then hedge fund giant david tepper. did tepper give the all clear sign ahead of tomorrow's jobs report. brian, what do you say? >> i think they probably did. it makes the jobs report less important. what the ecb did was quite a big move. because they went to the negative deposit rates. they have the book on point. remember in my opinion, i think mario is one of the best central bankers in the world. he was able to get bonds down to record lows without buying a single body. -- bond. >> almost double. showing that investors are willing to take on some risk. >> yes. it does. i have that long s&p short. i think david tepper is messing around. i really do. if you're watching, i have no idea if you are or not -- tell the truth, i think he's messing around with us. >> messing in what way? it lines up with what he told us at the conference and that is he was getting concerned. but after memorial day like the ukraine elections, he would be willing to get more long the stock market. he wasn't going short back then even the market

really spurred earlier in the day when our own kate kelly talked to david tepper. he told her that most of his fears have been alleviated to a certain extent. remember it was out in las vegas at the salt conference. not that long ago where he said it was nervous time. was looking for europe to do something. had questions about the ukrainian elections, also what bs going on in our own economy, today feeling a little bit better. he was bullish then, but perhaps today he is feeling even a little more bullish about the markets given the events we've seen and the markets are in the green across the board. >>> they are. another banner day looks like. dominic chu is tracking the markets. >> green across the board. joy global leads the percentage gainers on the s&p 500. this after the mining economicsmaker posted better than expected second quarter profits. joy global session highs up 6.5%. then there's siena moving higher posting second quarter earnings and sales that beat wall street forecasts. up 18% on the day. barnes & noble gaining ground on news that its teaming up

when david tepper came out and took out all that spooking he did he in may. there for the dow and for the s&p 500. >> we got to go but i would just like to see a little more volume, little more enthusiasm about this market to confirm these high things. that you what yyou hear. don't just stand there -- >> this is my tv duty. >> here is the thing about the markets. if you are a mom and pop at home and you get your 401(k) plan at home and at the end of every quarter it is higher, do you care if volume is low? no. but market participants are complaining. >> it suggests a lack of conviction. let's look at what gold is up to. gold today has gained 1% on the back of the ecb's moves. right? they want a little inflation in the system. the interesting thing that -- there you go. gold is up by $9, $1,253. >> didn't have you a stat about gold from 1933? >> yes. fdr, on this day in history, on this day in 1933, took the u.s. away from the gold standard. >> there you go. >> there you go. >> nixon did similar thing. >> rich people still like a lot of gold. >> they do. ther

if anything, i now think even more of david tepper because he's honest to a fault. dn't dig in his heels with the wrong view. i've known tepper for ages and he's the best there is opinion so then what's my beef? my beef is with the people who took action based on tepper's comments. the people who didn't understand the subtlety of his works and how he specifically told you what would make him more positive. my issue is with those who use tepper's words meant for the most sophisticated of audiences to justify blasting out in the s&p 500 and then shorting. >> sell, sell, sell! >> the highfliers. my concern has to do with the people who use tepper as a guru when he had duty whatsoever to you and at had zero obligation to tell anyone when he changed his mind. you need to have your own opinions. if you liked your portfolio before tepper spoke then you have a specific chance to buy more of your stocks thanks to the tepper-inspired weakness and you would have had an even more remarkable day today. if you shorted the highfliers on tepper's admonition because they were the mos

kate kelly talking to david tepper earlier this morning. >>> back to gm. mary barra saying 15 employees have been fired over the company's recent ignition switch recalls. mickey maynard is a former "new york times" detroit bureau chief. great to have you back. good morning. >> hello, carl. thanks for having me. >> i think we were trying to join you on the phone although i'm having trouble hearing you. do we have you? all right. i guess we do not have her. if you're just joining us, they did unveil what they're calling the valukas report, anton valukas, the former u.s. prosecutor, who found no wrongdoing or cover-up so to speak but mary barra did call it a saga riddled with incompetence and the dismissals of those 15 employees, about half of those, by the way, executives. over to margaret brennan. >> check out barnes & noble, teaming up with samsung to develop a tablet. they'll develop note digital software and shift away from building its own tab lets. barnes & noble trading up 2.86%. back to you. >> thank you very much. when we come back, bit coin and eba

but if nervous time, i'm nervous, those are powerful words coming from david tepper. i don't know they were necessarily miscontinue stewed. someone of his gravitas, it moved markets. >> appears to be moving the market today. kate, thanks so much. >> thank you. >> rob, you were out in salt as well so, you heard tepper, saw what the ecb did today. what do you think of the market landscape as we sit here? >> i would agree with david. i think this takes one major risk off the table. if you look at the u.s., we definitely needed to see earnings growth deliver and economics growth deliver, demand the first quarter economics growth wasn't doing what it was supposed to but earnings growth did. earnings were up 6% in the quarter, most number of beats in some time, and now we needed some of the negatives to come off the table or the potential negatives, potential shocks to the system. you just can't have that when markets have come off such great performance. you need to take the negatives out. and i think that's what's happened today. i think draghi did exactly what he was sup

even out at the big salt conference in las vegas, you know, one of the things that david tepper was speakingbout. he said it was nervous time because we haven't yet gotten what the expectations are from mr. draghi and the ecb. it's time to go beyond talk and walk it as well. >> i was there myself briefly. i didn't see dave say that. i know dave. he's been around the block a few times. anybody that's got too high expectations for the ecb hasn't been around for the past 13 years. that's just not generally how they are. but that said, i think as we saw two years ago with his "i'll do what it takes, when he needs to really deliver, draghi has quite the capability of it. you know, on balance i don't think he'll disappoint, whatever that means tomorrow. but of course it is against the background of what i would say is somebody that's moved away from the markets a bit. thank god i have not been too involved in the markets this year. it must be a nightmare to trade and a nightmare to follow every hour of every day. nothing in so many markets seems to ever go on. >> welcome to our world, jim. i'm not

so hedge fund titan david tepper says the ecb's move has eased his market concerns he had. is that a green light? our next guest believes it's time to jump into europe. jack avlin at bmo private bank. jack, i'm going to start with you. how significant is this move by europe, and how do you trade it? >> you know, it's pivotal, sue. this is a central bank that's been all talk and no action for years. and they've been able to get away with it. it finally came down to actually doing something. and they certainly surprised me to the upside, and i think surprised most of the market. to me, this means now that the baton of central bank easing can move from the united states, which has been pulling its weight for the last five years with the help of japan, of course. now into europe which could allow us to extend this rally with a kind of a euro-centric international developed focus. these markets are trading at probably a 15% discount to the u.s. and so i think that's where the next leg of this rally's going to go. >> interesting. waseef, do you agree with that? >> oh, absolutely.

>> not saying don't do that david tepper is explosive. taken so much money and gone through their literacy program. >> the programs weren't there at that time. it is better now. the nba has improved tremendously. the nhl hasn't, major league baseball, the nba are doing a good job. charles: is the biggest obstacle peer pressure? lot of kids are for and never had money before. >> a lot of them is the agents. agents takeover and say we will take care of everything and they don't have any ability to do that so as a result to make a point clear i tell people learn, educate, these are not dummies. these kids can learn a few craft the message right and that is will we do. we do good job giving them their basic understanding of portfolio management. >> do they distrust you? do they sit down and study the numbers or call you? >> great question. we are not investing in the stocks but we won't take a client unless they're well-educated. unless we have given them good information and a land we won't do anything. we haven't invested a penny because he

highs on the regular sparking some on the street to get cautious but hoy-profile investors like david tepperheir bullish guns so who has got it right. joining me now with his take on the markets and the economy is michael darda, chief economist and chief market strategist at mkm partners. michael, it's great to see you, and, look, a lot of people for the last couple of months have been trying to figure out, you know, whether we're about to see a 25% correction in the stock market. we've even had a guest on saying the u.s. was headed for recession. you've said no. why do you think that that's the case, that we're fundamentally still in an expansionary cycle here. >> thanks for having me on, kelly. well, first of all, most bear markets, not all of them, but most of them are associated with recession, so if we're talking about going down 25% or 30% i think that's very, very unlikely unless we're headed for a recession sometime in the next year. that would also be very unusual absent any fed tightening. gag back over the last century over which we've had the federal reserve, we only count one re

complacency about the market is measured by the vix, measured by people not having one step -- david tepper not being as nervous. i don't call complacency as much as opportunity. this gives you a chance to go for some stocks, not going to blindside you, not going to send you down. a lot of this is europe. it's big bond market, all one big bond market. i'm not going to start paying up for -- get a -- not going to get a big yield with italy. >> follow through from the ecb yesterday and the attempt to combat potential deflation, obviously saying to the banks we're going to penialize you, you're starting to pay us if you don't lend. >> i know everyone might know that my nef few, cliff mason the head writer for my show and we were going back and forth for "mad money" and saying draghi he is just living, he is saying the republic must be predserveprese. must not go to the third reich. this is what he's thinking about the far right parliament members. this is what i believe. he's thinking the far right parliament members are getting too strong, this is what happened in the 1920s in germany no joke

. >> ron, i wonder what you make, if anything, and i'm assuming that you heard david tepper's comments week that some of the fears that he had of, you know, a month or so ago, that it was nervous time, have been alleviated to a certain extent given the ecb's action, the elections going off with not much of a hitch out in the ukraine and our own economic data showing that there at least seems to be some pretty decent things ahead. >> again, you know, the bullish case is a different one, and what it is is that technology is going to cause capital to get more returns than labor and what i mean by that r, we have a ran a lot longer than we think. in that case you could argue the risk premium to be 2%, equalling a 22 times the market, 2200 on the s&p. in the short run though i don't think it will play out in the next three month. i think this market is a little ahead of itself considering the short run fundamentals. the second quarter, the growth we're seeing in the second quarter is really in many ways just whether the inventory and things we didn't see in the first quarter. >> ron, before