bob pisani at the new york stock exchange. >>> wholesale inventories fell in october, this as firms continue to try and work off high inventory levels. according to the commerce department, wholesale inventories fell 0.1%, which was below expectations. inventories are a key component of the nation's gross domestic product. >>> consumer spending is an important part of the economy, of course, and especially so at this time of year. but in order to spend, americans have to feel good about the economy. and as steve liesman reports, that may not be the case this year. >> reporter: as americans head to the malls this holiday shopping season, they're less optimistic on the economy than they were a year ago, and that could depress spending. the cnbc all america economics survey finds just 22% of the public viewing the economy as improving. it's a five-point drop from last year. and key economic indicators, including views on whether home prices will go up and whether wages will rise, they weakened at the start of the christmas season. the poll of 800 american

bob pisani takes a look now at the pressure from crude that's building over stocks. >> it's about theollar and oil again. for the second time in as many days the market started on a positive note but then headed south when the dollar rallies and oil dropped and we closed at our lows. it's a lower for longer issue. many believe oil will stay lower for longer, well into 2016. so if oil's at $35 six months from now a lot of exploration and production companies might go out of business because they won't be able to get the financing to keep exploring. in part this is a supply problem. saudi arabia has refused to cut production and it's trying to drive u.s. shale producers out of business. they're all down but they're not out yet. who's going to blink first? we don't know. this lower for longer argument applies to several other industries. deutsche bank downgraded a bunch of steel stocks today saying they expect lower steel prices to continue into next year. as for the markets, if oil would stabilize there's a good chance we will rally going into the end of the year. and if oil goes up eve

bob pisani has more on the dramatic end to a momentous week in the markets. >> reporter: stocks declinedgain today. what's going on? wall street's in a funk. the basic theme is lower for longer, meaning commodity prices and global demand will stay low into 2016. lower for longer not just in oil but natural gas and lower for longer in steel and in copper and aluminum and other base metals. lower for longer in global industrial sales and lower for interest rates and lower for longer in many emerging markets. how long is this lower for longer? well, it depends. but the general theme is that lower everything continues into at least the first half of 2016. and the fed, traders are in a funk on this one too. how's this? janet yellen is in trouble no matter what she does. the argument is this. if the economic data is good, she's going to raise rates quicker and the markets are going to have a tough time digesting the higher rates. if the data is poor she'll be less aggressive raising rates but stocks will respond negatively to the poor data. you see what i mean? you're in a jam either way but t

bob pisani breaks down today's rally. >> reporter: stocks rallied today and why shouldn't they? oil was up mo desly and europe moved up and closed near the highs. it was a good ralry with two stocks advancing for every one declining although on late volume. it was a broad rally. a it was enough to he s&p 500 push the s&p 500 into positive territory for the year. that is not a trivial achievement. a lot of traders and firms are in the same position, just on either side of positive or negative. a few percentage points rally in the final three days could make the difference between a positive or a negative year. some of the most beaten up names in energy, exploration and production companies for example, like chesapeake, console and pioneer natural resources had gains of 2 to 8% today, that's respectable. some of the biggest energy names had minimal games. exxonmobil, for example, moved up at the open was nearing $80 but they sold right into the rally. same with chevron. this suggests to me that investors are going to be cautious about buying beaten up energy names in early 2016 be

i've got bob pisani with me. i had him ask -- build a chart for the week of the dow and oil market and i haven't even seen this yet. here is the dow for the week and you will see down 3.3%. let's do wti and see how it did. i imagine they are going to track pretty faithfully. pretty much. that's down more than 11% for the week, bob. >> that is quite a correlation there. s&p is not doing any better down 3.8%. >> now we get the fed next week, do we rally into the fed meeting or not? >> it is so difficult because the volatility, the vix is really elevated right now at 24. i think reflecting both oil and fed's anxiety and the contracts outside of the fed in december, january and february of the volatility is much, much lower so the market is anticipating a lot of volatility around this particular event and it's playing havoc with trading patterns toward the end of the year. >> stay right there. we go out with a more than 300 point decline for the dow jones industrial average. allegation army ringing the closing bell a

there is no reason to use that to make product. >> nat gas collapsing. >> bob pisani, thank you. >>>here is another reason we might see major buying into year end. tom lee joins us. great to have you with us. mutual fund managers are extremely desperate this year because they underperformed their benchmark so badly. >> yes. it's a gloomy year. i think everybody would like to just close the books and say let's forget this ever happened. it's the worst year for active managers really since 1999. there's about 77% of funds are missing their benchmark. it's a huge number. >> there are a number of funds on that knife edge that could go from slightly negative to slightly positive. this large cohort which is probably more than half of that 77% just needs one or two good days to actually beat the benchmark. we are talking about one basis point that could move the needle. i think you'll see people try to be opportunistic. it's been a topsy turvy couple of days. >> managers aren't going to sit there and hope for things to go up. what are they actually doing to get off that knife edge? >> right

let's start with stocks following oil higher today, bob pisani, trolling the floor of the new york stock exchange looking for action there, bob. >> you say trolling so nicely. i like it when you say this that way. important thing about today is what do you want, oil is up nicely, we had a nice gap up in european trading, if you can't get a rally out of that something is wrong, but we are getting a rally. i'd like to see the beaten up energy names and material names rally a little bit more, not really happening. look at exxon, gapped up beautiful beautifully, close to $80 at the open, they sold right into it, it's still up a half a percent but off of the highs. same thing with chevron, it was close to $92 at the open and they sold up to that as well, it's up fractionally. same thing over here, caterpillar, they gapped up, close to $70 at the open and then they sold right into it again, same thing. all right, it's up nearly 1% but it was doing a lot better even earlier in the day. it's not all like sell into the rally of the beaten up names. look at walmart. this is the worst performer on

let's bring in bob pisani. it really feels faz what is going on in the stock market and tracking what is going on in the oil market. and this recovery that we've seen in oil prices, whether it's a bounce or not, who knows? but people are remarking upon it. >> it's a very difficult morning overall. what we're seeing here is very, very choppy trading. take a look at the markets in the middle of the day. i want to point out how difficult overall it's been here. 3-1 decline to advancing stocks. we started out the morning 10-1 declining to advancing stocks. new lows are expanding, 327. that's in one in every eight stocks at the new york stock exchange. vix is about 17 right now. we're having a rough day, mandy in the airline stocks and all of the transports. take a look at the big airlines, southwest this week, their passenger revenue for available seat miles is disappointing. guidance is disappointing. that is weakening all the airline stocks. they have all sorts of other problems. put up the other transports. we h

for "nightly business report" i'm bob pisani. >>> oil and gas companies are taking a closer look at holdings. today said it would buy assets from felix energy. the company is looking to sell its stake in canada's pipeline system which carries heavy oil. >>> and now to the bond market where high yield or junk bonds are heading for the first annual loss since credit crisis. >> reporter: as 2015 winds down junk or high yield bonds have become a leading worry for investors. credit conditions led equity markets so with the junk bond market weakened stock investors are wondering if a significant economic slow down is eminent. look at the spread over treasuries. there are three main take aways here. first, the significant risk aversion by credit investors as they demand higher yields to compensate. second, the default rate has been climbing with the number of distress bonds at a six-year high. and third, the likelihood of a fed rate hike seems to have scared some money out of junk bonds. because no one is sensitive as to how it might respond to a slight change. the s&p 500 has managed to climb back

joining me is bob pisani. bob, it was oil, the jobless claims, we've had a lot of news today to work with despite relatively low volume. >> and a little bit of suspension of whether we're going to be positive or negative. we rarely get this kind of suspension. oil, part of the reason we have lifted off of the lows of the day was oil moving up in the middle of the day. a lot of people are attributing this to the iranians. there are reports the iranian president may be expediting their missile program following u.s. sanctions. the s&p 500 moved up in lock step with that. it's come off that recently, but the pornimportant thing is 2,05 that was the old closing high. we need to get over 2,058.9 to be positive for the year. that's what we're watching. sectorwise, energy is one of the few things positive on the day here. materials fractionally positive. they have been picking at the carcasses of tremendously beaten up groups. transports are generally doing better than the overall sector. we've been telling you about

there thanks so much, kate kelly, bob santelli and bob pisani. the ibb is up 15% in the past three months with buy yioteches there is always data due out. what should we look for to drive the stocks early next year? january is, nain fact a big tim for the conferences. >> it s we're doing well for the last three months. last six moves the year was a rocky time for biotech. a lot of pressures came on drug pricing. so investors are just exhausted. they're looking to january to see positive catalyst. a few things they should look for. there is a battle among a muscular dystrophy drugs. it was supposed to have an fda decision tend of december. the fad pushed it back and we're expecting that in january. most folks do expect that to be negative given given the way an outside panel went for the medicine. the competitor has an outside panel meeting on january 22nd. that could be a big stock mover the space. in second week of january is the jp morgan hk conference. that one is of the biggest inves investment conferences of the year. they give forward looki

the move in particular, and we've got triple digit gains for the dow as we speak, let's get to bob pisani from the floor of the stock exchange. what's driving markets today? >> well, it's very encouraging to see oil down and most of the energy stocks are up. in fact, a number of beaten up sector this is year are on the upside. so you know how bad metals and mining have been all throughout the year? that etf is on the upside. that's the xme. we know how bad oil production stocks, exploration and production stocks, most of them down 20%, even 30% on the year. with oil down today, that xop up 1.6%. that's encouraging. most natural gas stocks are also having a tough time but there you see that one up as well, fcg on the upside. we spoke of the tendency of stocks to sell off in the middle december. they sell their losers but then start outperforming as people start buying the losers for the new year. take a look at the transports, united continental, avis, fed ex, c.h. rodriguebinson, all do the year. it may be a little early. put up some of the industrials. i'll be really impressed if we put

bob pisani as more on today's gains ahead of tomorrow's big meeting. >>> stocks had a positive day, though they came off their highs towards the close. a big help was the two biggest problem sector, oil and high-yield bonds, both behaved themselves today. it also helps we're entering a traditionally seasonably strong period of the year and this is the time tax selling usually abates. there's a problem though -- the fed. most traders accept that the fed really wants to start raising rates. that's not so much a problem. the issue is how fast will they raise the rates. most expect the fed to say they'll raise rates very, very sloefl. the concern is the fed's chair, janet yellen, inadvertently or not, may adopt a more hawkish tone trigger be a wave of concern which means traders might sell stocks yickl lquickl. a lot is riding on what the fed is going to do and on their tone. b >>> our guest says the equity market is set up for what will be a rip-your-face-off rally that will surprise a lot of people. jeff, you are saying and your models are saying what a lot of market watchers aren't saying.

bob pisani is here for a little perspective. >> you know, this is a weird, weird day.e big question is is this finally the turn in the dollar where the dollar strength stops and is this finally the start of sustained rise in interest rates? it doesn't make a lot of sense because if there is a sustained rise in interest rates this should be good for the dollar overall and i think that was one of the problems that we had. if you look at the commodity markets, commodities up today, oil stocks got killed, steel stocks got killed. the market seems to be saying we don't believe this rise in commodity prices is real at all, it's a head fake. that's what the equity market -- >> well, the equity markets were effectively saying the move in oil prices was all the dollar, it had nothing to do with oil so everything was about dollar euro day, it drove european bond yields up from negative in some cases and that drove our treasury curve up. so it seemed like it was just that one direction chain reaction. >> the crowded trade and i would say in terms of oil i think people are waiting

right now let's go to bob pisani at the new york stock exchange. energy stocks are tremendously weak in the session even though oil is rallying. >> very unusual situation. we want to show you first the s&p. we're just off of the lows for the day, and there was a little bit of a hope earlier in the day, melissa is right, that the weak dollar, strong euro, would be a help to commodity stocks, and normally that would be the case but it's not really turning out that way. you see we're just off the lows. let me show you what melissa was talking about. you have this very unusual situation where oil has rallied, in fact twice today. earlier on it rallied on the draghi comments and then in the middle of the day had a second leg up. 4%, a nice move up in crude and energy stocks are sitting at the lows of the day. this is very unusual to see this kind of dichotomdichotomy. what's happening is the equity market seems to believe that the rise in crude oil today is a head fake, that it's not going to last. that's at least the message of the equity market right

let's get to bob pisani on the floor of the exchange for more information on where we trade now at ten minutes into it. hi, bob. >> hello. happy new year. volume on the light side. that's not surprising. put up fitbit. i don't know why fitbit is up. it's the top app in the apple store. i don't think it was earlier. it was in health but it wasn't prior to that. i think what's happened is people saw it's the top app and they said, heck, people must have bought a lot of fitbits and they're setting them up. that's probably the reason white now. you see fitbit up 3.7%. elsewhere, looks like we front-runned the santa claus rally. we were up 3% in the s&p 500, and the problem is the two forces that movement market most this year are the ones moving today, china, and oil. shanghai is down. that's strange for hang shshang. shanghai has been range bound. when you see crude down, that's the number one issue for the stock market this year. if you look at energy stocks, which we have done so many times, console energy, some of the big names in the s&p group on the down side. southwest energy is up.

right now the dow up 28 points. >> thank you very much, bob pisani.t to get to -- we were talking about viacom. there is some news regarding that continued dispute between -- let's call it sumner redstone and his former come pan your, manuel herzer, who lived in his home and was his healthcare proxy until he changed that. and also according to sources i spoke to, most likely got rid of her in terms of what he was leaving in her will. all that causing, it would seem, a lawsuit on her part saying he can no longer take care of himself and saying therefore that she should be reinstituted as his healthcare proxy and/or at least that his -- that his decisions to dismiss her were incorrect. they have a positive ruling in the redstone camp. there's the background of it. the hearing will be held on february 8th. the judge did say that redstone does not need to be evaluated. and that, yes, they will allow two of redstone's doctors and perhaps viacom's ceo who is now his healthcare proxy, to be questioned. redstone will not be. the judge saying that a deposition

let's get to bob pisani. >> all ten sectors are down. nothing down big at all.nerically market is down. energy, materials not down quite as much. consumer staples, healthcare, telecom, these defensive names weaker. that's an interesting play. cyclicals down, not as much here. we're still slaves to oil. we have an expiration on the oil futures next week. we are still very much slaves to the oil market. if you look at the energy stocks versus oil for the week, the xle, you can see we're moving in tandem. the overall stock market, the white is oil, the tan is the energy sector, stock sector. even the overall market moves in relation to that. monday and tuesday oil rallied, market rallied. wednesday and thursday, the market fell. the broad theme here now is the lore for longer idea is continuing into 2016. the idea that commodity prices will stay low into 2016. oil, natural gas, steel, copper will stay low. deutsche bank call was big yesterday on steel. arguing that steel prices will stay lower into next year. this lower for longer idea is out there. the hard part i

i've got bob pisani and mr. arthur cash in here with me. there's the rally, guys.nd so far this week, the dow is up 2.74%. we can't call this the santa claus rally because technically that's next week. >> this is the warm-up. >> your old producer pointing out that we are very close to -- we're just above break even for the s&p for the year. closed at 2059 december 31 of last year. >> that's why i felt people who were snarkily messaging me, don't laugh at it. put up alcoa. alcoa is up 10% in two years. two days. there are guys who are trying to play this long for a few days into the santa claus rally. it makes perfect sense. this could be the difference between being in the green for the year and being in the red for the year for a lot of people. look at some of these energy stocks. >> breaking news right now fromdfrom d from dom chu. >> what we have right now, the small cap biopharmaceutical company run by charged martin shkreli. the nasdaq has informed the company that it is no longer in compliance with its listing requirements, citing among other things the resig

bob pisani is on the floor. >> it's not just general. it's a generally weak open. at the open we were almost 10/1 declining to advancing stocks. that's a bit unusual. i guess indicative of the general gloominess on the street. look at the major sectors here. you will see what i'm talking about. energy and materials leading to the down side. even the big global industrial names are weak and big technology names are weak. materials is a small portion of the s&p 500. what matters really is tech, financials, healthcare, the biggest sectors. watch that in terms of the influence. there's a phenomenon that happens in the middle of december every year that is exacerbating the declines we are seeing. it's called the free lunch phenomenon. in the middle of december, traders start selling the biggest losers of the year for tax purposes. and there's been a lot of big losers. the tendency here, the only good news about this, they tend to outperform over the next two months as investors buy beaten down names. there's a phenomenon with oil hitting new lows, aggressively selling e

let's get to bob pisani, for whom silence is never goldinen. >> it is tremendously exciting to get thisss around our neck and finally move on. let's take a look at the sectors. modestly positive. dow up about 40 points. you could see modest strength in industrials and financials and tech. that's faded a little bit. consumer staples and health care were lagging. this defensive tone has flipped around a little bit as the fed announcement happened. if you look at the markets, europe and asia were up 1% to 2%. cu cure curiously strong markets were up. the fed's own internal projections talk about four raises next year. right now, the street is believing less raises than the fed is anticipating. let's take a look at the emerging markets. what's curious here is generally, the fed raising rates, not good for emerging markets. they have to reduce rates and make themselves more competitive. that makes capital flight. these stocks have been very oversold in the last few months. again, a bit of a relief on the hopes that the pace of interest increase rates will be lower than anticipated. here in t

let's follow up on what phil lebeau and bob pisani were talking about.he last fed interest rate meeting of the year, our colleagues put together a series of trades like we've been saying that have shown historical successes. now 12 trades, they're linked to periods of rising interest rates which could happen if we do get something from the fed. so here we go on the second day of fed-mas. janet yellen tent to me two general motors and a pair of trade currency. there is a big debate on how strong the u.s. economy is. there are signs on the bullish and bearish side. if we do see a rise in interest rates if, we do see one in the context of a strengthening u.s. economy, auto stocks say they might farewell. according to the data partners, since the beginning of 2005 during periods of rising interest rates, the average one month return for share of ford, gm and the auto parts have been solidly positive as you see there. and they've been winning trades at least 70% of the time during that time span. again, ford, general motors that, is the second day of fedmas.

following oil lower bob pisani here with me on the floor of the new york stock exchange with today's volatility report. bob. >> and it's oil stupid, again, it killed the rally midmorning when oil dropped and oil dropped at the open today, we were up ail little bit and we went straight down as oil went down. it's the lower for longer theme. if you believe oil is going to be this place the middle of next year, well, oil stocks aren't going to rally. look at chevron, a big rally earlier in the week when oil rallied, now down 2%, all the markets down 2% in the oil business, a lot of them the big e & p stocks down 4% or 5%. lower for longer also applies to other commodities, deutsch bank downgraded steel stocks, their argument expect of a lower pricing environment to continue next year, ak steel down 6%, mitol down 4%, u.s. steel is also down rather big as well. then we have the usual problems in the retail market, pier one down 20%, they cut their guidance, second time, last three months they cut it in september, cut it again today, they specifically talked about the decline to the casual

bob pisani will join news a second.ick santelli, sir, if i can go to you because, you know, we don't want to toot the old horn on "power lunch" but as i tweeted out, if anybody had been watching at least this hour and they're surprised by oil, junk bonds, and everything going on, they have not been paying attention. you have been talking about it. it feels like 9 pathe partridge the pear tree has finally come home to roost. >> i agree. when it comes to issues like junk bonds and energy, as much as there's a major correlation there, at least when the company is behind the junk and energy disappear or are bought for pennies on the dollar, the technology still lives on. there's a lot of junk where after it explodes, society really isn't any better. in a way that's a plus. but etfs in particular, i think we should talk about those, sully? do you want to talk about those a bit? >> i want to talk about anything you would like to talk about, sir, since you have been in the bond market since you were 14 years old. what is the m

guys, back to you. >> bob pisani. thank you.re watching nat gas closely, seeing a massive rally in today's session. nat gas is up by 10%. traders are saying part of this is short covering going into the final days of the year and also the weather. we're seeing some very cold weather across a lot of the united states and that's helping to drive prices higher. we're going to keep track on this trade for you throughout this hour. meantime, more "power lunch" will be right back. checking out the listing on zillow i sent you? yeah, i like it. this place has a great backyard. i can't believe we're finally doing this. all of this... stacey, benjamin... this is daniel. you're not just looking for a house. you're looking for a place for your life to happen. zillow. >>> the down draft in oil, more concern about china, concern about earnings growth for american companies all continue to weigh on stocks. let's bring in jack brewer, ceo of the brewer group and matt maily. jack and matt through for coming on "power lunch." jack, when you say

let's get down to the floor of the new york stock exchange and check in with bob pisani. >> hello, melissawall street is in a bit of a funk today, and i think i can understand and explain what's going on. you know, oil has been smacking around the markets all during the week. today oil is relatively well behaved. there is an expiration for the oil contract on monday and that may be influencing things a bit but i think the lower for longer theme is what's going on. you know about lower for longer in oil. that oil will remain a low for 2016 but the theme is now broadening up. people are talking about lower for longer in natural gas, in steel, in copper, in aluminum, in industrials overseas and even in interest rates and even in emerging markets. how long is this lower for longer? what does it mean? well, things will probably stay low through at least the first half of 2015 a lot of people believe. let's take a look at the financials here. there's two stress points. the first one is fewer rate hikes leaves less opportunity for the banks to raise rates. that's not good. that's the main reason

we begin with today's commodities swings, jackie deangelis is covering the action at the nymex, bob pisani is on the floor here at the new york stock exchange. first we tee it up with jackie. jackie d. >> good afternoon. tea it up, you sure did. oil prices bouncing between positive and negative territory today. we did close in the red, $37.51 is where wti ended. i think that tells you where the sentiment was at the end of the day. amid some confusion about if we've bottomed here or not. a 6% sell off brings people back into the market even if it's just for that short term trade. what traders on the floor tell me is this, we don't just go down in a straight line, we're going to test these seven year lows like today, 36.64 was the session low. we will continue to test those until we break them and then move through them. tonight we will get api data that will set us up for the department of energy tomorrow. the expectation is to see a little bit of a draw but the api could change that momentum tonight if they saw something different. the other factors of course to be watching out for, the do

we've got bob pisani on the floor of the nyse, rick santelli in chicago.he markets have been well prepped and they appear to be reacting stably to this interest rate increase. >> stable is the key word. you may or may not agree with the fed's decision, but this is precisely where the consensus was, not just on the quarter point raise but, remember, this was a very crowded trade, what we call the crowded dove fed trade. everyone was anticipating that the wording would be dovish and they delivered on that in spades. let's take a look at the s&p 500. we were up about 11, maybe 12 points as the fed announcement was made. you can see we're slightly above that right now but not dramatically so. if you look at other indicators, let's look at bank stocks, for example, they are also modestly higher here. just in the last 30 seconds or so they've moved to the upside a little bit. volatility generally has been down, lower. if you take a look here, the vix, we were at 19 and change and now you can see that's moved down a little bit and it's lower today in general. so

let's bring in bob pisani. it really feels faz what is going on in the stock market and tracking what is going on in the oil market. and this recovery that we've seen in oil prices, whether it's a bounce or not, who knows? but people are remarking upon it. >> it's a very difficult morning overall. what we're seeing here is very, very choppy trading. take a look at the markets in the middle of the day. i want to point out how difficult overall it's been here. 3-1 decline to advancing stocks. we started out the morning 10-1 declining to advancing stocks. new lows are ex

let's get to bob pisani. good morning, bob. >> good morning.body knows december is a strong month. what's kind of odd is there are some sectors that do better. it's not the ones you think. we asked the ones at ken show what sectors do best. the s&p historically is up an average of 1.8. that's one of the best months ever. industrials, another sector i wouldn't have guessed is a number one sector gain up 3% up 84% of the time. you see that in the right hand side. that's how the percentage of times in the last 25 years has traded to the upside. the laggard here interestingly is technology stocks and maybe this is because people think capital spending isn't going to be as strong. that's the weakest sector up only 0.6%. everything else like the consumer discretionary and retail is all here. meantime energy was lagging earlier. if you put up oil about an hour ago there was a dip in oil toward the $40 level. you know there's a big opec meeting beginning on friday. there were people quoted in reuters that said prices could fall $35 a barrel. it's come

our bob pisani sat down with art cashin? >> with the friends of fermentation, art's gang. we talked about the big issues for next year. global hotspots. oil is the hot topic in 2016. this big did question, how safe are oil company dividends? >> my gut tells me it will stay low probably through the first quarter of next year. they are problems with refineries. we might see a divergence when oil remains low and gasoline starts to go up. >> if oil is at $40 this time next year, the dividends may not be safe. >> they will have to cut down to the bone to keep the dividend safe. oil will remain weak in early 2016. you will see producers go out of business. we are living hand to mouth and things will begin to fall apart. >> art's point is that oil stays low longer, $40 this year, they are going to cut the dividend or go to zero capital expenditures, ugly choices this time next year. art does feel oil will be a bit higher. more on art cashin, at cnbc.com, his annual interview with bobby advance. >>> tech stops continue to be standout performers. the headlinesers are high crow soft

that overlaps with the ipo, though it's been a dis matt year, ending on a high note, isn't it, bob pisani>> you're right. let's start on the high note. they went puck today and not only priced well, but ended the day well. it's prepackaged software. but the price talk a couple days before that was 19 to 20. and listen, just a few days ago they were talking 20 million shares, not 22 at 1650 to 1850, so you see you go from 16.50 to 18.50, take a look at how it did intraday. it opened at 127 and change pretty much stayed there. so the bottom line is not only did the company make a lot of money, even somebody who bought tess opening today made a bit of money. they have a bunch of peers, competitors. take a look at tab lo. this face has done very very well overall. so it went public a few years ago. $31, you can see trading at 92. that's a 200% gain. both went public a couple years ago. they too are also trading well above their initial price. overall tech ipos for the year, half what they were last year. 23, that's it. i was amazed at this number. that's because so many of the companies didn'

. >> bob pisani is on the floor with what else is moving on this last trading day in 2015.d morning. >> it is groundhog day. oil is smacking the markets around. take a look at oil at 6:30 this morning. it happened yesterday. oil drops and take a look. even europe dropped. most of europe is closed. look at france. right around the same time, you saw the drop in oil and france dropped. you see what's going on there. the same thing with u.s. futures here. we were either side positive or negligent n negative basically. you see us opening down right now. as for positive or negative on 2015, we have essentially gone negative. these numbers nor tfor the s&p there you see materials, energy, financial and health care all to the down side. as for the year, s&p just went negative for the year. put up some numbers here. this is just prior to the opening you are looking at. the point is, it depends on how you slice and dice it. if you look at the broadest possible way, it would be the russell 3,000, the 1000 and 2000 together. we are down a fraction more. the ipo market, a lot of winner