> the trade is you actually fut a short out on some of the european luxury names like prada or qpr which iowns guccietween 39 and 40 is a place you want to enter. >> what about some of the lower end names? >> some of the lower end names will hang in there well. stephanie mentioned before nike. look at what nike told us a couple weeks ago, now the subject price action has been favorable. i'm a long with stephanie. adding as it continues to move above 90 and holding there. the story has been all about the type of markets, the targets, walmarts. they are going to continue to win in this environment. to the credit of steve grasso, he's continually pounded the table on staying with the trade that is working. the trend is your friend there. >> all right. next trade, shares of ibm trading near all-time highs today. but is wall street ignoring risks associated with this ultra popular stock? cnbc's herb greenberg has been looking at the story and joins us with more. it's interesting, herb, this comes on a day where a couple wall street firms are starting to get a little bit cautious. ubs, ma lon vich, we're

she remains under arrest charged with felony unlawful use of trademarks >> gucci prada and chanel >> police say the bogus handbags were bought for $15 a piece in new york and would have been sold out for $50 or more in chicago. the cost to the designers being defrauded amounted to an estimated $500,000. >> dozens of striking union members had to picket line today at the oak park village hall >> the strikers are members of the service employees international union of local 73. while they were on the outside management personnel and a village staffers were on the inside of city hall when residents came to renew their vehicle stickers and parking permits. despite seven months of negotiations and no agreement has been reached on contract issues like wages and sick time it. strikers plan to picket again on monday >> a small fire broke out at the michigan avenue arts festival today. it started at one of the exhibits at about 6:00 this morning before the festival opens. witnesses say fire officials were able to put the flames out with a hand pump. no one was injured. no word on what caused