jim lowell, advisor and investment manage strategist. he has three plays you can use to hedge against fear-driven volatility in the markets. jeff saut, raymond james chief investment strategist who says all signs point to a long bull run for equities. chris gersch joins us from the cme. chris, we got a very good number, the regional number, philly index beat to the upside and markets took that number and ran with it. >> it really did. the s&p saw yesterday as a hiccup as we recovered almost all of those, the traders behind me were looking for a close over the 61675 level which we would have ran a lot higher if it did close above that. it didn't. the three words yellen said, about six months, hit the futures pits really hard yesterday. being a bull market, no one wants to get off this train right now. these traders are recovered and are looking for tomorrow to be the futures are looking for strong open tomorrow. david: i think, look, she is beginning at this. her pr team maybe hasn't gotten up to speed. i think she learned a less on son t

so it jim lowell. john doyle. warren myers is with me here at the big board. of course, rick santelli is in chicago. warren myers, what about this choppy market action we've seen recently? somebody said yesterday that to them it signifies an uncertain market, a confused market is also how somebody put it. what do you think? >> that's usually an indication of a choppy market. you get two very distinct opinions. because of that, you get a lot of up and down. we've been seeing quite a bit of that. not surprising given the run-up we've had in this marketplace and where we are economically with the u.s. economic data being marginally improved but some of the european issues creating uncertainty. it's not uncommon to have this choppy market. very nonunexpected is the way to put it. >> rick santelli, i'm out here in dayton getting a first-hand look at some of the excess capacity in this country. still, i can't understand why the 30-year bond went below 3.5% today. maybe you can help illustrate what's going on. what does that tell us? >> i think it tells me that, you

jim lowell, you don't? >> no, i do.hink there's a reasonable chance of seeing significant gains towards year end, especially the fundamentals continue to project slow growth, not slowing growth. everybody now assumes the weather-related factors are impinging the kinds of economic data we're seeing. if that turnsç out to be the case, fine. if we really are entering into a slowdown or if the market plays russian roulette on a more protracted basis, then we can certainly see a pullback on the magnitude 10% to 15%. >> jim, what about what's happening? some of these names really jamming up this year. today if you look at the action, relatively sharp declines. we have to put this in context. does that tell you, perhaps, something about momentum in this market, more broadly? >> there's definitely valuation at play in the small and midcap stocks. we're seeing historical levels of valuation. stocks are getting pricey there. on the blue chip, we're seeing good values. no question that today, if you look at the nasdaq, that's all