michael gurka, is your house on there?solutely not. >> you didn't want to let the cameras in, right? >> no. once the kids get done with it, it would never be on that program. >> dow is pointing lower by about 12 points. nasdaq and s&p 500 down just fractionally. next, egyptian authorities declare a state of emergency in the country as deadly anti-government riots continue. we'll have the latest out of cairo when we come back. all stao mission a for a final go. no go call. this is for real this time. we are on step seven point two one two. we have entered our two minute hold. cabin venting has been inhibited. copy that. sys two, verify and lock. command is locked. flight computer state has entered auto idyll. three, two, one. the falcon 9 has launched. preparing for nose cone separation. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemennswers. [ male announcer ] how can power consumption in china, impact wool exports

joining us for more, michael gurka, from asset management. gate to see you this morning. it? >> no, not yet, actually. because i've been taking my two from the dax which is in a serious breakout mode right now. so if we want to look at a parallel universe on some of these strong global equity markets, right now, the s&p has some room and i'm taking some precursors from some of the notions that you've been mentioning already concerning china because we've been getting gilt from the copper market, also. >> so is this about europe, then, or does it come back to china? >> well, actually, i think it's -- it's for the better for once. i think it's because europe seems as though psychologically on the u.s. side, that it's on the mend and clearly looking a little bit better sorted than it has over the last couple of quarters. and for those reasons, you don't have to lean on china so much for their numbers. some of these import numbers coming in for the soybean markets from china look extremely robust going back a couple years now. so, you know what? i'm going to lean on europe a

michael gurka joins us. mike, happy new year to you. natural for us to take a pause? >> well, ross, i think it's going to be an easy equation this year for the s&p with the growth projection. things look bullish. i would not get in its way. if you look for single teen returns for the year, that's about 1% a month. if we get big moves early in a month and you see thing close to 1%, i think that's when the market starts to level off. >> yeah. i mean, look, we obviously have some relief over, you know, fiscal cliff. and take winds in china and europe as the landing crisis has diminished somewhat. so here we start ahead of the earnings season. is that a kicker or a bit of a holder? >> well, i think it actually -- it will clearly be a kicker because the market will be thirsty for any positive news for more after we've had such a rally. you know, ross, this week what seems like the biggest concern for move markets is look what happened in yields in the u.s. treasury. up 190 as we speak. that is a 30% move in less than three weeks. if the bond