jon najarian has made his way to the telestrator.ld. >> judge, as you can see the stock we're talking about, the etf is gold, gld, and it's down hard. it's down about 0.6% today. they came scrambling in with the stock right around this it le l level, judge, and were buying the march call, march 125 calls, with this index trading around 111. that's way out of the money but not far from where the stock was around the election. so what did i do, instead of buying those calls, i bought the 120s. not as much of a reach, and sold those 125s. i'm in a $5 spread. you can see the volume here, 25,000 contracts traded all in one print, judge, at that it particular strike, the march 125s. i didn't just want to have that much out there this. >> pretty far out. >> well, pretty far out of the money. i said i'll buy the 120s -- >> pretty far out in time. >> they're giving themselves three full months, almost four, to be right on this trade. i like it especially if we get any sniff of inflation coming back in a hurry after that fed meeting in decembe

see you in about 20. >> najarian has had some good calls lately. >> the lulu one is unbelievable.buying lunch. put it that way. >> exactly. let's get to rick santelli and check in with the "the santelli exchange." rick? >> everybody, of course, is scrutinizing what the ek second doi -- ecb is doing. yesterday we were doing "closing bell kwtsds i couldn't help but notice the dax uz up close to 2%, the ftse was strong, everything was strong, and it didn't seem to jive even with a big upday. now today maybe it's more clear. maybe it's not exclusively that mario draghi and what he said but there's no doubt we have four dax in a row that are higher. almost exactly even though we're still a bit below the all-time high, which is several months before that point. let's go to the beginning about markets. they tell you what's going on. they divine things as objectively as any other form of interpretation. take a euro two-year today, minus 73, a euro ten-year, down 38. down six on the twos, up thee on the tens. that means we have steepened by nine basis points. steepening in this case is ver

with us for the hour joe, jim, the brother najarian. let's give with marc faber, the editor and publisher of the boom, gloom, and doom report. mr. faber, welcome back. >> thank you very much for having me on your program. >> i mentioned what yields have done in the last three months, and stocks have been much of the story, but you seem to be most focused on what yields are doing. at what point do they become a problem for the trump rally? >> i think they may be -- now the problem in defense that the more importantly rates have gone up substantially. in other words, housing may begin to weaken, and secondly, we have over a trillion dollars in auto loans outstanding, which could also be a problem for future auto sales, car sales, so i think economically to higher interest rates and don't forget -- for such a long time that even an increase such as we had, which is not huge, went up 2.6% on the ten-year. it's not a huge interest rate, but the increase is substantial. it was 1.32% on the ten-year. >> this is a market that's run wild since t

with us for the hour today steven weiss, jim levinthal, the brothers najarian.e begin with the president-elect who tells time magazine "i'm going to bring down drug prices. i don't like what has happened with drug prices." all right. john, how concerned should we be? >> i don't like what's happened with drug prices, quite frankly, and as far as lily, a stock that i still own, judge, i don't like what's happening there. >> all right. it's the xpi, the ibb, the ones we're talking about, and they're down 4.13%. >> many of them rebound the maybe 25%, 30% off of the bottom that is they put in right when that tweet came out. of course, the stocks were under pressure. they have bounced a little bit. lily is, like i say, about 50 cents or so off the bottom that it put in, and still well above where it was in the after hours the other day. i think this is a lot to do about nothing. we would all like to see many of the health care costs come down. i don't know that he can just wave a magic wand and have that happen. >> sure, but we've seen, steve, the power of -- >> of th

jon najarian was bullish last week and bought ahead of the earnings. list en. >> i was at the mall of america, the biggest retail space in the united states, there were lines to get in at 2:00 in the afternoon. that's a picture of it. lines to get into the store and people are coming out with bags. i just know when you're paying $80 for a pair of yoga pants they're making a pretty good edge on that trade. >> all right. >> guidance was great. there was ludicrous down grade and i said it was ludicrous because they cited the on line discounts are incredible, the evidence was there. people wait to get into these stores. almost always a line at check-out. >> you can characterize it however you want. they say the 7% com, they reiterated the 7% comp was driven by pricing and conversion gains. both were up, a trend that we believe will continue into 2017. >> mid teens growth and this analyst sees something wrong in that, judge? show me another retailer that's doing this and these guys have extreme margin. people love this. >> look, they're doing well there. th

with us for the hour joe terranova, the brothers najarian, aaron brown is here as well, the head of macro investments with ubs o'connor. the eve of the final trading day of 2016 seeing a modest move for the major averages lower today. there's the dow down nearly 20. s&p and the nasdaq following suit. so, doc, is it time to take some profits? >> well -- >> is the market telling you over the last couple of days that now is the time to take something off the table? >> no. i mean, you've run out of one of the necessary drivers to send the market higher and that is obviously trading volumes. dried up. we've all said it the last two weeks. that's not anything new. i don't think the fact we're going to turn the calendar page is anything new either, judge, except that, perhaps, and i think it's overblown, people who delayed sales if they all of a sudden like jim has alleged decide to make those sales early in the first couple of weeks of next year, yeah, that could cause a little water fall. i think it will be little. i don't think it will be -- >> look at the underpinnings of this rally since el

two najarians, two ponytails, two servings of unusual options activity today. doc, you're up first. >> all right, judge. insight. you talked about it. it's had a feverish run since april of this year. up about 40%. you see it today. right around 104. they scrambled in, and they were buying the 125 calls in here. now, those are in march. the march 125 calls. they've only moved up about 230 to $2.50. they've got a great pipeline. they've got an arthritis drug partnership with lily. i think those are all big reasons why the run continues. somebody put a pretty big bet that it goes significantly higher. i bought them along with them. >> there's insight on the move. what about you, pete? >> taking a look at apple. we talked about this name all the time, but we're normally talking about the stock. it's one of the longest holdings i've had. i continue to hold on to it. i like to play with the options themselves. when you take a look at this, look at this run. it's a dramatic run out of apple. just in the very recent weeks. you got to like that, and you just look at th

with us for the hour today stephanie link, josh brown, john najarian. karen firestone is with us today. with us today from mountain view, california, is andy chase. he is with morgan stanley. andy, it's great to have you. it's great to have you here as well. josh, what's going on here? we certainly have a little bit of a breather today. haven't had much movement in the last couple of hours at all. >> well, look, volume is light. a lot of people have made their big decisions already for the year. seasonally the second half of december tends to be strong. people mockingly call it the santa claus rally, but, in fact, there is some statistic altruth to it, where you've got people that are trying to get a jump on what they think might happen for next year. my message right now is not to get too worked up about all of this. there are a lot of things happening in january that could just as easily reverse some of the positive sentiment that we've seen in december. it happened bigley last year, and in any case there are a lot of new things like the inauguration,

with us for the hour today is jim leventhal, scott brown, john najarian. with us today from toronto is kevin o'leary. he is the o shares etf chairman. let's talk about this, jo. you've got money sloshing around. you've got the paper today wall street journal says stock rally is more hope than entrance. what should people be thinking about? the way that the market is trading. >> i have a couple of thoughts that i'll get to really quickly. i asked the producers to make this chart for me. i wanted to show you rsi on the industrial average because it's at the highest -- it's at the highest levels that we've seen really going back 20 years. now -- >> if the for the dow at these levels. we saw it in 2003. frequently that it will be at the beginning of a leg higher even though it does mean a short-term pullback. i think people need to not lose their head when this thing goes off. >> i mention at the top this notion of this rotation that's going on. you know, hour by hour in some instances. day by day. out of sectors into others. some stocks that are up, you know,

. >> pete najarian -- >> let me just finish. a significant event has happened that could effect stocks. >> maybe. >> maybe? >> maybe. >> you think -- >> i think it's a big maybe. i really do. what did dick fisher say to you, pete najarian? he said that reagan didn't get his tax cuts until when? what term? >> second term. >> yeah, second term. >> you listen to all of this stuff. >> you were on fire today. >> i was on fire today. no doubt in my mind. he talked about 4 and 5 mercedes growth in the high yield. the reason i think that's interesting, but why i wouldn't want to be there is, i would rather be in the banks where you've got a low -- and the technology names where you've got a low epe and a yield, outperform by double that. >>> coming up, $3 trillion worth of tech ceos to talk to the president-elect. we'll get the details from the ground and the company that could emerge as the surprise winner. >>> plus, could cutting the cord cost more consumers? we've got the details on what it could mean for the mainly media stocks. >>>

joe terra nova, stephanie lirng, pete najarian.et's begin with van garde's joe davis who writes that the market is getting ahead of itself and that growth isn't nearly as rosy as people think. we welcome in joe davis from pennsylvania today. joe, welcome back. >> thanks, scott. thanks for having me. >> why do we have it wrong? >> well, i just think we have had a significant change in sentiment. if you just go back to the tape six months ago, there was a really strong concern in the market, bond market, equity market around this growing sense of stagnation. we were skeptical of that. at the same time the clear focus on reflation and risk by many investors, i think the truth is somewhere in between, and that's what we mean by both views are too optimistic today. >> yeah. maybe we underestimated, though, where the economy actually was before the trump election and now we maybe, okay, we're feeling pretty optimistic about where we think tax policy can go, a stimulus plan could go, but the fundamentals, though,ing are in some ways justi

your traders are pete najarian, brian kelly, carter worth timothy seymour. the short seller who called the decline in valiant is charting the hottest stock in the s&p. nvidia. the man behind the big call andrew left will be here to tell us why the huge run in this stock is over. >>> plus apple's ceo tim cook making a surprise visit to the new york stock exchange today. we'll hear his comment about why he is calling it a great holiday for am. >>> and we're waiting for president-elect trump to make an economic development. he sat mar-a-lago, his resort in palm beach, florida. you're looking at a live shot where he is expected to make some remarks about the economy, an announcement that could benefit the american worker. we will bring them to you as soon as we get them. we start twauf markets in an unfamiliar color, red. there was a lot of it today. the dow falling triple-digits for only the second time since the election. both the s&p and nasdaq also lower. the dow and s&p closing on the dedelows. and call it a wall of worry in today's markets. retail stocks f

joe terra nova, stephanie lirng, pete najarian.'s begin with van garde's joe davis who writes that the market is getting ahead of itself and that growth isn't nearly as rosy as people think. we welcome in joe davis from pennsylvania today. joe, welcome back. >> thanks, scott. thanks for having me. >> why do we have it wrong? >> well,

with us for the hour joe terra nova, jim leventhal, stephanie link, and john najarian. also with us from the nyse senior markets commentator mike santoli. i am tired of people saying dow 20k does not matter. >> it's down 20 thou. not dow 20k. 20 thou because it rhymes with dow. dow 20 thou. >> all right. >> whatever you want to call it. whatever you want to call it. >> okay.

jim leventhal, john, pete najarian. we're also joined today on set by another

with us for the hour today stephanie link, josh brown, john najarian.aren firestone is with us today. with us today from mountain view, california, is andy chase. he is with morgan

you may have heard comments from our very own jon najarian who called out kara swisher for calling out the tech executives who went to the meeting yesterday in trump tower. we want to welcome in now on the telephone kara swisher herself. >> i have no idea what he said but whatever. >> he'll tell you exactly what ep said right now. >> oh, gosh. >> i follow you and i have enjoyed your insights. i thought your comments about the tech executives going to meet with mr. trump were divisive, i didn't think it was about bringing america together. i know your job isn't to make things productive here but i didn't think there was anything positive about the comments you were writing about them meeting with mr. trump yesterday. he is the president-elect. >> i didn't say he couldn't meet with them. you didn't read carefully. i said they should speak out on political issues. that's a very different thing. the last time i checked we're allowed to speak about the feelings we have on different issues and donald trump said a couple of appalling things about tech that now he's taking back, and maybe that

on set joe terranova, josh brown, jon najarian. kevin o'leary, e it tf chairman.hanks for being patient. jonathan, thanks for your patience as well. let's talk about what we just heard from carl icahn specifically about the market and where it is right now as excited as he is about a trump administration and what it will mean for the market over the long term maybe concerned. >> he's underscoring what all of us are talking, that the market is due probably for a little bit after correction. i don't think any of us would be surprised by that. when you look at the policy initiatives should be favorable for the market. >> what about the notion that people are not selling because of expected tax policy? >> exactly. >> i wonder if that penalties it up then into next year and causes a larger sell-off down the road. >> if it's selling off, it would ak sccelerate the sell-off into next year, judge. >> it will pull back at some point, no? >> at some point it will. carl is a smart guy and makes longer term investments. he's not the fast money that we are meaning he can buy n

. >> so, in other words, judge, as you know, which is a setup really -- >> john najarian capital advisors? >> not everybody is an idiot. >> we're not all idiots. >> they are watching the same thing we're watching play out, judge. the men and women managing trillions of dollars here aren't betting that, oh, yes, is he going to get absolutely everything, and it's all priced in right now. no. they're handicapping it. what are they handicapping it? probably 15% whaf they think could happen in the first six months. they're not projecting out for the full year yet, but i'll just give you one when you asked jim, what could be something that is a surprise, an out liar. we've already had a 7.5% correction from the 2.6% ten-year yield. down to 2.46 or something like that, and the yield peak came two days after yellen and the fed moved rates. it's been coming down ever since. i think, and as you know gundlach said the same thing, that we pull back towards 225, maybe even 218 or whatever as far as a ten-year yield, judge. i think that playing out could be a very positive thing for the markets, but it

with us for the hour today, steven weiss, josh brown, jim leventhal, john najarian. what's going on? doc, what's going on with retail? really bad couple of days. >> yeah. bed, bath, and beyond, that one just fell apart this week. great call by courtney and the group over at loop on that. i don't think it's all bad what we've got going on here, judge. it's selectively bad just like it's selectively good. nordstrom -- coach, target, gap. >> not a single stock in that group that i just read is up. >> true. buy on labor day. sell them black friday. if you adhered to that, you did very, very well. if you overstayed your welcome in some of the names you just talked about, scott, then it's a rough week for you, but i think a lot of folks did do that seasonal trade and took the money off because the runs were so spectacular. >> you had the xrt, weiss, was up 8% in november. the etf that tracks the retail stocks. now it's rolled over. yesterday had the worst day since mid-may. why? >> they were too far extended. the bulls were too far. they didn't deserve to be there. >> do y

with us for the hour today, joe terra nova, stephanie link, the brothers najarian are here, barbara duran portfolio manager. richard fisher is mere as well. he is the former president of the federal reserve bank of dallas. it's great to have everybody here. mr. fisher, i'm going to go to you first.

with us for the hour,stein weiss, josh brown, john najarian. she's with ubs. o'connor, head of macroinvestments. also with us today from toronto is kevin o'leary. o shares etf chairman. let's begin with the markets today. the dow marching closer to that 20,000 level as everything from the transports to small caps, nasdaq hitting record highs today. josh, what, if anything, is still cheap is the question i pose? >> you have 40 new stocks hitting 52-week highs in the s&p today. you had 112 yesterday. is anything cheap enough to buy anymore? >> let me start by saying this is a great environment for people who didn't panic during all of the big bad event that is we had this year starting from the things that went on in january and february related to china, continuing through, you know, the brexit drama this summer, italian referendum. the election here. if you stuck to your guns skpurks owned cheap stocks, you are doing very well. value is outperforming substantially. small caps that couldn't get love for two years are also doing well. i don't understand why we w

with us for the hour joe terra nova, jim leventhal, stephanie link, and john najarian. also with us from the nyse senior markets commentator mike santoli. i am tired of people saying dow 20k does not matter. >> it's down 20 thou. not dow 20k. 20 thou because it rhymes with dow. dow 20 thou. >> all right. >> whatever you want to call it. whatever you want to call it. >> okay. >> the retail investor loves this sort of thing. >> it's something we all talk about. none of us benchmark to the dow on this desk, but we all watch it. nonetheless, it does bring in a lot of individual and retail speculative paper, which is great for the markets. now, the question is, of course, mel, a close above there staying above there, pushing higher, or is it just you hit it, and come off, which is what we usually do in big numbers like this? it doesn't feel like we've got the momentum, but people have definitely tried to push it today. saw a lot of fas. they tried to drive that. that's a triple levered etf. tried to drive it right away in the morning. didn't get there. it failed and came bac

with us for the hour today, steven weiss, josh brown, jim leventhal, john najarian.hat's going on with retail? really bad couple of days. >> yeah. bed, bath, and beyond, that one just fell apart this week. great call by courtney and the group over at loop on that.

with us for the hour today is jim leventhal, scott brown, john najarian. today from toronto is kevin o'leary. he is the o shares etf chairman. let's talk about this, jo. you've got money sloshing around. you've got the paper today wall

with us for the hour today, steven weiss, jim levinthal, john najarian as well.o on set is paul richards, the president of medley global advisors. we want to begin with that call. it is by wharton professor jeremy seagall. we welcome him in today. happy back. >> happy to be here. >> this rally doesn't fee

jim leventhal, john, pete najarian. we're also joined today on set by another john. john ficthorn. let's begin with the markets. the march towards dow 20,000. a busy take for the markets and investors with the fed beginning its meeting, pete. people are wondering how long this thing can last. it just continues to move higher. >> it does, and part of the reason behind that, scott, is the fact that rotation just continues. yes, we were into energy. today you look at technology, and technology stocks are ticking up. look at microsoft. look at intel. look at apple and facebook. you start to go through some of the fang names. almost every single day there's a rotation. the thing to keep an eye on right now is volatility is still remaining low. still right around 13 or below 13, scott. you can protect. you can be involved in the market right now, but you got to have protection on because of this huge run we've had since president-elect was put into that position. >> you have these almost daily rotations. one day maybe energy is our f e favor. the next day is in favor. it's fairly broad-b

with us for the hour today steven weiss, jim levinthal, the brothers najarian. the president-elect who tells time magazine "i'm going to bring down drug prices. i don't like what has happened with drug prices." all right. john, how concerned should we be? >> i don't like what's happened with drug prices, quite frankly, and as far as lily, a stock that i still own, judge, i don't like

with us for the hour joe terranova, the brothers najarian, aaron brown is here as well, the head of macro investments with ubs o'connor. the eve of the final trading day of 2016 seeing a modest move for the major averages lower today. there's the dow down nearly 20. s&p and the nasdaq following suit. so, doc, is it time to take some profits? >> well -- >> is the

with us for the hour,stein weiss, josh brown, john najarian. she's with ubs.d of macroinvestments. also with us today from toronto is kevin

with us for the hour joe, jim, the brother najarian.ith marc faber, the editor and publisher of the boom, gloom, and doom report. mr. faber, welcome

pete najarian?> the amazon one, you were snickering at me a week or two ago when the fang stocks were really getting beaten up and i was saying, look, i think a lot of it is being dragged down because amazon and those invested in the fang, amazon is the leader to the down side. in terms of the bigger, broader picture of technology right now, we all talk about apple all of the time. we talk about valuations, we talk about the various things that could be the impetus for this to actually start to move. i think there are names. we talk about repatriation. we talk about all of these things. the tax code being changed. all of that combined with the idea that valuations are still for these. intel, microsoft, micron. an analyst today talking about the entire chip sector. gets an upgrade. i think they're right. a lot of these stocks very inexpensive still and up side in the financial. >> isn't it a coincidence these big cap tech stocks made nice gains in today's session, outperform the rest of the markets o

pete najarian, kick it off. >> i don't think the industrial metals yet. looking at some of the names like the metals of the world. a trade of mine for the last couple weeks. all there has been is paper. u.s. steel, i think if there is going to be $1 trillion dollars and different rationale, i think those names still have up side from here. >> i totally agree with what pete is saying. reflation trade was alive, still going on. i think the dollar is capped. i think the dollar actually may get some headwinds effectively from the ecb tomorrow. i don't know that they're going to taper. not going to talk about tapering. i think there is a message in there. reflation trades continue to work. financials, absurd move. in fact, the great rotation is on. if you think about where financials were, in 2006, 22.5% waiting in the s&p. right now about 15. so is there room for where people are very, very underweight? i have spoken to a couple wire houses today? people are nervous they have missed a lot of this rally. and i think there is more of those people out there than

with us for the hour today, steven weiss, jim levinthal, john najarian as well. also on set is paul richards, the president of medley global advisors. we want to begin with that call. it is by wharton professor jeremy seagall. we welcome him in today. happy back. >> happy to be here. >> this rally doesn't feel a little long in the tooth? >> no, not really. we really had stagnated market for almost two years. barely inching up highs. i think that trump's and republicans' program which the market is much more in favor of than just trump's program can certainly spark another 5% or even more increase. now, whether it comes by the end of the year, we'll have to see, but i think we have to be very encouraged by the choices certainly they pick for treasury and commerce. i mean, these are men that are very aware of markets. they're very aware of the globalization of our economy. what's important is that if he goes into an extreme protectionist or import mode, tariffs is greatly reduced with these advisors he has chosen where. >> he deserve all of our respect. you deserve

with us for the hour today, joe terra nova, stephanie link, the brothers najarian are here, barbara duransenior portfolio manager. richard fisher is mere as well. he is the former president of the federal reserve bank of dallas. it's great to have everybody here. mr. fisher, i'm going to go to you first. the fed decision is coming today. a decision that has already been made by this point. >> right. >> any visurprises today? >> the market is discounted fully. the real issue is what the chair says in her press conference. it will either be a nonissue because it's already discounted or whatever she says in terms of the future path and the key operative words are slow and gradual. do they change from that or not? we'll see. >> if you are sitting in the room today or you have been advising or around the table over the last several days, put into context what the trump rally means to that conversation. >> that's a great question because we've seen rates come up. it started after brexit. remember, the ten-year treasury was at 136.6. that's the lowest since hamilton. not the musical. the real gu

. >> the najarians have been talking about the stock market for years. >> i'm just saying. it's like now it's -- >> i agree. >> steve, instead of a christmas present this year, i want one small cap and one large cap stock to invest in. there's a median there. >> redskins game yesterday. he is friends with the punter on the eagles. donny jones. the guy is talking about selling out of bank of america too early. >> yeah, but you think a punter in the nfl would make some dough, he should know. >> i know what you are saying. >> no, i -- >> it is a measure of over exuberance or whatever you want to -- >> shiler used the words -- >> when you get too many people. look, i think between what we have in the late 199 on 0s when it was uncomfortable to go to a party because everybody would mob you asking about your view on the stock market, and the complete -- what's the word -- ignoring of the market over the past several years. there's a medium here. i think a little bit of it is okay. >> at those cocktail parties in the late 1990s people were over exuberant about a market that had go

with us for the hour today joe terranova, jon najarian and kevin o'leary. to you, look at the notes and you say the trump rally will not continue. why not? >> everything is fully valued. this is about optimism. it's an animal spirit. there's no earnings changes whatsoever. i would argue the stocks including facebook are starting to show cracks because i

pete najarian, kick it off.

jon najarian, bertha mentioned a lot of the big cap tech stocks h are higher but are underperformingir peers. >> as long as the other two sectors, one of them is challenged by exactly mr. trump's comments in that time magazine article. and that's health care. i'm broadly putting the farm p and drug companies in that basket. what we're looking at is if a market if we do have the fins and the health care stocks moving up, that it doesn't matter as much about tech. if we're losing some of the upward thrust from health care in particular those pharma names, they are big cap stocks. that's why it is the second largest sector of the s&p. we need that. but i think overall, tech stocks are going to go right back to work in 2017, if people are taking some profits this year, i can't blame them. >> jim, how much of this is computers? the transports hit a technical level. i hate to just describe it to, you know. but let call it what it is. >> the fact that the stock market is higher today is not surprising me, the fact that it accelerated was a function of this, an enormous order hitting the s&p

your traders are pete najarian, brian kelly, carter worth timothy seymour.he short seller who called the decline in valiant is charting the hottest stock in the s&p. nvidia. the man behind the big call andrew left will be here to tell us why the huge run in this stock is over. >>> plus apple's ceo tim cook making a surprise visit to the new york stock exchange today. we'll hear his comment about why he is calling it a great holiday for am. >>> and we're waiti