with us on the desk today -- josh brown, josh brown need as watch.e'll be along shortly. >> an apple watch. >> the markets wilding on gains following a volatile week that saw stocks suffer their biggest drop of the year. industrials leading the pack because investors shift their focus to

. >> it's josh brown. so, when you think about, talking about schiller, which i think you probably more than anyone have done a lot to get into the nuance why it's not quite so important or ak as maybe it could have been because of accounting changes or anything like that. but just broadly speaking, let's accept that it is a decent way to think about the next ten year's returns. so you have a u.s. cape ratio of 30 times. look around the world, substantially lower. smart investors are allocating outside of the u.s. at least a portion of their portfolio. foolish investors think it goes up, it's the only game in town and they're all in. so, when you think in terms of that, is there an argument to be made that the '0 t 9 losses, they roll off in like 18 months. what is the new cape ratio like? >> much lower. >> is that in favor of keeping allocation to stocks even if you accept that simple ratio has some predictive power? >> i think you're right on. for overweighting europe and especially merging market frs qu

with us on the desk today -- josh brown, josh brown need as watch. we'll be along shortly. >> an apple watch. >> the markets wilding on gains following a volatile week that saw stocks suffer their biggest drop of the year. industrials leading the pack because investors shift their focus to earnings. is this a buyal? financials catching a bin today, up by more than 1%. that fear trade that really spiked volatility on the big sell off, we talked about how weekly futures had gone into backwa backwardation. higher than the front than out the curve, that has reversed comple completely, so they've taken b that fear out. whether it was trump being impeached that caused people to hit the sell button. that's gone now. virtually vaporized. we're down to a vix barely holding in the 12s. >> yeah. did you buy? >> i was fully ib vest ed, so yu think about wednesday, it was really a one-day event. i think the market is telling us a few things. number one, it's not worried about whether trump carries on for a full four-year term or not. not getting into politics. mi

. >> it's josh brown. >> hey, josh. >> how are you. so in prior years we had seen the federal reserve back off of rate hikes that we thought would happen in any given month. >> yeah. >> sometimes the justification used was something outside of the purview of inflation or employment. they would cite international conditions. so now it's the flip side. if you take a look at european stocks, they are absolutely going powerbolic to the upside, the euro is breaking out as i'm speaking to you. even china, i wouldn't say reacceleration but maybe an end to the deceleration. so would the fed look at that as something that might make them biased toward one side or the other if they were looking at it to the downside? >> i'm guessing that they're looking at the global system right now despite the significant problems i just came back from china, there are real problems there with their credit system. it's not just their slowdown. but the balance of things are much better, less threatening to our economy, and i don't think that's a major issue pre

with us for the hour today, joe turnover, stephanie link, josh brown, john najarian. we begin with the nasdaq. apple itself hitting an all time intraday high. how many of these two key earnings reports are going to dictate whether the nasdaq and tech can keep rolling? >> huge. very huge. let me throw out a stat to you real quick. last year at this time, apple's straddle, that's the combination of the call and put, were trading for almost the same price it's trading for now. difference is last year we were going to it with a 104 price on apple. now it's a 147 or 148 price tag. so, in other words, the amount of premium that people are putting on this is way too small, in my opinion. just like people talk about the vix all the time. oh, it's so cheap right now, and it is. there is no reason not to be hedging apple into this event tonight because i think they're pricing way too little into the potential movement. but is it going to be a market mover? i think it is. and if you're somebody who is way long, a lot of tech stocks like i am, you're somebody who is hedging right

downtown josh brown, let's start with you. >> yeah. >> this proposed bill, what is this going to do toealth insurers? we read yesterday aetna is dropping out of the state of ra virginia. we haven't heard anything for what all of this means for the insurance industry. >> on the surface you would hear the headlines and some of the details and say this must be a disaster. when you look at the stock market the reaction shinz the opsite. every major health insurance company you can find is trading at a 52-week high, anthem, sigma, united health, go down the list. that's a function of the fact that the real issue for the large insurance companies is, not necessarily the repeal but the subsidies. it does not look like the subsidieses will be pulled away. something on the order of $7 billion that enables these companies to participate in the exchanges and dooms-day if that's taken away, and i don't think wall street thinks that's likely. >> the market is up 20 points on the day and you cannot deny that sentiment has been positive since president trump won the election. but why is it, do you be

with us for the hour today, joe, josh brown will be along in a moment, kevin o'leary is mere and mario gabelli is here. it's good to have you back, mario. >> oh, it's a privilege to be here. >> joe, nice to see you as well. so that was it. kevin, 400 points down for the dow and here we are. why no follow-through? >> because it was just noise. the washington circus is really disconnected from the market and i think most people are pretty comfortable with that idea. even today listening to wilbur ross after all that chaos, the administration has a lot of functional people in it outside of the circus that we're watching with the trump/russian story. it just has nothing to do with earnings. that's what i look at. >> mario, yesterday we were asking ourselves whether volatility was about to come back in a big way. felt like it yesterday. the vix goes up 24%, stocks go down 400 points. look at what the ten-year yield is doing today. what's your view on where we currently are in the market? >> well, same as i've been saying all along. earnings for the balance of this year will be quite credibl

. >> hi, it's josh brown.rs and most you know, most people are not sophisticated short seller, what would have to happen for you to say i want to close up shop on this short. would it be something way fair itself or industry? what would be the thing that would tell you? >> by the way, if all of a sudden tomorrow, amazon and walmart said you know what, we're not going compete in the furniture space. we'll let way fair take the home furnishing space. i'd have to rethink my thesis. or if they showed the business became scale bable. there's nothing this company can do to make you dhang chochange n it. even if they became profitable, that would be the worst thing to happen in this company, ever. because then, it would be judged like a real company. >> people could compare. >> it's so much easier not to make a profit. that's ilt. every day, you have to look at your stocks. it's a brand-new day. at $63 a share, saw whag a saw on the quarterly report yesterday, would i be short the stock? yes, twice the conviction i h

josh brown owns it. we'll debate that stock next. it is our call of the day. the d. the d.e russo. his on/off splits are the best here. yeah, but his offensive win shares didn't even break 4. come on, check out that stop-and-pop! what do you think? my trade-off analytics indicate no one creates more space on offense. this allows him to nail a jumper from a densely populated urban area. what you're trying to say is from way downtown? i am still learning. i can see that. >>> we're back on "the halftime report." rbc upgraded dunkin' to outperform. the company is at the beginning of a turnaround. it's our call of the day. and because it's dunkin' and josh owns it we're going to you first oocht cool. so there's a really great up trend here that's been in place for quite a while and every time the stock gets downgraded it tends to bounce right along exactly where you would want to see it bounce. you have a committed shareholder base. they're accumulating on down days. they don't own the stores. they collect a royalty fee. it's all franchise owned. this will sound silly. i look at

joe, steve and josh brown. it is a

joe, steve and josh brown. it is a great event. one that moved stocks, if not the markets themselves. there's one stock on the move today, apple, another all time high. you know, josh, this is becoming a recuring theme. market opens, apple hits a new high. qs hit a new high. >> here's what's interesting about apple that i don't think a lot of people have proseccoed. apple made a market cap all time high in february 2015. and then even though price continued higher eventually, it's not until friday that apple repeated and made a new market. that's because of all the buybacks, so it really took two years for apple to become worth more than it was in february 2015 and now we're through that level, 790 billion, the most astonishing thing i could point out, this was a stock that is now up 31% year to date. far outpacing year to date anything going on with the dow, s&p, people thought this was a consensus. it will do what the market does. very, very far from it, my friends. >> wyche, this is becoming get in the way of this at your pe l pe

. >> josh brown, just a message for those long apple, if they react negatively to the quarter in the after hours, don't panic. don't follow the leader. >> nvidia. >> disaster with amd. good stuff. good seeing you all. see you soon. "power" starts now. >>> thank you, scott. i'm michelle caruso-cabrera. here's what's on the menu for "power lunch." auto sales hitting the brakes. gm, ford, chrysler, all those shares are tanking because of their latest numbers. and then twitter, meanwhile, it's popping and that's thanks to comments from mavericks owner mark cuban. his bullish take on tech and his bearish stance on jobs. straight ahead. all that plus president trump's budget directors are expect ed o speak at the white house briefing in the next 13 minutes. we'll carry his comments live. "power lunch" starts right now. >>> and welcome to "power l lunch." i'm melissa lee. stocks are holding steady. the nasdaq hittinging yet another record interday high today. tech and industrials the best performing sectors consumer staples and financials. they are the laggard. down 2% on a big miss, master

. >> by the way, downtown josh brown as we know him tweeted out a little while ago, that bobby axelrodthe tv series billions, made a video appearance at the conference. i don't know if you saw that, kelly. there were no investment ideas there. but he invaded the sohn conference there as well. art imitating life. >> right. exactly. mike, do you think that china, you know, kind of -- when i hear somebody come on talking about china's credit, it's like, all right, here we go again. but maybe that's the kind of complacency that is problematic. >> that idea, kelly, you start to feel bulletproof because you've been hearing about a bear case and a specific part of the world for so long. at some point i guess that becomes a little bit dangerous when people start to think we've gotten past that, and immune to it. it's interesting to me, a lot of those thing that you ticked off, interesting ideas. a lot got traction today in the markets. but still seeing far afield. you have to go for smaller stocks or different parts of the world. people having a hard time feeling they have an edge for more mai

josh downtown brown a good tweet right now, talking about how apple can buy the whole market of bitcointimes. >> people like to use bitcoin because the tax man can't find it. it's a great way to get around taxes. >> yes. or to extort people too when you shut down their computer. >> is that a big ransomware name? >> yes. >> what can i say, i'm a legitimate business man. >> you just -- >> yes. >> the briefcase with unmarked bills. >> there's exactly right. i just find it fascinating. i think people are fascinated by it. a lot of the people in the venezuelas of the world where they're just desperate are using it instead of gold. it's a gold analog to some degree for some people. look, i won't talk against it. >> why not? why not use it? i mean, we're basically -- most people are using their credit cards, what's that? that's just a data, the bits, what is the federal reserve doing -- i mean, it's all just the same. >> there's a pretty existential rap. >> maybe. it's actual paper. what's the value of that? >> it's legal tender, david. >> i agree, yes. thank you. >> speaking of which we'll he

josh norman putting in work today. we'll be out there tomorrow as redskins continue their otas with reports on news4 at 5:00 and 6:00. >>> a crazy point today at the french open, dustin brown court, gael monfils in the far court. thinks he has him, but monfils tracks it down, going between his legs and puts it in the neck. an incredible point. monfils goes on to win in straight sets. just kidding with the redskins. >> of course. and how much do we monfils? >> i've been practicing for a while. >>> what's not beautiful is the weather. how's it looking now? >> still tracking those two storms. one storm right now into loudoun county. this one going to pass right over the radar, which is out towards dulles airport. this is the storm that i'm really watching, in stafford county. look at the lightning with this storm. a tremendous amount of lightning. would not be surprised if again if we saw another warning here, in through stafford county. this is right around quantico. look at the lightning around quantico. we've seen numerous reports of hail from this storm, fauquier county, now moving into stafford. 95 is going to be a mess as you make your way through the rest of the evenin