brent had always sold at a discount. past several years has brent gone to a premium. that premium is narrowing rather dramatically. and i think wti goes back to what has historically been a premium over brent. so, again, i think one can be long of wti, short of brent. and at the same time, one should err on the side of being quietly bullish of crude oil in general terms. >> alcoa is a name you talked about. not a great day today. >> terrible. >> can you talk about alcoa quickly? >> sure i can. it had been my largest position in my retirement account since last october, and quite honestly, last thursday, we sold all of it. you had an outside reversal, guy. and you know about outside reversals. you went to a new high. good news that dayne boeing announcing a $1 billion purchase of aluminum for new airplanes over the course of the next several years. you moved higher on the day and you close lower. on that afternoon, i sold all of my alcoa. i am out. it has been a wonderful trade. i covered all my options. i was very lucky.

brent -- spot brent is trading almost $5.50 under september futures. there's a huge carry. you've taken it to a contango, a carrying charge. that contango keeps getting wide. you have the kurds with probably 13 or 14 tankers of crude oil out on the seas and think an important note the other day is the chinese had rented for all intents and purposes the largest ulcc ultra crude carrier in the world and have simply used it for storage of crude oil, hence you have the carrying charge market occurring in brent and the narrowing. i've said in speech after speech over the course of the last year and half, this is a very esoteric economic statement. there's a gob of crude oil to be found at $115 a barrel. i think we want to find out how much crude oil can be found at $5 a barrel and i guess that's where we're going to go. >> in terms of the president's speech tonight, everybody believes he's going to announce an action where he steps up against isis. is there anything he could say that would put a bid under brent? >> probably not. i really don't think that there shall be. i think

there's brent and there's crude. we were over $100 in brent crude just a short while ago. west texas, that's also been notably to the down side recently. >> bob, we'll check back with you in a half hour's time or so. thanks very much. sue, up to you. >>> you just mentioned crude. it's worth taking another look at that chart because it is hitting a 17-month low. and we're down better than 0.1% on ice brent crude. we're up on west texas intermediate. i'll tell you why in just a second. saudi oil exports dropping to their lowest level since 2011. and the international energy agency cutting its global oil demand forecast, citing slowing growth, particularly in china. both brent and west texas intermediate fell in tandem earlier this morning. but you saw that turnaround a second ago in the futures. they had a big bounce midday on comments out of russia, stating that any u.s. air strikes against islamist militants without a u.n. security council mandate would be considered an act of aggression. now, that's one of the fundamental reasons why the market may have bounced, but it co

you mentioned brent mcgurk provided powerful testimony to this committee back in july about the threat that isis really does represent being able to funnel 30 or 50 suits bombers. now we see those suits bombers come from australia, jeremy, america, with was ports and they could easily--don't we increase

liz: what equities, brent, what do you like here?ology doubled since the 52-week low here. still a p/e of 11 times earnings, a price of cash seven timeings earnings, sales are up 83%, very strong balance sheet. debt to equity of 58%. low and tangible assets as well. nothing wrong with the company. liz: it's up 7% today. it's doing beautifully today. you like that, but as we finish up, christopher, give me your final sense on the fed and how it affects the world and if you're worried about it? >> i think the fed is going to tighten, going to slow down and biggest concern is profit margins. but the markets price that in, and i'm concerned that profit margins contract, and as that happens, it's going to be difficult for stocks to continue to go higher. liz: you look at micron, brent will look at silver and you two get together and meet in the middle. >> absolutely. liz: christopher zuck, and brent wilsey, the rally continues with just five minutes left before the closing bell rings out the day and the week. should yahoo! merge with aol?

west texas intermediate fell to an eighth month low and brent crude hit a 14-month low dipping below $100 a barrel before coming back just a bit. that pushed shares of oil drillers, oil refiners, oil explorers and oil services companies lower today. case in point, exxonmobil. it was the biggest decliner in the dow today. falling 1 1/2%. chevron, the only other energy giant in the dow down about 1%. as for the major averages overall, the dow lost 26. nasdaq bucked the trend. it was up 9. s&p 500 down 6 but still closing just above the 2000 mark. jackie deangelis has more on the slide in oil prices and where prices are trending and what it could mean for you at the pump. >> energy prices continued to decline weighing on the s&p 500, but bringing consumers a little bit of relief. retail gas prices down another two cents over the last two weeks bringing prices down a quarter in the last 11 weeks. the national average now $3.46 a gallon according to the lundberg survey. falling crude futures prices set the tone for gasoline. domestic crude finishing the session at $92.66 and brent, the in

jackie was mentioning the decline in crude and in brent. a lot of these stocks do not work well when brent crude goes towards $90. you go to $90 in brent, companies like whiting petroleum and shale companies don't work because it's expensive to get that oil out of the ground. you start dropping a few more dollars from where we are now, these companies have problems. that's why whiting petroleum is very closely watched. let me just mention, though, the other transports generally not having a great day. the railroads have been doing well recently. union pacific and csx, but some of the transport and logistics companied like jb hunt and matson, those stocks have been notably weaker as there's been concerns about the global economy overall. bifurcated market. if you're staying in the u.s., generally you're doing better if you're a big company that ships outside the united states, notably weaker. back to you. >> thanks so much, bob. before we go to michael, 10-year notes were auctioned off today. and so far we haven't seen much reaction. it's ho

brent hill is the analyst behind that call. brent, great to have you with us. >> thanks for having me. >> you know you believe that sentiment has become unduly bearish. i'm just wondering, perhaps there is a reason for that bearishness, given the amount of revenue growth deceleration that we're going to see going to calendar year '15-'16. when you point out we're going to 40% range down from 165% or so, in the previous year? >> yeah, absolutely. our upgrades predicated on the stock is under massive pressure this year. we think cyberlandscape is very robust, and we think fireeye is a leader. clearly with the revenue growth will decelerate given the acquisition which helped the revenue growth this yee. so they'll have an unfair comp next year. but when you look what is going on, no one wants to be the ceo of target again. when you look at fireeye's perspective on the cyberlandscape, they are an absolute leader, there is no question. we spoke to numerous customers that are using the technology. and what they notice, this product w

everybody said brent was going to be an nfl player and at that point i was like, i'm better than brent celek, i can be a nfl player. i was than the better than him at that time but that is funny that is who i go against every day now. >> reporter: it wasn't always easy with connor born completely deaf. >> i do not talk about it very much. i went through major surgeries since i was 12 years old and i cannot hear out of my left ear still but it has never been a big deal. >> reporter: what is a big deal is his commitment to the city of philadelphia. >> of course at a young age we were always at community events, clean ups, parks, so early on i learn the importance of community, and really the the power of community, so now, i'm 27, i feel like i'm living in philadelphia year round. i feel like i will be here for a while. thinks where i stuck my roots in because the city does so much. i owe it to the city to live in the city year round. >> reporter: last season eagles offense excelled while defense struggled. he said that is about to change. >> our defense is growing. package is growing. i

brent, let me ask you, brent, how long can the ipo rally con in? it is based on extraordinary prices in the stock market. can the ipo market continue to grow as it has been the past year? >> that one thing that would concern me about the ipo market. alibaba is a hot issue. there is too excitement about the stuff. that is when you get into problems where everybody is worried about the market. i think that one area is too expensive and they're coming in high. you have to look at the rest of the market where there is good value. i don't think it is good for the ipo market at all. liz: jeff is ready to tell you about value. you have to dig for treasure more deeply because valuations are high. how do you go about finding those real gems? >> i do feel that is the type of market we're in. s&p 500 tripling off lows of 2009, now that has been warranted in the sense earnings are up significantly. obviously the fed and other central banks have been extremely accommodative. now we have market fairly to fully valued in our view and yeah, you do. you have to dig

and brent, that may be the problem here, is this semantics of this phrase, child abuse. and he says i'm not a child abuser. well, we're not so sure about that. it depends on how much of a pattern there is here. but for him to say i did not intend to cause the 4-year-old any injury, and we see the pictures of the injuries he actually caused and the broken skin, the open skin that he had to see while he was actually doing it. >> yeah. it's, the evidence is right there. and the texas prosecutor said on saturday that he exceeded the standards of the community when he caused these injuries to the child. and now we fine out today a texas tv station is reporting that there's another child that had injuries. so there's a pattern here, apparently, and it goes back to his upbringing and how he was socialized growing up, and that's where a lot of these criminal problems in the nfl stem from is how these guys were socialized. >> and kavitha he's been leaning up to today, he doesn't think this is right anymore. but when we saw the texts over the weekend that he was sending to the mot

we did see brent prices lower and seeing them more steady at this point. back over to you. >> thank you very much. on deck, why one little stock, not a name you think, may tell the entire story about the stock market right now and i trust, trust me, not a name that you probably ever thought about. >> another look at the dow. i mentioned all 30 dow stocks currently in the red. the one that's least down is mcdonald's. go mcdonald's. currently down by .8%. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. the performance review. that corporate trial by fire when every slacker gets his due. and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire or

and brent, at 16, has 5 million followers.more than harry styles, miley cyrus and tyler posey combined. coke isn't the only big company lining up. procter & gamble and warner bro broth brothers are among those that have advertised with vine. corporate america is forecast to spend $4 billion on it this year alone, probably twice that much by the end of the decade. >> let me have your phone. and when we get close to someone, i'm going to roll the whole time. >> reporter: cody is helping clarity shoot a vine for coke. his third one for the brand this year. >> can i have one? >> reporter: the first, a pretty straightforward six-second commercial. but the new video has a decidedly different tone. >> go down this way. >> we can do that. >> reporter: this one's a twist on the share a coke campaign. >> how are you, sir? i noticed you were there. normally we're doing funny six-second stuff. i pitched the idea of sharing a coke, you are sharing things with the less fortunate. >> reporter: it might seem in poor taste to some, and, in fac

if you look at the differences in price between wti and brent, brent is higher at this point. so naturally, the participants will go for the lower priced crude oil, which is wti. >> but for the moment, we wait and watch, u.s. crude oil down in the last 13 months put money in our pockets. retail gas prices 10 cents lower than they were at this time last year. for "nightly business report," i'm jackie deangeles. >>> and looking at travel port, tonight's market focus, shares of the travel services company were higher in their debut on the nyse today. four years ago the company attempted a london ipo but it withdrew because it lacked investor support. now blackstone has priced the company with shares at 16 apiece. the ceo said the company will deliver for shareholders. >> we have no debt due in 2021, the interest payments have gone down by about half, we're a very cash generated business, now we believe further with the public and will pay dividends to our shareholders. >> shares rose to 16.40. >>> and scholastic posted a wider loss than expected as the harry potter publisher had

we did see brent crude dipping under $97 a barrel, a 26-month low for brent after the china data came is the latest in a string of weak china data that traders are watching indicating that we may see demand drop in that country. of course, they are a big importer of that brent crude. meantime also we are watching wti closing up 62 points today just under $93 a barrel. this is basically a supply story here in the u.s. the market is well supplied. you have a little buying on the dip today because we have seen so much pressure. we can't forget the impact of the dollar. dollar index sitting at the '84 handle. traders watching the fed on wednesday to see if they will say anything that will move the dollar around. short term price target here $88 on wti. back to you. >> thank you very much. meantime gasoline up nearly 20% which is translated to cheaper gas at the pump for us. it is 4 cents lower than a week ago. and about 13 cents lower than this time last year. the good news apparently for drivers could continue. gasbuddy.com says gas prices will continue dropping. >> interesting. we will

ice brent crude down 7.77% and dow transports up 14%. "street signs" begins now. >>> is apple so big that it is dapg ru dangerous to the whole market? some incredible stats on just how big it really is. plus our take on fortress, america. >> the s&p hit 2009. the outside influence in just a second, but first let's get breaking news on the beige book. >> the economic growth reported modest to moderate. one district says it's increased since the last beige book. consumer spending growth was slight to moderate in most districts, reflecting some of the lackluster spending numbers we've had. auto sales were leading the consumer expansion, philly and dallas saying the numbers have fallen back from the highest levels. resident real estate, all they say in the beige books is it expanded or held steady in about

the big talk down here is the brent crude contract and west texas intermediate getting crushed. the gold market getting hit hard down 2.5% on brent crude down almost 3.5% on west texas intermediate has a lot of people using the d word, deflation. and it was brought up and it is interesting because we didn't show gold but we will show it later and that is getting hit very hard. >> it is starting to impact the stock market a little bit here. we had a bid to the market. take a look at the s&p 500. i said there was a bid in the market. we started weak but the market came back quickly and then started moving to the down side. partly this is a problem with the oil complex. take a look at west texas intermediate. there are some concerns. those start affecting the market. it tends to effect the whole oil complex and that has been the major issues. you are seeing small effects here. 1% down in chevron. it is not this group, not big oil that gets hurt but the high beta names like eog and the shale plays like pioneer. they are down almost 4% overall. it is not just that. look at the metals

you can see wti and ice brent down a couple points or so. natural gas having its worst day since july 13, down 3.5%. the energy sector is the worst performer, you can see they're down about 1.7%. danbury resources, s&p energy. >> nice mov >>> cowsteres is the nation's largest pension fund, a $185 billion portfolio last year realized an 8% return and that was the highest of all u.s. pension funds. to tell us where he is putting money now is christopher ailman. good to have you with us. >> good to be here, tyler. thank you. >> the performance last year was really terrific in a rising market. how about this year? >> this year is proving to be a challenge. just like you said earlier, we don't want to be a market timer, but this equity market is obviously very long in the tooth. it's starting to flatten out a bit, so for us we're skimming some of our profits off the top, but we're staying invested in u.s. stocks. >> to your point there, this bull market is now more than 2,000 days old, one of the longest and sort of upward sloping bulls of all ti

we're seeing brent crude around $100. so losses of a little more than 1% today because , losses at 2% of that dollar. >>> right now we have the dow jones industrial average up to 43, that's a quarter percent to the up side of the s&p. the nasdaq is up, too, by almost 7 points, and the yield is .2%. also live from the cboe, dan deming with he cequity armor investments. it seems like they're getting a reprieve by those who thought high interest rates were coming sooner than later. >> i think that's true, but people are very skeptical. people are very, very skeptical about that number this morning. it seems completely out of line, so therefore the market once again seems to be confused. that being said, the census rate certainly not going to move higher any sooner than the expectation, which is next summer, right, 2015. >> dan, would you agree with that, and is that what the market is telling you? >> i tell you, what's going on here, s&p 2000 certainly served as a magnet. i'm telling you right now, that's kind of the same se

brent, different tone now? >> completely different.g back on it i think it's fair to say that the media's attitude toward president obama now is one of befuddlement and concern. they're seeing all sorts of problems that they think he's facing around the world. twelve years ago the attitude was purely entirely adversarial. he wasn't facing problems, then george bush was causing problems all over the world. and those two clips you showed were an indication of that. so leading up to the gulf war in 2006 -- or 2005 -- whatever year it was. the attitude of the media was that this was not a coalition that this man was putting together. this was in fact -- >> why can't that just be explained by the fact that the iraq war then, thereafter and still today was very controversial and our reasons for doing it very controversial. and today we're faced with a different enemy, under different circumstances, and so why should the reporting be exactly the same? >> well, they should be the same because facts are facts. and if you're going to say that ge

brent, your piece in "usa today" shows a rather extensive list of arrests of nfl players between 2000 and 2014. the charges run the gamut. dwi, battery, assault, child abuse, reckless driving, murder, burglary, weapons possession, disorderly conduct, theft, it goes on and on. in your reporting, did these cases result in suspension or action by the nfl or are these just cases that happened but the players were allowed to go on the field anyway. >> it depends. there have been 89 domestic violence cases in the nfl since january 2000. it was very rare for a player who was found guilty or got punishment in those cases to receive suspension from the nfl that went beyond two games. so in that case the ray rice case is different from all the arrests and i think that's why the union is going to appeal it because they don't want to set a bad precedent by having this indefinite suspension. i think what made his case different is that there was video of it that triggered emotional reaction in people. if there were video in these cases going back to 200, i think we would have seen similar outrage

brent north sea crude fell below $100 first time today in 14 months.etf on energy and you can see that's down 1.5% today, as well. first of all, 10-year. you say a range. what's the upper end here to see? >> i would say over the next couple of months maybe 275, 280 on the very, very high end. low end, there's a chance to go down below 230 or so but it seems unlikely. it seems unlikely. >> 275. i wonder what that would do to the stock market. >> heavens. i said two weeks ago we went from 24 to over 3% on a sudden move it would be disastrous for the stock market. i don't think that's going to happen immediately. let me point out something on the energy. we were talking about the statistics. the global economy is not getting traction. there's weaker demand for oil and energy stocks are down. >> plentiful supply, you can lay that at our feet here pumping more oil here in the united states. >> that's right. >> the fracking going up north. >> look at eop, big expiration production companies out there. very high valuations and very difficult to justify high v

the slowdown there has affected brent crude, as well. you see all the major markets down about 1%. as for stocks here in the united states, carmax is an interesting situation right now. they were very disappointing on margins and comps. the used vehicle volume was flat. they didn't show growth at all. this company has a large percentage of their buyers in the subprime market. that market was much stronger last year. i think the fact it's not as strong this year is one of the prime reasons they were disappointing. if there is any good news at all, i would say they are continuing a very big buyback program. other thing we are seeing today is weakness in some of the social media stocks. the same situation is happening again here. most of the names started to the down side, yelp, twitter and groupon. facebook is now up and linkedin to the upside. more weakness in energy stocks. we'll get that big citizens bank deal tonight. $23 to $25. if we price notably below that $20 or $21, that will be a sign of strain in the ipo market. back to you. >>

>> well, brent's interesting, i look more at the spread, the wti brent spread which in physical oil market we call the dif. brent is interesting because it's a sea born crude that the saudis rely on to keep the stability predictably. wti, different story. very free floating and very much supply driven. that continues to increase as we have the dip to widen out over time. >> chief market strategist at teppas partners. >> seema, did you enjoy the first day? >> it's wonderful. thank you for having me. i'm excited for smart, savvy conversation. we'll watch the scottish referendum with the alibaba ipo. a lot on the plate this week. >> we'll do our very best. >> well, exactly. a lot on the agenda this weekend and more to come as well. and the fed meeting is probably the biggest talking point. >> and if janet yellen changes her language, that's what investors will be looking for. >> i'm carolyn roth. >> i'm wilfred frost. >> i'm seema mody. "squawk box" is next. >>> good morning. welcome to "squawk box. "the fed is front and center with the markets waiting for janet yellen's next move. >>> and al

rene and brent, guys, thank you so much. on the heels of what we were talking about, specifically with brent, there is new trouble for the nfl today as yet another satellite/radar player faces abuse charges. we're on that after a break. d e. but the energy bp produces up here d e. creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america. i quit smoking with chantix. before chantix, i tried to quit... probably about five times. it was different than the other times i tried to quit. along with support, chantix (varenicline) is proven to help people quit smoking. it's a non-nicotine pill. chantix reduced my urge to smoke. that helped me quit smoking. some people had changes in behavior, thinking or mood,

a year for -- >> brent to be below 100.ven't seen that in quite a while. >>> foreclosure activity rising in august for the second consecutive month. realty track confirmed the bank started the process of repossessing more properties and scheduling more housing sections, as well. florida has the nation's highest foreclosure rate followed by nevada, maryland, new jersey and georgia. >>> shares of lululemon are jumping, the company's earnings beating the street and the yoga clothi clothingmaker raised that rating. the pants apparently are back. they fixed the pants. >> they're not as see through any more. >> they were a little too see through. i know you -- >> i what? >> i'm not going to -- >> i know you're not. you said you. you what? >> i'm self-editing myself right mow. >> you started a sentence. >> what is going on with the dow and the s&p? save me. >> i can say that near not made for your body. am i allowed to say that to you? >> you can say that to me. >> i think most of our viewers would probably degragree with m. >>> l

brent farley feeling helpless. >> where do you put the water? >> reporter: in north carolina tonight, flood waters submerging karls. up to a foot of rain in parts of virginia. while in north carolina, a confirmed ef-2 tornado ripping through these homes. now, david, that atmosphere is unstable tonight. you can see right behind me, severe storms already popping up and parts of iowa, missouri, kansas and nebraska, all under tornado watch until midnight. that elevated ris income orange will move to the southeast as we go into your wednesday and you check out places like st. louis, indianapolis, detroit, all along that line in the afternoon and evening, damaging winds and isolated tornadoes and hail. how about the flash flooding? those stunning pictures and now an update. the flash flood watches still in place in parts of california to colorado, but fortunately, david, out on the west coast, we're drying out. >> ginger zee at the weather wall for us tonight. ginger, thank you. >>> now, to that abc news exclusive, why we're here in california tonight

down by 12% on the brent contract over the year.lking about supply risk in iraq and russia, if that eases because the amount of oil the u.s. produces. what you see is the oil price fall. ,he aea say demand growth they're cutting their forecast for this year and next. for them, this chart right here speaks to growth. minutes to go until "surveillance" in new york. tom keene, what do you have today? oil wasnk that chart on in trenton about the 12% decline in brent crude. barrel for 80 to $85 a on brent to be where we should. the president last night speaking about anything but normal events. joining us for our entire two hours, ian bremmer will be with us to look at and interpret the president's speech. much rain here in new york and washington. we will look at september 11. i have comments from paul krugman from september 14, 2001. we will act 13 years. >> looking forward to the show. thank you very much. one week until scotland votes on its independence. the latest poll gives than -- showing 53%ign opposed, 47% for. the sense from y

. >>> comcast sportsnet reporter brent harris is live at the ravens practice facility in maryland. >> tell us more about the action taken against rice today. >> reporter: didn't take long for the ravens to respond after the video released this morning. 2:20 this afternoon, a one sentence, 12 word statement from the team that the ravens terminated the contract of running back ray rice. 20 minutes later, the nfl releasing a statement they suspended rice indefinitely, for the reasons being the new video now that has come to light. of course, he was suspended for two games originally and the nfl commissioner, roger goodell saying about a week and a half ago that that was incorrect, that he failed in handing out that judgment, and that the new domestic violence rules and regulations now in the nfl were directly related to that. i can tell you that the ravens will be practicing this afternoon at 6:45 here. then we have a chance to get reaction from players and head coach john harbaugh at 8:00. some people may remember when ray rice addressed the media after the two game suspension. about 20

talk about the brent oil. we focus on west texas.is down below 100 for the first time more than a year. big drop. >> that's huge. look at globally, abroad, particular, below 100 bucks, first time since june of 2013. energy has been weak this quarter. weaker to the downside. global growth slowing. ukraine cease-fire, stronger dollar. those are some of the reasons we're seeing energy under pressure. liz: how about a 2 and 2/3's jump for boeing leading dow higher. 11 billion-dollar deal. >> a deal with ryanair helping them along. that one reason. "barron's" bounce, potential up side to 150 bucks. either one of those would give them a pop. david: yahoo! up on alibaba. >> why not. new highs. [closing bell ringing] david: kind of a mixed day in trading. in fact market information on individual stocks, individual sectors. you see the nasdaq still posted a gain, solid gain. not very healthy one. russell 20:00 up a tick. -- 2000. brought down on s&p and individual stock values that got hit today. really important day for indices on particular

brent joining me from the chicago merc. and what can we make of this trading?ormally the bombs fly, the attack on isis we'd see a big move to the upside. >> not surprised by the small move we're having right now but ultimately i this this is bearish crude oil. as isis fights for survival it can't take more lanld over or oil facilities over. >> and we can't see production notwithstanding of all of this fighting in the region. jim, what is your take? >> we've been ignoring global head lines for the long time. at the end of the day my opinion the predominate factor is the strength in the dollar. the dollar tried to go lower today and turned it around. i don't think it's going lower any time soon. >> so we still have the dollar as a head wind. notwithstanding the fact we are effectively at war with isis. for more on oil trading and goal look online at features now.cnbc.com. tune in. >> thank you so much. joe, refiners, trade them. >> i like the refiners. cei, is carl icon favorite. >> j.p. morgan initiating today. >> marathon oil another one. all about the brent ti

when it comes to brent the international product most going to china. the u.s. taking as much as it once was. brent prices under $97 a barrel. wti over $92 a barrel. this is a supply story on the u.s. stied. there is a lot of supply in the market. you mentioned the fed on wednesday. traders are going to be watching closely. the dollar index at 84 handle. that is what has been taking these prices lower. in terms of price targets, traders telling me wti the next stop could be $88 a barrel the next critical support to watch. >> thank you very much. good to see you. >>> billionaire activist investor bill ackman making headlines planning to float a fund on the amsterdam stock exchange with the hope of raising at least $5 billion. would you invest with mr. ackman? log on to cnbc.com/vote and weigh in. he has had a very good year probably a good time to do this. >> absolutely sue. i'm sure timing has to play a role in this. bill ackman looking to raise capital for years. with the hedge fund up more than 30% through the end of august he is ready to pounce. holdings a fo

brent has been down much of the day.t of the reason is that despite the turmoil in the region production continues to rise both in iraq and in libya. here in the u.s. we continue to produce, as well. today we get a little bit of a break breaking the four-day slide. >>> so after the air strikes isis vowed revenge. much of the fury on saudi arabia which is not only the biggest oil producer in the world but the single biggest oil field in the world. the global economy needs it to be safe. with us former senior banking and adviser to government of iraq knows the region. not trying to spread concern but when i hear isis saying we are going after saudi arabia, saudi arabia has a gigantic oil field in the middle of nowhere how protected is that field? >> so look at it from two ways. from a military standpoint the military capabilities, i don't think isis has the capabilities to actually reach out and touch saudi arabia from across the gulf. they don't have the ability to do that. however, there is many sects within saudi arabia

it's front the car of officer brent aguilar. he approaches the truck. >> roll the back windows down, please. not talking to you, bro. >> the passenger keeps responding to the officer. he is behind the driver in this truck. >> you're not driving. you got i.d.? let me have your i.d. >> he keeps responding, what are we being stopped for? that upset officer aguilar. >> i'm going to ask you one more time or you'll put you under arrest. step out in the front. >> he does not resist. puts his hands behind his back like officer aguilar says. >> i'm not driving, bro. >> you are under arrest for concealing i.d. i asked you for your i.d. now you're under arrest for arising. >> what move made him think he was resisting? to me it looked like he was walking and being compliant. >> i didn't notice corona making any resisting move. watch it again. >> i asked you for your i.d. >> here's the photographs of george corona after this incident. he claims to have a broken cheekbone, abrasions and bruises to his head causing, what he says are thousands

. >> this incredibly dramatic epic tv video almost became the moment kent brent lost his life. he was kayaking in mexico. you see that he is going down this river very smoothly. they knew that at the bottom there was a small whirl pool. if you go into it correctly you can get out of it. if you make a mistake, you get stuck. that is exactly what happened to kent. as you see in the video, he is now stuck in there. he is paddling away and fighting against this whirlpool. he ends up upside down but is able to right himself. you do see there are people there. his friends are trying to help him out. reality is that unless they can get to him, he really is on his own. >> they can't jump into this whirlpool. >> they would have to be ready for this kind of thing if they know this is that dangerous, i have to believe they are stand buying to help him out. >> somebody gets him a safety line. he grabs on to him. holding on to the line he ends up upside down again. >> it's all part of kayaking. it's what they love about it. >> after a very long struggle, you see that he does lose the kayak,

put up brent. >> a nonoil producing section of benghazi. moved prices higher. >> commodities complex under pressure for many reasons and dollar pricing of the whole complex and also the realization finally that there's more oil on top of the earth than 30 years and hard to justify brent or west texas intermediate above $90 a barrel. >> bio techs, what caught your attention there? >> the whole group moved with some of the indications of, again, other companies in health care realizing there's value in the companies oversold and making bids. so you have a 2% move on the upside of the nasdaq bio techs today and the underpinnings of that start of this that the money is back to work and sold -- we can't buy a correction in this. >> charles evans coming on today making dovish comments saying we should not be a hurry to raise rates and remember what happened in 1937. this is charles evans, head of the chicago fed saying we remember 1937. 1937? prematurely. the markets moved down that year. >> part of depression era lore that they reacted too soon.

all the buzz about a new report from wood mckenzie suggesting that we could see the spread between brent and wti widening to 30 bucks in the coming decades, that is if the u.s. doesn't start to export crude. brian, i'm curious what you think about the report. because in terms of the spread now we are actually narrowing. >> it is interesting because the marketplace is pricing something totally different right now. and a few things have to happen. one big thing is the enhanced oil production system is in place. if we can get better production that will allow people to continue in the fracking situation and that will drive prices lower here and continue the supply we're seeing here and that would widen the spread out until that happens i'm not sure. >> the export issue, sure it's been debated in washington but what do you think the chances are that we could start exporting. >> i have to be optimistic. certainly as an archaic policy. maybe give incentives to retool and recorporate and refine wti. washington has a big item on their plate. >> thanks so much. we've got an action packed live sho

clara for the big game this afternoon, in the east bay, generally 80s the warmest spot is going to be brentwood at 89 degrees. moving to your highs in north bay 70s and around 80 degrees and city and central bay, mid- 60s to around 70 degrees. taking a look at your seven-day forecast, extra clouds tomorrow, and that is apparently due to left over moisture from hurricane norbert hitting baja california, temperatures mild most of the week and then a brief warm up to more seasonal temperatures. >>> help wanted san francisco restaurants in need of cooks the pricey city is forcing many to take their tall will notes across the bay to oak -- talents across the bay to oakland or another state. one restaurant is stirring upideas to fix the cook shortage. >>> the chef is on it, climbing the culinary ladder isn't autoglitsy. >> eventually it can be. >> as chef partner, he is trying to build his kitchen team but admits it is not easy. three years ago a job posting here could land ten qualified applicants on day one alone today he is fortunate to get one or two and lucky to get them to commit long term

keeping an eye on brent oil as well. down to 92.57. and henry what a day you picked to remind us of your call last year. not predicting a 30% drop in stocks but alerting folks to the possibility it could happen. >> based on valuation. you cannot use to it time the market unfortunately can which i have to remind myself when i look at it. but if you are looking at historically predicted valuation measures like professor shiler's pe ratio and others, it suggests we should be prepared for at least lousy returns over a decade if not a sharp pullback. >> do you think this is it? >> it's possible. today is just a good reminder that stocks also can do gown and when they go down they can go down fast. we remember from the last downturn, 2007 and 8 you wake up in a hurry. >> the fact we even need a reminder shows the market has gone gone so long at this point. stocks in -- elan musk gave tesla a head start maybe it was the right valuation for the long-term and not the short-term. but we're seeing quite a few moves today based on the idea that th