mr. draghi waiting in the wings to speak. so in light of the comments here and a valley day, if you like, of what he's done so far, interesting to see where the next step takes us. back to you from company and i sha. >> good stuff, geoff. thanks very much. still waiting for mr. draghi. we'll get to there in a second. mortgage approvals a tick up from 29,000. mortgage approvals jumping up in october. now, wil we wait for mr. draghi, the ceo of commerce bank has been speaking. he says the ecb is only candidate for single european bank oversight. but germany shouldn't block thatover item for all the banks. he's saying it should be affected to all the banks and the banking supervision must row with other measures. and not accept for the u.s. to drop basel iii. add like to be introduced sooner rather than later. what do you make of those comments? >> i was smiling a little because i think of course the comments indicate what a vigs importance for commerzbank which is a level playing field. one reason they have struggle for a long

mr. draghi came out and talked about europe. then at the open right here, here's the concerns about obama and clear stoshcks around obama election dropping. then right about here we had apple coming out, suddenly hitting $568, that 20% decline. we took another leg down. good news -- why i am a little optimistic -- this is exactly the european close. we had big volume in the u.s. on the spdrs right at the european close. this suggests a large part of this decline we are seeing right here all the way down was europeans that were actually selling. the minute we hit europe, we stabilized and we actually moved up. we're almost 100 points off of the low on the dow. here's your stocks that are affected notably by i think clearly president obama's election. coal stocks, financial stocks, defense stocks, energy stocks, and some of the dividend payers. this is etf, dvy. apple at $564 i believe? there's $564. when apple hit that you saw the move to the downside. i think it is pretty simple explanation. one-thi one-third, one-third, and may

mr. draghi came out talking about the problems in europe affecting germany. that was 7:15. we lost ten s&p points on that. fu number two, the obama election and weakness on certain stocks in that. number three, apple hitting a 20% decline. that happened around 10:50 eastern time. there's your three segments. take a look at s&p 500. you can see clearly what happened today. there's the draghi comments. these are the futures. we saw the drop on that. then the u.s. market opened. there's the obama concerns. then there's the apple drop. you see three neat little segments leading to the bottom of the u.s. market. take a look at some of the stocks that are weak here. these are sectors affected by obama's election. coal stocks, financials, defense stocks, energy stocks, and dividend payers. that's a dvy at the bottom. finally, the market is taking this in stride. it's been a very orderly selloff. it's not been a good day, but look at the vix index. if this was a real worry day, you'd see the vix go into the low to mid-20s today. the fact we're still below 20 is a reality mark. >> y

mr. draghi didn't say anything too controversial or market moving today. the worry for stocks right now, the general anxiety on the floor. additional sell on capital gains worry and there's a lot of questions about how long it's going to take. we need the address this soon and the capital gains from 15% to 20%. not so bad. 15% to 43% is a catastrophe and the uncertain is gnawing at people. make a deal sooner rather than later. people trying to figure out how long does it go on? one potential beneficiary of capital gains uncertainty is etfs. exchange traded funds. most etfs never distribute capital gains. voila! solve the problem. if you're worried, buy etfs here. when taxes goes up, tax efficiency is an important issue. i expect you hear more about that in the coming days. if it looks like the fiscal cliff will drag on for a while. prices 2% to 3% lower than yesterday. interested in buying? already middle on the banks yesterday. you know the debacle of the banks and preopen. looks like they're opening on the positive side and volume is not heavy at the ope