welcome back, mr. bell. >> thank you for extending time for me for future remarks before we hear from people that are decision makers in the city and county of san francisco. as resident of san francisco for over 35 years. i've never experienced this kind of conversation since the displacing of residents in what used to be called the fillmore and other neighborhoods during the "urban renew alloy -- renewal"phenomenon. we know that neighborhoods change, but now we're called to monitor that change not withstanding market forces. market forces care little about equity, but i believe that government should. so how do we apportion goods and services and maintain communities in this context? obviously for me, i believe that equity is how any county must proceed. and in this gumbo of multiple interests, we must be informed of cross sectors by data so we're not relying on what we see in our individual experiences but what we know across experiences. for example, in neighboring los angeles regarding the problem of h

if there's anyone else that would like to address the commission after mrs. bell, you have the opportunity to come up. once we close public comment, you will no longer have the ability to address the commission and it's very possible that a vote may not happen before commissioner cohen leaves at 4:00. so just keep that in mind if you yield, if you yield your opportunity to speak to the board. ms. bell, are you present? tristan bell? okay. i don't have any other speaker cards. is there anyone else that would like to address the commission? >> good afternoon. you have heard from some of-colleagu of-colleagues. 5 want to make a couple of points. we're divided in this. you have the responsibility to maintain our funds, grow our funds. you know that we as retirees depend on our pension. for a number of retirees, this is the only source of income. and when we get the cost of living increases and supplemental colas, it's directly related to the returns on this fund and we expect that would go on for some time. we would like to see that. otherwise we're looking at what we

i wanted to start with mr. bell how do you think having this information will help support these grandparents and relatives who are raising these children as a result of the opiate epidemic? >> thank you. senator collins did raise this before she left. we are very supportive of what you are trying to do here. it is something we learned from the crack epidemic. need supportrents centers, they need navigator programs, they need financial resources. savingson of $4 billion is because many of these grandparents have not been informed that they can become kinship providers. i would not advocate that we take all of these grand parents and take them into the foster care system. many of them can do better outside. need to find a way to provide financial support, respite, opportunities for them to continue to live their lives, so that they are not burdened down overly with these children. thing we saw during the crack epidemic is utter health started to deteriorate with the do not have the support they needed. you are defini

i want to start with mr. bell and ask what do you think having this information will help support these grandparents and relatives who are raising these children as a result of the opioid epidemic? >> thank you, senator casey. >> dr. bell, i'm sorry. >> thank you. senator collins raised this before she left. we are supportive of what you are trying to do here and it is something that we learned from the crack epidemic. that these grandparents need support centers and programs and financial resources. the notion of the $4 billion savings is because many of the grandparents haven't been informed that they can become kinship providers. i don't advocate that we take all of the grandparents and bring them in the foster care system, they can do better outside. we need to provide support, respite and private opportunities so they can continue to live their lives and they are not burden ened down. one thing we saw is the health started to deteriorate when there was no support. you're on the right pathway and we fully supp

mr. richie, would you ring the 24/5 bell?can, jim. ♪ trade 24/5, only with td ameritrade. >>> welcome back to "options action." the markets getting crushed and that had the vix doing something it hasn't done in a while. hi bob pisani. >> three issues had the markets rattled. rising rates, political risk, and today a little bit of earnings disapomts the vix, the volatility index moved to the highest level since before the election. it was 11 last week. the move up is a about it of a surprise for most of the year the demand to buy protection be that dropping investors had the opposite concerns, fear of missing out, fomo, not fear of losing out, f to, lo, i just invented that investors are buying calls to capture up sides in the market not buying puts to guard against the downside what does this tell us are investors panicking? for the moment, i don't think. when the markets have a sudden notable move down as it had for three days this week, the vix will invariably go up because as the market drops the cost of buying protection

mr. richie, would you ring the 24/5 bell? sure can, jim. ♪ trade 24/5, only with td ameritrade.liday inn express, we can't guarantee that you'll be able to contain yourself at our breakfast bar. morning, egg white omelet. sup lady bacon! fruit, there it is! but we can guarantee that you'll get the best price when you book with us. holiday inn express. be the readiest. >>> welcome back to "options action." time to look back at some of the traders' moves mike gave us a portfolio protection trade. >> we can see obviously the s&p has rolled over but if we take a look at where we were at the end of last year, we're still higher not to late to hedge what was i taking a look at? specifically out to march, you could buy the 275, 260-spread for $2.65. >> the s&p went through that lower strike tell us what you're going to do. >> this thing is up a little bit more than three fold by now. closing on $10 time is on your side, but if you think the market's going to bounce here, delta is the directional issue is not on your side so i think 300 350% is. >> no reason to risk the premium you have

mr. richie, would you ring the 24/5 bell?e can, jim. ♪ trade 24/5, only with td ameritrade. >>> welcome back after more than a year in hiding, volatility came back to the markets and with a vengeance this week. bob pizdani at the new york stock exchange breaking it all down >> it all started last week when a strong jobs report got everybody jittery about inflation. and the mall potential for lower corporate profits. the big slash friday went from 17 to 32 it upset the apple cart. one of the most crowded trades on the street was to bet volatility would stay low and the market would not only keep going up and it wouldn't have big spurts down. a lot of traders were long for the markets. the vix measures near term on friday, when we blew through all the near-term prices, the prices on the puts became a lot more expense pichd and the vix blew up. it was the highest level since august 2015. that sent the vix well over 50 and pushed the s&p 500 down nearly 10% this good news is that the cash fix, 29 today is still elevated. but it's

mr. richie, would you ring the 24/5 bell?e can, jim. ♪ trade 24/5, only with td ameritrade. >>> welcome back to "options action." after more than a year in hiding volatility came back to the markets, with a vengeance this week bob pisani breaks it down for us. >> it all started last week when a strong jobs report combined with much better than expected wage growth got everybody jittery about inflation and the small potential for lower corporate profits. the vix last friday went from 17 to 32 in one day, its biggest one day move in years. that upset the apple cart. one of the most crowded trades on the street was to bet volatility would stay low and the market would not only keep going up but it wouldn't have any big sudden spurts down a lot of traders had sold puts, effectively being long the markets. futures and calls are near term, 30 days out. on friday when we blew through the near term the prices on the puts became more expensive and the vix blew up. it hit 50 at its peakan tuesday. that was the highest level since the c

mr. richie, would you ring the 24/5 bell?e can, jim. ♪ trade 24/5, only with td ameritrade. >>> all right. welcome back to "the halftime report." under armour soaring this week, the stock up 35% after the company reported strong international sales growth not everyone is buying the hype. sam posener reiterated his opinion of the stock he's at the new york stock exchange for us today, sam, welcome back >> happy to be here. >> you said this company was in trouble, sell the stock. they come out with an earnings report that sets the house on fire and the sales rip higher. why do you say don't believe the hype >> first of all, the numbers were good. the gross margins were better. and the inventory levels were through the roof which is telling me that they're not adequately addressing their problems they did mention that they would be -- that they would be resolving that problem in second quarter of '18 but if they're going to do that, that's probably just going to put more pressure on the brand plus specifically in asia, we're see

mr. kardashian himself... [ laughter ] ...kanye west? [ bell ] [ cheers and applause ] ♪ okay, let's see if the kids know who designed yeezy boosts. gervais: focus. the wildly popular adidas [ah-dee-dass] shoes -- that's what we say in england. you say "uh-dee-duss," don't you? -what? -uh-dee-duss. -oh! oh, yeah! -it's, like, a trainer. -yeah. yeah. -adidas. -adidas. -okay. the wildly popular adidas shoes called yeezy boosts are designed by whom? -oh. -[ sighs ] can you give us a clue? i can't, really. [ whimpers ] i can't, really. [ whimpers ] -[ laughs ] -justin timberlake. okay. justin timberlake. anyone else? -thom yorke. [ laughter ] thom yorke. thom yorke from radiohead? -yeah. -wow. good guess. okay, here we go. the answer is...kanye west. -huh? -kanye west? -kanye west? -who is that? -he is weird. not my words. not my words. [ cheers and applause ] savage: kay, you're halfway there! halfway there! let's take a look at your sixth question, worth $50,000. at the end of "casablanca"... oh, my gosh. i have never seen "casablanca." -you have

this is clear evidence that we in san francisco [bell rings] >> mr. clerk, will we please grant him another minute. thank you. >> madam chair, through the chair to member fewer, we have to afford the same amount of time to each of the speakers who come for public comment. >> ok. one more sentence. >> the use of potable water from sunset reservoir is not a solution to fighting the multiple things we will see in the outer sunset and outer richmond. >> so in your opinion, what is the mechanism that will give us enough water and reliability? >> unlimited salt water supply on three sides of the city. to use the drinking water and what is very possibly a fragile system that is not redundant will not provide adequate protection. 15 million gallons of water were expended in putting out the mission bay fire in 2014. one square block. we have 43,000 wood frame structures in the outer richmond and outer sunset. anybody seriously believe that 90 million gallons in sunset reservoir will be adequate? you think we'll only have six fires to deal with? i think that th

mr. richie, would you ring the 24/5 bell?e can, jim. ♪ trade 24/5, only with td ameritrade. >>> yet another wild day for the markets with a little less than 20 minutes to go dow trading in about a 300-point range. up 232 at the high, down 51 at the low. >> joining us for more, matthew from virtue finance. first of all, it's been an insane comeback from this time last friday. what are you watching for as we head into the close? >> it's a three three-day weekend so we'll see how they close. if they can hold some strength, that will be a good sign especially after the runup we've seen. >> which has happened every day, strength into the close. >> you don't have three days off. that monday will play into the minds of traders you start talking about volatility can you differentiate the volatilities, political volatilities, bond volatilities, weather volatility, whatever it may be, equity volatility. that will differentiate. we've been able to say, you know, political volatility doesn't matter and the market has been able to absorb

mr. richie, would you ring the 24/5 bell?im. ♪ trade 24/5, only with td ameritrade. >>> we're just over the halfway mark of the winter olympics, and american slope sty style skier earned a place on the podium. here's the latest from pyeongchang on the medal race. >> reporter: nick was down to his last of three chances when he uncorked a high flying, high scoring one -- >> one, two, three! wow! >> reporter: earning a silver medal. >> an amazing run. >> reporter: four years ago, earning bronze, and this time, silver is sweeter. >> to believe i'm a six-time olympic medallist in this discipline is incredib incredible. >> reporter: opening up about struggles with depression after sochi. >> i had pretty much given up on skiing all together, had given up on myself, and basically i wanted to end it. i was glad that i got the help that i needed. >> his teammate took silver in sochi missed the podium this year, but proud to be the first openly gay men representing america in the winter olympics. >> family and friends are here, boyfrien

. >> "closing bell" starts right now. ♪ >> happy birthday, mrs. llivan. >> absolutely. >> welcome to the "closing bell." ime chel caruso-cabrera. i'm in for kelly evans. >> i'm bill griffeth stocks in rally mode but way off the highs. dow was up 300 points before noon, hitting peak, and since then pulling back. the s&p still positive but the nasdaq has turned lower. >> the dow and s&p 500 are looking to break a two-day streak as the ten-year pulls back from highs. bob pisani here at the nyse. let's start with you. >> listening to this lovely music. i'm 12 years old again another thing about today, selloff in the middle of the day. three days in a row this is happening. up 350, cut essentially in half. the market started very strong in fact, the cyclicals were the story. looked like early january. what i mean by cyclicals, growth names. united technologies up 3%. that's moving the dow up 30 points boeing was much stronger earlier in the day still up but a classical cyclical name. let's show you 3m. these are all dow components, cyclical stocks, all

mr. payne at the age of 50, after working for 28 years, at muni where he exceeds byron cobb who has won the cable car championship bellging competition eight times. mr. payne won it 10 times in those 28 years. he went from there at age of 50 and he became a cop. he was beloved at central station where he served most of his 24 years and he retired from the police department and today works for the general manager in the park patrol. he works for mr. phil gin sburg and he says i no longer talk to people like i used to. now i talk to trees. two and a half years at the park and rec. count that all every after working for the people of the city and county of san francisco. i cannot think of a better honor' in february african american history month for your decades of service for being an embassador on our rolling stock as a police officer where your beloved by everybody in the neighborhood from russian hill to north beach to fisherman's warf, carl you are an inspiration and legend and i know that veteran affairs commissioner bipple wants to say a quick thing if you are here, you can proceed carl. i know captain yep is her

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mrs. melted brass to make bells. shifting their efforts to shell casings after the war.eli whitney, to move through this landscaped after day carrying the weight of our murder boy in the whole of our hearts and the unwanted permanent texture of our lives. it is however the support assistance a love of our community tucked inside the same hills. where we work to support, teach, help others the organization bends lighthouse created to help in on her bed. helping his ceiling. so we stay and we listen for the bells. [applause] >> when a child hears gunshots by megan. >> when a child hears gunshots, she will say mom, is beating the pots and pans. she will say it sounds like home. let's keep it this way. our children misinterpreting the sound of dying this accrued progression. when they kneel at their beds in ascot where he was when there best friend stopping a life you say, was at the drive through, i so hungry he thought the gunshots were my stomach begging for food. it will say, i know nothing until strangers told me about it first. i could have bullet wounds in my hands an

mr. richie, would you ring the 24/5 bell? sure can, jim. ♪ trade 24/5, only with td ameritrade." >> announcer: lightning round is sponsored by td ameritrade >>> a turn around is a beautiful thing to behold especially on an ugly day and that is what happened at macy's today the believers were rewarded with sharply better than expected earnings 3.46% gain in their stock. what happened here to put it simply the new kroemt jeff gennette is a big of a miracle worker reinvented the program which is working. many of the company's regular big spending company were beginning to feel slighted that is over lift in sales. and eye opening. testing all new initiatives in 50 locations customers came back to beauty which includes high margin perfume sales. meanwhile, dresses, fine jewelry, men's tailor clothing, all doing better no discounting is this sustainable? i think it is. first he told us the train would be growing this year second because of success in omni channel, i think macy's has put up successes now when a retailer turns as we saw with kohl's, a comeback tends to last longer a par

[bell rings] >> thank you. mr. martin. >> fernando martin, council of community housing organizations. first of all, commend you all for supporting and working with this project with the port and the developers and creating a project that is going to be 40% affordable. it's a landmark here, and really important, and not just that it's 40% affordable, but 40% affordable across a range of income levels. i think one of the things we hear a lot, this project is going to be affordable up to, whatever, up to 120% a.m.i. and you see the affordable units. 120% a.m.i. a big accomplishment. and you will hear us talking about this the broken record, a need to fit jobs to housing. and in this time of a housing crisis in san francisco, the need to maximize the number of housing units that we are building across a range of income levels, in particular those affordable units, is critically important. so within the project development there are flex sites, can be housing, commercial, and can be hotel. i want you to encourage you a

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mr. richie, would you ring the 24/5 bell?can, jim. ♪ trade 24/5, only with td ameritrade. >>> at this point in earnings season, itcan be really difficult to keep track of all the companies reporting. it's information overload. this is the toughest day of all, amazon, alphabet and apple it's very difficult to do all the scheduling but last night was big, too when you need to listen to facebook and microsoft, maybe you're forgiven for missing something of a company we have come to really love on this show, which is service now it's the cramer fave software company that helps create your own applications human resources, legal, finance, securities and facilities management last night it reported a solid quarter, inline earnings and revenue was up 38% year over year more important the subscription billings, up 40% in the full year guidance was robust it tacked on another 2.65% today. can this thing keep roaring? let's check in the president and ceo of servicenow. welcome back to mad money. >> hi, jim nice to see you. >> we had be

mr. richie, would you ring the 24/5 bell?♪ trade 24/5, only with td ameritrade. >>> another day of selling industrial averages. it had been down by more than 300, declining more than 1%. the s&p is at 2739, decline of almost 23. nasdaq is lower by half a percent and the russell is lower by 0.75. jonathan krinsky says the pullback should be bought in anticipation of highs. he joins us on the phone hey, john, tell us what the s&ps are telling you. >> i think what remains is the momentum remains strong. in that environment we want to be looking for oversold conditions as a reason to boo as opposed to looking to sell strength i think the main difference between this year and last year, last year if there was one down day, it was a buying opportunity. two days it was back up the truck. i think this year we're seeing increasing volatility, increasing trading ranges, so you do have to be a little bit more patient, and we receive that already with a 5% drawdown, but i think the playbook is to be buying weakness. >> long-term trend in

. >> "closing bell" starts right now. ♪ >> happy birthday, mrs. welcome to the "closing bell." ime chel caruso-cabrera. i'm in for kelly evans. >> i'm bill griffeth stocks in rally mode but way off the highs. dow was up 300 points before noon, hitting peak, and since then pulling back. the s&p still positive but the nasdaq has turned lower. >> the dow and s&p 500 are looking to b

mr. richie, would you ring the 24/5 bell? sure can, jim. ♪ trade 24/5, only with td ameritrade.tonight don't forget friend mandates but, follow me on twitter and on instagram. you never have to miss justice you go out to dinner on a saturday night or to visit friends. if you can't watch, set your dvr.kkkkkkkkkkkkkkkkkkkkkkkkkkk. see you next saturday night. i'm jeanene bureau advocating for truth, justice and the american way. the greg gutfeld show is next. greg: let's get to it. a them fiend killed 17 in flori. i will not mention his name. he will not see his picture. instead let's focus on helpful action. here's some things i suggested you to reduce these events. number one we need to hard and soft targets for security in training. this should be a trillion dollar industry. one that helps protect against not just massive shooters but terrorists as well.

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mr. richie, would you ring the 24/5 bell? jim. ♪ trade 24/5, only with td ameritrade. >>> welcome back let's get back to the wild market swings. dow and s & p and nasdaq are in the green. with us to talk about this, gentlemen, thank you for joining us john, i want to start with you we had discussion earlier on the show about liquidity, leverage, and the idea that as the fed begins to unwind its big balance sheet that maybe that's a bigger risk for markets now what are your thoughts >> certainly there's no precedent in modern economic times for the amount of unwind of balancing the fed will do, but they have been very clear in communication that it will be really gradual so while we don't expect major dislocations, the effect of the low rate policy in place many years is it suppressed volatility it is likely as they proceed through the unwind excesses that built up, based on low volatility and rates are likely to be revealed, not unlike what we saw earlier this week with equity volatility. we think while it won't be a dramatic

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mr. richie, would you ring the 24/5 bell? jim. ♪ trade 24/5, only with td ameritrade. >>> welcome back here's performance last year, hedge funds saw an 8.5% return now that compares with the spyder for the broad market posting 21% return our next guest is the man leading the charge to take illinois state investments out of hedge funds joining us now is mark lavine, chairman of the illinois state board of investment. mark, thank you for joining us >> welcome >> thanks for having me. >> so you simply don't think hedge funds are worth the money? >> well, their performance has been absolutely terrible, and we started asking questions, we had a 10% althoulocations, asked questions, like, what are these things half are stock pickers who suckered investors into not using basic equity benchmarks. we did that, and they all -- nearly all underperformed basic benchmarks why would we pay 220 when we get indexes for free the other half of the business are these, like, trading books, traditional hedge funds, derivatives and such, they are

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