liz: let's break down today's action with, pete lang, lang capital president. he is here to warn us what he call as significant pullback. tim is p rare dice asset management chief investment per. officer. he has two-ways to play market. phil flynn lives and breathe the market action. with bob iaccino, chief market strategist live from the cme pits. bob, start with you. we saw gains today. what propelled them? >> today you're looking at a situation there was lot of short-covering after selling from last day or so. people talk about friday moves. it is considering what happens in iraq and how it could escalate over the weekend, i don't see everyone holding position. you heard a bell at new york stock exchange. i heard a bid behind me. that is continuing to the close. adam: we'll talk about iraq and talk about oil quite a bit because it is important. i want to go to tim reali want . volume was light even though we closed up on the dow. a lot of people take this as sigh of relief. is it time for sigh of relief? you think the second half will be much harder on equit

liz: let's break down today's action with, pete lang, lang capital president.rn us what he call as significant pullback. tim is p rare dice asset mage