lincoln ellis, thank you very much. >> thanks, david. david: one. knocks against federal reserve chairman ben bernanke and most of the members of the federal reserve that they are economic they're tish shuns but dallas fed president richard fisher says he is more business economist than academic. he will be part of the fed policy setting committee starting next year. joining us for exclusive interview since the fed's decision last week, richard fisher, federal reserve bank of dallas president. you've been to australia. you look great, richard. thanks for coming in. >> david, i'm dressed like an academic this afternoon, my tweed coat. david: start with last week's decision. if you had been a voting member last week would you have voted with the majority or been a dissenter? >> no. i would have voted with the majority. i wanted to see the beginning of this tapering. i said so at the meeting. i felt like from my perspective the best thing is to get started. as you remember, david, i said, even though i wasn't for the program from the beginning, you cou

ryan, sandra, lincoln ellis. lincoln we'll check bacc in with you in a few moments that the s&p futures close. david: you and, can are you kidding sandy and i are the best friends. we love each other. cheryl: google glass and self-driving cars, 2013 was a breakthrough year for technology. we'll break down the best high-tech gadgets and look which ones will dominate 2014. david: american auto companies are expected to end the year with the best sales in six years, just four years after the massive government bailout, but do those numbers tell the whole story? we're on the hook for $10 billion. we're going to debate that straight ahead. that bring us to the facebook question, what do you think about the bailout, was it success or a failure? remember detroit is in bankruptcy. facebook.com/afterthebell. your answers coming up later this hour and don't miss the debate. ♪ [ male announcer ] what if a small company became big biness overnight? ♪ like, really big..... then expanded? ♪ or their new product tanked? ♪ or not

let's get our day started with lincoln ellis of green square capital. lincoln... what do you anticipate for the remainder of this holiday trading week? > >well the worst of this week is going to be relatively quiet and that means probably positive news for equities. if you don't really have sellers out there the trend is up and it's very much in tact. > >was gdp really as good as it looked? > >that friday number was a surprise significantly to the upside from 36 to 41. unfortunately most of that uspide was built on inventory buildings and we'll have to wait and whether or not the demand side of that number actually pulls through in terms of the holiday spending. > >let's talk about incomes. are they enough to keep up with consumption levels that we saw this week? > >the consumption levels continue to climb, unfortunately they're climbing faster than incomes are growing and that leaves us a little bit concerned particularly when we see credit expansion happening at the same time. keep your eyes out on all three of those pieces. they make significant headwinds or ta

lincoln ellis of green square capital is good to go for us this morning to talk about the stock market. a bit of a pullback yesterday lincoln but i'm thinking there's not too much to be concerned about going into december and january here. > >the santa claus rally is a predominant factor in the month of december and if you don't have any sellers the market does tend to drift higher. although last night we did see a lack of buyers and that brought us down maybe 100 basis points. > >are they worried at all about the jobs number at the end of the week? > >it is very much about the jobs number but also about the bank of england and the ecb. fed policy along with other central bank policies a big tailwind to this equity market. will it continue in 2014? > >have you been watching the play in apple? apple has been steadily climbing higher. > >they should call it basket ball. from 700 to 405 and back up to 550. a big day on friday for apple in terms of ios penetration in that market. i think apple probably gets a bit more of a push higher through the holiday season. > >those ipads are flying o

lincoln ellis from the cme. >> watch out for that report tomorrow. >> you bet. fed's last meeting of the year is just over a week away and with recent strong economic data just as last friday's employment report will the fed begin tapering as early as west week? david: joining us is a guy with inside scoop on the fed, "wall street journal's" jon hilsenrath. good to see out sight of the beltway here in new york where you belong. despite it appears the market didn't do too much. down at end of the day. friday was booming t appears the market was ready for a taper. is the fed ready for a taper? >> they're close, they're close. it is not clear at this point if they're ready to do it in december, possibly in january which will be ben bernanke's last meeting running the place but certainly getting closer. they want to see improvement in the job market. the economy looks better today than it did in september when we remember decided not to, when they balked at -- david: lucy moved the football. >> now the football is here. we'll see. i mean it is certainly going to be

he will tell us the top places to put your money right now, and lincoln ellis in the pits of the cme. lincoln, start with you. a little bit of retrenchment to the downside at the last second of the markets. tell us what the real feel in the pits today as we look at the last month ever trade. >> david hit it on the head and it is risk reversal. if you see equities sell off on good news, that is one piece of the puzzle. two, small caps outperforming to the downside veries is large caps that is a key trader risk reversal. three, when you see people squaring up or not squaring up actually on the close like we saw behind us in the pits you really get a sense normally on the first day of trading you get stocks higher with new money coming in from 401(k)s with that kind of buying. when you don't have that positive momentum it, could be further downside in weeks ahead. david: david, we have to remember, december is usually a terrific month for a market particularly if it had a good year. however we enter this point with kiss couraging things -- discouraging things. interest rates spiked that

joining us now from the cme group in chicago, lincoln ellis with green square capital. so lincoln, do you buy at these levels now that we've cracked the 1200 mark, or do you think there's considerable down side from here? >> yeah, there really could be considerable down side from here. from the august highs really around the 1400 level right through here where we pierced the 1200 level, your support is around 1180 from a technical base. we've been neutral on gold for some time, and we think with real interest rates beginning to creep up, at least real interest rate expectations, that we would be avoiding this space right now. certainly a much higher level of volatility for investors in the gold market. >> all right. lincoln ellis, thank you so much. appreciate it. ty, up to you. >> all right, folks. >>> we are just getting started on this edition of "tyler's angels." we'll solve more crimes here this hour. take a look at this "power lunch" lineup, wells, thompson and morgan brennan. morgan, you get to go first. >> tyler, right after the break, a new and heavy weapon in t

i want to thank robbert van batenburg and lincoln ellis. the u.s. senate has passed a budget and we will tell you what it means next. ♪ >> the u.s. senate has passed the most recent budget bill which will ease about $63 billion worth of automatic spending cuts. it is on its way to the desk of president obama. i'm joined by phil mattingly, our white house correspondent, and also maya macguineas, the president of the nonpartisan committee for a responsible federal budget. it is also cochaired by michael bloomberg. he is the founder and majority owner and majority holder of bloomberg lp. what happens next? >> the significance is the fact that nine republicans voted with senate democrats to clear this. this was a bipartisan budget deal, about 63 billion dollars in relief for the sequester cuts. they are able to come to a bipartisan consensus. house republicans pass with a large majority last week. this matters. anyway you look at it, anytime you can get bipartisanship in in a very partisan town right now, this is considered a positive thing and it takes

lincoln ellis managing partner and strategic financial group chief investment officer. he will tell us why european stocks may actually outperform u.s. stocks in 2014. jarrod levy from the pits of cme. jarrod, start with you. big market day. triple-digit gain on the dow. all the indices are up. what got traders thinking perhaps the fed would not taper this week because that sort of engendered a lot of enthousand am in the market, did it not? >> yeah it did. there were two analyst reports today, high-profile analysts talking about the fed, there is very small likelihood they will be tapering come the meeting on wednesday. so the bottom line is, i think traders, feeling little optimistic. we have five days of selling. couple that with a decent industrial production number and you get this little relief rally we're seeing here. frankly a lot of traders i've been talking to today what they're looking for is likely sideways movement. as we move along. if taper is announced, if taper does come we could see a selloff but for now that doesn't seem like the likely position the f