larry shover is in the pits of the cme. larry, i want to start with you and let's start with the we talked about how the stock market rallies are moving from fed based rallies to the economy based rallies but today looks like the fed was moving the market. >> i believe you're right. a painful panic feel to it. more like binary feel. traders feel like the fed is going to do nothing or continue with the 85 billion per month, not own thinking there will be something in between and maybe the fact that inflation is not high enough, our jobs picture still isn't good enough but traders are very panicked right now and don't know what to do. thinking there is binary trade tomorrow. a big negative in trader's mind. liz: wait a minute. panicked that is a strong word. >> yeah. liz: tell me what do they fear the most here? >> well what they fear the most the market will continue to grind higher. i feel like most of us don't have appropriate exposure to the market. liz: okay. >> when, yeah, like this morning, we have small dip in the mark

larry shover in the pits of the cme. larry, to you first, we got the dow 15,000 close today. everybody is piling into the stock market. the bullish momentum seems just to be building upon itself. what do you think? >> well i think we're all asking the wrong question, including me. for weeks and for months i keep talking about the next growth metric, the next catalyst. what is going to take the market higher when really it is becoming a very hollow question. i think bears need to look for a catalyst and there is no catalyst around right now. we're rallying on macro in europe and we're rally on central bank intervention. we're rallying on reasonable evaluations in the stock market. so we continue to grind higher. it is painful, it is tiring and it is confusing but that is what is going on right now. lori: in other words, larry, the lack of no new news, europe has been relatively quiet there is not a lot of economic news for it week. we're post-fed plans are for leading markets. why to your point and your phrase we're just indgrewing higher?. >> yeah. lori: will it take a headli

larry shover of sfg alternatives joins us now for an early check of the market. good to have you on the show as always, larry. - thank you. - and what will traders be watching? definitely, i would think, bernanke has to be on the list. - you are exactly right. i think people are looking for nuance. people don't really think he is going to dial back purchases altogether, but they are booking at nuances, like what is going to cause him to dial back purchases? what inflation level, what jobless claims level, is he going to change his mind about that $85- billion-a-month asset purchase level? - tim cook was on capitol hill yesterday talking about apple and taxes. did it take any shine off the stock? - you know, put it this way, he was on capitol hill for a long time yesterday, and really all he could say was something that would be negative for the stock. the fact that he spoke for so long, and the stock was down just a little bit, in my mind was very supportive for the company and for the stock long-term. - what are some sectors that you would look at or consider inv

larry shover of sfg alternatives joins us now. larry, we are ahead of the fed. do you anticipate that the market could tread water here into that meeting? - you know, it probably will. nobody is really expecting the fed to do anything, but they are hoping for a change in vernacular, meaning acknowledging that the labor market is frustrating, acknowledging that the most recent growth figures have been really soft, and perhaps giving some guidance to what they're going to do in the future. - symantec, the software company that works with security software, had a mini glitch yesterday. the stock fell from $24 all the way down to $21. they're calling it a mini stock crash. the company says there was nothing erroneous about it, it was just poorly executed. but is this unsettling to traders? - it is very unsettling to traders, because we are so used to technology or algorithm flash crashes. this could very well be a market order where somebody just wanted to sell their holdings, and because of that- we are just not used to seeing that. we're used to people putting lim

and larry shover in the pits of the cme. let's get to it. [laughter] kind of sitting there waiting.'s get to it. what do you think of today's action? we saw huge gains and then pared back just a bit. >> exactly. the question ii, what isn't happening? we come in this morning, the nikkei down 5%. now, i know it's up 30% for the year, but still down 5%. a downward revision in gdp, home sales didn't increase as much as expected, and jobless claims added. so right now bad news isn't necessarily good news, i just think right now the market is accepting the fact that we're growing ever so slightly. and even with tapering, the market is acting very robust right now. we didn't see any large selloffs. yes, we are off a little bit, but still charging higher even with bad numbers. david: all right. let's talk about tapering in the stock market, because the rally -- we did -- the rallies, let's face it, are not as strong as they were a couple of months ago. but the pullbacks are weaker than they were as well. so are we in some kind of sweet spot here where we get a slight pullback, but then an e

larry shover of sfg alternatives joins us now to talk about this mack truck of a market. good morning to you. are there any signs of a slowdown here? - well, it seems like no. everybody is tired, it seems like the stock market is tired, everybody is looking for that catalyst of why we should fall, why we should crash, and nobody is seeing it. so i think we are going to continue to grind higher. - so for people who are not fully invested, what are some stocks that are poised to pop? - i think you need to look at the stocks that didn't do well the past three or four months, and that would be financials and materials. a lot of those stocks really did not do well, especially when you compare them to some of the household names, consumer discretionary stocks. so, banks, insurance companies, and even some materials stocks are probably really good stocks to buy, if we continue to grind higher. - are traders positioning at all, larry, in stocks such as amazon and ebay just in case something happens with this online tax and consumers go out and spend like crazy ahead of having to

the 15-year fixed rose to 2.98% larry shover of sfg alternatives joins us this morning from the trading floor. good morning larry. - good morning! - more economic numbers are coming in today. gdp came in slightly shy yesterday, but is the market telling us the economic recovery is a lock? - you know, right now i think what we are seeing is we are seeing growth in the economy, although it is not great, but it is enough to keep the market moving. you combine that with central bank intervention around the world, it creates a great environment for the stock market. - gold moved up to its best close in two weeks. is strong demand from asia behind the move? - yeah, it's about time. we haven't seen anything from asia, especially india, for quite some time. but let's also keep in mind that the u.s. dollar has been getting smashed all week, including yesterday. that actually puts an upward bias on the gold price. - surprise stocks: facebook and first solar jumped on upgrades. presumably the shorts are getting squeezed. what's the trade there? - well the trade right now is just wait and see what

larry shover of sfg alternatives joins us on this friday morning. larry, this is a teflon market. why is it that even negative economic news doesn't stick? - yeah, it doesn't stick. yesterday, three bad numbers, and the market just didn't care. i think it is because there's a reason for stocks to rally if there's tapering talk, and there is a reason for stocks to rally if there is more easing talk. so, good numbers, bad numbers, it really doesn't matter until there's a bigger catalyst to move the market. - however, gold is tarnished. why is that happening? - i think there are two reasons: yesterday we had a cpi number for april that came out weaker than expected, so that is a short-term relief for gold going down. secondly, there is a lot of momentum with people selling. people are scared. at some point it's going to hit bottom: 1300, 1325 is probably a good place to start buying it. - what do you anticipate for the market today off of earnings coming in from companies such as dell and autodesk? both of those stocks sold off after the close. - they did, and i don't think it really

david: larry shover and david sowerby, gentlemen, thank you very much. appreciate you being here.e are standing by for jcpenney numbers. david: those earnings are going to come out any moment. we will bring them to you live as soon as we get them. do you ever wonder how the rich stay rich? we're going inside portfolios. some of the wealthest -- we're not talking 1%, we're talking .001%. see where they are investing some very interesting shifts in their investment strategy that our next guest has been monitoring very closely. we'll tell you what those shifts are. liz: and the irs scandal escalating in this washington as the president says he is focused on fixing the problems there. his comments coming ahead of a critical hearing tomorrow on the organization's actions. we're live on capitol hill with the very latest. ♪ ♪ ♪ (train horn) vo: wherever our traingo, the economy comes to life. norfolk southern. one ne, infinite possibilities. david: the irs scandal over their targeting of conservative groups continues as the president appoints a new irs chief. liz: the president speaking