tom: let's look at the chart that shows a sweet pattern for julian emanuel of ubs. this is the vix. and right here, a 10-hour day. l dozed off.e emanue how boring is that? julian: there is never a dull moment in this world of washington, 2017. for the equity markets, part of the story is that stocks are moving their own ways. it is something called correlation. it has sunk to lowe's, which is why the vix is so low. the last time it was this low, it was not until august of 2015. tom: a great chart that we all take for granted -- the asymmetric nature of this chart, i would suggest you see that with the gloom. can you really catch a falling knife in the dark going the other way? julian: if you look at the last several years, the whole idea has been to exercise patience when the markets become stretched, when sentiment becomes too optimistic, because you have had massive sentiment , which have provided great buying opportunities. we think that pattern will repeat itself in 2017. francine: where do you see the most volatility playing out? i would argue that it is insurance is. look at th

alix: julianna man u well -- julian emanuel, thank you very much.tact. they have a determination the 2025 goals they agreed to will be final. interesting drama in washington. in 2011 carmakers agreed to a deal to limit greenhouse gases. they wanted a midterm review to be done no later than april of 2018, next year. in detroit i asked the ceos. they said we are hopeful there will be relief under the trump administration. the barack obama administration said we will decide now and keep those standards in place. carmakers are saying this is premature. a finalhas issued determination on greenhouse gas. we will see if it survives the trump administration. jonathan: they're warning of high price. have aexactly, but we new sheriff coming to town, though it is not easy to do these things. alix: financials having their sinceear, their best day, december 20. jp morgan and wells fargo with numbers. bank of america missing revenues with fixed trading revenue up 12%. jp morgan profits of 31%. wells fargo profits falling 5.4% . julie hyman is monitoring calls thi

want to continue talking about biotech, favorite sector of both guests on set, jim cramer and julian emanuel. biotech is on pace for its best week since november 11th. what has changed in sentiment to the investors you talk to every day? >> basic thing is rebound off a very really low valuation. we underperformed by 20% in 2016 and people are looking for the sector to do better in 2017. >> how important is the amgen patent win as pcs canine cholesterol lowering drugs? they struggle to gain momentum in the united states, considering costs and questions about the east fficacy. >> it will double from $2 billion to $4 billion. much better position. price increases on that product. that could be -- this is a big win for them if it holds. >> jim cramer. let's say they raises numbers off an old drug and raising numbers because of price increases. is this one of these things where you have to start worrying about the tweeter in chief? he comes out and said i've seen these companies making money but all they're doing is raising price on old drugs? zblaes always something to be concerned. we'll tell t

and then nev campbell is doing "scream 6" and julian emanuel is here as well, and our guest host for e hour. you've been sitting here, laughing, listening, all this stuff, julian. is 21,000 next? some day? next in 2017? >> the bull market will not end in '17 in our view. you could pause here, no question about it. we have come a long way, but you can't down play the importance psychologically of hitting 20,0 20,000. the investor is -- tends to be the boomer and gen-x knows the millennials are not invested yet. but it's an important milestone. >> that's important key. even you would have to admit that, andrew, millennials at this point have never seen an exciting stock market really. some day, if it gets exciting enough, years ago when you get in a cab and the guy would say do you own any excite.com or geo cities, the day will come where the guy with the man bun is talking about -- >> that's not how -- at the moment that's not how people are investing. >> no. i know. >> the question is when and if they do come back, are they going to be talking about an individual stock or will they be