i.e., do we see euro at 1.55? it's feasible. i don't think that's the main game in town to manage their risk and exposure and export risk. i believe cable might defy the skeptics. i think they're expecting sterling to move back to 1.60. i don't buy that. i think we've held on to sterling levels at 1.60. it looked a bit wobbly about two or three weeks ago. i think we resume the bigger trend picture putting cable back to 1.77, 1.78 by year-end. what is more exciting, certainly has been more exciting has been the equity markets in general. and there we've seen some very clear technical breaks. we talked on this program about six weeks ago and it's time we send the bear markets over and i've been surprised myself about how quickly they've moved markets up. but nevertheless, those people that are saying it's not underpinned by fundamentals, it's a major correction at 15%. i don't buy that. we will see corrections in equity markets. if you look at 2002/2004, where you had the big rally after the pre-iraq and post iraq war, you saw a o

i recently saw the euro/yen increasing when the dollar was up versus the euro. so far the yen and the dollar have been moving in the same direction to the euro. are there any trends to these pairs? i've been contemplating selling euro/yen. >> yes, there is a bit of a change taking place, particularly with regard to the yen. some of the more traditional relationships to the yen have been breaking down and we've seen that happening pretty much as a functional disrotation of the funding currency. so the yen has changed its behavior quite significantly and in its current environment, the yen is gaining some support. so even if we see euro/dollar pushing higher, i still believe there is scope for euro/yen to move lower as the yen will be the outperformer amongst the major currencies. >> great. well, ian, thank you so much for joining us, ian stanner, bnp paribas. >> thank you. >>> the u.s. recovery is under way. that's the latest view from the federal reserve which vowed to leave rates on record lows for a prolonged period yesterday. joining us now is peter dixon sen

but yeah, i think euro/dollar has more. we think yen is weak. >> why would you advise people to head in the surntsy markets? >> you've got the dollar index plays, which is weak dollar tends to play to sweden's strength. they're keen to see that the swedish is still undervalued. euro/dollar, it's fairly good at 150. >> our next ge guest will be discussing whether or not the dollar is oversold or undervalued, but is there a difference between being oversold and undervalued right now for the dollar? >> i don't think so. i think that's all the question is going to concern people. we say a really, really big picture view. for instance, when sterling is coming from 2 down to its lows, we heard of an awful lot of people who have interest at 170. so i think that's important. i think basically most people trading today are looking at the next couple of weeks, the next month and trading on that. i think the dollar is probably oversold because sterling is oversold. >> paul bednarczyk, thank you so much for joining us, currency strateg

the euro dollar 1.46. and off its lows, but still trading 1.5865 would be live from their labor party conference to see what the labor party intends to do about the uk economy. let's get out to christine now. >> hey, steve, here in asia, we have a negative session after the unique data. we have japan, one of the biggest business today, the yen surging to an eight-month high, losing 2.5%, one of the biggest losers in the region, the kospi down 0.9%. we're seeing a selling spri which starts on thursday. the hank seng is down 2.1%. this is how the crude oil picture is looking. falling below $66 a barrel, $65.54 to be exact, down 48 cents, and brent is also pulling back, as well, 47 cents lower, 64.64. lots of questions about the the demand picture. julia? over to you. how are you? >> thanks, christine. good, very well here. we're going to take a look at how u.s. futures are shaping up. last week, the s&p 500 did make fresh highs, but did end the week lower. now it looks like the dow is pointing to a lower ope

but we've seen it into the who he would euros currency. really as the dollar gets used as a carry trade item. but, going away from that, diversification is always going to benefit the euro when you're moving away from the dollar. >> okay. thanks for joining us. >>> i said sterling was a bit weaker again today, as well. let's come back to you for a second. what do you think the bank of england's getting at here. they're not trying to get an export. anyone can get exports going -- that's not going to happen in that sense is it? >> i don't know what the bank of england wants. the uk economy is unbalanced relative to where it was. it's not so much that the consumer has increased an allegation of resources greatly. it's that the public sector has. and the thing that has to happen is we need 10%, 15%, 20% reduction in the allocation of resources to the public sector and some of had those we'd like to see released for export. everything would be sort of fine in that situation. on the currency side, i always say don't bother with actually trying t

euro/dollar, 1.4672. sterling is losing ground against the dollar, around the 1.60 level and euro/sterling at 0.916 been christine. >> here in asia, most of the markets were lower despite the fed to keep stimulus measures in place. the nikkei 225 down more than 2%. the banks leading declines there after nomura said the was going to issue $2.65 billion in shares. the kospi is down 0.1%. the shanghai market down 0.5%. hang seng down marginally, 0.1%. aussie market marginally higher at 0.3%. overall, not a lot of direction here in asia. julia. >> thanks, christine. in the u.s., we're coming off the market moving lower on thursday and, of course, you have a number of different pieces of economic data out today. let's take a look at how the futures are trading. actually, the futures have moved down over the course of the morning and the dow is pointing to a slightly lower open. the s&p looks like it will be about flat at the open. let's take a look at that ten-year yield for bonds. we had a robust sale at $20

but it gives us a high weighting towards the euro. i prefer to talk about euro dollar.uro/dollar, our target this year for a top had been 145, 147 by september. we're pretty much there. i think after that, you could have more gains. we could see 150. but it will be a slower grind. if you thought policymakers in europe screamed last year, when euro/dollar rose above 150 and they had growth, think about what kind of noise they're going to make this year if they're above 150 and growth is going to be zero until early next year. they can't afford it. >> the weekend currency, like myself, we love the dollar index here, just for the record. but i agree, your point is well taken. mark, talk to me here. are you also looking for continued dollar weakness? >> i think very short term. rebecca's forecast up to 150 is not that big of a deal in the foreign exchange market. we're talking a couple of cents. people like rebecca talk about risk on trades, people taking on more risk, they sell a dollar. yet many people tell us, like stiglits, pimco tell us the u.s. is a high-risk venture

euro/dollar, lower by some 0.2%. >> let's quickly run you through some of the markets here today. really green across the screen with the exception of the shanghai composite. investors looking at that m&a activity in the united states overnight. looking at the markets, they've gone up for august when they weren't expected to. they just kept on going in september and a gain, that was unexpected. and investors sort of thinking with all of this m&a activity at the moment, perhaps maybe could keep going through tend of october. so they moved back in over here in asia in a big way today. japan was an interesting point largely because of what louisa just mentioned with the japanese yen. it weakened after the comments today. if necessary, he will get in there and protect his currency and that sort of scared investors who were short yen out of the market today. also boosted the equity ports stocks in japan. they really get hurt quite a bit when the yen strengthens and it's been strong lately. so investors are moving back int

at 146, 145 is the euro, i think the your joe euro can go y year anden that wouldn't surprise me in the gold market in october and november get a secondary run. i think the fireworks have happened. >> we would hold powder and get prices from both guys in chart talk. we will put gold with jim and ira after this. >> so far it appears the third time is the charm in the past year with gold over $1,000 an ounce. we're with jim hyerczyk and ira epstein. jim, you mentioned you will be buyers on dips below 1,000. at what price would you put new offers in. >> i like the 950 to 970 area, i'm looking at a trend indicator chart. the trend is up and the market seems comfort within buying the 50% correction of ranges and right now that is my zone, the 970 to 950 area. i don't see any urgency in chasing the market and buying strength so i would be comfortable buying dip the. >> for the pros, 618 is a tech kale analysis. >> yes. >> ira, you mentioned perhaps a move in october, not explosive, you you're at 1,008 and change here, how far and how fast? >> look at tuesday's low, technically speaking, o

this doctor in -- euros. this doctor in germany, he said there was an american ex-pat living in her town he came in with a hangnail in early january, she said, i'm so sorry, you now have to pay 10 euros. then he came back in late february, with some other problem, she said, he tried to pay me again. he'd already paid for that quarter. she said to me, do americans pay every time they go to the doctor? is that what happens? so in germany, i would have paid the 10 euro co-pay and everything else would have been free. >> in germany, if i worked in germany and i didn't have insurance, didn't pay for insurance, what would happen to me? >> well, it's taken out of your pay. you don't have the choice not to have it. >> if i didn't have a job? >> the government takes the role of your employer and the government plays the -- pays the employer's part of the premium. if you don't have enough to pay your half of the premium, the government does that too. most people in germany get health insurance through the employer, the

euro/dollar is now back below .47. sterling/dollar, 1.6344. a short while ago, two bits of uk data, we saw the money supply and bank lending rising for august. then we also saw public sector net hitting 60.1 billion pounds, as well. that's the biggest august on record. so basically, we've got uk public surging and bank lending stalling. and it makes me wonder, sam stanley, of halo financial is with us, whether this actually -- when you look at the pressures in the uk, whether that makes sterling trade more with the dollar than anything else. >> well, quite possible. this week, we've seen the dollar weak against everything except the pound. the pound and the dollar are seeming to fall against the dollar. i think the pound is under a lot of scrutiny at the moment. people are looking at everything that comes from the bank of england. the fiscal position is very, very important. and it built into a bigger sterling picture that we're starting to see emerge in light of overall dollar weakness. >> max, what do you make of this uk fiscal position at t

>> we think the euro has peaked recently at levels near 150. we think the dollar yen at 88 is at the bottom. japanese officials in the new administration here clearly felt that they've gotten a little bit out of hand, and ahead of themselves by saying they promote a strong yen. with an economy that is so reliant on export-driven growth, we think a weak yen is vital for japan. >> clearly the emerging markets are becoming more powerful. there's no doubt about that. further down the line, wouldn't it be advisable for the u.s. perhaps to that in order to get what it wants at the end or a version of what it would like at the end rather than leaving it as we go into the agm of the world back and imf this weekend, in other people's court to play with? >> yes. certainly i think the u.s. has to promote more globalization and free trade, this issue with chinese tires is a concern. we are concerned that breaks out into perhaps a more full-fledged type of trade war. but the u.s. dollar we think is likely to continue sliding regardless of u.s. action, until

president obam announced the administration'slan to shelve the eastern euro missile defense shield in brief appearance at the white house. the president said that the chan was necesry because iran is muchloser to developing short and medium-range missiles an long-range missileshat could t eastern and central eupe. >> the best way to reonsibly advance r security and the security of ou ales is to deploy a missile defense sysm that best responds to the threats that we face and that utizes technology that is both oven and cost efctive. >> facilities for the fense shield were to b located in poland and thezech republic. the missile interceptors themselves were toe housed atg: base ingorsko, poland while another was to be bld in the brydy inhe czech republic. many people we found to be opsed to the plan. >> it's been very controveial. the village is split in two. >> jan cienski is a reporter. >> the majority of bot po pold and czechs we against it. th saw it potentially bei dragged into a conflict th russia. ruia saw it as a threat to its own security. at one point teatened to taet nuclear

euro/dollar is currently at 1.4554. sterling had a bank of england meeting, nunling back to 1.6516. >> ross, here in asia, we had a strong session. the decision by the r&b and the bank of korea to help keep rates low provided some psychological report. the nikkei 225 managed to close up a single one-day gain almost 2%. despite data which showed weak capital spending. the kospi up 3.2%. a strong showing there. and the shanghai composite down 4.7%. and the hang seng itself, 1.1% and the australian market is up 1.1%. and this is how the crude picture was looking. we had opec keeping production output on hold. nymex light sweet crude, $72.24 a barrel. and brent is tacking on gains, as well, $70.45 a barrel one 62 cents. ross. >> let's get more on what's going on. joining us is mark oswald, strategist at monument securities. mark, good to see you. >> good morning. >> interesting things right now, you have to look at the stock prices. we have a pretty good appetite for bonds. big farm buy interest despite the two-year low. ho

the contact would be worth $4.5 billion euro. france has agreed to buy some airplanes in exchange and has agreed to transfer technologies. they will build jets to sell them later to latin american companies. now let's have a look at the asian markets this morning with at am in singapore. >> thanks, stephane. we saw a lot of trading in the markets. the biggest performers coming out of the greater china region, taking a look at the shanghai composite. the market looked fantastic. we had gainers, overwhelming losers by a ratio of 758 to 105. and the gains were driven by the usual suspects on hopes that the government would continue to support the markets. and also more recently today, nine new mutual funds are being launched in september. that could see 7.3 billion u.s. dollars hit the equity markets at some stage. but the real momentum came into the markets in the afternoon as i mentioned as i saw the commodity prices perking up. everything from oil on the base metal prices helping to fuel big gains in the oil stocks, at least in s

prior to 1999, there was no euro curren currency.pect that with a new world currency in europe, there is going to be some diluti dilution. there's a lesson here, viewers. that is unless many governments, including the u.s., get their debt fiscal house in order, we're going to be the target of many attacks by chose who say they're our friends, but as larry pointed out, if our house is smoldering, they're the first to sneak in and try to steal our furniture. >> there's a lot of talk in the market of a chinese put under gold. china is a gold buyer. they won't let the gold price fall and they're trying to quietly buy it without driving the market sky high. give me a take. >> it's absurd. there's speculators driving the price of gold up right now. the chinese are not buying gold as a hedge on their gold position. >> makes perfect sense. that's what they're doing. >> no, but -- >> you subliminally described the chinese strategy. >> the chinese are buying companies -- >> we go out and buy gold to drive the dollar down? that doesn't make sen

it's trading at a one-year low against the euro. gold prices up today to 1016. what does the fed have to do to prop up the greenback? let's ask robert, chief monetary economist for cumberland advisers and our very own in-house genious, steve liesman. >> you're buttering him up. >> i am. i'll go to you right off. the fed doesn't care one whip about the dollar, do they? >> i don't think that's right, larry. i think they do care about the dollar. i don't think they care to make it the end of their policy or the goal of their policy. i think what they have said is that they will strengthen the economy and let the dollar follow. i don't think they knew if they would let it follow. i would point out that it seems to me that the strok market would want a weaker dollar, but they keep rallying. >> that's true. bob, i would ask you, the biggest question at this meeting is whether the fed is going to stop buying mortgage-backed securities. do you think they're going to continue doing that and should they? >> that's a good question. the first question is whether they're goi

la estrella argentina lionel messi renovó elontrato hasta el 2016 y una clausura de 250 millones de eurosrado agarrados. >> bueno, vamos con walter q está listo con el horóscopo. >> estamos bajo una luna ntzfm y voy asociar la luna nueva con la piedra que te representa en el zo zo so tauro, eres la exótica, miste o misterosa smister misterosme laloed. >> jem cáncer, la piedra lunar. que es la piedra de inicio y estas empezando con una nueva filosofía de vida cáncer. >> leo, rubby, sangre de corazón de paloma, así ahora pasional. un tanto excesiva en labor. sabíamente. leo, zafiro azul. el zafiro azul te protege, te ayuda aleja de lo malo y atrae la suerte. para todo el mundo atrae. para ti es muy buena suerte. te deja ver como lo que ocurre, como que tienes un poder muy grande, especialmente el corazón de la gente que te rodea. >> escorpión, todos te parte me centro. amarillo sería muy bueno para ti. lo que tanto te interesa. sagitario, adorada y utilizada por los indios. la tur kez. capricornio, muy fuerte. tu estas ahora muy fuerte ante la vida y empezando con una actitud más seria, la

for example less so in the euro zone. that's the key through the course of next year to avoid a deflation situation. >> all right, michael, we'll have to leave it there. thank you very much for your thoughts. good talking to you. michael taylor, senior economist lumbar street research. >>> in asia, policymakers are beginning to worry about a property market bubble. south korea central bank says it may use monetary policy to cool the surging prices. meanwhile in singapore wrb the government curbed measures to cool speculation in the seshther. will these policies be enough? peter churchhouse live from our hong kong studios, good to have you with us. is this surge in property prices in many parts of asia anything to worry about? >> i'm not sure it's anything in particular to worry about just yet. but of course, the potentials for them to perform definitely is there. we have affordability is still very good, employment prospects are looking a little better than perhaps they were a few months ago. so we have seen a pick up in

that, of course, it's moving higher against the euro. in that case that chart is the euro. we've been lower. the european holding up a little bit better. >>> we heard about the big deals that are giving stocks a boost. but what will continue to power those markets going forward? let's talk to our "power lunch" task force. vice president at wells trust arizona and president of secret of traders.com. welcome. nice to have you here. brent, i'm going to start with you. obviously the deals are an encouraging sign. and it has gotten some of the money to jump in to specific sectors of the market. but is that enough to trigger a wholesale entrance into the market of that trillions of dollars that's sitting on the sidelines? >> it's definitely a positive sign if companies are out there buying other companies and merging. it's a bullish indicator for us. what i find impressive right now is the market breadth. advances versus declines has been very strong. the price trends have been holding. you look at the sharp price trends, intermediate price trends, long trends. they're all holdin

do you see perhaps the focus being more on the yen and less on the euro because verz the euro, we could see a little bounce out of the dollar in. >> you know, i would think that if i had to pick a currency that probably isn't going to see a lot more appreciation against the dollar, it might be the euro, but, heck, it doesn't mean you can't see 153, 152. i think they're going to challenge 150. think the dollar-yen can go down to the mid 198s. this is a tough one, dr. j. anything goes. it's been a broad weakness against almost every currency the last 72 hours. >> right. rick. sfloog he says good-bye. really short. that's where this is going. those other currencies are also not in good check xh economic shape. people are looking at the balance sheets for countries mou. >> thanks so much for your time. big sir coming at us from chicago. you should know we mentioned the treasury secretary tonight in an exclusive cnbc town hall eating. that is 7:00 p.m. tonight only on nbc with our friends erin burnett and steve liesman. time now for brother versus blow when -- it kicks off later tonight. wha

on the euro side in euro is holding them well. it's pound that even with good housing numbers yesterday, this morning, we see that it is getting hit pretty hard. bill options, adp wednesday. employment on friday. all of this is potentially going to continue to fuel buying, a bit counter intuitive in the face of supply. speaking of supply, this week it's t-bills. next week we get back in the longer dated maturities. now let's go back to matt nesto. >> rick, and everybody, thank you very much. so markets are modestly higher here today out of the gate. all ten sectors moving north if you will. here on the set, phil orlando, cheefr market strategist. and another chief market strategist, steven wood from russell investments joins us here today. so, i'll start next to me. steven, it says here that you are, what was the language, guardedly lly optimistic. i like that. like a goalie. >> a goalie. >> you want to keep keep the points that you have. >> in some respects. i think what we're looking at is a transition period. we're transitionin

probably still hovering in the 85 to 88 range, but upward pressure against the euro.and i do think that sterling's a story in the short-term that's going to benefit very well. >> all right. i want to pose this question to mark because philip i know you said you're expecting gold to reach $2,000 by the end of next year. mark, do you share that view? >> i think short-term we've got maybe a small correction. but it depends on the time horizon. by the end of next year, 2,000, is remarkably bullish, but i wouldn't bet against it. >> all right. well, i'll leave it there. mark, thank you very much for that. mark hewlett, cornhill capital. and philip manduca. >>> well, that's it from this end of things, i'm louisa bojesen in europe. >> and here in asia, i'm christine tan. thanks for your company here on "worldwide exchange." welcome to the now network. population: 49 million. right now 1.2 million people are on sprint mobile broadband. 31 are streaming a sales conference from the road. eight are wearing bathrobes. two... less. - 154 people are tracking shipments on a train. -

it might be the euro. but, heck, it doesn't mean that you can't see 153, 152. think they're going to challenge 150. i think the dollar yen can go all way down to the mid-80s. so you know what, jon, this is a tough one, dr. j. it's bane broad weakness against almost every currency in the last 72 hours. >> right, rick. >> really short. that's where this is going because those other currencies are also not in very economic sound shape and people are looking at the balance sheets of countries now. >> right. all right, rick, got to wrap it here. thank you very much for your time. big sir coming at us from chicago. and we should mention the treasury secretary tonight, an exclusive cnbc town hall event, banking on geithner. that is at 7:00 p.m. tonight. only on cnbc. with our friends erin burnett and steve liesman. so do tune in for that. >>> time now for brother versus brothers. najarian brothers go a head on a stock play. later tonight, what are your best of pigskin plays? okay here is the tale of the tape. weighing at 220. >> what. >> and also 6'3" and weighs in at

i think 1.48 is a clear target on euro/dollar. the aussie, a bit more difficult. and the kiwi dollar is an equal partner with those two. there's a very good chance we'll see kiwi dollar strengthen against the u.s., as well. so i think all three are interesting pairs. >> this is in an obvious down trend. so lower highs, lower lows, definition of a down trend. i think 92 will break and i think we're probably heading for 87. 90 is quite a big level, though, for all sorts of technical reasons. so there's a chance that it will bounce from 90 before it finally breaks through. the u.s. dollar remains quite a frequently, we're seeing a lot of stimulus coming from the markets and we're not seeing underlying growth and underlying economic performance outside of that stimulus. unless we see that, and i guess probably if two quarters of economic contraction is a recession, then two quarters of economic growth you would consider to be the end of a recession, then you'll see those things. i think we're still in that pattern in a moment. >> david, it's good to see you. i'll give

we're losing ground against the euro. this has annerly '70s feel. weren't the policies in the early '70s, big spending, falling dollar, rising gold, and rising tax rates? after that, what does it mean for inflation or stagflation? >> that's right. stocks were sometimes going up in the '70s, but not against gold. you're better off being against equities in that period. even though in nol mall terms they went pup a corporation -- most of what productivity the government picks up is big corporations. and they get productivity by laying people off. so what we see is like the 1970s, a high unemployment rate, some productivity growth, but not a feeling of living standards that penetrates people. >> so joe, what happens if the government takes over the health care system? >> that's the problem. that is a pay jor problem, no question. but on the '70s parallel, inflation was starting from a much higher point. the banking system was much healthier, the assets behind the banking system, housing at the time was rising. totally different environment. but the hea

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they also increased their '09 end year target for the ftse euro by 10%. they're now looking at a level of 1100 by tend of the year. let's show you the currency boards and the currency crosses this morning look like this so a little more quiet versus yesterday. we had a lot of focus on the ism data that was out, too, and today, of course, the big nonfarm barrel data, the big data of them all. we're anticipating a drop somewhere in the region of 25,000 which would be the best drop we've seen since this past august, a year ago, that is. christine, how are you? >> i'm good for a friday. initially, earlier, there was a lot of euphoria ahead of that. in the end, caution set in. indian markets kind of finished mixed. the nikkei 225 is down 0.3%. the shanghai market up 0.6%. markets there getting a bit of a lift after the banking regulator toned down its requirement on banks. the sensex bombay is up 0.6%. in terms of crude oil, this is how the picture is looking. right now, nymex light sweet crude is trading around the ranges of $68.49 a barrel. and brent is tick

diversification is going to generally set the euro to the main benefit. we saw it hit a nine-month high yesterday. and at .4720 after that for the levels we're picking out. jamie, this is mike huckman in the states. yeah, a lot of people are putting out that number as a key threshold. but why do you think that the dollar weakness was as broad as whan visitor were saying yesterday? >> i think volumes are returning back to the market after the labor day holiday. especially if you look at a dollar perspective and the u.s. situation at the moment, the underlying fundamentals of the u.s. dollar is not particularly good. they've got a massive top happening. even when recovery is fully on the way, they're still going to have a massive trade deficit going forward from here. and the general feeling is that the dollar is maybe not the safe haven opportunity any more and that people are looking to a basket of currencies to spread their risk more widely. >> speaking of basking in currencies, one of them is the aud trailan dollar, jamie. does this somehow take away an

of course the euro is higher. we're flirting with a breach of the 91 handle which is the dollar versus the yen in the sma smaller that number gets as it slips under, the weaker the dollar is. and the dollar is universally weak giving up a couple of days of what amounted to a short lived bounce. we continue to hover near and create fresh one-year lows. interest rates were slightly elevate boyd a couple of basis points a half hour ago. they've moved toward unchanged except for the longest maturity, the 30-year bond slightly elevate. . 2, 5 and 7-year assorted bills. 43 billion, record two-year note offering. mark and erin, back to you. >> thank you, rick santelli. stocks higher out of the gate. financials the early leaders. canada gains hold at the close. joining us at the big board this morning. fred dixon, chief market strategist. and ted bearish, portfolio manager of the haenssler equity fund. ted,this market going to keep going up? >> i think so, mark. the news is getting much better, earnings revisions have bee

all i can tell you is one week ago today, we had a euro currency around 143. right now it's hovering around 14 of. we had a dollar/yen. the dollar index, scott "the judge" told you, the last week in terms of trading days. as far as gold and the dollar and all the dollar commodities, there's a lot of debate here as to whether china is really buying the precious metal. remember, when they were stockpiling, look what happened? basically here we are still struggling with 1,000. many believe what's going on with the dollar has a lot to do with bigger macro, fund menial issues about things like spending, deficits, and, of course, money we may spend in the future. but even more so, many traders tell me handicapping our recovery against other recoveries, like in china, like in europe, they did have some positive gdp. a lot of things to consider here. now let's go back to our nation's capital, erin burnett. >> thank you, rick santelli. and i'm here with steve liesman. last night we hosted a town hall with treasury secretary timothy geithner. he talked about a lot of th

i've been buying gold in sterling times, buying gold in euro terms. prying to hedge away the risk of the dollar involved. actually they can do that trade relatively easily. you can buy dlg and sell the british pound sterling and fxe. when you do that in equal dollar amounts, you make yourself long gold in sterling terms and long gold in euro terms. although gold is down $20 in terms of dollars, it's actually up over the course of the past two weeks in terms of the other currencies. >> dennis, we have to leave it there. thank you as always for your time. >>> time for the "fast money" poll of the day. tonight, we ask you, will the dow hit 10,000 this week? a, yes. or, b, no. once again, a binary poll. >> mail-in poll. >> logon to fastmoney.cnbc.com. >> you can always vote c and writing some in. >> or say it wasn't an exhilarating poll. we're looking for something else for you. >> a poll on a poll. >> i'm staying off the poll, that's it. >> enough poll talk. time for a trade. two big trades in the biotech. an 18% stake in crucell. who is next on the rada

. >> let's move on to currencies euro. >> right. i'm going with the theme that if the equity market's going to sell off here, i'm going to see dollar strength. i took a short position. we went up to roughly around 148.50 last week. my objective was around 150. we moved from 124 around january up to 150. it's been a heck of a move. the fact we came up near 150, i'm willing to take a short position in euro. i did sell at around 146.50. i have a stop just above that. again, with that and the s&p, very tight stocks, i could be stopped out in the next couple of days. it's a risk i was willing to take. we came close enough to 150. i'm willing to bet the equity market could ease lower here and dollar would strengthen. >> greg, nice to see you, especially in person. >> thanks. >> greg troccoli. also known as glide pass here. >>> darden restaurants is a mover down now by about 6%. it's sticking by its fiscal year forecast but revenues fell short. we are seeing that decline in the after-hours session. source of weakness for the quarter, red l

if you have to come back on april 2, you can pay another 10 euros. there was an expatriate living in her town and he can end in january -- he cavemen and said he had to pay and he came back in late february with another problem. he tried to pay me again. he had order paper that corporate -- he did not have to pay. in germany, i would have had to pay the co-pay. host: if i worked in germany and did not have insurance, what would happen to me? guest: it is taken out of your pay. there is no choice. if you have no job and the government takes the role of your employer. the government pays the employer's part of the premier bird if you do not have enough money to pay your half, the government pays that. most people in germany get help jurors -- health insurance through the employer. 100 to 2 million americans are on the german plan for in germany, the big difference is if you lose your job, you keep your insurance. the government takes over and pays your employer's part of the premium. europe is mystified by our health care system. they cannot figure out

>> in terms of the dollar, the general most liquid currency is also the euro. the exception will be dollar/yen. the yen has been particularly strong. we are strong advocates of a strong yen. we think there is further yen strength within the dollar and gold to the top. we think there is a lot of good ways to play the dollar here to the end of the year, as well. >> what are you seeing in terms of demand on oil? here we are in an economy, globally speaking that remains fragile. are we seeing rising demand which would explain this move in oil or not? >> one area we look to is the cra cracks, we have heating oil versus crude. the market is at level, traditionally which marked the bottom in the crack spread. when heating oil outperforms crude, it starts to suggest a bottom in stock markets and it's a good sign for the stock markets. the fact we are at this important low in this general area down here, heating oil is likely to start to outperform the crude oil market. that is a good sign for companies. it means there is greater demand for energy and business and econo

how is the euro zone doing in your view? >> i'll give you an example. the forecast for 2009 for france is around minus 2. the average for the eurozone is around minus 4. so we're doing twice as well as the average eurozone. you know, if we can pull the others, that's great. that's the whole meaning of being in the same currency area. >> my very special thanks to christine lagarde of france for joining us. coming up next, traders speculating on wednesday that microsoft could be targeting electronic arts for a possible takeover. we're going to get into that. now, the software maker is weighing in on the rumors. find out what's being said and how it's impacting the stocks when we come right back. stay with us. >>> welcome back. take a look at some of the stories we're following on the "closing bell" ticker tonight. we kick it off with steven nicholas raising his price on google. $590 a share from the old target of $495. it's cost cutting and potential benefits from an economic recovery. google shares tonight, traded this way. take a look. down on the sessi

euro currency still a 148 handle. if you look at the pound versus the dollar, it's still closer to $164.40. it's stronger. the yen is also stronger. but that is the dollar chart on the dollar/yen. which side of 76 the dollar index closes, it went under that level briefly after the statement. maria, back to you. >> rick, thanks very much. let's look at the other business headlines on wall street today. and it is conflicting data for ely lilly. showing that the drug helped the sub set of colon cancer patients live 3 1/2 months longer. another trial found no significant difference in survival rates. the mortgage bankers association today reporting that mortgage applications were up 12.8% last week, to the highest level since late may. that's due to the fact that interest rates on 30-year fixed loans fell .10 of #%. the architecture building index, nonresidential construction spending fell to 41.7 in august. that is a three-month low, because developers are having trouble finding financing for new projects. >> all right,

the dow jones euro 50 gained 2.5%. the other side of the world in asia, japan and the rest of asia, including china, dropped over 2%. the merkel victory was a positive omen for european economic policies. more lower tax rates and more help for business and deregulation. so the question now is -- are profits poised to surprise, once again, on the upside? that's the question de jour. our market experts will join us in just a minute. >>> guys, give me a quick one. profits on the upside. bob, yes or no on the way out? >> absolutely yes. >> jason, yes or no? >> yes. >> joe? yes or no? >> no. below the expectation. >> all right, they you have it. 2-1. begot ourselves a bid and a offer. we'll be right back. here you go. whoa! that's some serious insurance. ding-ding-ding! ding! ding! fun fact -- progressive is the number-one truck insurer. yeah, great service at the right price. and nowadays, my business depends on it. do you have anything like that for my car? yes! our car insurance comes with 24/7 claim service, and you can

. >> i belie this ovides a bettercapability for our forces in euro, for our european allies, and for o homeland than the ogram i recmended three years ago. >> the pentagon says things have changed since then. iranians are not deloping a long-range missiles that could hit the uned states as quickly, but they are investing in shorter range misses barry denied the state h develope chnology that means that rar can be deplod. the repuican critics say this is a bad day for american security. >> i believe the conquences of this decisi may be, albeit unintentionally, ancourage for our lligerence on the part of the russians and a distit loss of confidence on the part of our friendand allie in a wd of the united stas. >> hitting the reset buttonith russia wasne of the obama administratio's first priorities. >> the russian president wt on tv toraise this responsib move. >> provides a better place for he relationship. the adnistration is trying to seek addional cooperati, sanctions. i do not think tt was in their calculation. do not blieve russias going to be supportive enhanced sanions agains i

the euro is trading at 1.4585 just below the 1.50 range for the euro. let's get a look at gold prices this morning opinion you'll see gold prices at this hour down ever so slightly, $923.20 an ounce. >> two big stories out of the european banking sector this morning. bnp paribas launching a $3.6 billion rights issue so help repay the emergency funds its received from the french government and ubs's ceo says that the company's u.s. unit, painewebber, is no a core part of bank's operations but won't be sold right now. he also said that the company wants to buy its way out of a bad bank dielt. he told the company that ubs would make a to buy back it's toxic ago ets to escape the very expensive charge of insurance against losses that it has on them, on the books. >> meantime, german business leader are asking their new government for tax cuts, more flexible labor laws and a better education system. the ceo of basf says the election is an opportunity for significant policy changes. let's head to the overseas market this morning. lisa oake is standing by in s

in the way i trade i want to be long gold but at the same time i'm short euros and short sterling. and that's actually been a very good ride. >> go ahead. >> i was going to say, dennis, what do you being in the valuations here at the gold miners. suddenly these guys are not very cheap even if you believe these guys. can start to value gold spot prices. 27. this scares me a little bit. i'm just curious where you are headed. >> i'm as frightened as you are. we are getting into terrible nose bleed territory on all of these things but you can't be short of them. they still want to go higher, the trend is still up and as a like to tell people in a bull market there's only three positions that you can -- really long, long or neutral -- perhaps there's a time in the gold miners to be neutral. if you are going to trade gold, trade dld. it's pure bet on the gold market. with miners you're always worried about strikes, you're worried about a mine closing up. >> yep. >> you're worried about water in a mine. i prefer owning the gold itself. >> dennis, ask you a question. etf to hit the market

if it does that, though, very interesting because the german government has given opel 1.5 billion euro loan, which would have to be paid back. so still, nothing confirmed by any of the major parties. >> we will be having that stedman live here on bbc world news. >> it is ick -- we will be having that statement live here on bbc world news. >> if it comes. >> working through the reception -- working through the recession. and then climbing to be acting on a mission from god, briefly holding a plane full of hostages in mexico. he threatened to blow up more than 100 passengers before he was detained by the authorities. this is all because he wanted to warn the world of an impending earthquake. police originally thought they were dealing with as many as eight hijackers on board the aircraft. >> aeromexico flight 576, isolated at the end of the runway. on board, 112 passengers -- french, american, mexican, and, it was believed, at eight hijackers. the plane was on route from the holiday resort from cancun. once it landed at mexico city, played out live on television, the mexican authorities

timmy, what's interesting is when you are bearish the dollar you're bullish, say, the euro. can we be that -- >> well, not necessarily. the you're e. o''s about 60% of the dollar basket. so there's a handful of other currencies in there. but yes, i think you can make the argument that people are betting on central bank policy in europe being more fiscally restrained than that in the united states. it's not really a question of growth because i do think that europe's growth prospects are as challenging as the united states. but back to gold, it's very simple. it is about the dollar. it is about inflation. a name i really like if you want to get the nix yur of both gold and copper exposure, bbn down in peru, buenoventura, this is one of the best interesting producing and mining plays in the space. >> couple plays on gold,ry main long gold. futures, there's a seasonal play here. it plays right into gold moving higher. if you look at gold right now, you could actually see 15% to 20% more up side here as we move forward towards december. but guy can tell you this. the interesting

the main engine of global economic growth, and i see a situation where growth in the u.s., in the euro zone the advanced economy will be there for the next couple of years. >> we appreciate your insights today. >> thank you. >> nouriel roubini joining us here in the studio. up next on the "wall street journal" report, it was the bankruptcy heard around the world. a look back at the stunning events of the failure of lehman brothers and the shock wave still being felt. >>> police -- plus, if our economy is off life support, how is the health of the patient today? >>> the impact to me was really how bad or not how bad, but how do you contain this contagion? is there a way to build a buffer that it stops? with lehman and clearly it didn't. >>> a year ago this weekend, lehman filed for bankruptcy leading to a massive intervention in businesses and a stunning slide in the financial markets, and where are we now and are there lessons to be learned? joining us now to talk about that is joseph stiglitz, nobel prize winning economist and chair of the white house council of economic advisors. liz

these vouchers are supposed to be worth 100 euros or about 150,000 chat in burmese currency based on unofficial exchange rates, but by the time the local head of the village takes his cut, they're worth a lot less. "if you can't wait, you only get just 60,000 chat," she says. "at the other village, a woman needed some urgently. she lost a lot. if you need urgently, you lost a lot," he says. "if you can wait one month, you get 80,000," she adds. it happens all the time, they say. aid is siphoned off by those entrusted to distribute it. "i'll give you an example," he says. "when the people came and donate this here, if the village head doesn't benefit, he doesn't allow donations." almost comically, they point to goods that have been received that are barely used. in this part of burma, almost all cooking is done in clay pots. stainless steel and tin have little appeal. clothes are appreciated, even shorts that they joke could easily hold two farmers of their size. and kids who do go to school can be seen with their light blue backpacks from unicef. farmers like this man say it's not th

iike the fact that euro is trying to stop centuries -- indeed millennia -- of warfare and to make something bigger of self, a unid states, iyou will. but sometes, the bureaucrats in bssels with the a of eir political bses do the dumbt things. currently,t is all to doith these. that is an incandescent light bulb. work vy well, do not last long,ut ty work very well. not good enough, says the european union got to use one of those newfanglednes with the circles on it, and of course, peoplere understandably m about that. i ve one to show you, but i caught iand broke it, and i nearly just dropp thisne and broke it, t not tworry. you know what they look ke. as theyet olderhe light declines so i is no good that e last 15 years because by about 10 years, you ne new glass to go with thi long lived lighbulb. it is a ca of government coercion. it is silly, but it explas why people get a little scar of e government in the marketplac i have a greathow for y today with ree of the most talented political commentators working in washingn these days. you are going to lov them, and we will bright back. >> "w