above $12.15 or below $8.85 by expiration. and since dan put on the trade, ge stock has been on a tear, rising more than 30%. now the man some call simon cowell's muse must make a choice. that's because with each passing day, dan's strangle becomes less valuable as those options head towards expiration. should he tighten his grip in the hopes of even more ge gains or simply take profit? with the home team stock in the gutter and the most important shareholders are glued to "options action" and they all want to know the same thing, what will dan do now? now at the time of the trade ge stock was $10.70, so if you bought 100 shares, you would have risked nearly $1,100, made about 30%. but strangle cost about $115, currently worth $370, that is a return of more than 300%. strangles can be a hard trade to win, your case, it actually paid off big time. >> it did pay off. you know what they say, about a blind squirrel, every once in a while finds a nut there. and i think it was also voted against this one on this package. the only th

but how did the expiration impact what you did with it?the stock was immediately over the higher strike i sold and you sell that or leave it if you feel comfortable between now and expiration, only a few days. the thing about mike's trade, i risked less, i was a tactical trade, using an organ up here, he was using an organ kind of below the belt. >> what organ are you talking about? >> wait a second as far as the risk is concerned, risk less on an absolute basis. if the stock stayed exactly still i was going to make money and you weren't. so part of it is the risk/reward relationship, the thing you want to pay attention to, not just what absolute risk but what the likelihood is. that's one of the reasons i implemented the trade i did. >> stacey, which organ was mike using? >> i think he was using his brain on this one. i liked both trades. congratulations to both guys here. to dan's trade i liked his point once he blew through the strike. to mike's point, you probably could have chosen any point this week to sell out of that option if you

or above $12.15 or below $8.85 by expiration. and since dan put on the trade, ge stocks had been on a tear, rising more than 30%. now, the man some called simon cowl's muse must make a choice -- because with each passing day, dan's strangle becomes less valuable as the options head towards expiration. should he tighten his grip in the host of more ge gains or take profits? is the stock in the gutter and the most important shareholders are glued to "options action" and they all want to know the same thing -- what will dan do now? >>> at the time of the trade, the stock was $10.70. if you bought 100 shares, you would have risked nearly $1100. made about 30%. not bad. but strangle cost $115 currently worth $370. that's a return of more than 300%. strangles could be a hard one to win. but in your case, it paid off bigtime. >> it did. they say about a blind squirrel every once in a while finds a nut there. it was voted on this package a list. the only thing to do here now is to sell that call. the worth let put. you sell a call. you m

stacey, kick it off. >> next week's expiration, know what you have and have a game plan. two if your long hpq stock headed into earnings, i like  dan's color. >> i'm going to watch both side of the trader's point volume and volatility. if the big three comes in, the market will bounce sideways for awhile. >> dan? >> i like that stacey likes my call and if you're lucky enough to own this stock in the last month, and you want to take a defensive positioning, be tactical and protect it into next week's earnings. >> mike? >> i'm going to follow something up with hewlett. you want to protect yourself to the downside here but if you want to also participate to the upside, you have some of the stock you might look to sell it now and use some of the proceeds to buy that call he'd otherwise sell. >> looks like our time has expired. for more "options action" go to optionsaction.cnbc.com and get an exclusive hewlett-packard trade from dan in our web extra. thanks to the traders. i'm melissa lee. see you back here next friday, new time slot 8:30 p.m. eastern. have a great weekend.

it means he bought both the call and the put of the same expiration, but at different strike prices. specifically, dan bought that september 15 strike call that mike also bought for 45 cents, but to complete the strangle, dan also bought the september 14 strike put, which also cost 45 cents. net, net dan paid a total of 90 cents or twice what mike paid but unlike mike he can now profit if dell goes up or down. the tradeoff by paying more, dan needs dell stocks to move more in order to make money. how much more? dan needs dell's stock to trade up or down by more than the cost of the trade, or in his case, above the 15.90 level or below the 13.10 mark. anything less and his trade loses money and since the time of the trade, dell's stock has rallied 13%, making winners out of both dan and mike. one trade, two strategies, and a heated debate of highest intellectual order. >> i was using an organ up here, i think he was using an organ kind of below the belt, i think. you know what i mean, he was trading, if the stock stayed exactly still, i was actually going to make money and you weren't

at 6:00, the warning expires. the strongest terms we have now are in central baltimore county and running into southeast hartford county. all that yellow on the screen is where the storm activity is moving across the area. let me put the lightning in, and you will see where it is most intense. there you go. eastward to just south of bellaire, that is where the strongest storms are right now. a thunderstorm warnings in effect for the next 15 minutes. we will detail what will happen over the next couple minutes. >> you can always follow the forecast by using our interactive radar. it allows you to track storms down your street. just log on to wbaltv.com. tonight a 3-year-old boy is dead, and the child care worker says it is an accident. >> it is hard to believe somebody would do something like that to a child. >> toys and other signs of young children are obvious of the house where police say the 3- year-old was murdered. >> the initial took place on august 7. the medical examiner ruled this the homicide. >> police

time is up. >> i need the stock to move 5% either way by the august expiration to make money and i'm using it as a proxy on the play for the market, at an inflexion point. >> make this call. >> you're not going to find this odd and dan, i really like you as a person. i like mike's trade better. a strangle is similar to a straddle for me. again, you're looking for huge movements and probably what works well for mike, the entire order flow we're seeing in consumer names like procter & gamble and heinz is volatility. i like it. >> who's felix and who's oscar. >> i don't know. dan's wife just got ahold of me and said, dan, you got robbed on this one. >> send us an e-mail at optionsaction@cnbc.com. and for a full recap go to our website, optionaction.cnbc.com. coming up next, you just heard mike and dan go at it. last week they correctly called a fall in disney. we will see which one made more money. >>> time for "pump up the volume." the names heating up options traders sizzle index this week. this baby boomer play is the world's number one maker of hip replacements. traders were trippin

now and use some of the products to buy that call he'd otherwise sell. >> looks like our time has expiredr more "options action" go to optionsaction.cnbc.com and get an exclusive hewlett-packard trade from dan in our web extra. thanks to the traders. i'm melissa lee. see you back here next friday, new time slot 8:30 p.m. eastern. have a great weekend.

the magazine says many prepaid cards expire in just 30 days.ter look for minutes with a 90-day or longer expiration date. prepaid phones can be a good idea if you use your phone mostly for emergencies. but read the fine print. 5-cent minutes are really no good if you lose them all at the end of the month. so don't waste your money. i'm john matarese. >>> now the forecast certified baltimore's most accurate. here is chief meteorologist norm lewis and maryland's most powerful doppler radar. >> it's amazing what a little rain can do for your lawn, man. i tell you. my grass has never looked so good. >> mine is just growing like crazy. the crab grass is really doing very well. >> it's all growing. >> and we've got more rain on tap, but not until the weekend. kind of a sticky feel out there today. let's show you our picture from harbor cam high atop the candler building. folks getting sailing in at the inner harbor. our temperature at bwi remains at 8 degrees, wind from the west at 8 and the pressure steady 29.97. temperature-wise across the region r

the current bill expires at the end of september. there's no way they can pass a comprehensive bill. we want a comprehensive bill and we want to find a way to pay for these things. we are not against building roads and bridges and all of the things that we do at the dot -- trains, planes, and automobiles. that is what we are interested in, that and safety. but it takes time to do that and congress is wrapped up in so many issues. that is the reason that the senate went along with that. in the end, the senate passed that. the house pass something that as you said as a stop-gap measure and now the senate has done that. we have a stopgap but we are pushing for a longer extension and the money to pay for that. >> before we let you go, you had a meeting saturday morning with your colleagues in the cabinet. can you give us some color as to what came out of that session? >> i think a great opportunity -- we have all been so busy in the first six months of this administration. the implementation of stimulus. all of the legislative activity a

dan's strangle becomes less optional as he heads towards expiration? and they all want to know the same thing, what will dan do now? now, at the time of the trade, ge stock was 1070. if you bought 100 shares, you would have risked about $1,100. dan's strangle cost $115, currently worth $370, a return of more than 300%. strangles can be a hard case the win, but in your case, it paid off big time. >> it did pay off. you know what they say about a blind squirrel every once in a while finds a nut there. the only thing to do here now is sell that call. the put is worthless. you sell that call, move on and look for the next trade. one thing i would say is at the same time, mike had an interesting trade, too. it had had different risk-reward parameters. every once in a while, you can use single stocks to play potential inflexion points in the market. >> one of the things that dan has done effect ily is put on a couple long premium trades and they've paid off pretty nicely. i usually try to take less premium risks. my trade involves selling some down side to b

have a big move lower or fall below the $24 level by more than the cost of the trade by august expiration. one trade, two strategies in a battle royale between puts and probabilities. >> you're killing me. you're absolutely killing me. >> the only person that's going to make money is mike's broker. >> ain't going to be new rematch. >> and now the debate is tearing the options world apart. >> emotions are reaching a tipping point or a pitting point in the pits of chicago. >> since the time of the trade, both strategies are profitable, as disney stock has fallen 5% on poor results. with the mouse out of the bag a victor must be declared and a move must be made, or both will be losers. that's because with each passing day, mike's put and dan's put spread lose value as those options head towards expiration. with the dock ticking, options actions fans across the universe all want to know the same thing -- what will dan and mike do now? okay. so jaba the hut and brad pitt. all of these fans cannot take the suspension. who came out ahead? if you had followed dan's put spread, you would be up a w

in nature, crude water and oil expiration. so you see that at the pine area, and the second area we're developing in pennsylvania. both are very low costs with high margins, even at more modest gas prices. >> michael, you would not, i believe, be drilling in the marcellus shale in pennsylvania if you didn't think -- this is my own personal view -- that we're about to get a change in washington and this natural gas fuel will be favored more than just 62% of heating american homes. >> oh, i definitely agree with you. i think we're about to see a change where natural gas will be a favored fuel. it clearly has more benefits over some of the more carbon emitting hydrocarbons like coal and it's a natural bridge to help us move to wind and solar. >> now, you did lower your drilling budget and then raise. was that something you saw in marcellus that just said, listen, we can even at these prices do well? >> we think we can even do better in the marcellus than pinedale. it is an extraordinary. >> no. pine dale is the cheapest in the co

tomorrow marks the expiration of august options.y is picking up, and many are expecting higher volatility in the coming month. we look at where the action is taking place right now with john cusick, senior market adjust with options express, along with william lefkowitz. what can you tell us about the market right now? what are you expecting and what does the current activity tell you? >> right now the current activity has been, you know, pretty tame. you know, volumes have been light on the equity side. but actually, today right before i came on the show in the vix options we actually saw a pretty large print go up in the october 37 1/2 dollar calls. there was about 25,000 of these options that were coming out there. and we're seeing larger strategists coming in and start to put positions on september, october, and even further out, preparing for some potential volatility coming up. >> so william, what kind of volatility are you expecting? particularly if you look at the financial services sector, which has performed so well. what

you have to know what your rate lock expiration date is. so when they guarantee you a rate, when is that rate going to expire? and so that date, you have to know that. then to prevent people from doing a bait and switch like this, recently we had some change in the regulation z. much as of july 30th, that doesn't allow a lender or a company to increase your interest rate without letting you know. they have to disclose that again, seven days before the closing, if they raise it, by, say, an 8th of a percent. so if they had done that, there is little legal recourse. you have to look at the documents. a lot of people don't read them. you have to ask for and read carefully the good faith estimate, the truth in disclosure documents and the expiration date. >> sharon epperson and carmen wong ulrich. >>> coming up, a fresh summer salad with a twist. what could that be? first though, this is "today" on nbc. look at come on in. you're invited to the chevy open house. where getting a new vehicle is easy. because the price on the tag is the price you

we have e svere thunderstorm thrng inat is autboo expire for jefferson count it expires in abouto minutes. wind gusts are about 60 miles an hour. temperatures will be in the mid 80's for tomorrow and the next couple of days. >> abc>> abc there's something big happening at pizza hut. - woooh, nice! - that's a lot of food! now get big meals like our stuffed pizza rolls, pizza mia, the p'zone... and our personal panormous pizza starting at just $5. the big eat tiny price menu. only at pizza hut. you can get great lease deals. i love it! i just want to know it's the right move. me? thirteen days in the future. you get a deal on the car you always wanted. scheduled maintenance is included, it's all good. what's the future like? you love your new jetta. and the suit? you like it? no...i love it!

and i think that exacerbates the move today because it's expiration. tremendous amount of open interest as you said in the spy, the etf, they call it the 100 strike, the same as the 1,000 strike you said. what would normally happen on a day is that would act like a magnet because everyone who holds a big position in institution woz try to protect that strike but now when the market on its own pushes through it, in this case up, as the market keeps going higher, the people who are short those calls get more and more short, a position they really didn't want to have. so they're forced to cover. and we're seeing that not just in the spy but i'm sure it happens in issued all across the equity world. >> and traders don't -- viewers don't understand this sometimes. there are traders out there who are long the call. as a result the people who are on the other side of that trade are short the calls, and as we go through the strike price those market traders, participants have to cover their short position and that can lead to a move on the up side. >> if you'r

we had a seve thunderstorm warninhoth satu ldavh ejust expired. it was set to expire at 6:00 a.m. you can ees the eedark d reand flashing. tnat is lightnin we had reports that wind glets onho ssecrydaevunrethto dersryr derning, looks like that one was just left to h and bethany beto rdschotobd abethany beach there. all of anis is pushing off to the north and east. here in the district, we are t expecting the thunderstorm ac. d stay south and east. if you are wakinut u sp soah a east of city, u clouds and rain, that is the on why. the thunderstorms are ret aa this hour. here in washington, waking up to a relatively calm, quiet morning. 71degrees right now at reagan national. that humidity is a little better. 68% and our winds are oust north and west at 10 miles per hour. the air will be more comfortable around here today and if you just hang in there, we'll get the clouds out of here this afternoon. just the slightest chance of a thunderstorm here in the ash area this afternoon but a lot nicer than it was on saturday when we had the flooding rains around here. >> that was not prett

it's about to expire, or will it? we're asking that question. >>> we want to take a look here at some of the big stories happening overnight. some stories that maybe you missed overnight. up first, pictures to show you of a huge fire. let me get you the details of it. inmates started this fire, according to officials at this particular prison. this is a medium-security facility in kentucky where a riot broke out. we're told that the guards do have control of that facility now, but inmates reportedly set these fires to several buildings and shattered windows. a short time ago we heard from a lieutenant with the kentucky state police with an update on the situation. >> by the fact that we are saying that the facility is secured. that would tell me that they do have things under control and some of that stuff has calmed down. is it possible stuff is going on? it's possible, but i do feel confident telling you if it's secured we feel reasonable to say that everything has calmed down. >> according to officials there, this

take a look at the chairman's was a man he was appointed back in february of 2006 that chairman expires in june mary of next year and he can still be a board member for another decade is it possible for him not to be care but a board member? it was time for him to probably move on if you know want to be cheered and sang would be true here any position that i have held or any organization with a head of the organization leaves your she is lead us one step around. procurements million one become the senior vice president all of a sudden. take a look at the big criticism of his stewardship which is the huge expansion of the federal reserve policy don duva years when he took over as $860 billion know better than twice that almost three times that one. earlier in this year. this is what critics are going to point to before president makes a decision. i see it as a problem we have to look back at at the historical some portion that he found himself in a year or so ago and it was a wonderful thing. my high marks is for doing that. in the two trillion now isn't a problem the problem is how did

at the same time letting patents expire, i don't know why you need to do everything at once. >> instead of bashing the drug companies how about finding more ways of distribution and having foreign countries pay for the development costs. david: why are the drug companies for this though? >> because they have gone along with bill i toesen and some of the lobbyists -- david: the head of the farm that industry. used to be a democratic congressman. >> and a republican. so that tells you something. he is very flexible. but it is part of this useful idiot. they think government will take over healthcare and they are trying to cut a deal. they don't realize terror manufacturing the rope to hang themselves. >> the bigger companies are willing to take a hit because they can survive. it is the smaller more innovative companies are not coming to obama. david: here is a new d.c. health plan that will have you dead bolting the door. send a government nurse into your home to tell you how to raise your kids. why somebody says that would be good for the economy. but first the great debate. how to reviv

>> the heat advisory will expire at 8:00 tonight, as long as we don't expire along with it. we'll be in good shape going into tuesday and wednesday. you don't want to exercise esight even if the n su down. nighttime is not the time to ex erciev ev when 'sisth hot. daofy ite ttest day of ye y. nutl cumbland, 82. they've had clouds andcuhowe s st yoife the weu . ar if you are gog intsidoue toin exercise isth is er w e th g, is is what fes elfes like like 10dn felis ke wntown. it feels like 105 in quantico. that's not to be messed with. do not exercise at night. when it's hot you want to eat light meals, wear light clothing, exercise in the morning and drink a lot of water. record high today? 98 at national. we hit 97. record high at dulles is 96. i think that will probably go as a w core rd there at 97. for tonight, partly cloudy, muggy. a few storms possible. low temperatures holding in the 70s we'll come back, show you where the storms are and tell you where the relief will move in for now. >> thank you, topper. >>> gary is out on the national mall with a look at how people

it was set to expire a while ago and actually extended until 7:00. we're looking at the almanac for the day. 62 in the morning, 83 in the afternoon is where we belong. 48 was the record in 1986. part of a heat wave and indeed we're talking about something other than that. it's the heavy rainfall. it's been a while since we've had it. you talk about the thunderstorms. look at this small area where it developed. it looks like it sets a target across central and northern maryland. why did this happen? we've got a push of tropical moisture coming up from the south. this is part of the feed that extends to the gulf coast. danny not even a real factor yet. we have a northerly push right across maryland. there's the southern system not tropical in an upper level feat chore, but look at this taking tropical moisture spreading northbound. we may get more rain out of this thing than danny now sitting off the coast right there east of the bahamas. this thing's falling apart but will try to resurge today. it looks like the pass will be well to the east of ocean

you warned us, this is expiration day.ou may recall two weeks ago i told joe kernen about october 22nd. one of the dates to look for, as the start of ramadan, there are several eclectic cycles that are combining, indicate there's a high possibility that we could see a change in sentiment. so that's something to watch for next week, to see whether this stroll back to the old highs ends. we're looking at -- we saw the merrill lynch money manager survey. a lot of bullishibullishness. it may be an extreme john murphy who puts out his charting service, says that both the dow and nasdaq look to be heavily overbought. so we'll see what happens next week. >> art cashin, one of the dates highlighted on my calendar right now is next tuesday because i heard from a birdie last night that art cashin is going to guest host "squawk box." >> yes, that's why they invented the v-chip so you can protect your children from watching certain things. >> i have to ask you, you've been talking about the dollar as being the key to the stock market.

and, of course, that is ahead of the expiration of the program, which is on monday. so, it is ending the program today. >> well, i mean, once you find out now is if all these automakers can actually stand on their own. you actually saw toyota motors down today, the toyota corolla was the top-selling vehicle in cash for clunkers. it was down. ford has been tepid in its performance. cash for clunkers is ending. we'll talk about it more. okay, guys, training wheels off. ride on your own. >>> okay. we're bringing this headline to you. i'm sorry, i have the producer in my ear. >> but you're not. you're listening but you're not. go ahead. >> i'd listening and to the voice in my year. autonation is the biggest retailer of autos in the country, so this is huge. a lot of people will be looking for cars ahead of the deadline saturday and sunday, can't go to autonation, because that is over. this all speaks to these government programs which are bringing in buyers, potentially prematurely at the expense of demand down the line. >> all those people that traded in the car for cas

the points don't expire... ♪ there is nothing for me... ♪ there's no travel restrictions...d leave tomorrow. we can't use them for a vacation. you can use the points for just about anything. i know... ♪ the way you look tonight ♪ chase what matters. get your new chase sapphire card at chase.com/sapphire. >>> take a look at crude oil today trading higher along with the rest of the stocks, up about 70 cents, 7459, look at natural gas, been on a tear there you can see is up another 2 1/3rd today. it is $3, i remember when it was above 15. >>> americans prepare for the cold months ahead many wonder if the swine flu and springtime scare will reappear in force this fall. sometimes you get an idea what is coming by looking abroad. australia is still battling the disease at the end of their winter flu season and we are of course watching to see what it's going to do out here in the states. australia has become a global case study for swine flu. within a month of the outbreak in early may, the australian city of melbourne was named the world's swine flu capital. earlier, monitoring a

but with this specific talf program originally set to expire at the end of the year, the fed is worried the markets for these types of loans repairs - quote - impaired and seem likely to remain so for some time. so, while not committing any new money, it will continue to offer to buy such loans through the end of next march. coming up, we'll be talking with one market strategist who thinks worries about commercial real estate may be overblown. still to come christmas in august?....why the recession has retailers preparing a lot earlier for the holiday shopping season...that's later in the show. but first...how one market pro is navigating this economy...we'll get an inside look at his market strategy...that's coming up next. energy prices have been dropping after the recent run-up and real estate remains weak.two areas our next guest has been buying. steve stahler runs the stahler group. call witnesses see you. welcome back. before get to some specific investment ideas coro how of westerns are approaching this market has changed greatly we heard a lot of stories about investing for risk

those were meant to expire in 1990. the government signed the loan guarantees and received the warrants in 1980 at the time chrysler stock was up $7.15. chrysler got the money needed to come out with better cars, the minivan, and was able to turn a profit in 1982, a profit. after a $1.7 billion loss in 1980. in 1983, chrysler paid back the debt, eliminating the government's downside. since the company survived bankruptcy, chrysler's stock soared as did the value of the government's warrant. how did washington do on its investment? government forced chrysler to buy back the warrants in a public auction for $311 million on september 1, 1983. chrysler closed at $28 then. investors who piggy backed on the government, buying chrysler when the government did at $7.50, the day the government signed the loan guarantee and sold it for $28 when the government sold back the warrant three years later, 280% gain. the government is great on piggyback. it can do more in shoring up the stock and push management to do the right thing th

oh, wait, there's no expiration date. and i don't have to get shipped all around the country. but other than the costing, the expiring thing, and the shipping thing, we're pretty much the same. pur. good, clean water. healthy hair is softsisilky. and you can get it. fabulou. all you need is pantene. salon names and fancy packaging are nice, but you dot t need it. even experts agree. it's damage protection results leading salon brands can't beat. trust me on this, the blow dryer, the curling iron, and thflflat iron, and my hair's still shiny. pantene moisture renewal. healthy makes is happen. >> from "america's news head quarters," there are dueling messages between the white house and the republican leadership. in its weekly radio and web address, president obama talked about the economy saying success will depend on building a stronger foundation and recapturing the spirit of innovation. meanwhile, republican senator john thune hammered reform in a response saying the democrats' plan will not improve health care because millions of americans would shift from job-related donc

oh, wait, there's no expiration date. and i don't have to get shipped all around the country. but other than the costing, the expiring thing, and the shipping thing, we're pretty much the same. pur. good, clean water. >> rick: and welcome back, everybody, call her justice sotomayor now, sonia sotomayor the newest justice on the u.s. supreme court, having been sworn in, just a few minutes ago. sotomayor is the court's first hispanic judge and the third woman to be seated on the bench. >> jamie: j.f.k.'s sister and founder of the special olympics, eunice shriver is in critical condition in a cape cod hospital and is 88 years old and is said to be sur rounded by family including her daughter, maria shriver and her husband, governor schwarzenegger, and her grandchildren. >> rick: a report from the florida medical examiner suggests cocaine may have played a role in the death of television pitch man billy mays. at the time of his death, in june, it was reported that he died of a heart attack and the medical examiner now says that heart disease was the primary cause of death, but tha

what do you make of. >> it the bounce is coming on when you have expiration, august expiration, usually we have to be aware of, you take that august or october '07 high and march '09 row, you have a perfect retrace. if you look at that type of technical work. that takes you to 1015 in the s&p where we stopped. it coincides where we were right before election day. for me, the market will vote from here on out. let's see if there a's any poli that comes out that acts as a headwind for the market. >> i'm glad we're not getting technical. do you like this market here? >> i do, bill. this won't be a straight line. no doubt there'll be a correction of 5% at some point. we're really early in this. we're either at the bottom or just 30 days maybe past the bottom of a recession. we have just begun recovery. if that's the case, if the recovery does mature, this market has a lot further to go. whether it does that now or does it in two or three or four months from now, as an investor, i'm not worried about which way that works out. not as an investor. i think we're really early in this thing. >> s

without ve vi visas. >> gentleman, yield. >> gentleman's time has expired. we have consumed five minutes on each side. i would like to ask that we allow the gentle lady from the virgin islands to have two minutes. >> thank you, mr. chairman. i'm in strong support of the eshoo/engel amendment. the freely associated states, former residents of trust territories of the united states and in some instances, the marshall islands, they have been on the receiving end on many of our nuclear tests and have remain loyal -- loyal to this country throughout. there is a compact agreement between the united states and these freely associated states and i think the fact they were trust territories of the united states, these are not immigrants from a totally foreign country, they have always -- they historically been part of this country as residents of truster the toirs. the compact being in place, assistance to these freely associated states. supports this amtdment and providing medicaid to the freely associated states who are allowed freely migrate to the united states a

the statute of limitations expired on what the ex-v.p. wants to dish like when the president made decisions that i didn't agree with, i still supported him and didn't go out and undercut him. he thinks bush went soft and is going to tell all in his book. so reports bar don gelman of "the washington post," our special guest tonight. plus, john dean on why cheney may be admitting he ran the bush administration. and bush v. gore. publicly addressed by the secretary of state in nigeria. >> in 2000, our presidential election came down to one state where the brother of the man running for president was the brother of the stay. we have our problems, too. >> and limbaugh whines he was compared to nazis and then a moment later compares his critics to nazis. all that and more now on "countdown." >>> good evening from new york. at some point in the future you or a loved one will be dying. you will want to know all the options and their implications. thanks to the republican party today, sarah palin, senator chuck grassley and others, thanks to them,

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but i do want greater expiration. i want a permanent base. >> anyway, i am going to you because they're other people who want to ask questions to make the arden is over the moon base, and i would argue that that needs to be in our goal set, as well as the mars base. >> i think the doctor has taken the wind out of my sails, but i am a layman. and i still have questions concerning the choices and the priorities that you place, go to the moon first and then go to mars in effect for settlement. just as a layman, isn't it less energy intensive to send a rocket ship to mars than to the moon? because you don't need, from what i understand, you need more fuels to go to the moon and back than you do to mars. secondly, mars is, once you get there, it is less difficult to state that it is on the moon. you've got a protective atmosphere, don't you? don't you have the ability page you have an atmosphere that you can make oxygen out of to breathe, but you can't on the moon. and you have the possibility of, you have the protection o

there are about to see the expiration of a severe thunderstorm warning passing along the southern end of the county. wheth spotters' sought a funnel cloud with golf ball or larger sized hailstones. ---- wehe spotter5ssa wsa a funnel couldou with golf ball or larger sized hailstones. let's go to the storms can ensure you a few showers north and back to the southwest. tomorrow, we could start it all ov again. we will watch it closely. here is the latest on bill, and powerful, category 4 hurricane. some large swells will definitely impact bermuda along with gusty winds and those could impact the mid atlantic beaches. more on that coming up in a few minutes. >>> let's check in with an eye on the redskins. >> they have only played one game, unbelievable. as we get closer to the opener against e giants, coaches they cannot come fast enough. the redskins play the steelers, and the list of walking wounded just got a little bit longer. some key players -- tight end chris cooley missed a second practice since joining the team in 2004. >> it is my lower back. i am hard time getting myself -- his

the traders down here do believe that the expiration of the first time home blir credit by will expire in november was a factor in the big beep in the margins here. look at the nice move up in the home builders, and a move up in the overall marked around 10:00 eastern time as numbers came out. take a look at lennar. what is happening here is some of these builders are now starting to go back to their prelehman bankruptcy days, not just the highs for the year, but back to where they were in september. starting to see this with a number of stocks, particularly with cyclical names. finally, a lot of talk about the economic data improving dramatically in the last week or so. look at today, the durable goods and new home sales, and yesterday the case-shiller home price index, consumer confidence better than expected. last week, the philly fed, the empire state and existing home sales numbers all better than expected. no wonder some traders are saying pessimists, put down your pens, the title of one report i saw this morning. >> bob, nasdaq just showing positive now. big cap technology stock

they're concerned about that first time home buyer tax credit expiring on november 30th. this market has been very juiced by that tax credit. 1/3 of all existing home sales in july were first time home buyers. we don't have numbers on new krugs, but i would bet it's even higher because they really draw in the first time home buyers. so if that tax credit isn't extended, you're taking away $8,000 of purchasing power. also about la about mortgage rates? we've seen the government come in and really keep mortgage rates low, but where are they going this fall? they've been inching up ever so slightly and we hear that perhaps they'll be drawing back on buying some of these securities. what is that going to mean for mortgage rates and again how is that going to impact the sustainability of what looks like a turn around? >> you answered one of my major questions. but a lot of people think that you see a dip in the fall seasonally that's when people stop buying homes because they've rushed out there in the summer and fall everybody is going back to school, but then it will pick ba

will this administration let them expire? the economy is recovering. >> look, if the the president and his team start to parse words in a clin toneian way, and after the president said last yearly not raise your taxes in any form, all of a sudden says i only meant income tax and payroll, that's not going to fly. that's not going to work. look, of the four people who spoke that we saw at the beginning of the segment, two are patrol titions an two are economists. the the economists have have said we have to leave the door open. politicians understand it would be fatal for obama to raise taxes after the mej he the pledge he made. it was an essentially "read my lips." how does he square it? i think by the end of the year he will have a fallback. he won't have obama-care, because you cannot do it in the absence of new massive taxes. what he's going to have is a health insurance reform, which will mean heavy regulation on the companies, so there are no pre-existing conditions, you can't lose your insurance. everybody will be happy,

it's going to expire november 30th at $8,000. that means you have to settle november 30th. that means they probably have to get the contract signed by the end of september, and higher mortgage rates. remember, trish, six months ago, 4.75. >> amazing, yeah. >> now 5.4%. >> a little rush now between now and november. >> so will they extend that, do what they did for the cash for clunkers? maybe they'll extend it, but as of now, no statement about that. you have to assume they're not going to. >> bob, i mentioned that there had been so much fear in a way this week that the market had gotten ahead of itself. much we're seeing that reverse today, but tell me, what are the stocks, what are the sectors that are really seeing the most? >> it's interesting, monday when the market was down so much, it was the health care stocks that were moving, but they have gone into the background in the last four days, it's been the cyclical stocks, so new highs for the year. whirlpool has been doing great, caterpillar doing great, all of the classic cyclical names on the up side. honeywell, also

some of that stuff is scheduled to expire, and i think it's september. do you think they're going to make any signals there? >> i do, larry. i would expect that they'll start to hint that those purchases will start to end. much they see the same stabilization that we all see, and that's the first thing about getting back to a more normal monetary policy. >> steve, talk about this productivity number we got today, the rise in 4.6% makes it feel like business is a coiled spring, ready to unleash as the economy rebounds. at the same time, unit labor costs going down, the employee taking home a smaller paycheck. so you can kind of look at it either way. what do you think? >> yeah, well first i want to just tag on something to what larry just asked phil, which is that there was a headline that was out earlier that the -- the fed's treasury purchase today were cancelled. they were not. it's just that there was a technical glitch which happens from time to time. the results were delayed. we talked to the fed just a couple minutes ago, and they said it's just co