jim iuorio is with us. jim, if you could get your hands on facebook stock at the ipo, would you be a buyer? >> no. i wouldn't. it's always been a good business for me particularly to sell hype. no matter how much you love facebook, you have to admit that some hype price premium is built into that price right now. i wouldn't touch it. plus, ipos in general when they don't have any sort of history as to chart for the technicals, you don't have that tool to lean on too. something like this a little more like gambling. i wouldn't touch it either. back to you, sue. >> jim, one more bit of controversy we would like you to comment on or weigh-in on, steve ratner, the chairman of will et advisors had this to say about the individual investor. listen. >> i'm not saying whether facebook is good or bad. i'm saying individual investors shouldn't be playing the stock market anymore than you should take out your own appendix. >> do you agree? given the dark pools that are out there, the flash crash, you know, the trading

jim iuorio is with us as well. what we had planned, forget about it. g markets all the time. jim, let me ask you since you're sitting right across from me, you just heard andrew slimmon and he said yeah, people are thinking that this is like last summer, there's greece, but it's really not like last summer. do you agree with him or disagree? >> i disagree. i don't think it's like last friday. and i think the problems in europe are actually escalating. but i think our economy's in a little better position to handle that. albeit it's slowing a little right now but i don't think it's anything to worry about. the fed has told us conclusively that they are dovish. we know that over the last couple of years. and anytime problems start to happen we have chairman bernanke, yellin, dudley, they've all said we're willing to throw more money at this problem. we know they will. >> dennis, slimmon's point was that the fed, the t european central bank stand ready to jump in and be the sort of protector, the pocket protector of the markets. do you buy that? and would

jim iuorio is with us.g claims the agency missed billions in fake tax refunds, thieves using stolen identities. it could cost you $26 billion over the next five years. surprised? >> no, i'm not surprised by the irs making mistakes. but please don't audit me. what i am surprised by is this, 940,000 tax returns were filed last year with fake names or identity thieves. 940,000. there's a lot of crooked people in america. >> i bet most of them, jim, requested a refund, right? >> i'm sure they did. >> we can assume that. >> i don't think there's a lot of checks being written. >> 100%. >> i don't have to research that at all. i think realistically this is a symptom of the whole. everything is too complicated. the tax code is too complicated. we talk about a flat tax, i'm not sure that's the right way to go, but those sort of things to simplify it makes it easier to monitor. >> i get angry when i hear things like this, when i hear things like medicare fraud costing half a trillion dollars. people ripping off the s

jim iuorio's been here all week. you told us earlier, jim, you were not e namerred with the financials. you were short a number of them. where do you stand right now specifically as it pertains to jpm? >> it's funny. realistically, banks in the political arena suffering awful backlash 24 hours ago. today has done absolutely nothing to help that at all. any thoughts of them perhaps circumventing the volcker rule have taken somewhat of a major hit today. you're right, i didn't like them and i was short goldman sachs. if you're short jpmorgan or short goldman sachs and you get this today, i think you're supposed to cover at least half that short. i still don't like the banks and i haven't done that yet. my finger's been on the button twice, but i haven't done it. look for a bounce jpmorgan up 40, goldman 106. back to you, ty. >> thank you very much, jim. lets bottom line this whole thing for just a second here. try and cut through all of the weeds and make it a little clearer. jpmorgan's chief investment officer, the par

jim iuorio, thanks for being with us this past week. that will do it for "power lunch," sue. >> and "street signs" begins right now. everybody have a great weekend. >> happy mother's day, sue. >> thanks, ty. >>> all right. welcome to "street signs." i'm brian sullivan. stocks mostly shaking off a slam on jpmorgan. the dow not crashing despite the bank blowing it with a $2 billion bad trade. is it time for a financial intervention? time to diffuse the weapons of mass destruction, eliot spitzer and others here for a debate. is china maybe a bigger concern than jpmorgan or europe? new data shows china continues to slow. we keep connecting the china story to your money. plus, a possible leak on the rumored new apple tv. and a big insider buy helps a beaten up name, mandy, we're going to tell you who that is. >> cannot wait to find out. thanks, brian. market holding strong despite the financials getting whacked today. two hours left in the trading session and the dow is on track to give up more than 1% over the course of the week. take a loo

joining us now, jonathan gault, chief strategist at ubf, and jim iuor iuorio.i want to begin with you. late last week you made a call, saying i'm dipping in. i'm buying. maybe you got burned on friday. but you more than made up for it today most likely. is this a short-term pop or the beginning of something fresh and good for the summer? >> i think this is definitely a short-term pop. and primarily, it's a matter of where we go from here with not having a lot of upside. like 1330 for me, if you can close above that, that might be something that gets me excited. but the problem is the data. and the data comes back on wednesday. you're going to start to go to new home sales. if that disappoints, that would be a problem. i think the durable goods estimates are pretty high. and then finally, you the michigan consumer confidence number on friday. i think the estimates for that too high too. so into the long weekend, you know, my move from here would most definitely be to sale. >> jonathan, do you agree? >> we have a street high estimate for the s&p of 1475. but i th