. >> rose: jamie diamond would say we didn't need the money you gave us. want it, and you made us. you know it's true. hank paulson made him take it because he thought the crisis was so deep that everybody had to be part-- >> of the solution. >> rose: am i right? >> that is true. however-- and i like jamie diamond personally and i'm not here to demonize anybody-- but if all of jp morgan's trading partners inspector bankruptcy, they would be in bankruptcy, too. so the notion that they were strong at that moment was only true because the american people stepped in to save all of their friends around the table is there could it happen again? >> sure, it could. these things repeat themselves and the problem is, and why i feel some urgency now, if we don't take action now while we still remember highway devastating the crisis was, we're going to forget. and then 20 or 50 years from now it's going to happen again. we repeated the same mistakes that led to the great depression, we repeated them going into this crisis. let's learn the lesson. >> rose: this past we

. >>> maybe we should call it the jamie diamond bottom. i'm talking about the run. ceo of jp morgan bought 50 shares of the stock between $53.14 and $53.30, within pennies of the act low. it was a beaten up stock at a beaten up moment in the market. i know diamond didn't set out to call a bottom. but looking back from the current price of $59.94, this well timed buy had more to do with the prevailing gloom, three and a half weeks ago than the conditions at the bank. not only is jpmorgan up since then but the dow lost from 15,660 to 17,773 and the s&p from 8,129 to 2,002 today. what allowed the averages to roar higher. let's set the scene. stocks had been falling for a week before the bottom. many stocks were well off the 52-week highs. in the priest week we saw the end of the nasdaq rally led by f.a.n.g. the last of the tech leadership had finally been taken out and shot. but the sell-off that awaited the market the following week was about far more than tech earnings risk. wasn't about cyclical risk. at that point systemic risk had become the order of the day. they

>> i absolutely admire, respect, and love jamie diamond. the man is is in a class by himself.egulators and they are crazy. so we put money into other financials, increased our weighting. but in a less controversial area. but he's the best. and so, you know it's very hard for someone to see you changed the name but we don't know what we put in its place. i think one of the big head winds for the stock market is what's going on in the credit markets. you know n may, june of last year the high yield index was maybe 400 over treasuries. it got to 950 in february. it's now around 750. those are potent numbers. those are potent -- it's very potent competition for equities. keep your eye on the credit market. it's very important. portfolio swapping has to do we know more about what we are buying versus what we are selling. we have increased the yield or reduced the multiple. i want to make it clear, if i were to make a five year investment jamie diamond would be at the top of the list. >> lastly, joe terranova has a question. >> are you willing to make that five year investment in ap

the dow industrials up more than 10% since jamie diamond of chase bought those 500,000 shares of jpmorgan stock. stocks basically flat now year to date, but there are many stocks that have lagged behind this rally. so are they due to play catch-up? dom chu is here with perspective. >> i don't know is the bottom line. i do know i'm not getting paid twice as much anyway, so -- but let's look at this. if you look at the s&p 500, we screamed those member companies for stocks that have not participated in the rally but could be trending a little bit higher here. remember, these are all stocks that have been big down movers over the course of the past year plus. 500 s&p members, we looked at those ones within 10% of their recent lows, just hovering right around their recent lows, 52 week or otherwise, within 10% of their 50-day average price, just to give you an idea of trend, and still below their long-term average price trend line. again, still below the long-term trend, but going a little bit higher, maybe dead cat bounces, maybe not. but only 27 stocks in the s&p fit that bill here. among s

the jamie diamond issue and now talking about seagate as well. have skin in the game, it matters to you. >> all right, coming up. unusual activity, pete, making a bullish bet on an airline stock. as we go to break, a look at the s&p 500 sectors of the day led by discretionary and tech is a fairly flat, though slightly lower day on wall street. we're back after this. this just got interesting. so why pause to take a pill? and why stop to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or mu

the dow industrials up more than 10% since jamie diamond of chase bought those 500,000 shares of jpmorganks basically flat now year to date, but there are many stocks that have lagged behind this rally. so are they due to play catch-up

and you may remember that was the day that jamie diamond said he bought $26 million worth of jpmorgan you still find opportunities in this market? our guests will say yes, somewhere. you can invest in value or growth. joining us, paul christopher, head global market strategist at wells fargo investment institute and john hathaway, manager of the morning star, four-star rated tocqueville gold fund, up more than 30% this year. welcome to both of you. paul, i'll begin with you. i assume you're still seeing places of opportunity in the stock market. not like prices have gotten really crazy. >> yeah, that's right. we still see growth in the economy. and some modest growth in earnings this year. we do expect some more volatility and we expect there will be opportunities to buy on the dips. we still like those sectors that are most leveraged to the economy including consumer discretionary and info tech and industrials. >> where do you see the valuations in the stock market now? we'll turn to gold in a moment. >> to me it looks pretty pricey. you're above the long-term pe ratio, earnings are

i just met with jamie diamond a few days ago. >> you buried the lead. what did you talk about in. >> we share -- he and i share optimism on the u.s. economy. the u.s. economy is 70% the consumer. you have real wage growth. real wage growth of 3.5%. job growth of 2. you've got 2.5 million jobs added. the banks are relatively healthy. jpmorgan looks great. and the reality is is that consumers have built their savings. consumer is as strong as it's been in 15 years. that's the diskeconnect. >> mark keisel of pimco, thank you for your insight. >>> moodys cutting its outlook on china, get morgue negative. what is the credit agency seeing ahead and the person who leads moodys sovereign risk team will tell us in another look live at portland, maine, where presidential candidate donald trump is expected to take to the lectern any moment now. we'll take his comments live as he presumably responds to a stern tongue lashing from mitt romney. >>> black and beedenim co-found he started a second business, a coffee bar, in the same tampa, florida storefront. customers

. >> s&p up nearly 10% from the so-called jamie diamond bottom back in february.ooking at possible warning signs of a pullback. >> if you look at what's happening overall with the markets. we're hitting the reset button. it gives investors an opportunity to look at what's going to happen going forward. do they want to get long or stay on the sidelines. big warning signs out there. here are five that maybe haven a interconnected way of looking at the overall market. the dollar strength. maybe that's going to weigh on corporate earnings. a lot of it will come through next month when we have earnings season kick off all over again. that's having an impact somewhat on commodity prices. oil and gold prices taking a turn for the worse after a nice run at the beginning of the year. also the ipo market continues to be frigid. not a lot of activity in the prime issuance market for stocks. does that continue? banks under pressure. still among the worst performing sectors in the s&p 500. the second biggest sector out there. so the bank weakness could be a big warning sign fo

diamond ring. did she gotten guage toed jamie foxx?ied, not engaged, people spotting them, both have different rings on, rumor mill was churning they secretly ran off gotten guaged. >> what is it. >> he said no, it is not true. her rep says she is not married or engaged to anyone. but some magazine said that she was three month pregnant. >> oh,. >> with jamie foxx's babe. >> i the tabloids always say that whether you are pregnant or not. >> you know how she can proof it? >> how? >> take a picture of herself totally naked. >> then put baby or no baby? >> yes. >> something that makes sense. >> but you know who i saw was pregnant? casey anthony on the tabloid of magazine. >> what? >> i saw that yesterday at the supermarket. >> that makes you sick. >> i got to find out. >> that makes me sick. >> me too. have a great day. in our house, imagination runs wild. but at my table, i keep the food real. like country crock's recipe made with real simple ingredients. and no artificial flavors or preservatives. real country fresh taste from real ingr

let's check out the major averages since the so-called diamond bottom on february 11th. jp morgan chase jamieimon announces he purchased 500,000 shares of his own bank stock. since that time, the dow and s&p and nasdaq have all gained ground. the best gainer has been the nasdaq up 10.9% in that time. kelly evans. >> well, the cover this week asks if value investing is back. jeff ubben is known for his value investing style. hence the name of the firm value act. in terms of activist community, he has that huge impact on companies like microsoft and valeant and 21st century fox. we sat down for rare interview at his offices, light of zipgss this week i started out by asking how central bank action is impacting his role as a stock picker. here's what he had to say. >> in the last year or two, the recurring revenue cash flow in good times and bad, model company has been increasingly priced away from us. the opportunity crossed is 1 and 2% and i can get a nice predictable cash flow stream at 10%, that's just too rich. our current return is increasingly not available to us. at the high quality comp