what i love with b this, this is a based etf whens. lowest rated stock, lowest rated r 20% of the fund. that's what is interesting they are not included in the index. s&p 500 out two those that would be rated on an -- >> like soccer. you pinnish at the. >> as a result, and based on testing, it appears to be better. you can't help but not like the idea. i like the idea. but i think it is fascinating. what's the top, what the bottom. if you look at these, what stocks would give me left out. he gave me five. fossil. perrigo. first solar. we need fak u. >> okay, but, to quote the great and powerful herb greenberg, one more thing fossil is up 400 percent in four years. perrigo is up more than 300% in four years. fe had done this a couple years ago, investors would have missed out on a lot of-dpsh a lot of gains. >> no, no. you don't know where these would have been a few years ago and you are falling into -- and this is what have investors going into this thing. the top five names, if you look at this pch dell, a number of short sellers won

i wonder when we're talking about fixed income etf, it's a different kind of investment than if we'ret talking about something that attracts the stock index. what do investors need to know as they continue piling into these products? what happens when rates rise? how exposed are they? >> yeah. if it's a very important question, i think the value of selecting exchange-traded products is as important as the value in selecting an active manager. so at the heart of the matter is really taking a look at what your exposures are. and the really important thing to look at is the underlying index methodology, the underlying holdings. one of the great things about exchange-traded products is they're transparent. you know exactly what you own at all points throughout the day. throughout your holding period. so really understanding which markets you want to access and what the underlying holdings is the key to understanding exchange traded products. >> okay. thanks for that, dodd. good to see you this morning. global head of etf research at blackrock. >> hard to believe it's been 20 years. as we

this isn't about etfs versus mutual funds. whennk about where a lot of the etfs have come from it really came from stock traders who real wanted the ability to diversify more in one trade than they could buying five or six tech stocks. >> what keeps this going in 2013? >> i think when you lock at there's a marketplace out there what's called etf strategists and they are building portfolios for their clients, actively implementing strategies around how to diversify risk, but they are doing it with etfs and that channel is just starting to grow. hit 70 billion, 80 billion last year. i see that plus the potential for active etfs continuing to explode this marketplace. >> all right. so innovation. new innovative etfs. >> despite all the shrinking we're seeing in the stock business, this is a part of the area that's growing and jobs are being created. how many jobs, people working the etf business now? >> we try to get our hands around some of those numbers. it has to be in the tens of thousands when you think about all the folks from a

etfs were a relatively new instrument, no. spy is celebrating its 20th anniversary today. nicole has jim ross, state street exchange traded fund. >> he is here to celebrate the 20th anniversary in 1993 whend the launch of etfs, right? spy basically copies the s&p 500, right? >> yes it does, it reply indicates the s&p 500. >> how does it feel? >> wonderful. 20 years ago. bunch of folks had an idea, we launched it helped investors solve their investment challenges. >> tell us about the big money. >> 1.4 trillion dollars in the u.s. close to 2 trillion globally. it is growing obviously very well in the last few years. >> before 20 years ago nobody knew what an etf was. now investors if they want to copy the s&p 500 they can do exactly that. is that your suggestion? >> i think, well i think obviously they can get exposure to a lot of different asset classes with etfs. s&p 500 is one of them. that is the best way to get an exposure for investors. >> what are you hoping for going forward? what are the growth aspects of this? >> we continue to look at etfs as a way for the investor. we continue to look at this as a long-term growth trend. etfs in the u.s. took in $180 billion in strong cash flo

when you buy a put you want your stock or etf to go down and want the stock to fall below the strike of the put by more than the cost of the trade. above that level you'll see losses, it's that simple. mike, what are you doing? >> i'm buying the february $4 put and buying 15 cents. don't need a lot of explanation. i will say in general you don't want to simply make short dated option buys to make directional bets of stock because in general they don't usually pay off. this is one of the situations where if you make a short side directional bet it's the only way to do it. we're choosing the nearest right out of the money strike on the down side. really the only way to make a bearish bet. >> in terms of what the market says about cutting the dividend. is there any indication in terms of activity that this will happen sooner rather than later? >> well, the way you try to figure that out. you have to look at options that are longer dated than when the dividends get paid -- the near ones won't reflect that. we were looking at july options. there isn't that much activity reflecting it but

that there's been days when you've seen massive turnover of either of those etfs, the single or the double inverse, which is the tbt. and it's up about 8% this year. that's just in 2013. and the regular denominated when is about 4% drop. so, there's clearly been rotation. you can take a look at the volume levels and see on the days when money was coming out very aggressively. i'm not saying it went to the sidelines. i'm not saying money's coming off the sidelines into the market for all those folks who want me to say that. but i'm saying -- >> but we have seen that. we have seen money coming into the market. we saw the data points saying this is the highest turnover into the equity markets, second or third on a historical value. and each of those times that beat it, the market fell off 40 40% or 50%. it's a contra indicator. >> let's get more on the gdp numbers, which investors seem to want to look for. our next guest says the economy is stronger than you think. michelle myers joins us on set for a deeper dive into the numbers. michelle, certainly, a lot of the factors, you can explain awa

that there's been days when you've seen massive turnover of either of those etfs, the single or the double the tbt. and it's up about 8% this year. that's just in 2013. and the regular denominated when

etf? do you think that will have an impact on the market? >> all you do whenwith an etf is you put it right up, start taking from that etf demand. they'll buy the contracts, they're going to demand to store the metals somewhere. be it paper or whatever is there. that juices the demand. i think you're looking at over $4 copper, maybe 4 1/4 copper very soon. >> what do you think we should buy at this stage? >> i like the stock market. when you look at where we're at right now, i see the transition. bonds i think are in a back window, the low yields. i think they'll gradually, not all of a sudden move up. the fed gave you an idea that they're starting to think about coming out of this fanatic printing of money. that doesn't mean they're stopping. they're going to look at each economic report. don't look at the 6.5% unemployment target they gave you. this is just the first warning. the market i think is going to come to its senses about that very shortly. >> happy new year, ira. good to see you. ira epstein joining us from chicago. >> he is the man responsible for

themselves, and history does, the trend toward passive management, all of the etfs, active managers are going to outperform the passive. when better you are not going to see everything correlated. stock picking's going to matter again. i would be in equities. i would pick quality equities. and they're going to outperform bonds. >> i've got to run. great stuff. thank you. it's wonderful to see you. it's been way too long. now, folks, he's the free market libertarian ceo of the successful supermarket chain every organic left-leaning american loves. that being mr. john mackey. and he's making news again with his opposition to obama care. he's about to join us next. malu turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. sven gets great rewards for his small business! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on

when we come back to my tour of one of the most famous castles in the world. to you recognize? but first, where people putting their money? etfit smoking with chantix. when the doctor told me that i could smoke for the first week... i'm like...yeah, ok... little did i know that one week later i wasn't smoking. [ male announcer ] along with support, chantix is proven to help people quit smoking. it reduces the urge to smoke. some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. if you notice any of these stop taking chantix and call your doctor right away. tell your doctor about any history of depression or other mental health problems, which could get worse while taking chantix. don't take chantix if you've had a serus allergic or skin reaction to it. if you develop these stop taking chantix and see your doctor right away as some can be life-threatening. if you have a history of heart or blood vessel problems, tell your doctor if you have new or worse symptoms. get medical help right away if you have symptoms of a he

when you're picking a stock. it matters. historically the stock sector counted as much as 50% but because so many trade through etfs and becausey've become so popular through individuals and hedge funds to make decisions about stocks, take quick action, the sector is superseded earnings at times. i got to tell you, often it's made earnings all but an afterthought. the way banks traded, it didn't matter for the most part whether a bank had strong or weak earnings, if a bank was in the financial etf that encompasses it people want to own it, it didn't matter how good a bank did. wells fargo, domestic banks with little exposure to weakened europe, translated into that. jpmorgan and others, at times i've had to dismiss the gains if the cohort was radically outfavored. but i never just forgot them. instead i try to choose -- figure out which ones can at times break the tug of the sector, the gravitational pull and which ones can really shine because if the sector falls back into favor i have to be ready. since its gigantic bottom, the march bottom, general rational we've seen many sectors of retail in individual stocks within those

when you, the viewers, ask, we deliver at "halftime." four stocks have lit up by twitter time line. ultra short euro, etf, that would be the euo.t, disney, our traders will give you the scoop. anthony, whalts the trade? >> i would stay as far from this as i possibly could. the only thing i'm sure, and that is being short. macro environment for the euro is decidedly upwards. that's not to say that currency may not weaken to the u.s. dollar but there is not that kind of explosion that people were hoping for. so i would avoid being short things like this. particularly as retail investor. where you're not able to sit in central banking meetings. >> 134, 135 is where you're sitting, the euro has been. 134 1/2. joey? >> anadarco was a stock we were talking about 80, it got there today. look, if you're a near term trader, you take some off fund manically. the story changed for anadarko. i think this is a name you own. >> stepm? >> such a good performer. not even that expensive. the long-term average is about 15 1/2 times. i think theme parks will do very well this quarter and into 2013 continue to do good. in terms of studio as well.

when we come back to my tour of one of the most famous castles in the world. to you recognize? but first, where people putting their money? etfthat's next. ♪ gerri: much-needed relief may be on the way for residents of louisiana. governor bobby general says he wants to eliminate all state, personal, and corporate income tax does. the plan is to make louisiana more business friendly. no better way than to drop taxes it could be in response to the neighbor taxes which has had no income tax for years. they rely on a windfall from the rich energy resources as well as other forms of taxation, including a sales tax. political analysts are warning the proposal to eliminate income tax could be followed by a plan to raise the sales tax. the office responded to the claim saying only he wants to keep the sales tax as low as possible. well, from texas to investment, it is a mad-toward equity mutual funds in the new year. inflows for the first week reaching $22 billion in his second highest level in history and the highest in 11 years. emerging-market equity funds saw the biggest inflow reheat to cover teeseven and a half billion. ceo of

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will be good and i think the valuation here, when you can buy macy's at 11 times earnings, you do it. >> do an apples to apples, though. for the xly, the etf retailers, you are not being discretionary -- >> i can't be. >> would you still be bullish? >> yes, i would, because -- >> okay. >> but i would rather pick. >> and just to be fair, would you still be long some retailer if you were able to choose? or you say no to the whole sector? >> well, my analysis is no to the whole sector. i'm sure if i dug through it, i might find something i like. but i will say no. >> what do you say? >> you have amazon in the xlys, so --mazon. >> it's more than retail. then you have home depot. that's a housing recovery stock. and the tech any cams on that are on fire. so, yes, i would still be a buyer of those two names. >> pete? >> i think you're talking about the xly. i love the fact you've got the china play with starbucks in there. home depot and lowe's to the housing. and obviously the online world of shopping. i think that's the direction, whether it's ebay, amazon. but it seems to always go higher. i like ebay if i was going to pick. >> streak continu

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when you look at the debt side, no one talks about the debt side. do an issuance on the financials. look at lqd. etf that everyone wants to own. any time this there is an issuance on the debt side of these financials it gobbles up as quick as it possibly can. >> kayla, thanks so much. enjoy the weekend. >>> on the way, which is a better investment right now? apple or google? the answer may surprise you. >>> and he has the highest s&p target on this street. that being wall. why tony dwyer is sticking to his bold forecast. >>> and johnson & johnson gets a key upgrade. it the right medicine for your portfolio in one stock, two opinions. back after this. of warning lighs and sounds vying for your attention. so we invented a warning you can feel. introducing the all-new cadillac xts. available with a patented safety alert seat. when there's danger you might not see, you're warned by a pulse in the seat. it's technology you won't find in a mercedes e-class. the all-new cadillac xts has arrived, and it's bringing the future forward. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading

when we started rallying, hoping a fiscal deal would happen here. look at this. new high on the russell 2000. this is the etf. an historic high. new high on the mid cap index. an historic high. noteworthy numbers now that you can see in the history books. i've been asked about why one sector a certain group of retailers are on the side today. you can say higher payroll taxes, a super gain will impact consumer discretionary spending. if you will notice in the last four years, every single day, first trading date of year, s&p up 1.6% last year, 1.1% the year before and 1 .6 the year before that. the first trading day in the last few years has been a strong one. >> history is on our side, thank you. i want to ban these words in 2013, risk on. only after i use it. we have money coming out of bonds, going into stocks. i can see the ten-year yield is spiking. >> these are the highest yields since mid october for ten-year since mid september for 30-year. even the dollar index has reprieve today when the euro lost a boat load ground and yet we still hang on to our gains on the yen. but to address your question and y

etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >>> remember whened hillary's concussion? now they're making her tears. it's ugly and it's next. [ baby crying ] ♪ [ male announcer ] robitussin® liquid formula soothes your throat on contact and the active ingredient relieves your cough. robitussin®. don't suffer the coughequences™. >>> the fact is, we had four dead americans. was it because of a protest or was it because of guys out for a walk one night decided to go kill some americans. what difference, at this point, does it make? we've got to get our act together between the administration and the congress. the reason i said max it open. tell the world because i believe in transparency, i believe in taking responsibility and i have done so. >> secretary of state hillary clinton battling the gop on the hill today. in this video, her testimony today is one of the last you'll see of clinton in secretary of state. but the dramatic sub text today is her political future. and it has a lot of people talking. will we see hillary run in 2016? and will it b

etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. whene doctor told me that i could smoke for the first week... i'm like...yeah, ok... little did i know that one week later i wasn't smoking. [ male announcer ] along with support, chantix is proven to help people quit smoking. it reduces the urge to smoke. some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. if you notice any of these stop taking chantix and call your doctor right away. tell your doctor about any history of depression or other mental health problems, which could get worse while taking chantix. don't take chantix if you've had a serious allergic or skin reaction to it. if you develop these stop taking chantix and see your doctor right away as some can be life-threatening. if you have a history of heart or blood vessel problems, tell your doctor if you have new or worse symptoms. get medical help right away if you have symptoms of a heart attack. use caution when d

etfs. this is the s&p 500. you can buy it in a single stock and you might say, oh, gee, there is a move there to the far right on the upside whenncement came. but it is a very, very narrow amplitude. very narrow range of trading. that's about three points on the s&p 500. the volume did pick up and we will have volume towards the heavy side today. if you think that is good news pushing the debt ceiling out for stocks and i think generally would you look at it as good news, it certainly is fairly muted here. as for the major indices for the week, what simon was just talking about, there are deeper cyclical changes. big industrial names have been generally outperforming and that is very good news, if you think the global economy, those stocks would more closer would the global economy. >> you get this, this real tight hugging of the flat line friday. monday, tuesday, wednesday and then again today. >> yes. >> that's a new phenomenon. >> we have been very narrow. the amplitude. the average last year, in the many days this year so far in january, it's been 60 points, half the normal range. but still, the direction is still up. >> an

when is the last time you saw the russell 2000 at historic high? been quite a number of years. that's it, and you can buy that. iwm is the etf symbol. s&p mid-cap, very important sector. historic high as well. that, too, you can buy in symbol mdi. let me move on and show you other big sectors. techs doing well. some moving to the upside. moves at hewlett-packard and dell, for example, nice moves in storage stocks as well. all of them are to the upside. meantime, seeing new highs. put up the home building charts. home builders and construction companies are all moving to the upside today. important thing here, owens corning had a new high. when was the last time you saw that. seeing masco at a new hope. s&p 500. bring back the retailers because we are seeing some laggards. finally, i want to make note that the hmos also lagging a little bit as well. still the threat of a 2% cut in medicare payments from the sequestration that's coming up in the next couple of months, but other than that it's pretty much all green. guys, back to you. >> all right, bob. thank you very much is this very strong start to the year a good omen for the rest

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. >> i had to laugh when trim tabs gave their inflow numbers for january. $55 billion into mutual funds and etfs record was february of 2000. their words right before the tech bubble popped. that's the skepticism you were talking about. >> investing in irony is a popular thing. they say, i remember, in 1989, we had just come from 1987, and we got back to these levels. i said, well, that's ridiculous. everyone's going to be -- once they get back to the '87 level, they'll sell. the market doubled. then it doubled again. investing in irony is difficult. what you do is invest in earnings, invest in companies, invest in profits. and the profits are pretty good. >> a lot better than they were in march of 2000. >> we mentioned earlier, i wanted to take another look. this is a company you know fairly well, jim. the company saying it's going to pursue the sale of the terminal market. that is having the shares up rather sharply. $21 billion market cap company. not a small company, hess. but at the same time it tells us it got approached just on friday, it says, from elliott associates, the large new york-

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etf, vxj, you may want to look into that. i note the effect this china news is having on our market, even on a day when the dollar is down, materialright across the board are down, steel stocks are down like allegheny, the big mining stocks are down. iron ore stocks are moving down. finally carl, the big question is what do you want to do, the cliff negotiations or the debt ceiling negotiations are a month, month and a half off, what do you do with a company like caterpillar? it goes from 86 to 95 essentially at the start of the year. what could el do right now? the relative strength has been strong recently. do you buy, sell or hold? these are the questions that the managers i thought have to deal with all the time. by and large, hold seems to be there, but there's a lot of people wondering what should i do now? they're going to report january 28th. right now i think it's a hold. >> clarity on pricing will be key for companies like cat. thanks, bob. have a great weekend. >> you too. >>> transports have been on a tear, the dow transports average hitting a new intraday high, the highest since july 2011. looking at two industries to

etf that tracks home builders up by about a percent. and jim, it's interesting you hear about all these, a story yesterday that lenar is going into the rental business, just whens had peaked. >> stuart miller knows more than pretty much anybody else i know other than may bob toll. more importantly i want to say that palty homes can repeat as a great performer. it's real. interestingly -- >> just want to point out, the noise, the pinoff from cvr energy in which carl icahn had -- this is cvr refining set to go bub at the big board, $25 a share, which is right in the middle of the range, 84% owned by cvr energy, which trades under the ticker cvi. that's why you hear the shouts behind us. >> our friend dan dicker saying this is a must buy. holly frontier has been returning so much to shareholders. these companies are a big beneficiary of the glut of domestic oil versus what we can charge, you know at the pump. the united states oil is so cheap. >>> a couple incongruities today. at yet the dow is positive. you made the point about the macro being positive. >> we are in a rising tide situation. you know, we're supposed to -- if you listen to anyone on how america is

etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >>> whenli bin talal is holding court the only thing he has on tv is "squawk box." >> there you are. >> there's a press release that went out. the chairman of kingdom holding company receiving in his office the egyptian ambassador to saudi arabia who was accompanied by the first secretary of the embassy, and i mean it just -- >> that could be anybody. >> it could be anybody. >> it's -- not with those jowls. but if you look at the high rise, looks like a pretty prince type place. >> it does. >> and we know that he's a friend of the show. >> it's cute. because people sent it off to us and said you might want to forward it to joe, because that's what's on. >> all the time. >> publicity shot. >> it's on a lot of the time. we need to have him come back. >> we do. it's been awhile. >> let's get the final word for today from our guest hosts. guys, people are waking up this morning after all this talk about the market at new highs. it's made its way to "nightly news" and "usa today" and investors are

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