markets?s that what happens there, in terms of a buy on the dip, and does that translate to anything here? >> i think what's important about the japan markets right now is we want to see some stability and get back to a solid footing over there. because their economy, it's important for the global economy. and if that market continues to churn lower, it will continue to go down. >> why don't we move up a little bit. i have the ceo of a new york stock exchange looking our way a moment ago, and if we can get out of duncan's way, then we'll be okay. fundamentals. do they still matter? i mean, this morning, we have the home sales number that come out. some people say that's what help bring our market back a little today. the best report if five years. is that the kind of thing we should be paying attention to as well, beyond the fed? >> i think once we get the fed cleared out of the way, it will be several months. this is the great debate going on in the market right now. is the equity market in t

is a huge market this is not some tiny market this is a massive market and when it sells off when you'll drives what it's doing its effect on the sucking capital in from elsewhere that's what it's doing it implies a general global asset deflation down the road not just in japan. around the world it's a global capital market and as those you'll draw it's that income to service that interest has to come from somewhere else the interest on the debt as a percentage of g.d.p. whatever that number was it just went up a lot exactly and as this process continues that yield is going to continue to go higher when the bank of japan starts to print money to pay the interest just the interest on the debt isn't that the definition of hyperinflation again if you define hyperinflation in asset terms that is what occurs in asset markets that eventually spills over into actual real life consumer price hyper inflation yes that is a key trigger point if you look at history when governments start printing money or central banks government start printing money not merely to acquire some debt but to actually s

actually, one farmer's market in district 5 the the wallers market. it's new territory and it's something we're exploring to strike a balance for a

market and the futures market in the comics market in london billion markets association market that's leverage more than one hundred to one or are you going to believe millions and millions of people around the world clamoring queuing up to buy physical gold and silver that's the choice you choose reality or do you choose the phantom into all of this we see bitcoin and the bitcoin vigilantes of which i am one i am a bit coin vigilante the bond vigilantes are dead the gold and silver vigilantes are in a coma but the big going vigilantes are now here. on the scene ready to do battle against the fraudsters all right stacy that's all the time we have thank so much for being on the kaiser report thank you stay tuned for the second half of it talking to sandeep gently. some of these traditional chili lines they've been grid and developed and passed down from generation to. this is a total struction of the culture of mexico i told them i mean this is not going to impact asylum in mexico whatever happens here we're going to have to hope we're all now we're not about in the in the you know you

markets. i'm not sure if this is because markets have done a lot better than a lot of professional investors believe they ought to have done, and so therefore, there's some degree of, you know, wanting the markets to pull back so you can get in or so that your performance can look better. and i don't think you should discount that as an aspect of the psychology. and there's a huge amount of skepticism about fed policy. and granted, today's announcement was great. they're prepared to increase or decrease. it's like saying, i'm prepared to eatmo more or less dependingf i'm hungry. market participants hate that, but they should get used to it. grow up. >> a lot of people lay this rally at the fed's feet. do you think they seem to be getting set to camp in right now. they're not going to be here for a short period of time, they're going to be here for a long period of time. does that bode well for stocks long-term, zack. >> two things, yes, it bodes. two, there's a psychology aspect. and the third

this historic bull market continues. looks like another close above 15,000 for the dow jones industrial average. had been higher earlier. we were up 24 points. now it's again at 14. >> seems to be a bit of a vacuum of catalysts, not a lot of economic data, not a lot of earnings news, so this market creeps higher. also ahead on the program, starbucks ceo howard schultz will be here. we always like to talk with the always-outspoken coffee boss about the state of business, the economy, jobs, and a lot more. that's coming up in the next hour. >> also here exclusively, very exciting, duke basketball coaching legend mike kruszewski. they asked coach k. to speak there after he gives his presentation, he will be here on "closing bell." you don't want to miss that. >> i love talking to coach k. about leadership. >> that's his thing. >> we'll talk with him. the dow jones industrial average, off of the highs of the day, but nonetheless, none chartered waters here. nasdaq looks like this. gains there as well. although it, too, off o

for the markets. remember that, a couple years ago? >> absolutely. >>> we've got a market that's rallying right now, up 128 points on the dow jones industrial average. >>> supporters of high-speed trading says it helps investors by reducing volatility and lowering transaction costs. but our next guest says the risks far outweigh the benefits and every investor should be on high alert. and he'll explain why, straight ahead. >>> also ahead, aig ceo rob ben m mos che breaking down their results. ♪ [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] i work for 47 different companies. well, technically i work for one. that company, the united states postal service® works for thousands of home businesses. because at usps.com® you can pay, print and have your packages picked up

find it difficult to sit on gold when some of the equity market is rallying and even the bond market is rallying or financial assets are going up so i think we have you know these phenomena in inflation is fairly contained right now because the economy is not really picking up financial assets a booming again and so people feel that gold is a little bit of a dead weight in their portfolio i don't think this will last because as we said before. this policy is doesn't doesn't get us out of out of our problems it will create new problems as we go along right well they say one thing about gold but then when the trouble begins then they have a different attitude toward gold so during the cyprus beilin it was suggested that cyprus sell their gold reserves to secure a loan now it's being suggested that italy issue gold backed bonds to monetize their gold essentially so gold during the course of this crisis period is inching toward something called an international reserve currency this is being used to help the high banks to square the books on some of these countries like italy and cyprus

market. stay with us on "closing bell." r made a retirement plan, they considered all her assets, even those held elsewhere, giving her the confidence to pursue all her goals. when you want a financial advisor who sees the whole picture, turn to us. wells fargo advisors. ♪ [ roars ] ♪ [ roars ] ♪ [ roars ] ♪ [ roars ] ♪ [ male announcer ] universal studios summer of survival. ♪ >>> welcome back. right to josh lipton we go. let's get a quick market flash after hours. josh. >> pandora reports that investors are moving in. pandora reports a loss of a dime. that was in line with consensus. they miss on the top line, but second quarter revenue forecasts best expectations. also, subscribers, 700,000 new net subscribers. that's up 114% year over year. listener hours up 35%. that stock up about 9% right now. and up about 80% in the past 12 months. maria, back to you. >> josh, thank you so much. >>> while japan suffered its worst one-day loss in more than two years, the nikkei is still up about 40% ye

is the bear market over -- or, excuse me, is the bull market over? and to me, the answer is impossible unless you know whether the fed's programs are over. >> what about investing in this program today. john, how do you want to be exposed here? would you put new money to work today? >> absolutely. i think it's hard to be very bearish here, because there's very strong forces at work that are going to probably push stocks higher over the next coupling months, over the next coming years. the most widely discussed is fed policy, and now we have the piling on stage from japan, bank of england, ecb. and that's going to continue. i mean, rates may go a little bit higher here, but i don't think they're going to go a lot higher. secondly, you have people talking about bonds, the great rotation from bonds to stocks. but what i see in my own clients is a great rotation from cash to stocks. we're finding that our clients are finding these pockets and stashes of cash that they now want to put to work. and finally, you have corporate earnings, which i know they've

i know you like this market. >> yeah, we do like the market. as far as tapering is concerned, i think we really don't know. we can guess, but it really is going to come down to what the jobs numbers look like. the jobs numbers have been very, very uneven. if the jobs numbers -- day don't have to be very, very strong. if they're actually reasonable for two or three months, i think they will start tapering this year. and i want to make a comment in terms of what do you do from an investment standpoint. i know earlier, your guest talked about how they're moving money into the market. i think it really depends who you are as an investor. if you're already in the market, which we've been in the market for quite some time, if you're already in the market, you've enjoyed the rally. now's the time to take some profits. pull some money off of the market. you've already made the profit. if you're in cash, i think you, perhaps start dripping into the market, but you're pretty conservative. and you spread it out over the summer, which i expect to be pretty

auto market.company anymore either. >> i see. the next name on your list is martha stewart living magazine. this surprises me. you say it lost the ability to be a stand-alone magazine along ago. >> martha stewart, the company, omnimedia has already started to get out of some of their print properties. as you know, everybody thinks. print will eventually go away. if that's true, the first things that will go away are those that are leading the way in terms of profit loss and revenue going down. martha stewart living has had a much, much worse time in terms of selling advertising pages than the typical magazine has in the last four years. and as you know, the company, itself, is in trouble. so they've got to do something and print is their big loss leader. >> really interesting. next, the life of the nook coming to an end. what's missing for this device. why do you predict the end for nook? >> as you know, the kindle has most of the market share there, and both the nook and the kindle are under pres

markets. we don't have a big waiting on the emerging markets international space. we do think the markets are overbought on a short-term basis, whether you're looking at rsis on a daily, weekly, monthly basis, they're all very overbought. we think the markets could pull back over the next month or two, but we would be concentrating on the cyclical sectors, the industrials look very, very strong in our work. and we think the industrials are going to outperform the second half o this year. >> i always forget that td is a canadian bank, toronto begdomin. but it's on 86th and 3rd. >> i'm aware. they have a big presence in the united states, but that's not home base. thank you, all, folks, have a nice, long weekend. even you folks in canada too. >>> coming up next, procter & gamble is the latest company to get rid of its ceo only to bring back the old ceo. where is roger daltry? so what does this all say about corporate america and its next crop of leader? we'll find out from the former schering-plough ceo, hasan. >> roger daltry? >> the new boss same as the old boss fo

the market is making new highs. come on, how can you bet against that market?e to bonds, i am cautious as i manage other people's money. but this trend is going higher. i don't think we are near a frothy blowoff stage yet. so while stock selection is important. i think this has room to grow. it could pull back in the short term. we'll see higher levels. >> so even if we were to pull back, that's, you got buyers at the ready here. let me ask you a question about the federal reserve. bought at the end of the day, it is about the fed. when do you think the fed is going to start winding it down? >> you know, i listened to steve liceman earlier on -- liesman. there is a jump in 2014 to when they may pull back t. feds have been keeping our campfire of this economy alive by pouring kerosene on it. will it have a life of its own without that kerosene? that's the real question. but what i can say -- >> it's not a question in my mind. i listened to steve liesman. but the ben ber anything -- until the dar crashes. right, there is no exit strategy. the fed is bluffing. we

markets outpacing market this is year.rs of the globe? # welcome. first off, people should know if they don't already how weak the emergencying market has been this year. some are self made. for example, in the brazilian policies that have affected prospects for growth. something similar can be said about china are people are sket call of change. so those things with the initial enthusiasm on the economies can explain that spread. >> and the major question now becomes if you look at developed market equitieequities, say the expensive, is time the get exposure to emerging markets? that's a good question. this is the perfect time for the portfolio. it remains. it is something for the next months and years. if people believe in the story, it's a good time to explore alternative ways. >> it's a secular growth story. and i assume you mean population explosion and rising weflt. if that story is still intact, why is the momentum not in the market? you were talking commodities from two years ago. the argument for the emerging mark

there's a real threat in that market causing market compression.m the high about six months ago. any miss, it's going down. you've got to short the stock. >> the stock is up 16% since then. what do you do now? >> well, you notice, the whole play on that was that they would slowdown in china would you say slow down the future. but look, 24 times future earnings, the stop is still expensive. i like other names in that space. gm, fort clearly missed. but let's move on. [ laughter ] >> yeah, look, it's a hot segment, and eventually this will work, but i think it's expensive not right now. don't sell it, but i wouldn't buy it. >> utilities j.j.? >> xlu has had a tough few weeks, don't fight the tape on this one, wait until you get a bit of a bottom before you -- >> simon? >> yeah, you know, so-so earnings last week, in a tough spot, more on the construction equipment versus the farming equipment. >> final trades are next. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell

so on the other hand, you see the markets going up, the equity markets.s serving some -- in the market and you create kind of a vacuum which can continue for a while. >> the only thing is, volumes aren't really there yet. and i always look at volumes and it's super important to see what type of a market it is. it does make a difference if you have a jump of 2,000% and it's two people buying as opposed to a jump of 2,000% and the entire world is buying. it does make a difference. and i wonder whether or not we're going to see volumes coming back in full over the next couple of months or whether investors are still cautiously dipping their toes in. what we see now is a small rotation. we believe the value still has some length to go. i think most of the geopolitical, maybe not. yields are coming down. so i think on that front, as well, there's not much unexpected that was last year that could occur this year. >> what's your preferred trade of the day? >> of the day? or at the moment, of the moment. >> we believe that -- of the moment, i would say japan, i w

what we're going to do is basically segment the market and create the right product for that market at right price. sometimes that requires android and an arm chip set. sometimes that requires windows and an intel chip depending on the market segment but this is the new world order. >> you also tease this moon shot. 89% less energy. is this an emc killer? >> well, this will revolutionize the data center. and largely will i think change the fundamental direction of hyperscale. what moon shot does is in the old days, basically the app was driven by the hardware. today the app drives the hardware. so when you think about these big hyperscale deals, effectively they are tuned for one work load. and what moon shot does is make that incredibly easy, very cost effectively, very energy efficient and very space efficient. so i think this could be a revolution in the entire server business, not dissimilar to the introduction of the x86 server 24 years ago which hp invented. >> meg, i'd love to get your take on the world. in the press release in your conference call you mentioned continued weakne

that market is on fire. we have new buildings that opened three, four months ago, where pricing is up 150, $250,000. right behind new york would be northern california, both the south bay and the east bay, are very hot, significant pricing power there. southern coastal southern california, principally orange county is very strong. softer markets, the midwest is a little bit soft. it's a little slower to recover, although there is strength in michigan of all places. and, you know, that's really about it in terms of the soft markets. if you asked me that question six months ago, i would have a handful that i would say are soft. right now that list is dwindling. >>> how does the rest of the year look, and do you worry at all on this day, where the ten-year bond closed above 2%. what rising interest rates might bring. >> if the rates go up slowly, which they may, we're fine. it's going to create more urgency if people want to get in, if the rates were to skyrocket up, go up a couple points, that would be a diffe

market which could drive the market higher.nt and personally that to me would be the time to jump in. >> 20% would be a bear market, though, 10% would be the correction. i think we've had corrections in the past four years. >> we had, i think, summer of 2011 was the last correction. even that, that's pretty long ago. and it wasn't all that huge. >> but we had 12 years of underperformance too. >> that's true. we're coming off extraordinary times. i was thinking of all of these bearish people, you know, two years ago, three years ago, wringing their hands. that was the time to be loading up. i'm not saying -- look, i'm still optimistic, still think we're going higher, but we know nothing only goes up and there'll be a correction at some point. >> the business insider's list of idiots. isn't that business insider? >> they're all there. >> we don't really like to call anyone an actual idiot. >> they were total -- >> it is true. >> made a lot of very smart people look -- >> anyone interested at home, i'm going to get the website aga

the market's already up 15. last year, profits were up 6 and the market was up i think 14 to 15. so, you know, i think that the market is somewhat ahead of the fundamentals. but by and large, the notion of a big decline, i just don't think makes sense. >> guys? >> i'd love to ask him a question about new money coming into the market, mr. cooperman. so for instance -- >> call me lee, call me lee. >> lee, pleasure. thanks for being here again because i love your insight. when you have investments which, you know, 20 billion, 30 billion you guys have in the markets, if you all a sudden got a new chunk of money, fresh money, right now, today, where would you put it in? i know what you've already got on your sheets. what would you buy today with new money? >> i would add to what i already have that i thought was still undervalued. and we find no shortage of cheap stocks. i guess -- this is small caps, i want to point this out. one recent edition to that portfolio was monetize. which is highly unusual for us. it's about as small as we go. this is the mobile wallet. they have an applica

or the stock market or the current of the false watt market or at the energy market they're all been proven to be complete. they manipulated are we getting price signals that are accurate from any of these markets i think this is the problem then you've hit the nail right on the head again is that the price markets are totally distorted so you've got risk trading and my example was the triple c. credits are trading the junk bonds are trading below five percent should never be there which means you're going to have a catastrophic straffing wave of defaults you will have sovereign defaults as well and that's you know the end game that people want to try to avoid and that's why they're pumping so much liquidity into the markets eighty five billion a month the fed is pumping into the markets with the hope that things will get better soon and they haven't gotten better soon all that's happened or stock prices have gone artificially higher i mean if you look back into the japanese stock market the nikkei in one thousand nine hundred nine the nikkei traded around thirty eight thousand nine

markets. of the issues with europe and china but all in all everything looks good on the ground. david: you focus more on cities than you do on countries. explain. >> right. well, our fund, is not a, it is very actively managed, not benchmark hugging. so what we've done is look what cities around the world we think are some of the key real estate cities that investors can invest in and prosper over the years and these are timeless cities or gateway cities places like london, hong kong, paris, tokyo and even some lesser-known ones like manila and kuala lumpur. david: in fact the countries these cities are located in are not doing too well but the cities way outperform the countries, right? >> yes, that's very view. in canada, for instance, canada overall is very healthy but one area that we're particularly interested in is the western province of alberta with the cities of calgary and edmonton. they're doing much better than canada a whole. david: clearly they're boom towns because of oil, et c

what do you make of this markets? that feel very positive today. >> there are a lot of things, but still in a wait and show-me stage. these are sensitive levels. if we close above that, that's very bullish, kell with make that run at 1700, but you have to look at what we saw last week. last week it was a little more flexible to the down site, but we held. that's the important thing. >> what are you watching, art? steve gave us the perfect segue. there were technical levels. some of the data was very mixed. we had a lot of volatility last week. >> we did, but you recall thursday we were talking, one of the guests said something about friday, and i said don't worry about friday. it's a friday before a three-day weekend, the bias was up. the day after we have a bias to the up side. the market's become a little shaky after that auction at 1:00, and i think they were very disappointed at the very small level of demand, and it kind of reinforced their concerns. i think this rally has been pretty much a sigh of relief about

actually a bull market going on. when you consider it's more than four years old, and people are still extremely skeptical, that's understandable. but i think we're getting to the point where people are finally accepting that there might actually be a bull market. >> and of course that bull market really fueled initially by the federal reserve. but alison, do you agree with that? and what about the fundamental backdrop? how has earnings season been. >> well, that's my issue which is the market no longer holds the same values to hold and earnings momentum is really slowing down. earnings growth is pretty tepid and top line growth is relatively weak. i look at that and think we've had such an incredible run in the market. the values aren't there to the same degree that the t used to e and now we have earnings challenge, at least for the next several quarters. thing is a risk that the market can pull back or go sideways for a while. >> what kind of pullback might you expect? how significant? >> not too significant. 5%.

so the cme, did the market get this jobs market all wrong?> jackie d, i think the market is pricing in a dismal to flat number. listen, we flashed this back to 30 days ago. we had poor data. i think the market was prepared for that poor data. we saw the yields at records a couple days ago. now we're seven basis points above those. i think that you probably have seen the floor in the yields for the next 30 days as they plow back into equities. equities are up 20 points in the s&p 500. and i was really the nonfarm payroll. a better than expected number at 165. it was the revision that i think the market is keying off of, another 114. i don't think this one number is going to change everything. but it certainly stopped the trend of two back to back numbers which would have been bad for the market. guys that are parked in safety, has v. to get into equities. >> equities are the place to be. bonds are not. jim, do you call this the great rotation that we've been talking about for so long? >> no, i don't think it's the great rotation. all we're rea

>> it's just that we think that the market does move -- global markets will move higher again in 2014look for global acceleration, economically speaking, in asia, latin america, and europe, yes, europe, into 2014. so, you know, even if we do get a pullback here, and yes, we might be a little bit stretched, but even if we get a pullback here, we're looking ahead to markets being even better next year. >> and maria, you're seeing is it in some of these sectors like the industrials, for example, you're seeing the global industries, the international companies with exposure to the brics and around the world actually start to outperform relative to the u.s.-centric industrials. so to the point that was just made, that you can see certainly a broadening out and an expectation that there's going to be growth around the world, in next year's 2014 kind of time frame. >> let me get everybody's take on jpmorgan. let's take a look at a chart of jpmorgan, one of the winners on the session. next week is the shareholder vote on whether or not he's going to keep the chairman and ceo titles. let's han

now across the board whether it's the energy market the art market any market now is being manipulated indexes and various ways to sell products that are derivatives are all based on a a a a self reflection of fraud so when you ask these big four accounting agencies they basically their job is to create mirrors for you to look at yourself to commit fraud well also think about what the central bank in the u.s. federal reserve bank under ben bernanke has been doing is buying up assets at full face value from the banks in order to make the banking system and the economy look better because and this is what we keep on being told actually by the fed is that we're making so much money on the assets we've bought you know i give you another metaphor here is the portrait of dorian gray so the stock market's hitting new all time highs but the economy's up in the attic and is aging quite rapidly and starting to look like junk strongly quite bad you see but they're all the cosmetics of the high frequency fraud and the accounting fraud and the purchases of one's own stock and the hedge fund manager

is it too late to get in the markets and then a pause, is it too risky to get in the markets? what do you tell your clients. >> >> right. we try to make the customer understand the role of equities in their portfolios. you remember equities are the place where you want to have inflation. you want to have consumers understand how much equity they'll have in their portfolios. >> for young investors that means they'll have almost all of their portfolios if they're saving for retirement that's 40 years in the future. a 65-year-old should probably have half of their retirement portfolio in stocks because they're trying to plan for a 30-year time horizon in which they'll live off those investments. >> but the nervousness about the markets and the direction and all that kind of stuff, there are still a lot of people who are putting money into bonds and warren buffett earlier this week was talking about investing in bonds. let's take a listen. i would like to get your reaction. >> i like owning stocks. i do not like owning bonds now. there could be conditions under which we would own

travel market.think that's a good way to think about it. >> we view that opportunity as kind of all-potential upside. we don't think investors are giving them much credit in terms of revenue uplift for them taking share here in the u.s. and the market, it could be a big opportunity for them long term. >> for sure, your price target is 8.45er here. you're calling the stock another hundred points higher, 13%, 14% during the course of the year. what is the biggest threat to that. is it what might happen in your honor with the economies there or is it the threat that perhaps they have to rein in their investment in the future? >> as far as europe is concerned, it's proven very resilient and any macro dislocation. european travel has remained relatively robust, so we see the bigger long-term risk to the stock as investments in some of the newer geographies that priceline is going after like asia pacific and latin america and these investments may take longer to generate real returns for the company. that

a market economy that works.g back in recovering after years of being beaten down stuart: answer me this. why isn't gold taking off? >> i think it was run up historically is because you have so many people concerned. sales of guns and ammunition. people worried about the future of this country. as come back a little bit. stuart: when you have expected gold to go? you would have expected that. >> there is no perfect formula. look at gold compared to five years ago. but gasoline compared to where it was five years ago, and is not because of demand. the currency in which oil is traded as been devalued by our political quest. stuart: well said. smart power between diplomacy and war. christian white. when is coming out? >> september. of course you can get it now. stuart: the 110 advance copy. >> i will get you one. stuart: to more big names the you know. we will quote them for you. amazon taking direct aim at the iphone. according to the wall street journal a company is developing a high and smart phones beach during

is a fairly mature market.wth rates in europe, latin america and asia and that's where we as a company are making our investments. >> right. there's obviously a lot of talk inevitably from entrepreneurs at this moment in time about pricing and that's very true in your industry which arguably has thick supply be that hotel rooms or airlines. what do you see in terms of pricing to the consumer and how strong is the pushback against the sort of commissions that the online travel agencies can charge to clear stock? >> yeah. we don't really have a dog in that fight at kayak because we search the other travel websites and display that information on our website. what we have seen is that average fares in the u.s. tend to be increasing and that's a function of relatively strong demand as well as airline consolidation. also the average daily rate for hotel rooms seems to be going up in single digits in the u.s. and that's a function of usually strong demand. it was not so long ago that you ipoed at the nasdaq and now p

managers fail to beat the market but they create benchmarks. and when they go to clients and these are typically very wealthy people who either inherited the wealth or have monopoly positions and by gaming the government or gaming the copyright system or just outright thieving or copyright manipulation or monopoly position of software they after the couple of billion dollars you become kind of stupid so you give a bank like j.p. morgan your money and they say we created a benchmark is called the jamie diamond i'm a frickin rip off artist benchmark and by that benchmark we're beating the benchmark we're now being the market we're doing lousy against everybody else out there every asset class including gold and silver but according to the bush market we ourselves that we are so particular to build bases that i based my post on that i believe gold of we're doing great so you should be happy if you don't ask me what i mean more and more we're seeing instances of people whether it's ours force who was murdered by the head of the n.p.a. first up or o

never use market orders.hone and call your broker and tell the buyer sells stock but don't name the price, that's a market order. you may not realize it. but what you're doing is you're giving that broker permission to fill your order at any old price the market gives you. okay, so let's ask that. you go to the sprkt spr market. i'll buy this head of lettuce at any price. would you do that with a sweater at the mall, i'll take any price you give me. no, you would never do that. and you shouldn't to it with much more expensive things called stocks, either. marketard's are how people ended up selling proctor and game bell for $38 a share even though it was worth $30 more on thursday, may 6 of 2010 when the machines took over and we tumbled a nearly thousand points. the flash crash. in the time it took me to walk out on the set and just sit there for "street signs". with all the nasty stories of conflicts of interest, you probably recognize while your broker may be a great and helpful person, his interests aren'

actually, one farmer's market in district 5 the the wallers market. it's new territory and it's something we're exploring to strike a balance for a successful space. but this is serum a farmer's market permit so it's going to feel like the process for other events like a picnic party and - >> so all the notices requirements are the same to the public can give feedback so if they don't want the market for more than 1 day a week. >> yes in the first week of june the public can comment on this farmer's market permit. and that permit presumes one day a week operation. with the under oath valley towns square permit. if we amended that permit that process would have to go it would start again in terms of noti noti noticeing and the full commission would have to take it up. >> okay. >> thank you. >> okay supervisor mar. i definitely want to see a good transparent community process if we're considering more than 1 day a week but as the agricultural said i agree i'd like to see farmer's market in every district because of the great example. i'm previous active

those markets are facing growing labor markets and higher rates of affordability. one of the new darlings of venture capital is cyber- security. just about any company or government agency that uses computers is interested in cyber security. one researcher, quoted by usa today, says that by 2016, global cyber security spending will reach $85 billion. that's up from about $65.7 billion this year. venture capitalists have taken note and are investing accordingly. blackerry unveils a new, cheaper model of its flagship phone. called the q5, the device is meant for consumers in emerging markets. the phone will be available in select areas later this summer. the company also says it will make its once-popular blackberry messenger service, or bbm, available for iphones and google android devices. dell surprised wall street with a plan to release its earnings report tomorrow. results were not due until next tuesday. no reason was given for upping the date, but the computer company is in the midst of a takeover bidding war between ceo and founder michael dell and shareholde

>> well, my feeling is this bull market is not over and jim, i'm not going to say that stock market's going to go through the roof. my projection by the end of the year is 16,000 to 17,000 and even higher next year, but relative to historical valuations, that's not through the roof, it's nothing like 1999, which was crazy. we are at half the price earnings ratio we were then, and christine, you quoted figures in terms of bull markets, this is still young and still nowhere near the average appreciation. it's fundamentals. it's earnings and what else you have to invest in that are the most important determinants and i do not believe that qe is the only reason why people are moving into stocks. i think they're moving into stocks because the opportunities elsewhere are not attractive. >> but jim, are you suggesting that the japanese and the federal reserve and the europeans and the english weren't printing all this money, this would be happening anyway? >> my feeling is that we would still be in a bull market, yes, i actually do because of valuations. now, if we were at the level we were

our stock market is the most liquid. i believe it's the most trustworthy market out there. and core u.s. stocks should be at the heart of every portfolio. i guess what i would add is maybe even more important than that is understand your own risk tolerance. in volatile periods like we experienced during the financial crisis made a lot of people sit up and take notice that maybe their risk tolerance was a little bit less than they had been investing at. and so understating that risk tolerance as i indicated, protecting your down side with diversification. that's maybe even more important than what you put at the center of that portfolio. >> walt, you heard mohamed el arian saying he's walking away from risk. do you find as the market keeps going up on that investors are taking on more risk, or are they becoming more cautious? >> well, i think investors have moved more into the market. mutual fund inflows show that. in recent times they have moved more into the market. frankly just the market going up, of course, is an indicator, as we know, that there are more buyers than se

this is not a change in the market's character. it's a great market. and we're only talking about daily charts at this point, not weekly charts. let's not act like what went on this week didn't happen. >> let's bring in dan greene house, the chief global strategist who, by the way, said he bought the open this morning. so you're a believer in this rally. >> it's not that i'm a believer in the rally, i'm a believer that declines have never gotten much more than 2% or 3%. when the market was down on the open, 2% or 3%, i bought that open also. this is very much a short-term, nothing to do with ptig's more secular view. it's just that we don't get more than 2% or 3% on the downside. there might be something different going on now, but the fact remains is that these declines have demanded to be bought and they've been rewarded. >> let me throw this out there, if the market gets so spooked by any mere mention of tapering or pulling back or anything like that, those statements are only going to get louder and more often in the weeks and months ahead. how is

the real estate market the dot com even going back to that era and these markets crashed so they just made the yen more of of a of a funding currency by making it artifice. really cheap in this way japan has a debt to g.d.p. of two hundred percent that's just the government if you include the corporate debt it's closer to five six hundred percent total debt to g.d.p. so here's a country that is attempting to make that debt look smaller by creating artificial inflation by crushing their own currency so that they can say well our debt to g.d.p. is decreasing however the overall economy is now in much probably a bigger bubble now than even in one nine hundred eighty nine was when the bubble economy in japan hit in a crash down sixty seventy eighty percent in the nikkei now they're going to inflate that probably on a less secure economic footing so this could be an even bigger bubble in japan now well ben bernanke he calls. plans he calls them rooseveltian resolve in his resolve to fight and defeat deflation part of this is a has appointed go karada to the bank of japan now slate talks ab

also in the street signs, garage say the stock market. that is quitely been beating the big caps and raking in the big bucks. and more detail on the largest bank heist of all time. 45 million bucks gone. >> it's an incredible and reaching a record high for its own. and indeed if it ekes out again by the close, it would be the 13th gain in 15 sessions. >> hitting the high of the day for its stock. the dow jones industrial average reporting that amazon is developing a smart phone with a 3d screen. do you buy the rumor? will anybody buy that phone if it's true? >> it's hard to say if it would really have a 3d screen. i think it has been speculated for a while. wouldn't be a big surprise with their kindle tablet strategy. amazon has gone after the razor blade strategy. it does make sense in the longer term. hard to say if it will be a 3d feature. >> do you think it's the right strategy for the company? pushing further and further into the hardware space. >> ultimately we do think that margins could have approached high single digits longer te

market. hear from the man himself with the central bank's desire for stability. >>> this is a big moment for japan and mr. bulletin says he's been outlining his concerns for the u.s. and what he calls the wild card. >> before we received -- at least before i was looking at tapering, i would like to see some reassurance that inflation was going to move back toward target by a measure. >>> and a mini invasion in london. thousands of football fans descending on the british capital for this weekend. all the final, we'll be joined exclusively by the tournament sponsor, adidas. sdwla you're watching "worldwide exchange," bringing you business news from around the globe. >> announcer: and we kick off the program with the -- probably the post important indicator out of europe, it's the ifo sentiment, business climate index. 105.7 better than the forecast 104.5. also a slight tick up, 104.4 previously in april. current conditions are 110. that was better than the forecast 107.2. and the expectations i

same thing in the markets.'re making that adjustment on the series of valuation, earnings, and you don't assume all of a sudden this variable is going to come and change it. you can't think that way because you would never swing your golf club that way. you shouldn't been vesting that way, either. . >> so, yeah, i -- i was driving in this morning thinking about it. you don't want to forget -- easy to forget what is what. so now is all this melting? >> this is ice cream and it is melting. but the key is, we have a segment. hopefully it won't melt by the time we do the segment. coming up, nothing says summer like ice cream. the company behind brands including breyers and ben & jerry's will be joining us after the break. [ female announcer ] there's one thing dave's always wanted to do when he retires -- keep working, but for himself. so as his financial advisor, i took a look at everything he has. the 401(k). insurance policies. even money he's invested elsewhere. we're building a retirement plan to help him laun

play out in the market. treasury prices dropped after the institute for supply management, a closely watched barometer of business activity, increased sharply last month. a sign the economy is getting stronger. and improving economy adding to wall street jitters after comments from ben bernanke and other officials about plans to taper bond purchases. goldman sachs point to yield consistently above 2% in a note today telling investors the bond sell-off is for real. on the flipside, ubs analysts countering, the market is overreacting to the slim possibility that the fed could begin tapering fairly soon. the net result this week? volatility. not good, wall street watchers say for stocks or bonds. >> equity markets don't like when bond rates move this fast. if we creep higher in interest rates, my view, i think stocks will be fine. it's the gallop higher that as investors concerned. we can't move progress if ten-year averages keep moving up. >> housing market is feeling the heat. interest rates are now close to

twenty-one beats for the market in a row. >> i think overall sentiment, momentum in this market is movingigher. today is the end of the month. degree actually seeing some rivers when addressing. seeing some pressure from portfolio managers on this market, locking in some gains, trying to get this remarkable move that we have seen in this market month over month, may be tainted down a little bit. moving forward, lot of economic data. in the next week with the unemployment number. it will be key. you want to continue to talk about how key that number is. all the other economic data feeds into this. that might just give us a little insight as to what the fed might be thinking as far as where the throttle is. liz: i think he is absolutely right. when that date, the only thing we really have to go on, that is what we will seize upon. for the moment we look and see what is happening with that 10-year treasury yield moving slightly higher. so many of our viewers are in bonds because they have been nervous. you suspect that we might see a bigger stumble in the weeks to come? it is a possibility f