long slu. >> grasso? before we had the selloff it was lucky, more luck than skill. but i did miss this 40 handle rub from 1600. i'm not ready to get long. i think we're going to fade again. >> all right, thank you so much for watching. see you back here monday at 5:00 for more "fast money." meantime, don't go anywhere. "options action" starts right after this quick break. stay tuned. only part of the . before reminding ourselves that some bonds are more valuable than others... and before weighing the ups and downs in your life over the ups and downs in the market... we changed the way we help you live in retirement by changing the way we work with you to and through retirement. connecting your wealth with your health and your life. that's the power of a merrill lynch advisor. i'm a careful investor. when you do what i do, you think about risk. i don't like the ups and downs of the market, but i can't just sit on my cash. i want to be prepared for the long haul. ishares minimum volatility etfs. investments

grasso? cutting -- see, the difference between a miner and bullion is that the miners are masters of their own destiny. they can cut production. that's what you will start seeing here across the board. that's why the miners will outperform the actual metal and that's what happened today. >> but it hasn't. >> it hasn't. on the way up. on the way down it will go down a lot further than the metal but on the way up that's why miners will pop more than the actual -- >> credit to dr. j as well who was talking about this yesterday. again even as gold is down miners up. next up, financials. the s&p financial sector spiking more than 4% in the past three days making it the best performing sector in that time frame. >> which makes a lot of sense, but i was looking for banks that were doing well when the market was melting down last week and if you look, we say it all the time. we'll mention pnc because you have to mention it. look at u.s. bank corp what that stock did while the s&p was trading down. it

>> grasso, what would you do with google? waiting for lower levels here. i think it's definitely overbought. still, even though it's come in drastically, so i'm waiting for 830 down to 815. that's how i know i'm going tp c be right. if not buy it on momentum and higher. 875 to 890. >> what were you doing with southern? >> oh, still, still -- >> long. all right. got your first tomorrow come back. [ male announcer ] when gloria and her financial advisor made a retirement plan, they considered all her assets, even those held elsewhere, giving her the confidence to pursue all her goals. when you want a financial advisor who sees the whole picture, turn to us. wells fargo advisors. who sees the whole picture, turn to us. athey wonder how much fastere justthis thing could go?be. what if i took it down that hill? what if it weighed less or turned sharper? they know that things can always be better. we count ourselves among those people. introducing the quicker, sleeker, smarter, best civic si yet. made possible by honda. you know it

grasso? >> incredibly vulnerable. but the housing starts are important. you'll see the last gasp of people trying to capture those mortgage rates. what's more important? build permits. home depot is the way you play it it. >> wealthy home buyers are running into a problem. there's no more mansions to buy. robert has details on that. >> we know that housing inventory is falling across america, but the richest towns, are seeing some of the biggest declines. data shows that inventory homes priced a million or more fell 76% in carmel by the sea in california. falling 70% in palm beach and 58% in old greenwich, connecticut. let's go to palm beach. we got a mansion there, recently sold for $11.3 million. six bedrooms nice pool italian gardens. sales like this one are one reason that prices in palm beach are up year over year. they're only a handful of luxury homes left including this one. 5,000 square feet four bedrooms, wine cellar movie theater, a great beach out front. it's $8.2 million. but the buying frenzy at the top means that a million dollars or two mi

steven grasso? >> hey, that's guy. every time it trades lower, the stock snaps back. i will tell you. i feel like it's a little bit insurmountable at this point. way too much competition. i would rather be a buyer at google or apple based on that. >> and a pop here for 102-year-olds. an elderly idaho woman recently jumped at the opportunity to celebrate her 102nd birthday in high-flying fashion. dorothy celebrated by b.a.s.e. jumping off a 500 foot tall overpass in twin falls. the key to longevity is to never think about her age. >> she had no idea she was doing that, right? she is asking right now. >> where is my kite? all right. before we head to break, let's take a look at gm shares here being added to the s&p 500. you see that hop there, up by 4.4%. karen, this is a stock that you have been in, correct? >> i'm married to it. >> you're married to it. that's right. >> i am. so that's good. i wasn't expecting that right away, although it's not shocking. that was sort of on the radar out there. good numbers today, good sales. >> coming up next, we are checking the vit

grasso? >> that's right. what's going on with blackberry. maybe somebody buys blackberry. maybe a chance -- >> how long we been talking about that? >> i don't know sooner rather than later. it's got to happen at some point, i would think something has to happen. >> next up we're heading overseas to europe with the vgk, the vanguard msci europe etf. >> there's a lot of smart money going to europe right now. it's 11 multiple versus the s&p and nikkei at 15. it's a drastic discount. warren buffett's been making stealth acquisitions in europe. they ask him what about the news. he says the news is not getting better, but the value has, the prices have. we'll be legging into europe over the course of the third quarter. >> the interesting part of that it's not getting that much better but it's not getting worse. right, and there are those who are saying europe's bottomed. >> right. you're getting 3.5% on vgk, it's the index, 400 of europe's biggest stocks. this is a position we'll build throughout the course of the

cheryl: only dick grasso could get away with calling you charles. >> reporter: tustin, jackie. cheryl: i would never do that. thank you very much. you will see you send back home base. charlie gasparino. former chairman and ceo dick grasso. thank you very much. closing bell ringing 28 minutes from now. the snb is on track for a week in the green in his biggest today gain in the month. you will tell you the biggest winners on the s&p 500. plus, president obama beginning in historic today's summit with chinese president. investors are focusing on china for a very different reason. economic data on tap. coming up this weekend we will break all that downnfor you coming up next. ♪ ♪ cheryl: the tech sector is one of the worst performers this week. today some of the large stocks are higher. those that are moving higher, following the up the payroll data. let's bring in nicole petallides and the floor of the new york stock exchange. two other big technology names? >> reporter: there are plenty to watch. the tech heavy nasdaq is accelerating because earlier

neil: all right, de dick grasso thank you. >> good seeing you.l: ery weird, bonuses at irs, they are weird, and real, and close. alec, for this mission i upgraded your smarthone. ♪ right. but t most important feature of all is... the capital one purchase eraser. i can deem the double miles i earned with myenture card to erase recent travel purchases. d with a few clicks, this mission never happened. uh, what's this button do? [ electricity zaps ] ♪ y requested backup? yes. yes i did. what's in your wallet? [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more case [ le announcer ] whereo you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small busins solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ neil: awkward, thousands of tea partiers protest to capitol hill, the place they are protesting is cutting bonus checks, $70 million in bonuses so far, t

the other question is figured large in dick grasso's professional life.ed the way for all that money dick grasso got. the one that case, he should have one that case. there he is. dennis: i think that is a good choice. charlie: he actually sounds like him. the last time he was in something about five years ago in ""the sopranos"." cheryl: what do you think the chances are? it would be a great film. lienlyons on the floor, celebri. that whole event at the opening bell he created, which is a big part of the book he brought the exchange back? charlie: this book was published late 2010. i got great reviews. but the scandals after that, the financial crisis, lot of big stuff happen. although the new york stock exchange is no longer what it once was. now it is bought by a computer. dennis: why only now? charlie: that is a good question. i was more working on my day job. i think it is just like somebody that is possibly interested in it right now. i cannot value why come i cannot tell you it will happen. the early stages. put it to you this way, i am not buying

>> you want to short british pound, fxb. >> grasso?nkin brands. >> i like chevron. >> the fed's lll. i'll see you back here monday at 5:00 for more fast. in the meantime, "options actions" begins right after this break. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ the ones getting involved and staying engaged. they're not afraid to question the path they're on. because the one question they never want to ask is "how did i end up here?" i started schwab for those people. people who want to take ownership of their investments, like they do in every other aspect of their lives. >>> this is "options action." tonight, king dollar rules. >> good to be the king. >> but not if you're a multi-national. so which stocks reveal the pain of the dollar's

that's not how it works. >> tweet us at hashtag bull or grasso or hashtag bear for josh.he headlines sure to rule tomorrow's market. long term treasuries were still the best bet heading into the second half. what will john brynjolfsson have to say? he joins us live right after this. em show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ welcome back to fast money. we are live at the nasdaq market in new york times square. here's what the bond king and jeffrey gun lack had to say earlier. >> the one place that you are likely to make money in the next several weeks or months is actually, believe it or not, the most hated asset class on the planet, long term u.s. government bonds. >> our next guest spent 19 years at pimco directed their assets. now he's founding and chief offer of global wolf. john brynjolfsson joins us. you a

we'll talk to former new york stock exchange head change, dick grasso. he'll be along with us.ll talk to him about spate of high-frequency trading and how would he restore investor confidence? it's a first on cnbc interview, hope you'll join us for that. >> also today, your phone, e-mail, web searches, credit card transactions, more startling revelations about data. the u.s. government has been scle collecting on all of us. the president defended the program a few hours ago. we'll have a full report with the very latest coming up. >> this is some story. take a look at how we're playing out as we end this week on the upside. triple digit move with the dow jones industrial average up 169 points here, better than 1%, back above 15,000, or 15,209 as you can see there. the rally is pretty broad-based. this is the best day since february 27th. the nasdaq looks like this. double-digit move there as well. 36 points higher on the nasdaq. we are at the highs right now on the nasdaq. on to the standard & poor's 500 index, where we see gains as well, up 15 points, about 1%. the high on the

neil: all right, de dick grasso thank you. >> good seeing you. ery weird, bonuses at irs, they are weird, and real, irs, they are weird, and real, and [ male announcer ] the mercedes-benz summer event is here. now get the unmistakable thrill and the incredible rush of the mercedes-benz you've always wanted. ♪ [ tires screech ] t you better get herfast [ girl ] hey, daddy's here. he you go, honey. thank you. [ male announcer ] because a good thing like this won't lasforever. mmm. [ male announcer see your authorized dealer an incredible offeon the exhilarating c250 sport sedan. but hurry. offers end soon. incredible offeon the exhilarating c250 sport sedan. at od, whatever business you're in, that's the business we're in. with premium service like one of the best on-time delivery records and a low claims ratio, we do whatever it takes to mak your business our business. od. helping the world keep promises. bjorn eas unlimited rewas for his smalbusiness take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on every purchas

later on steven p grasso, listen up, we're taking a look back at your call on microsoft.und. back in two. scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best overall client experience." it's been that way since the day you met. but your erectile dysfunction - it could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure.

grasso are talking about go to investor confidence.investors are not confident they're getting right price we have a problem at our hands at the sec to answer your specific question i think a lot of attention has been paid may six since the flash crash. >> right. >> it has been in slices and not comprehensive review of the market structure whether things are working be. >> will there be? is mary jo white be committed to it. >> she is figuring out what the agenda will be. i will give her time to figure that out. most folks agree the time for sec to take a step back and do a deep breath and comprehensive holistic review of the market structure. >> a lot of talk about dodd-frank. you've been very vocal. we ran a piece where you said it will take years to implement. >> absolutely. what exactly does that mean? >> people don't understand, charlie the metrics at play here. 400 rule mackings in dodd-frank mandated. sec got 100, more than any other agency. of those 100 we're 38% of way through. >> right. >> coming out election year where there

today's "closing bell exchange" john from wells fargo, one steven grasso from stewart frankel, joining us and bill nichols and our own rick santelli. steve, tremendous volatility last week. what's going on right now? what's the message of the market, do you think? >> well, we bounced right off the 50-day moving average in the s&p cash. we've done that a couple of other times. each time we've done that, the mark has increased in value by 7% to 9%. if we were to do that again, you're looking at 1,750 in the cash. is that going to happen? for me, i don't think that's going to happen. i think we'll see a retracement back down to that 50-day moving average, maybe a sell-off. a lazy monday. i wouldn't read too much into this. i do see lower prices before we lift. >> lower prices before we lift, john, though, i want to ask you, you say now might be time to move into the cyclical names like industrials, like i.t., if the market is expecting pullbacks, is now the right time to get into some of the names? >> absolutely. you have to give away a little bit. sometimes the market goes down a little

grasso, give me a ticker. >> micron. >>all-state. >> i am scott wapner. mad money starts now. >> my mission is simple. to make you money. i'm here to level the playing field for all investors, but there's always a work somewhere and i promise to help you find it. mad money starts now. >>> hey, i'm cramer. welcome to "mad money." other people want to make friend, i'm just trying to make money. call me -- one week ago, i adopted a radical position. froms i went on this show as well as the "today" show and said into the teeth of selling, it's worse to stay in the selling. >> thursday's losses wiped out all the gains from may and june. >> interest rates are going up. it is nothing worth panicking over. >> those -- >> 500 positive points in the dow. looks like a no brainer. when you look at the tape today especially after the last couple of sessions. 2% and nasdaq, but it sure wasn't easy to do. so smart. what could have been by proprietary insight? i didn't have it. all i had was discipline. sent yields on a journey to 3%. almost where they were earlier. i, t

. >> reporter: at large councilmember david grasso was astonished that the cab commission didn't have accurate records. >> obviously the tax cab commission does not have a good accounting of what's going on out there. >> reporter: and the general manager of yellow cabs said the inaccurate data tarnishes all drivers. >> in eight years, i've had no complaints of sexual harassment or anything to that effect. i think you've heard a lot of numbers being thrown around, careless comments being now and now the council is asking for the facts. >> reporter: the council told the taxi commission it wants accurate records as soon as they can be compiled. >>> the transportation security administration is backing off its plan to let air passengers carry small nooifds, souvenir bats, golf clubs and other sports equipment on planes. some passengers, lawmakers and pilots fought the proposed changes. the tsa is dropping the plan so the agency can focus on other programs. >>> president obama has named u.n. ambassador susan rice as his new national security adviser, defying republicans who have strong low

sonny grasso, the french detective, he was being honored. by yesterday, frank and i were looking at each other going what's your name? so anyway, we have a big announcement to make, hoda-woman. >> we do. it's time for our big reveal. we are going to be on a magazine cover. >> yes. >> and it is an honor to be on this one. so we're really excited. >> you're not going to see it today, though. >> we can't really give it away until tomorrow. >> we can tell what it is, can't we? >> yeah. >> okay. >> we are the cover girls of not "maxim." >> no. >> not "penthouse"? >> no. >> not even "playboy." >> no. >> "aarp"! >> and i'm shooting another cover next year. it's called "r.i.p." you're not even officially qualified to be on the cover of "aarp." >> i'm knocking on the door. >> anyway week, going to go to a luncheon today at a restaurant here in new york with a ton of folks coming up. >> it's going to be fun. >> we're going to see our cover. if we don't like it we're not going to show it to you tomorrow. okay? >> this was -- >> a shocker. >> a bit surp

. >> reporter: david grasso was astonished that the cab commission didn't have accurate records. >> if you don't know this on the top of the head how do you fix the problem? i don't get that. this is the kind of thing i would imagine you'd be working on every single day. >> reporter: and the general manager of yellow cabs said the inaccurate complaint data unfairly taurn herbes all drivers. >> in eight years of running yellow cab company of d.c., i've had no complaints of sexual harassment or anything to that effect. i think you've heard a lot of numbers being thrown around, careless comments being made and now the council is asking for the facts. >> reporter: and the councilmember insisted that the commission report accurate records as soon as possible. >> thanks, tom. >>> more fallout at the internal revenue service. today nbc news learned that two senior staff members have been placed on administrative leave for accepting free food. that's against irs policy. those employees allegedly accepted $1100 in free food and other items during a conference three years ago. the disciplinary a

the trade earls tonight are tim seymour, steve grasso, dan nathan and guy adami.t. with economic data not so hot or cold, we ask, does the fed even matter anymore? guy? >> depends on which one you're talking about? yeah, i think our fed matters. i think what's going on in japan matters more than what's going on here. i don'th

dan nathan, steve grasso, guy adamy. "fast" is following the whip saw week for stocks.e in a row. the nasdaq having its worst week in two

from the nasdaq market site in new york city at times square, our traders are brian kelly, steven grasso to the big stories. the dow seeing its worst week since april 19th. the ten-year yield rising above 2.9% for the first time since august 2011. and the vix soaring to end just below the key 19 mark. there were some signs of life. take a look at the big intraday reversal we saw in the dow and s&p, although pulling back slightly in the final hours of trade.

let's bring in steve grasso now. he joins us from the floor of the new york stock exchange.me back to the show. >> thanks. >> what are you going to make of this incredibly volatile turn that stocks have taken in the past week or so that every day are bringing these wild swings, 7 of the past 11 trading days, as we've said, the dow has had triple digit moves. we're up 150 or whatever we were up, more than 100 points today, and here we find ourselves almost down 100 at one point. >> if you throw in -- it used to be just ben bernanke we're looking at. now you look at the yen. europe is even in the background right now. so the carry traders there, if you see the yen rally, we tend to sell off but guys don't know what to do now. is the market fairly valued? it used to be good news was good news, bad news was good news. now it's bad news is bad and good news is factored in. so guys are waiting for this market to break one way or the other. >> what about rates? are you going to look back at this volatility and not necessarily you specifically but those who are getting a little more

grasso i think, private back then when he got that, $140 million. >> part of the issue with grasso ise new york attorney general got involved is that there were limits on what nonprofits can do. it was a much smaller interprize. i'm not in any way excusing the hammergrin situation. i think it's outrageous, borders on obscene, if they think he is worth this give it to him as straight salary. the pension issue, his salvi nothing to scoff at. >> he is the highest paid ceo in the s&p 500, i believe. >> yeah. $145 million. basically 50 million a year, year after year. they say look at the performance. he took over a scandalized company. he stepped into a company where you have a very limited amount of competition, concentration in this business doesn't make it the toughest business. and so much of their business has been feeding off the government, especially the department of veterans affairs. this is not the toughest business to run. and low bench marks because of a scanned well the predecessor. >> hold on. jeff, you know i'm an avowed capitalist but even i have a problem squaring this.

let's bring in steve grasso who is a market analyst. dow so far this year? >> yes. i think so. we have been waiting for it and waiting for the chairman to speak, and we have gotten that and nothing to look forward to except for the earnings, and people think that the earnings are going to be lackluster, and europe is a mess, so what do you have to look forward to? >> but isn't that going to make the u.s. more attractive than anywhere else in the world? >> well, that is the story, but was the u.s. propped up by ben bernanke or substantial fundamental bull ishness by ben bernanke. >> and housing makes you think otherwise. >> and housing are reliant on the rates, and the ism numbers are weaker, so there has not been a lot. we have seen the revenue misses, so not things that you are really substantive. >> housing, difference of profitability of housing and a housing recovery. housing stocks can fall, because they may not be able to make abnormal profits, but it does not mean to say that the housing recovery not still in place. >> it is a su

but dick grasso does. that was his unofficial office.uld be a good movie but about seven years after. adam: be careful with hollywood. it will twist your script. it will be calories and paris hilton. the nasdaq. >> nasdaq is discussing further acquisitions. bankers are warning this. if you buy something that sizable, expect a ratings downgrade. nasdaq is one notch above junk. junk bond status. which means if they do go out and they buy something given the capital levels and the debt is kind of a good way to finance stuff now, there's a good chance nasdaq will get downgraded to junk. that is what bankers are telling them. they are telling them yes, they are basically saying their main goal now is to sort of consume the part of writers. right now it is to consume it and reduce leverage which means understand if they want to grow, they buy acquisition, have to get down. they have it going private. the carlyle group, talk about merging with another exchange, this conversation does not preclude something like that. i believe in my sources the

and dick grasso, are coming up. you've known? gave people a sticker and had them show us.ve known seone who's lived wl into their0s. and that's a great thing. but even though 're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have thmoney you need to enjoy all of these years. ♪ folks have suffered from frequent heartburn but now, thanks to treating with prilosec otc, we don't have touffer like they used to. [ bell dings ] ♪ [ horse whinnies ] getting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. we've surcome a long way. ♪ [ le announcer ] one pill each morning. 24 hours. zero heartburn. ♪ >> no one knows markets like these business heavyweights. find out what they think about the health of u.s. companies and other u.s. exchanges are still the best in the business. china dated down, a key economic news this weekend will have a big impact over year. we will break down what to watch for and what it cou

sonny grasso, the french detective, he was being honored.ly excited. >> you're not going to see it today, though. >> we can't give it away until tomorrow. >> we can tell what it is, can't we? >> yeah. >> okay. we are the cover girls of not "maxim." >> no. >> not "penthouse"? >> no. >> not even "playboy." >> no. >> it's "aarp." you've not even officially qualified to be on the cover of "aarp." >> i'm knocking on the door. >> we're going to go to a luncheon today at a restaurant in new york and we're going do see our cover, and if we don't like it, we're not going to be here tomorrow, okay? >> when you open "the new york post" and look at the front page, usually you get a surprise just because of the way they do their headlines. >> they're colorful. >> this one was even more so. it's michael douglas and he talked about how he says oral sex gave him cancer. originally, people were saying it was the smoking and drinking, which i think is what people were, i guess led to believe or thought. but he gave an interview to the "guardian" when they wer