david nelson, good to see you as always. >> great to be here. >>> well, we'll get some sports for you. a-rod is plan to ning to file a lawsuit after his suspension will be reduced. an arbitrator for major leg baseball dropped suspension from 211 to 162 games, the three time american league mvp was side lined over alleged steroid use. and involvement with the clinic accused of distributing performance enhancing drugs. he posted a response today on facebook saying in part the number of games sadly comes as no surprise as the deck has been stacked against me from day one. >> he's the victim in all this. >>> a tell-all book rocking the nation's capital and it is not even on the store shelves as yet. the memoir by robert gates making explosive charges against president obama and other members of his administration. coming up next, a close look at the allegations that are putting the white house on the defensive big time. [ male announcer ] this is kevin. to prove to you that aleve is the better choice for him, he's agreed to give it up. that's today? [ male announcer ] we'll be with him al

gerri: the stock market actually, david nelson, follow?ut in front of the economy for so long. >> well, you are talking here in the u.s.? >> yeah. i think it's too easy as far as overseas point to the fed. and yes, the emerging markets are important to us. they are very -- i think there's more going on here we need to be cognizant of. we should take a breath. use it as an opportunity to upgrade the port portfolio. get rid of the trash. gerri: take out the trash! time to take out the trash! david, to you. is it selling time? are you selling? >> you know, i think your first loss is the best loss in this case. what i'm looking at $444 billion in margin debt. we hit a new high in december. the numbers out this morning, and we've never hit new highs like this. and not had a major down year to follow. so in 2007, that was the last -- 2000 was the peek before that. 87 these are years you put in unbelievable amount of borrowing. you could not afford out of your own account and borrow to do it. you set the new numbers. i think you are set up yourse

here's one, david nelson chief strategist at bell point management asset.i'm a bull on 2014. i think it's important. let's step back and take a breath and ask ourselves has anything changed in the last 48 hours. i don't think so. other than the pmi coming out of china that's the bad news that's hitting this market. >> or tax laws. >> some tax laws. but that's not bad news. taking some profits on good news last year. i think the bull market is still intact despite today. >> there are a lot of people waiting for a bigger move lower, a correction as we like to call it as much as 10%. >> you could play around those wiggles and think you can time it. more power to you. i came into this year pretty fully invested and i expect to remain so. i think what i'll be doing as time goes forward if there's dip like this in the future i'll use it as opportunities to upgrade the portfolio, get rid of the losers. >> get rid of the losers. are there sectors you would like better than others right now? >> less sectors for me. i think a void would certainly be utilities. intere

joining me in the closing bell exchange, david nelson from bell point asset management. loved him on ozzie and hair yetrriet. gordon, i am going to start with you. i want play by play on today. what is with the volatility? we have had a 200-plus point swing for the dow industrial average today. what's going on? >> some of the technical guys are saying this is a negative reverse, reciprocal inverse play right now. i'm not so sure i believe that. the fact of the matter is bill look, this market so far this year and i joke about the january fake but it's been interesting. the multiples have expanded. we're at a spot which how much more do we have that we can actually throw money at and see this thing grow. i think you're starting to see the psychology of the personality of this market early is people are getting afraid of things here and we don't have the same optimism that we had last year. guys are looking to get out a little quicker than they were this time last year. >> let me put in english what gordon said to begin with. that reverseal pattern. we hit a high that exce

david o'russell for "american hustle." >> woody allen, for "blue jasmine." craig borton and melissa wellic for "dallas buyers club." spike jonze for "her." and bob nelson for "nebraska." >> for best animated feature film we are pleased to nominate the groods. despicable me 2. earnest and celestine. froz frozen, and the wind rises. >> for best documentary feature, the nominees are -- the act of killing. kite and the boxer. dirty wars. the square. and 20 feet from stardom. nominees to be determined. >> for best foreign language film the nominees are -- from belgium, the broken circle breakdown. italy t great beauty. from denmark, the hunt, from cambodia, the missing picture, and from palestine, omar. >> we've been listening to the nominations from the oscar awards happening in beverly hills. we'll continue to monitor these and gather them because there are so many and we'll put it on our 6:00 a.m. newscast as well as on nbcbayarea.com. supporting actor nominees bradley cooper, makele fastbender, johna hill, jared leto, supporting actress, sally hawkins, jennifer lawrence and julia roberts. so this is -- >> best actress, sandra bullock was in there, judi

nelson mandela fought apartheid. he was his country's first black president after spending 27 years in prison. >> sir david frost known for his interview with nixon interviewed another iconic figure who passed in 2013. >> gives us all -- >> reporter: margaret that thecher the first and only female prime minister. a pioneer, scott carpenter orbited the earth. and tom clancy captivated readers with spy dramas. and a new generation. and lou reed was known for his work with the velvet under ground. another icon. george jones had 143 top 40 country hits in 50 years. >>> pat somerall was a player turned anounser. he was the man. and stan musial made a name for himself as one of the best hitter of all time. and and dear abby. dr. joyce brothers was the mother of media psychology. roger ebert passed away. he and gene siskel mosted at the movies until siskel's death in 1999. and the actor known for his role as a mob boss on the sopranos. dennis farina his tough as nails series in law and order and crime story and miami vice. >> and now -- >> annette funicello was only 13 when she was selected to be one of the first mouseketeer

david o. russell for "american hustle." woody allen for "blue jasmine." bob nelsone film we are pleased to nominate "the groods." chris sanders, kirk demicco. "despicable me 2." chris renaud. "frozen," chris buck, jennifer lee. "the wind rises." hayao miyazaki. >> "the act of killing." joshua oppenheim er and signe byrge sorenson. "cutie and the boxer." "the square," jehane noujaim and karim amer. "20 feet from stardom," nominees to be determined. >> best foreign language film," "the broken circle breakdown." "the great beauty." "the hunt." "the missing picture." >> for best achievement in directing -- david o. russell for "american hustle." alfonso cuaron for "gravity." alexander payne. >> for best performance by an actress in leading role the nominees are -- amy adams in "american hustle." cate blanchett in "blue jasmine." sandra bullock in "gravity." judi dench in "philomena." and meryl streep in "osage county." >> best performance by an actor in a leading role the nominees are -- christian bale in "american hustle." bruce dern in "nebraska." leonardo dicaprio in

david o. russell for "american hustle," woody allen for "blue jasmine," craig borten and melissa wallack for "dallas buyers club," spike jonze for "her" and bob nelson and chris meledandri, "ernest & celestine," benjamin renner and didier brunner. "frozen," chris buck, jennifer lee and peter del vecho and "the wind rises," hiyao miyazaki and toshio suzuki. >> for best documentary feature, the nominees are "the act of killing," joshua oppenheimer and signe byrge sorensen, "cutie and the boxer," zachary heinzerling and lydia dean pilcher, "dirty wars," richard rowley and jeremy scahill, "the square," jehane noujaim and karim amer and "20 feet from stardom," nominees to be deterined. >> for best foreign language film, the nominees are from belgium, "the broken circle breakdown," from italy, "the great beauty," from denmark, "the hunt," from cambodia, "the missing picture" and from palestine "omar." >> for best achievement in directing, david o. russell for "american hustle," alfonso cuaron for "gravity," alexander payne for "nebraska," steve mcqueen for "12 years a slave" and martin scorsese for "the wolf of wall street." >> for best performance by an

david o. russell for "american hustle," woody allen for "blue jasmine," craig borten and melissa wallack for "dallas buyers club," spike jonze for "her" and bob nelsoned to nominate "the croods," chris sanders, kirk demicco and kristine belson, "despicable me 2," chris renaud, pierre coffin and chris meledandri, "ernest & celestine," benjamin renner and didier brunner, "frozen," chris buck, jennifer lee and peter del vecho and "the wind rises," hiyao miyazaki and toshio suzuki. >> for best documentary feature, the nominees are "the act of killing," joshua oppenheimer and signe byrge sorensen, "cutie and the boxer," zachary heinzerling and lydia dean pilcher, "dirty wars," richard rowley and jeremy scahill, "the square," jehane noujaim and karim amer and "20 feet from stardom," nominees to be determined. >> for best foreign language film, the nominees are from belgium, "the broken circle breakdown," from italy, "the great beauty," from denmark, "the hunt," from cambodia, "the missing picture" and from palestine, "omar." >> for best achievement in directing, david o. russell for "american hustle," alfonso cuaron for "gravity," alexander payne for "neb

david o. russell for "american hustle." woody allen for "blue jasmine." craig borten and melissa wallic for "dallas buyer's club." spike jonze for "her." and bob nelson. >> for best documentary feature, the nominees are "the act of killing," joshua oppenheimer and southernson. "cutie and the boxer," zachary and lydia dean pillcher. "dirty wars". "the square". and "20 feet from stardom," nominees to be determined. >> the best foreign language film, the nominees are from belgium "the broken circle breakdown." from italy, "the great beauty." from denmark, "the hunt." from cambodia, "the missing picture." from palestine, "omar." >> for best achievement in directing, david o. russell for "american hustle". alfonso car ron for "gravity." alexander payne for "nebraska." steve mcqueen for "12 years a slave." and martin scorcese for "the wolf of wall street". >> the best performance by an le nominees are amy adams in "american hustle." cate blanchett in "blue jasmine." sandra bullock in "gravity." judi dench in "philomena." and meryl streep in "august: osage county." >> for best performance by an actor in a leading role, the nominees are christian bale in "am

david bowie. >> i just captured it just beautifully at the time. >> reporter: jagger. >> mic is making sure jerry looks great for the night. >> reporter: and he says what a great career. >> i've had breakfast with nelsones and says, he's enjoyed every moment. for "today," martin fletcher, nbc news, london. >> all right. >>> and still to cup on a >> good morning to you. 8:26. we're learning more about the overnight fire at the chinese consulate in san francisco. you can still smell gasoline still in the air. someone threw two buckets of gas on the consulate's front door and then set it on fire. no injuries were reported. the fire is being investigated as an act of arson. >>> as we get going, a lot of people returning to work, we check in with anthony slaughter who is in for mike today. how is it looking? >> we do have a few accidents even though we're talking about the holiday light traffic right now. let's get to it. you can see in fremont, things are slow on the southbound side. it's because of an accident, and also let's take a look at the traffic maps, and you'll see we have two accidents in the south bay. one at 87 and taylor, and the other one at 101 and capital expressway. as you head up palo al