grasso. >> fusion io.he danced around your question about being a stand alone player. so i would be a buyer here. keep it on a short leash. >> interesting. jb sglrks i think there's a major break happening for birk shire hathway. >> dr. j. >> grasso stole my stock. i'll go with grel la glass ii. >> pete? >> i think bank of america goes through $8.

steve grasso, welcome back to the show after a week o. the market opened negative today, and anytime now that the market seems to be down by that much, nearly 1%, you have the calls r for a correction coming in. we have this nice reversal, what level are you watching here? >> you want to watch a couple of different levels. you want to watch the low from last week. below that it's 1343, but as you alluded tosh, every time we see sell-o sell-off, it's bought. look at the levels to the upside. >> 1370 is the 2011 intraday high. >> that's the may second high from last year. now, if we cross over to that and confirm above it, we shoot straight to pretty much 1425. >> pete, where do we go from here? >> i look to the volatility index to give us some direction. when you open up like today you get above 19 and they sell is back off again. that tells me the risk continues to be on it. while we were down 6, 7 points on the s&ps, the first stock that turned positive for me, joy global. if things are all falling aapart right now in terms of the market

that's the one-stop shop for grasso. >> that's right.name. >> be sure to catch cnbc's special live coverage of the 136th annual all breed west minister kennel club tonight 9:00 p.m. and 12:00 a.m. eastern here on cnbc. and up next, should you be bracing for a black swan event out of china's housing sector? >> that was their tv debut. >> bk will make the call after the break. his mic is still open and sharing with the world. >>> i want to show you the euro now. basically 132 versus the u.s. dollar. the greek austerity measure passing over the weekend. you brought the euo which is double short the euro. so you think this momentum the euro has had over the last week or so is over. >> i sold down to very small short position in the euro. i think we see most of the good news. i think now's the time to get into it. maybe one more news item coming out, but overall the trend is going to be down as they inflate their currency to get out of the pending recession. the recession arrived and going everywhere. >> bk, you said tempered risk on. do you

that money is going into retail. >> grasso likes nordstrom. i'm sure he's been shopping there because handbags, designer products and cosmetics performed best. >> he's got the red heels on today. >> it's actually scratch and sniff. get up close to that television. you can smell what i'm wearing right now. >> what do you think about the stock? >> here is the problem with nordstrom though. what weiss was talking about. sales look good, but margins. they spend so much for each of those dollars they bring in. i would rather be a buyer at macy's who buy well. it's their way or the highway. >> nordstrom has been doing the free shipping which seems to be eating into profits. ahead of macy's. dr. j, give me your take on macy's. >> i'd rather give you my take on limited, quite frankly. >> do it. >> that is one all the analysts have pointed to as not cutting price to get those sales up. these guys do blow it out next week. ltd, watch that one. as far as t.j. maxx, this is their season. they get all the stuff that came out after christmas and bang, it go

with a view on deere, steve grasso, are you a buyer? >> i know cat and deere, they're two dissimilar events. but i put them both in the same basket. i do believe it's deere is oversold at this level. if you look at it i'm interested in whatting a gayle would think. we've heard so much about golden crosses here. both in both stocks, the 50-day has punched through the 200-day, a positive effect on the stocks, what do you think here? >> that's a great point, steve. but the thing about this golden cross, the 50-day rose above a sagging 200-day. idealliy, you want to see both moving average moving up at the same time. i'm surprised it's down this way. i would expect to trade up toward 98, but longer-term, it looks weak. macro-related. >> brian, where are you? >> deere i'm staying long the stock. i sold some calls, i sold the 90-strike call against the long position just to take profits, you've seen the movement in the chart. down 30%. just six months ago, up 30%, a lot of volatility. trying to control risk. the movement in deere not so much

gra grasso, i'll come back to you. a great run since the beginning of the year. >> i've been in and out of this game and i definitely left a lot of profit on the table. the truth is when you look at the inverted yield curve and no one knows how long that's going to still have the presence across the whole space you want to be looking at the regional names versus some of the big ones because if you miss the move it's hard to buy these names now. even though, of course, they can move higher. >> i mean, the problem, zach, is that many people might have missed the move in many of the names, whether they're regional banks or big banks. they've all done well. >> i'm out of these names. but there are plenty of industrials that are also up 30%. i would rather be in names whose revenue stream seems to me pro bust and growing. whose long-term trends seem absolutely deep and keyed into the global economy. do not face lawsuits, regulatory friction. yield curve problems and whose revenues and earnings are not boosted byrealities of

. >>> grasso?> i think the forward pe is the biggest concern amongst the investment community but as well as that lockup is a major issue for people watching the show, and traders across the whole space. i think he squashed those concerns. it's actually in the middle of its 52 week range high/low so real fork in the road i missed this trade. i wouldn't be a buyer here. >> let me point out certainly this stock was up quite substantially when this show began today but i think it has clearly moved a little bit higher on some of jeff weiner's comments here about linked in. >> i think this is something where to have to invest in this because you believe in the longer term story. the volatility is such maybe you catch it right but just as much possibility it will be down 15%. so i don't think you really should be in this for a trade. >> it's seven cents a share and trading at $89, that's the only thing i'll be say. please be careful. >> up next could this be a make or break weekend for the euro? find out

grasso, cortes, i do want to get you in the ballgame. grasso, i know you like it. >> you can't help but like it. but what josh was just talking about it, what was the misstep? we thought after steve jobs had passed away, you would start to see them fumble the ball a little bit. you did. but when people laid on in the short, they got burned. that's why people have doubled up here. and all the other competition has ceded control to apple, and it's hard to not a lover. >> would you buy at these levels? >> i mean, i'd rather buy it through options, buy upside calls than to actually buy the equity. >> that's exactly the right answer, steve. i know you're a smart guy and a friend. so i'm not surprised to hear you that say that. but that's what everybody has a problem with. and i pointed out today, judge, that this is a new house. every time you buy 1,000 shares of apple, it's $490,000 now. so instead, trading with options, there are plenty of options here. for instance, the fed 500 calls went from 68 cents today to over $7. you know, for you t

we have jimmy rogers and mike holland and steve grasso. stay with us, please. >> welcome back to "the kudlow report." i'm larry kudlow. at the top of this half hour let's do some stock market work. good day for the markets. dow settled above 13,000. that's the first time since may 2008. s&p 500 above the t-1370 level thank to a consumer confidence reading. we'll get to it in a minute, but let's talk to investing legend jimmy rogers, chairman of rogers holding. we have mike holland, chairman of holland and company, and steve grasso, director of institutional sales. you're all mark ledge e egendle. the bulls continue to stampede over the doubters, jimmy. what's your stock market position? are you long here? it doesn't look like this is going stop. >> larry, this is 2012. there's an election in november. there's an election in france. there are 40 elections this year. the germans are having an election a year from now. you will see a lot of good news and a lot of money being spent. a lot of money being sprinted. yes, this year's fine. worry a

i'm joined now by lou grasso.e are looking at silver prices that are the best performing commodity year-to-date up over 20%. why is there so much momentum in silver? >> silver really got trashed at the end of the year. it sold off from a high of about $35, $36, got pounded down to $26. silver's been a great performer year in and year out. so i think what happened is money just rushed back into it. i think it might have gotten a little bit ahead of itself right now. i do expect silver to probably go and test $37, $38 some time by mid-year. but i think we're poised for a bit of a pullback down to $32. >> do you think what is rising gold prices whether it's the euro or what we're seeing in terms of the greek debt deal, is that also driving silver prices? or are there some other fundamental factors with silver? >> silver does have a lot of fundamentals. a lot of industrial demand. there's a supply of about 750 tons of silver every year. and when you look at that and most of that is taking up by industrial production,

steve grasso, what levels you watching? >> 1376 the level to watch from july 7 of 2011. you want to look at that because that's the level that we have had so much trouble breaking out from. having said that, you just said, we going to break out here, we started the year at 1257. we are up basically 8%. we have broken out. now it is a matter of can we absorb these levels? the way down, look at 1333, on the way up, 1370 but yes, we are poised to break above 1400 if i should get ahead of myself. >> 1370, the importance of that, that is the may 2011 high, correct? >> may 2011 i believe that was just a reference point, that was the osama level. >> heath, would you agree? >> 1362 3 to me is the most important number. the closing high of april 2011 when a lot of people got sucked into thinking that inflation was actually gonna turn into growth. there is a big difference between the two you see oil rise and basic material rising dollar falling to me, can't get above 1363, again the prior closing high, just making lower highs, again why we shorted the s & p at 1357. >> the minute

let's bring in lou grasso at millennium futures.tart with silver which has fire in the belly today. what's going on with the impressive rally? >> silver up about $3 in the last week. today we had an expiration of march options. i think that fuelled a little volatility and pushed it to the upside. we'll see how it holds over the next couple days. silver's been looking great. >> gold also looking good. i think it's up about 13% year-to-date. pushing just marginally higher, but it did break a key resistance level yesterday, didn't it? >> it did. around 1765, 1770, it had butted up against that a few times and failed fairly miserably down to the low to mid-1600s. i'm expecting us to test the 1810 range, which i think if we can get above that, we'll really start to push up to the 1900 level again. >> 1810 is what we're watching. lou, thanks so much for joining us today. >> thank you. >> ty. >> and as we've been telling you, mandy, the apple shareholder meeting underway. shares of the tech titan trading higher right now surging 27% this y

the senator baucus and senator grasso talked about rules being changed and standard being changed. it's the first time standard for waste incinerators and boilers are being scheduled. we've never had any standard. epa wrote to the senate on january 18th that the epa can and will use legally available and longstanding tools to address compliance concerns that boilers and incinerators subject to the rules may have as a result of the court decision and they're still talking to the industry, revised won't even finalized until april or may so that the argument is that industry can't comply with these rules doesn't make sense. we don't know what the final rules are going to be. therefore i don't think ought to take the action now to say you can't adopt rules. after 21 years we're dealing with a problem and the problem is not choosing winners and losers in the boiler manufacturers or the boiler operators, it's to protect children. children who are exposed prenatally to neurotoxin mercury and it's to protect others from toxic air pollutants. let the senate hold a hearing on it and get the

let me point out to senator grasso, the number -- again, you're referring to some of the revisions that were in the original regulation that had been modified. the numbers are nowhere near 200,000. the number is about 1,700 that are estimated will need to make modifications in order to comply with the regulation. and i think the major point i would just argue -- we're all entitled to our own views and i understand that. i think we should base our decisions on best science. and we asked the epa to do a 40-year look back. it was something that we all wanted to see. the scientific advisory committee is the one who did that. scientists not us who have maybe philosophical views. and that's where the numbers come on the premature deaths that had been avoided, asthma attacks that had been avoided. i understand your numbers but when a mom has to leave work to pick up their child because of an asthma attack, that has a major impact on our economy. and that's what the scientific advisory committee based their cost analysis, on what we are saving in hospitalizations, premature deaths, loss of work

candace grasso joins us. >> cull -- we braved the roads. kind of a nice wintery morning. >> it is a good time to talk about what we could be doing inside to make sure your heart is healthy. it is heart health month. so tell us, you know, what are some of the basic things you could do to make sure your heart is in good shape. >> i tell you, it is really important. so many people go out and they shovel snow and they have an actual cardiac event. it is very, very stren with us. >> in this country we don't move enough, we are sedentary. we set ourselves up for major heart disease. we wait until after it is a problem and expect major and modern medicine for the strives we are making in that to fix it. really, we should take it on the front end and do things with our diet, with movement. we could make major strides in changing this. i posted on my facebook page this morning, a link to the five nonmedication strategies. meaning before the problem begins. friend me on facebook. you will find these five strategies. we will go through the basics. you

former director of the president's commission on cyber security will talk with republican senator john grassois a member of the conference committee trying to work at an agreement on extending the payroll tax cut for the rest of the year. we look at how the government measures price increases and how inflation index -- affects programs like social security. programs like social security.

remember way back in 2000 when we were trying to get to dow 10,000 and the former head of the nyse, dick grasso, was handing out dow 10,000 hats. we finally got through that. we had a nice move up and two bear markets. i look at that as a market of stocks, not a stock market. the broader average will get above 13,000. the s&p will keep moving higher and hopefully we'll go up from there. >> bob, you are down on the street. what are people telling you about why 13,000 seems to be such a strong glass ceiling? >> i'm not sure it is a glass ceiling. up 9% almost in the s&p 500, close to that for the dow so far this year. we've been up every single day practically since the beginning of the year. i'm not sure if 13,000 is such a magical number. i agree with your guest there that overall the economy is improving. i guess what i would say is corporate america is not really hiring that much. that's really holding it back. what's it going to take to get people to get corporate america out there and start bringing people back under the workforce? >> i think that's a great question, bob. i think it comes b

dick grasso really was behind that today, who better to speak to than ceo of nyse who okayed this, coming up with us in a few minutes. talk about this new set with duncan but going to be talking about the changes that the exchange has gone through, the globalization, the liquidity and of course, the volume. >> a great evolution in the way stocks are traded these days and we are going to get to all of that coming one duncan. >>> first though, a look at the markets. >> the market sinking to start the trading day today. we have got fractional moves, dow industrials, rebounding from 100-point drop, following more signs of life in the housing market. blue chip index, the final stretch, trying to close above 13,000 for the very first time since may of '08. s & p 500 highest interday level since june of '08. one of the other factors in today's come back, the price of oil. watching it creep higher recently. today, light sweet crude oil down more than $1 to settle at $108.56 a barrel. calming some concerns, but anything above $100 a barrel is a worried note for the economy as it is expected to mak

we will talk with senator john grasso of wyoming.is a member of the conference committee trying to work out an agreement on extending the payroll tax cut for the rest of the year. and a look at how the federal government measures price increases and inflation affects entitlement programs such as social security. our guests are michael horrigan and barry bosworth. >> just the way i remember it, here is that wonderful moment when the senator revealed his nostalgia for the state's rights segregation of the self. >> when strom thurmond and for president, we voted for him. we are proud of him. >> josh margolin the internet and his website and the breaking news business. >> the media is such a different world today that it was 10 years ago. i think things like that happen all the time now. and know there are certainly many big stories of the last decade. now we have an editorial staff of 20 people, so we are breaking stories right and left. the thing is, it has almost become commonplace. it is not nearly as surprising today as it was back

with that i would like to ask senator grasso to open with some remarks. >> it is wonderful to be backst year i had a chance to talk about why "obamacare" is wrong for america, and today after hearing senator santorum, i can hear from all of you that that argument is still as important as it has ever been, that piece of legislation is less popular with americans than it has ever been before. today we will talk about another important issue, and that is washington's runaway spending. what is a fundamental step in getting it under control, which is a constitutional amendment to balance the budget. year fourw entering n of the obama economy. washington's that is $15.30 trillion, 42% higher than when president obama took office. before there was a president obama, the good old days, we had never had an annual budget deficit of more than $459 billion. over the four years of his term, which will never see a deficit of less than $1 trillion. that is why for the safety and security and prosperity of this country, this has to be his only term. people ask, where it all the spending,? first, ther