stocks like heinz and kimberly clark. but i told my partners, that wasn't how i was going to play it. i was in it for the long run. i wasn't going to abandon my core positions just because of economic activity. besides, there was nothing wrong with these two companies. sure, maybe the raw cost of the glass for heinz might head up a little bit for -- maybe the cost of packing tomatoes. maybe kimberly could be hurt by rising prices, but they're hedged. i was going to let things be, let them ride it out. but the surge of economic activity didn't abate and the money kept pouring out of the staples to fund buys georgia pacific. georgia gold, alcoa, so many of the other commodity-related entities of that era. you come in every day and listen to the brokers discuss the merchandise, it was almost the same. better buy the papers, aluminums, coppers, sell the soft goods, the soaps the foods. but i was sticking by my guns. right up until there was a week where every day the money poured out of the staples and into those economically

the thing, you can't look at cyclical companies like the autos that you can to look at kimberly-clark or procter & gamble. the situation here is you need to take a broader look. when you spread that auto more, what do you see? we see it is trading above its historical evaluation, the past two or five years. the company lost $2.33 a share. in the long ternlg you add it up, it is trading about 30 times that number. if you see a rising rate environment, that doesn't really see from my perspective a lot of consumers running out buying cars, taking advantage of cheap financing. you can take a cursory look. looks good, a deeper look, not so good. >> so you are bearish. a simple trade tonight. >> i'm looking at the june 15th put. i'm liking j.p. morgue isn't not that high here. so i think this is an opportunity. i'm giving myself time for a bearish event to play out. i can look for it to spread it. this is a situation where also the price action is not looking that good. the broad market starts turning itself, it will not catch it. >> i like to say i am bullish on gm. i like the idea between

you continue look at sick lick also like kimberly-clark or proctor & gamble. actually when you look at the broader look and spread it out more, one thing we see is it's trading above the historical, past two and five years. this company lost $3.30 a share. in the downturn, if you add it all up. the ten year cyclical earnings is trading 30 times that number. if you see a rising rate environment, that doesn't really see from my perspective a lot of consumers buying cars. they are taking advantage of cheap financing. you take a cursory look, looks good, a deeper look, not so good. >> so you are bearish. >> i am looking at the june puts they cost 50 cents and j.p. morgan is not that high here. i'm giving myself time for a bearish bet to play out. i can always look to spread it. this is one of those sixes where also just the price action is not looking that good. if the broad market is turning, it will not catch. >> i like this trade, i am bullish on gm. i like the idea of pairs, between ford looking out four months here and a bearish bet. i think stocks can be cou

better performing stocks are consumer discretionary, safe haven if you will, proctor & gamble, kimberly-clark this, to me, because of the lack of volume, but stocks being sold are an indication this is professional money lightening up their risk. >> anytime you see this, anytime you get concerns over valuations, higher interest rates, they'll sell the market leaders off. it's easy. that's where the profits are. >> right. >> some groups, bioteches, gold stocks we're seeing today, some of the semiconductors, up double digit gains. i did it for you. that's the groups up on the year, easiest to sell, where the profits are. rates and valuations affecting market leaders. secondly, china, poor data. we're not going to get 7% gdp in the first quarter in china. you can see the china internet stocks, momentum stocks of china, the sohus, look, we did this for you too, they're weak today. finally, the crimea's a factor. >> that's what i was going to say. russia's still out there. germany, tough session. >> there you go. >> how important -- very quickly -- has russia been? >> i don't think it's near impor