traders are steve grasso, karen finerm finerman, david sieberg and brian kelly. tonight we're all over the story captivating the nation, and mylan firing back over its epi-pen price hike and a serious cause for the concern. the one chart that may be signaling the rally in stocks could soon be coming to a screeching halt. later, one firm is betting the house on a rally in netflix. we'll take you behind the call that says netflix is set to surge another 50% higher from here. first we start off with the fed chair janet yellen hours away from taking center stage in jackson hole, and investors will be hanging on every single word she says. cnbc's senior economics reporter steve liesman is on the ground with what is sure to be a very big day for the fed and for the market. steve? >> reporter: yeah. melissa, good to put it in context. for the past several years the fed meeting in jackson hole has taken place amidst a crisis, the financial crisis and the fear that the european union would break up. >> labor slack is coming out of the labor market. we're making frustratin

ellie. >> grasso's got cats. >> rare breed of dog. only a real man can have exotic cats. >> guess so. and two of them. >> british blue. >> they're not alley cats. >> trade school. all right, so with these futures in mind, we want to go around the horn for some best in show. pay attention. best in show. stock picks. i'm going to go reverse. guy. >> changing things up. >> mastercard's been a stock we've talked about since the inception of this show. people will complain that the valuation is too rich, but having come back from europe where nobody seems to take american suppress, it's clear mastercard and visa win. i'd take ma. >> for me, best in show is something that shines even when things don't look that good and today, if you looked at silver, slv, even though the dollar was up, gold went down, silver was up. quietly, it's doing something interesting. >> steve. >> yesterday, it was my final trade. dollar gen. butchered down 18%. i said it was day one. today was two. defended that 75.13 low on day one. let's wait for monday, but i th

grasso, you got a couple of builders. >> year to date, up 27%. halty home, up 18%.k at the whole complex, it's flowing into the builders now. first time home buyers, that's going to be a big aspect of it but, if you look at the home depots and lows, that was last year's story. they're up 2%. so i think that story was the early stage. >> back to 2015, here's a stock everybody loved. valuation got rediidiculous. they just reported their second quarter. wasn't great, but wasn't disastrous chlts marnlens weren't terrible. operating margin, still 7.2%. which wasn't a disaster. it teld 50 this year, held it again. it seems like. i think this quarter was good enough to see a bounce in wsn and short interest in the name is approaching that 20%. >> who thinks some is low as that trade was over last year? >> i think the better trade is the homebuilders. >> just more beta? >> residential are major indicators and there's no question that people are remold . i think there's a lot of even additional new dust mers, no threat, et cetera, et cetera. i think the homebuilders, one wit

lisa hughes, luisa moeller, and greg grasso all ride in the pmc. and our entire weather team and producer terry and pamela all participated in today's 'event, riding early. pamela is still awake and still here with another look at your forecast right after this if >>> are you ready for the heat? >> i'm ready. i love it. >> 80s for tomorrow. we start off okay but 810 tuesday, 950 wednesday. close to 1000 by thursday. the chance for rain winds and another round friday through sunday. >>> over the course of my career, things and try to overcome in the best way. i will try to do the same thing and cheer the team on. >> tom brady is ready for some put all. obviously, the nfl isn't. they canceled the hall of fame game today. roger goodell, really? are you kidding me?

grasso? >> i think that you can start thinking about rates are never going anywhere. boe today, the fed in no way is raising rates. watch the dividend payers tomorrow. >> here's what's interesting. if everybody else is easing, that means the fed it tightening. watch the dollar. >> i actually agree with bk. we'll see. get another big jobs number. i think they might have the ammunition to do it. >> guy? >> one of our best shows. best efforts. >> you really brought it, guy. >> listen, the gold miner has been on it, bds on it. gold up. despite dollar up and down, gold is the play. >> and despite the jobs number? >> despite the jobs number. >> i'm melissa lee. thanks fortuning into our >>> my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now! >>> hey, i'm cramer. welcome to "mad money." welcome to cray america. other people want to make friends, i just want to help you make some money. so call me, at 1-800-743-cnbc or tweet me

steve grasso. robert luna will stick around waiting for disney here.e due out any moment now. we'll have instant analysis of the results as soon as they release and then ceo robert iger right here before he speaks to the analysts. >>> and also coming up, donald trump proposing massive across the board tax cuts but will he also detail plan to pay for those cuts? without raising the national debt. that is the question. trump supporter and cke restaurant ceo joins us later to discuss. you're watching cnbc. (lionel) ♪it's peyton... ♪it's peyton on sunday mornings.♪ (peyton) you know with directv nfl sunday ticket you can watch your favorite team no matter where you live. like broncos or colts. (cashier) cool. (peyton) ah...18. the old number. ooh. i have got a coupon for that one. (vo) get nfl sunday ticket - only on directv. and watch live games anywhere. across new york state, from long island to buffalo, from rochester to the hudson valley, from albany to utica, creative business incentives, infrastructure investment, university partnerships, and the lo

steve grasso will join us off the floor in a moment. but, you know, again, even though the action is not huge, it's significant. i mean, we are near all-time highs in the indexes, nasdaq included, you know, i don't know if that makes it tougher for people and can't deny there's been strength in the market. >> one way of looking at it, the market is not letting you in. if you thought it was going to hold and waited for a better entry point, it is not done so. a lot of studies looking at the similar periods and a month and the market very, very little movement and very narrow range, typically down the road resolves to upside and short term seems like it's coiled up for something, a little bit of a gut check. >> the issue is coming up, rob, the august 24th anniversary of what happened last year with that little flash crash in the morning. etfs. pisani is talking about the changes to make sure stocks open more quickly, the gaps don't happen so much and that can happen in a vacuum. >> that's like a technical glitch problem and not necessaril

san francisco police announced the arrest of 26-year-old michael grasso. he is the fourth person arrested in connection with the murder of the 66-year-old steven williams at alford lake on may 24th. court documents accused the suspects of attacking and beating the victim for more than three days before knocking him unconscious near the lake. >>> two wildfires burning in monterey county are only 60 mile as apart, according to the cal fire chart. the hurst castle fire is now 39% contained up from 35% earlier today so there is progress and it has burned more than 63 square miles and destroyed 45 homes in san luis obispo and monterey county. 2400 people have been evacuated and the castle is still closed. the larger soberanes fire is 60% contained and that fire has been bushing for just over a -- burning over a month now south of carmel valley and 57 homes have been destroyed. >>> local fire departments will get millions of dollars from sacramento to remove dead trees to reduce wildfire risks all across california. cal fire estimates there are about 70 million

police announced arrest of a 26-year-old michael grasso, the fourth person arrested in the murder on may 24. >>> police say they've busted a gang of throwns, the sweep resulting in two dozen arrests, including a member of the police department. chris nguyen joins us live from san jose with the story. chris? >> reporter: good evening to you. multiple agencies are involved in this case tonight. that officer is on paid administrative leave and we're told that police are still looking for six additional suspects. police say it's a culmination of a five-month long investigation. 23 members arrested in a bust. however, the arrest of a nine and a half year veteran of the san jose police department is accused of providing confidential law enforcement information to members of the gang. >> his acts were deplorable and no way represent the character ever the members of the department. who, under extraordinary circumstances protect and serve with great honor. >> as soon as discovered the first indication of a police officer who is involved in this crime, just -- did everything it could do to en

police announced arrest of a 26-year-old michael grasso, the fourth person arrested in the murder on may 24. >>> police say they've busted a gang of throwns, the sweep resulting in two dozen arrests, including a member of the police department. chris nguyen joins us live from san jose with the story. chris? >> reporter: good evening to you. multiple agencies are involved in this case tonight. that officer is on paid administrative leave and we're told that police are still looking for six additional suspects. police say it's a culmination of a five-month long investigation. 23 members arrested in a bust. however, the arrest of a nine and a half year veteran of the san jose police department is accused of providing confidential law enforcement information to members of the gang. >> his acts were deplorable and no way represent the character ever the members of the department. who, under extraordinary circumstances protect and serve with great honor. >> as soon as discovered the first indication of a police officer who is involved in this crime, just -- did everything it could do to en

. >> steve: 26-year-old michael grasso and 19-year- old sahmanntha yesterday. on may 24th, 66-year-old stephen williams's body was golden gate park's alvord a.m. >> steve: four other people have connection with williams' death. 20-year-old stephen billingsley, 34-year-old nikki williams, 35-year-old robert tannehill and 23- year-old ian severa >> brittney: closer to the weekend we will one back up your it right now 76 degrees and fairfield, a comfortable 73 degrees and concord and '50s and san francisco. we will see mild conditions for san francisco and parts of the north bay. you will notice along the bay and east bay was the mild conditions pushing through the east. typically antioch, you see those hot temperatures but instead it will be warm and state in the '80s. >> brittney: around the region are running these for livermore as san jose would 75 mountain view, 69 degrees. expect a high as 79 in a pet salon, and setting nine in it now but. --79 in petaluma and 79 in napa. >> brittney: your 7 day forecasts shows that as we go into friday it is the cooler day

steve grasso, you're excused. thank you. have to stay around. >> i'm staying around. >>> you've heard the economic plans. now, hear how presidential candidates hillary clinton and donald trump develop those plans. unofficial trump adviser and contributor larry kudlow and official clinton con cigly yair share it is insights. >>> housing prices in san francisco sending residents fleeing. we'll discuss whether san francisco housing is past the point of no return and if your city could be next. you're watching cnbc, first in business worldwide. miles per hour. traveling ov0 to win, every millisecond matters. both on the track and thousands of miles away. with the help of at&t, red bull racing can share critical information about every inch of the car from virtually anywhere. brakes are getting warm. confirmed, daniel you need to cool your brakes. understood, brake bias back 2 clicks. giving them the agility to have speed & precision. because no one knows & like at&t. will your business be ready when growth presents itself? ameri

. 19-year-old samantha runs from was arrested in flagstaff arizona this week. 26-year-old michael grasso picked up in san francisco. the two along with four others already in custody are charged with killing 66-year-old stephen williams. investigators say williams was beaten and tortured over a period of three days before being dragged into the water. >>> starting on friday money will be available to help property owners upgrade their wood-burning fireplaces and heaters. the bay area air quality management district has approved $3 million for the program, the goal is to reduce pollution caused by woodsmoke and its health effects. the grants vary in amount depending on the type of device being installed. only 1500 grants are available, the money is on a first-come first-served basis. you can apply online, the program opens friday at 10:00 a.m. >>> she was punched over and over while out for a walk for no apparent reason. the description of the attacker that police are looking for. >>> in recovery mode, how people came together tonight to take their first step to rebuilding after the clayt

steve liesman out in jackson hole. >> reporter: sure. >> steve grasso just off the floor here., you know, maybe it just comes down to gdp number this morning wasn't that great and next quarter, the current quarter looks better. >> right. >> does it depend on the jobs number next friday? >> i don't know. they say they're data driven. i think flipping a coin might be a better way to do it. right? they have a 50-50 chance. right now the market thinks they're 100% wrong. they have at least a 50% chance of being right. today rallies what you expect to ralliment financials doing better. i thought they would do a lot better. i guess the market is struggling saying what will higher rates mean to the overall equity market? >> the larger point everybody could make is that this is a strange recovery and gdp growth very weak and very choppy. >> the problem that i have with what's going on out in wyoming is there still seems to be both in the market and amongst the fed governors kind of permanent crisis mind-set. there's still this mind-set that exists at the ecb, the bank of japan and at t

police say that samantha run strum was arrested in flagstaff earlier this week and 26 wrote michael grasso was arrested in san francisco, they are wanted in connection with the death of 66 wrote stephen williams, his body was found in a lake in golden gate park in late may. 2 other people are charged in his death and investigators say the suspects attacked williams over appearing and then dragging him unconscious into the lake to die. >>> to developing story out of afghanistan where one person is confirmed dead and more than 20 others are injured in an attack on an american university. this happened at 7:30 pm local time and witnesses heard gunshots and a blast near the campus. professors and students took cover in classrooms and safe rooms while police d special forces surrounded the campus. early reports indicate the school was attacked by several gunmen but so far there are no suspects in the attack comes weeks after 2 professors were kidnapped at gunpoint on their way to the same university. their whereabouts is still unclear. >>> in italy rescue workers are sifting through homes and b

michael grasso.olice say he's responsible for the torture, beating and killing of 66-year-old steven williams back in may. williams' body was found in alvert lake in golden gate park. a female suspect was also arrested this week in arizona. four other suspects were taken into custody in san francisco in june. >>> san francisco police are also investigating a report of a attempted kidnapping. police say a 13-year-old boy told officers that a chubby man tried to abduct him from a muni platform in the city's muni terrace neighborhood. the boy told police he had just gotten off a muni car, off third street, after a man tried to grab him, after asking him if he wanted to make some money. the 13-year-old was not hurt. the boy describes the man as african american, 6'tall, about 220 pounds, wearing a black shirt, brown sweatjacket and brown boots at the same time. the boots are splattered with white paint. >>> more than a dozen cell phones have been stolen on bart trains and in bart stations over the past t

steve grasso, fundamentally, do you agree with the bullish view? to couple -- put them both together and i don't necessarily disagree with his target if you go further out. brian, you know this better than anybody. trying to thread the needle of catching that bottom it doesn't work out. perfectly. right? you look at february bottom. who bought that bottom? really when you start to look at the institutions, they're more of them selling. volume is light. bank of america data with flows, people are lightening up here. trying to marry them, i don't disagree but i think you see a selloff before we get another 12% higher in the indexes. >> well, maybe a good entry point if you believe you and craig. buy low and sell high. that's the idea. steve more negative in the short term. craig positive longer term. thank you. we'll leave it there. we do two additional segments every day. go to the website. i won't say trading nation again. we're back after this. ♪ [announcer] is it a force of nature? or a sales event? the summer of audi sales event is here. get up

charge with beating a homeless man to death three months ago in golden gate park. 26-year-old michael grassoas arrested tuesday and charged with murder, torture, and conspiracy. he's one of six people accused of brutally assaulting steven williams for three days and dumping his body in a pond. four other people have already been charged in connection with williams' death. a sixth suspect was caught in arizona earlier this week. she's expected to be extradited to san francisco in the next couple days. >>> a follow-up to a story we first brought you on "today in the bay." police made an arrest in connection to a shooting early yesterday morning in daly city. this morning 20-year-old jordan perez is behind bars accused of shooting a man on vendome avenue near b.a.r.t. station. the victim remains in stable condition. so far no motive has been revealed. >>> coming up on 6:37 on your friday. donations are being raised for the people who lost their home in a fire in pittsburg. that fire critically injured a blind man and destroyed the home that he lived in with a 19-year-old pregnant woman and that

. >> pam:michael grasso was arrested yesterday...nd is likely to be arraigned tomorrow. >> pam:19-year-old sahmanntha rundsrtom was arrested in flagstaff, arizona the same day... and will be extradited to san francisco. >> pam:a chilling crime sparks athe prime suspects in the death of a woman, and the disappearance of her three children. >> steve: and a bold robbery caught onhear how the suspect just barely gave police the slip. >> pam:plus, a new twist to the oakland a's hunt for a new ballpark. the prime location the team is expected to check out tomorrow. ,$8drw >> steve: happening now: investigators in los angeles county are on the hunt for with a kidnapping and murder case. >> pam:catherine heenan is here with the details of a chilling case. >> catherine:authorities say that what's happened to this family is devastating. the woman in this family photo has been killed.and her three small children kidnapped. >> catherine:just last year - she lost her husband to suicide. police say kimberly harvill was beaten to death. one of the

joe duran with us and jack and steve grasso is somewhere on the floor of new york stock exchange. steve, you know, you get one rally after the good jobs number on friday and back to the summer doldrums again. when's really moving the market or not right now? >> i think we are in the summer doldrums, bill, regardless of whether we rally or not but the problem the market for the bears haven't been able to keep it down and i news that term flat is the new down. we are down one or two handles. bears get excited and rolled over the next day and rally 1%. bulls are trying to convince everybody recent retail sales, stimulus coming down the pike of boj, the fed, we don't know where they're going to be on one side or the other. you have to stay on your toes and you got to be a buyer of this market. people don't want to buy the highs. they don't want their picture taken. we're on a retracement level 2185 in the s&p cash to 2200 is the last leg of retracement where it should fool a lot of people and hopefully we don't hurt too many people screaming higher from here on the short side. >> you

joining us, steve grasso. when's doing the buying today?, it depends on what you're looking at, right? always institutional money. i think that guys are rotating out of what they have been in so we have talked about this before. staples, utilities, telecom. but what are they rotating into? today is oil and has been tech. >> and consumer discretionary. >> yesterday the lead earls were staples, telecom and utilities. so i think it's one day on, one day off. i think people are still going to be searching for yield. today the story is oil. all the time. people looking hopeful towards that saudi meeting or that not official meeting. >> right. >> do you think anyone's cutting production? do you think anyone's freezing production? iran's not going to do it. these people are just getting back online. they're going to be pumping. i think oil is either flat to down. >> not buying this? >> i wouldn't. >> always valuable. thank you. bill? >> heading to the close here. here's the number for the dow right now. it's 18,595 and we are bell above that with

. >> joining "closing bell" exchange, the kneelian camp fund, steve grasso from stewart fring el and rick santelli checking in from chicago. welcome in, everybody. ron, do you agree with what cooperman said about the market being fully valued? >> i do. 2% growth and return on equity has been moving down a little bit. 2% growth and 12% inequity justifies 19 pe across the board. >> what do you think is more like fair value? >> a little bit lower. trouble is the market very seldom sells at fair value. it crosses on being rich to cheap. but what i learned a long time ago is if you can't find cheap, we are finding good companies but not cheap stocks. and when you can't find cheap stocks, if you wait a little while, you will get the chance. >> will that end the month of august basically flat for major ind indices. is that the start of something more meaningful as we head into september and rest of the year? >> i think we have seen a meaningful reaction as you noted there. we saw that rotation and saw the financials rally. we have seen the utilities staples sell off and have seen gold sell

. >> grasso off the floor. what's the scoop in what are people saying about the market?> i used the term yesterday, flat is the new down. people get excited and say oh, my god, what's going on, and you're down under a percent. when have you last seen that? and this market has been this way pretty much every trading day since off of brexit. you can't rely on market going straight up or straight down. but i will tell you, whenever it's down, it is down very shortly, right? >> and it springs right back up and -- >> there are no other choices. i'm sure you have talked about, no other choices. as long as everything stays sort of where it's at now, you can't go any other place for your money or your yield. people get driven into the equity market. >> let's look at shares of tesla and square, and both look like they dribble out. this is how stocks are before we get details. tesla has a bigger loss than expected. kind of holding in there but again we will have more in a moment. square popping though, that's interesting, we will get you more details here. just wanted to mention b

steve grasso here. kind of giving back what we got yesterday in terms of the broad market. is the of weighing on things this morning. >> looking at the direction of oil and overlay the s&p, it's definitive we are getting direction of crude. it's usually not a, you know, 100% accurate but today is definitely in effect. >> we have the financials leading today so it seems like the equity markets trying to get warm to the idea that the fed might move. the bond market's not doing anything, though. >> you know, we were perplexed yesterday. the bond market, the equity market. where's the disconnect? i think the xlf i'm personally long and see that trade last a little bit longer in the tooth going in to that fed meeting in september. yellen kept everyone on their heels and friday's going to be a big directionality trade for the jobs number. if she gets a cover, you can see that, you know, decrease on the odds of raise. if not, you will see the xlf perform up until the meeting. >> maybe they have catch up to do. thank you. >> sure. >>> little more than 20 minutes into the bell here.

traders are steve grasso, karen finerm finerman, david sieberg and brian kelly. we're all over the story captivating the nation, and mylan firing back over its epi-pen price hike and a serious cause for the concern. the one chart that may be signaling the rally in stocks could soon be coming to a screeching halt. later, one firm is betting the house on a rally in netflix. we'll take you behind the call that says netflix is set to surge another 50% higher from here. first we start off with the fed chair janet yellen hours

hours but let's start with the markets and "closing bell" exchange today, we have jeff reeves, steve grassoitting next to me at post nine and rick santelli checks in from chicago. steve, so we mentioned seven consecutive declines for the dow and finally, this is the first meaningless selloff. what's going on here? >> i feel like everyone so focused on the fed and so focused on a bunch of other things, earnings, obviously, for the right reasons. but now, you looked at the italian banks, those were in full focus this morning. japan, whether it was a lackluster stimulus program that they were working on. you would think they have it down to a science by now, right? so, and i think the big catalyst is oil. i think oil falling off the table today was a little bit shocking to the overall market. you have nigeria back online and libya and canada coming back online. there's a lot of things to support the supply glut and spooked the market. >> jeff reeves, we are seeing the yields globally moving higher especially in japan and could be a number of reasons why that's happening but do you think it per

rac strong but as bolt came down the stretch, he decided to jog that's when canadian runner didd he grasso the finishish line. once he realized this wass wa happening he didn't have to dive he kick it into another gear.ea look at them smiling at each a e other while they're running.e tu >> look at him.at i still got you.gotou >> still got you.till g you >> no, no, no. >> i think you need to look to l around because this is my house. >> afterwards he flashed that famous smiling and saying don'tn try it. tr i can slow down and still beat b you and wagon the finger andr ad smile.sme >> this is a question. ts is a q for the track guys in here. mo did you run track.rack. >> no. for the track guys here.ack should he have slowed down at dw all? >> no.>> n >> you're trained to run fast. f >> you run through the finishins line.ne you don't run to the finish linn you run through the finish linei it's a little bit of showboating. i get that.ge when you have all these medalssm do you not care about the time.. >> it's a semi final. it wouldn't mattered any way w you're all going to transfer tre through

we're joined by bk asset management and steve grasso. about this earlier today, boris, and you said actually buying markets at highs counterintuitively can often be a very smart idea, how come? >> it is because markets are basically telling you something positive is going on. i know it's kind of hard to chase because as investors we're psychologically averse to chasing price. but generally when we break fresh new highs that signals there's something going on underlying and there's continuation and you want to join that move. >> all right. steve, what do you think? do you agree with this sort of like buy it highs because the wind is at your sails, the wind is at your back, whatever you want to metaphor you want to use. >> i do like boris' premise. basically pointing towards momentum. i do like the momentum idea. but this market's been overextended for so long now. but the last time we had the three indices make these tops, brian, we also sold off 80% in the nasdaq, 50% in the s&p and about 40% in the dow. so risk/reward a little toppier,