that reaction from phil flynn, a prominate oil trader and fox busines news contributor. it's reported price collusion was happening in crude oil, refined products and biofuels. a multi-layered investigation is happening now into exactly how workers at the irs targeted

nicole petallides and phil flynn. nicole.seeing here with the market major averages. the dow 15,000. you can see it right now. it has pulled back. we did cross the 15,000 mark. we traded as high as 15,009. the s&p also touched and rope through records. we watched that. new highs there. the nasdaq composite hitting levels. the employment report with some good news. the catalyst for the day. we are at the date of the earnings season. at&t, visor and jpmorgan are the exception. caterpillar, 3m and hewlett-packard helping to cape the bull market going today. phil flynn, what is going on there in chicago. >> look at this. we are seeing a huge move. this is the type of move that back in the old days, we would have had a limit. what is going on here? get me into some of that stock market rally right now. we are also seeing the stock report. everyone was talking about people not wanting to commit to the stock market rally. are they going to be accommodative? look at europe right now. they are falling. here in the u.s., going the othe

phil flynn, what is going on? >> bernanke, these traders love him right now.he said, listen, we will not move stimulus. later on he said, hey, wait a second. that created a huge move. what is happening with the dollar, the dollar all over the place. a four and a half year high against the yen. it is not only the commodities that have been all over the place. we have seen a lot of movement in the short end of yield curve. as far as oil right now, oil, of course, is under pressure because of that inventory measures today. back to you. we have jeffrey cleveland and chad morgan lander. we just heard phil flynn save bernanke says we may be pulling back some purchases. >> it is still stimulus. they will not be continuing to expand their balance sheet. market participants right now know that the federal reserve is behind them. cheryl: as long as we need it, frankly. the one thing he did admit to hear and acknowledge, 7.5% unemployment, there is only so much that monetary policy can do. it will depend on the prices of inflation. the question that came up that i though

phil flynn of the price futures group at the pits of the cme. d it offsets the record supply levels? because it has been a wild week for crude. phil: you have to call his great expectations because it is not about demand, it is what the jobs may mean for the future. it is absolutely nuts. two weeks ago it was below 85, we have gone up over $10 per barrel in the two weeks. and it is all about expectations. oil prices selling off hard and concerns about weak demand. building supplies, the u.s. going into a slowdown, concern about europe and snap your fingers, that has all changed. a great jobs number, now the market is excited about demand, but let's face it, it's not all about the job numbers, it is about the federal policy of the fed, you cannot fight those guys. melissa: absolutely. the jobs rate: 7.5%, the lowest level in four years. the temporary jobs are at an all-time high. is it a case of quality versus quantity? nobody better to ask when the feckless michelle gerard, chief economist for rbs. you never get tired of that, right? >> now, i gu

fox business contributor phil flynn of price futures group is there for us. is minute but, phil, up nicely on the week. >> very nicely this week. i guess ben bernanke can be gold bulls worst eni or best friend and this week their best friend. after the big spike low on sunday night with the gold and a reversal lot of bulls came back in but they got a lot of help with ben bernanke and that uncertainty surrounding tapering in or tapering out or tape everying down whatever it is. but fear and ununcertainty gets out of stocks back into gold. ashley: phil, i also want to mention bp will delay the conversion of a midwest refinery. sound all very technical but it is having an impact. >> it is having a impact. not only the price of rbob from lower to higher today, it is drag up crude. this is the major refining issue in the midwest. this turnover is one of the main reasons why the midwest has been paying record high prices for the country. this is very disappointing. every time i think that we're getting ready to turn the corner on gasoline prices in the midwest, we h

let's head to the trading pits of the cme and our phil flynn, phil?g with the rebels in syria and also talk about that this could expand beyond the syria into lebon. all that talk is driving up the brent crude along with good economic data here in theeu.s. adding to the upward pressure in the oil market. looking around the board now, it's the brent crude that's dragging. the economic data offers support. we also have the product up as well. look at rbob futures up 3.5 cents, heating oil up 5.6 cents, ultra low for diesel, a sign that the demand expectations are rising after all this strong economic data, but be careful. today is option expiration day on the product. that could mean even more volatility in that market as we move forward. the big thing here, if you look at oil right now, look at the spread twinge the wti and brent. it's brent leading the way, and if brent breaks down, i think the whole complex is in danger of collecting back right now. back to you, dennis. >> thank you very much, phil flynn. ♪ >> and time for your "west coast minute," a

that reaction from phil flynn, a prominate oil trader and fox busines news contributor. it's reported price collusion was happening in crude oil, refined products and biofuels. a multi-layered investigation is happening now into exactly how workers at the irs targeted conservative groups. at a news conference tuesday, attorney general eric holder said he has ordered an fbi and justice department investigation. "i think, as everyone can agree, if not criminal, they were certainly outrageous and unacceptable, but we are examining the facts to see if there were any criminal violations." the acting chief of the irs acknowleged "a lack of sensitivity" in the agency's screenings of political groups seeking tax-exempt status and says "those mistakes won't be repeated." the story came to light last week that the irs was apparently singling out conservative groups that used words such as "patriot" or "tea party." "no stonewalling, no more incomplete answers, no more misleading responses, no holding back witnesses, no matter how senior their current or former positions. we need fu

phil flynn, thanks so much. great news from the northern plains.inding twice as much oil and three times as much gas as previously estimated. what does it mean for the state of north dakota? joining me now is senator john hoeven. in terms of tax renewal, i mean, right now the state is taking in just under a billion dollars. that will jump to 2 billion-billion dollars. >> good to be with you. this is really good for north dakota. it is good news for the country. industry thinks it is actually low. that means a lot of energy. that means a lot of jobs. our state is very strong. we have no debt. melissa: if you look at the revenue it will bring into the state, you do generally realized that there is more there than you originally thought. this is not totally uncommon, but it is creating some interesting problems for your stay. for example, mcdonald's is giving a signing bonus to get people to work there because there are not enough people in the state to fill all the jobs that you have which is incredible. we have other states where there are so many p

dennis: thank you very much, phil flynn.n the united states helping drive the economic recovery. the recovery may be in trouble. stephen short will join melissa and lori. dennis: stay in school. a new study shows which major will pay the most. cheryl: doubletree. expanding to australia. the business of travel is ahead. as we go to break, though, i want to take a look at the winners over on the s&p. bank of america moving higher. we will be right back. ♪ we know a place where tossing and turning have given way to sleeping. where sleepless nights yield to restful sleep, and lunesta eszopiclone can help you get there, like it has for so many people before. do not take lunesta if you are allergic to anything in it. when taking lunesta, don't drive or operate machinery until you feel fully awake. walking, eating, driving or engaging in other activities while asleep without remembering it the next day have been reported. lunesta should not be taken together with alcohol. abnormal behaviors may include aggressiveness, agitation, ha

let's said to the trading pits of the cme and phil flynn to se how your memorial staples of trading. been a very challenging year for the cattle ranchers. there is good news. corn prices have fallen down. 50% more cattle lower prices. a big discrepancy which in the cash price, we have been paying in the futures market. cheryl: from the queen of television to queen of the farm. the latest bend's venture comin up an hour west coast minutes. cheryl: -- dennis: memorial weekend, this summer will be no vacation. mr. gilligan some of the day's winners on the nasdaq. thank yo orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're hisry. instead of looking behin.. delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. how old is the oldest person you've kno? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived w

dennis: thank you very much, phil flynn. cheryl: a quurter till. time now for stocks now.ou focused on. >> retail, for the most part, we had great earnings for home depot and also stocks like autozone. great strength out of financials. a lot of the utilities in healthcare starting to hit new lows. we were down early on and now we have rebounded back. why not. after all, it is tuesday. this is the 19th consecutive tuesday where the markets are up. the market has been up nearly 1% a week this far. it is simply incredible. we are still seeing real signs of resilience. there really is no sign of any deterioration at all. cheryl: if you look at the dow, that is one thing. in regards to the s&p, many trackers track the s&p. that is their true gauge. it was struggling earlier this morning. does that worry you at all? >> no, not at all. at least not for the time being. until you release the deterioration under that level, it really does not pay to get overly concerned. in either case, the market is still quite resilient. we want to see at least some evidence of breakdown before yo

phil flynn in the pits of the cme. what is happening with gold today? phil: the stock market doesn't look like a sure thing anymore. they are now going back in. ben bernanke and the fed tapering down could mean tapering up and back and forth. it is making gold look more attractive. he came out like a bear. all the volatile yesterday about how quickly we will see tapering off. fed officials bringing the market back despite the news out of china. talking we could taper upper taper down depending on the data, the other thing is oil down big this morning. it is coming back but there are lots of reasons to start being bearish on oil. memorial day weekend is here, mostly gasoline wholesalers have taken a little bit of a pressure off. prices coming down at the pump, good news ahead of the holiday. melissa: absolutely. phil flynn, thank you so much. lori: so we got some positive signs on the economy today. april new home sales rose in march now up 13% from a year earlier. jobless claims fell to a better-than-expected 340,000. and here we are a day after the fed,

phil flynn, price futures group, thanks so much for joining us. >> thank you.ori: so the major averages as we've been reporting and following all day long in the green after pulling back yesterday. why else? here the fed will start slowing down its bond buying stimulus. david joyce, ameriprise financial chief market strategist, he says stay invested. u.s. equity markets are the place to be. a lot of people are singing that song, as you know, david, but you warn there are cautionary signals to be worried about. i would like to start there if you would. >> yeah. fit of all it is awfully i think it is fair to say evaluations are still reasonable, but a couple of warning signs. one, you know, the first-quarter earnings season pretty good but revenue growth was flat. guidance was very downbeat for the second quarter. in addition we came out of the first quarter with a little bit of softness in the economy. we may be able to get through that but at the same time we've had some weak data out of europe and china terms of industrial production. so this general expectati

thanks, phil flynn. and a lot more, we should also say.e grate gatsby. cheryl: technology. apple, google, here are some winners over at the nasdaq on the heels of their earnings, whole foods is leading the nasdaq on the winner's category. it's a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. dennis: in today's media minute, it's great gatsby time. warner brothers film premiers friday as hollywood tries to end the curse. first ever came in 1926, a year after the novel's debut. not even robert redford could pull it off in 1972. now, this is the fourth big screen effort. it stars leonardo dicaprio. 98% of fans at rotten tomatoes fans want to see it. on line it's getting more buzz than even "iron man 3" got. maybe the great gatsby will be a

let's look at the trading pits of the cme and phil flynn looking at a weather maps and h right now. >all shoulder season that is supposed to be spring, period of time when it is not too hot or cold, forget about it, there's no spring, we're going from winter to summer almost overnight. with the means is natural gas injection, not going to keep up with average, you're going to fall below average, turning on our heaters in some parts of the country. other parts are ramping up the air conditioners. that means more power usage and natural gas producers can't get a break. supplies the going to get tighter than people think so natural gas back above 4. cheryl: thank you very much, see you tomorrow. dennis: the press conference with jay carney, the press conference opposed to start at 12:30 to address the latest charges for the white house, still waiting for it, the delay may be their say and what did they going to stick? dennis: still waiting for that briefing by press the kerri jay carney, supposed to start 26 minutes ago. cheryl: time for west coast minute. hollywood will gupta the surpri

phil flynn of price futures group in the pit of the cmd. >> traders want more. probably the most and 85 years. obviously, the strong stock maaket seems to be indicating a stronger market. if you look at the impact in gasoline and the heating oil, that is what has been getting a lot of play. it may be a sign that they expect gas to improve. ashley: brent and west texas crude is hitting the lowest level since january 2012. >> we are finally taking advantage of all the oil production we have in this country. because the supply went down a little bit, there is an expectation we will be able to export it to the global market. that is exactly what you are seeing right now. ashley: terrific stuff. phil flynn, thank you so much. lori: the cyber threat. china's use of espionage. fueling already heightened concerns. the senate held a hearing on capitol hill today examining that drive. peter barnes joins us now with the latest on that story. peter: help give investigators companies more weapons to fight cyber crime, especially from china. $300 billion in theft from america

lori: phil flynn of price futures group. thank you. melissa: although the oil cartel is expected to keep output steady, things within opec are anything but the status quo. matt smith is with us now. thank you so much for joining us. there are two big issues that they are grappling with. who will lead them and the other is fracking. you think they will talk about that? what can they really do about all the fracking that is going on here? >> that will definitely be the main issue, melissa. we are now at the highest level of domestic level in the u.s. since 1992. we are seeing production goes nuts. what has happened is you have these african nations, nigeria, i'll go up, they said their crew over to the.s. is bitf a glol balae messa:herere oy aoupl ingshey n dorope for. they can also hope for expansion and demand coming from places like asia. are there other options? >> well, we came to vienna this week. the best environment for the market demand is great. as long as demand is increasing, and an additional $1 billion each year, the supply

fox business contributor phil flynn in the trading pits at the cme. the managing markets and this one. >> well, it is. a lot of people were a little bit nervous about selling into the opec meeting just on the outside chance they cut back on the production. there is a lot of problems right gas. it is not just the country's of the saudi arabia. countries in north africa that they generally get along with. mostly concerned that they tipped their hats to try to help of north american neighbors. there was none of that. the situation in the united states. how to react to it in the future. from the market's standpoint, it's bearish. really the only things that is holding up this market, the uncertainty. we are seeing pressure. oil, down 66 points. we are seeing heating oil down the over four. strong this is gasoline, and that is on concerns of refinery problems in the midwest again. lori: thank you for that. down considerably. ashley: it is. president obama hosting an event for college students at the white house to discuss the ongoing battle over student lo

melissa: phil flynn, thanks so much. >> thank you.ori: the push is on in florida to sign more people up for food stamps. we have the good, the bad, the ugly in this program. melissa: we look at possible facebook fatigue. we will be right back. ♪ you make a great team. it's been that way since e day you met. but your erectile dysfunction - itld be a question of blood flow. cialis tadalafil for daily use helps you be ready anyte the moment's right. you cabe more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your het is healthy enough for sexual activity. do not take ciis if you take nitrates for chest pain, as this may cause unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomac delayed backache or musc ache. to avoid long-term injury, seek immedte medical hel for an er

phil flynn, that is all the time we've got. thank you so much. >> thank you. bye-bye. lori: u.s.lines raking in some serious cash last year. get this, more than 3 billion in fees for checked bags. 3 billion in checked bags fees. that is almost outrageous. more than 2.5 billion of fees associated with changing your reservation. that is a hassle. they started raising these in 2008 to combat rising fuel costs. all of them are in the green with continental and delta both hitting a 52-week high. melissa: yeah. lori: much more ahead on google's new music service. the stock hit a all-time high today. tracy byrnes, ashley webster heading on in to the next hour of "markets now", don't miss it. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply salutin history... we're making it. how old

a second terminal to export lick mid natural gas, and phil flynn calls that a historic moment.er cyber attack, this time on twitter accounts and a blog run by the financi times claimed by the syria electronic army saying the media is sympathetic to the scry's rebels. it's been secured since. clear wire, hit a snag, expected to vote down next week forcing sprint to cough up more ash who owns more than 50% of lear wire and offered to buy the rest for under $300 ashare. those are the hot stories right now on foxbusiness.com. coming up, can an artist take pictures through a window and sell them? maybe a picture of you. it happened in new york city. find out if it's legal. he says mistakes were made, but he's sorry. lawmakers not letting the outgoing irs chief off the hook today. we'll have the latest and check in with lou dobbs. this is america. we don't let frequent heartbn come between us and what we love. so if you're one of them people o gets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male aouncer ] e

a second terminal to export lick id natural gas, and phil flynn calls that a historic moment.er cyber attack, this time on twitter accnts and a blog run by the financial times claimed by thesyria electronic army saying the media is sympathetic to the scry's rebels. it's been secured since. clear wire, hit a snag, expected to vote down next week forcing sprint to cough up more cash who owns more than 50% of clear wire and offered tobuy the rest for under $300 a share. those are the hot stories right now n foxbusiness.com. coming up, can an artist take pictures through a window and sell them? maybe a picture f you. it happened in new york city. find out if it's leal. he says mistakes were made, but he's sorry. lawmakers not letting the outgoing irs chief off the hook today. we'll have the latest and check in with lou dobbs. ♪ thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billion

maybe phil flynn who i talked to earlier said you might want to think about in the next week or so makingr entry point in trying to ride it back up. liz: well, we are getting very hot in new york city. 90 degrees today which means people are firing up their natural gas-fired air conditioners. liz: this tiny thing. half a billion transistors and been on the bin and in this is a brand new development for. this extremely tiny technology now very well could have a hold over its competition. the world's smallest memory chips which allow for smaller, more powerful competing in electronic devices and our reality. shares of sandisk are responding well. up three 1/4%. that is a 52-week high. sanjay mehratra, sandisk founder , ceo, and president, the man and his team who came up with -- what is it? expand our viewers. >> this is a very exciting technology. our latest second-generation 19 -- what it means is that u.s. -- you have on the head of the penny in have half a billion transistors squeeze in a small area. liz: how india operations of i guess you'd call it al put in put him for second. >> ver

a second terminal to export lick mid natural gas, and phil flynn calls that a historic moment.yber attack, this time on twitter accounts and a blog run by the fancial times claimed by the syria electronic army saying the edia is sympathetic to the scry' rebels. it's been secured since. clear wire, hit a snag, expected to vote down next week forcing sprint to cough up more ash who owns more than 50% of clear wre and offered to buythe rest for under $300 a share. those are the hot stories right now on foxbusins.com. coming up, can an artist take pictures thugh a window and sell them? ybe a picture of you. it happened in new york city. find out ifit's egal. heays mistakes were made, but he's sorry. lawmakers not letting the outgoing irs chief off the hook today. we'll have the latest and check in with lou dobbs. in with lou dobbs. ♪ all stations come over to mission a for a final go. this is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing bfor capture. the most innovative software on the planet... dron is

phil flynn, senior market analyst price futures group. leased to say fox business contributor. liz: yea, phil. david: i'm getting emotional asking hilsenrath whether or not they are scared. i will ask you a emotional question. what are commodittes telling you? you have this inner sense what they say. put them all together, what are the commodities telling you about the markets in general? >> i think they think quantitative easing is starting to come to an end. we see it in the bond market. we see it in the gold market. we'll seeing it in the oil market. we all know all good things have to come to an end. it will not end overnight. and the market is in a period of readjustment. and i do think some of the selling today is being exasperated a little bit because of the calendar. it is the end of june. a lot of funds have to book their profits in the last few minutes so they will be under pressure. if you talk about commodities as a whole so many other markets could really start to take off. the grain sector, for example. on soybeans. we had in

a second terminal to export lick mid natural gas, and phil flynn calls that a historic moment.ther cyber attack, this time on twitter accounts and a blog run by the financial times claimed by the syria electronics sympathetic to the scry's rebels. it's been secured since. clear wire, hit a snag, expecte to vote down next week forcing sprint to cough up more cash who owns morthan 50% of clear wire and offered t buy the rest for under $300 a share. those are thehot stories right now on foxbusiness.com. coming up, can an artist take pictures through a wdow and sell them? maybe picture of you. it happened in new york city. find out if it's legal. he says mistakes were made, but he's sorry. lawmakers not letting the outgoing irs chief off the hook today. we'll have the latest andcheck in wi lou dobbs. ♪ just it's been a busy week of denials from the administration that claims to know nothing about the three scandals engulfing the white house. as lou dobbs pointed out last night, they're not doing much to fix things. >> we call the i don't know administration. now the president is us

phil flynn from the cme in the pits there.? always so volatile. >> it is very volatile, and i think right now it's about the industrial metals getting killed. the industrial numbers this morning, empire state number, jut put number terrible. there's a slow down demand, but metals have to deal with the slowing global economy, the numbers from europe, the recession, all of these things are not boding well for metal demand. copper, another industrial metal that's crushed. you look at the lme copper stocks for example, you know, they got hit with, like, a ton of bricks. it's filled with 20 tons of copper increase, a 20,000 ton copper increase, absolutely incredible. these markets are under a lot of pressure right now, so -- >> phil, we're showing the viewers the one-year chart of copper, and there was really recent, look to the right hand side of the chart, really -- a recent pop, and that was off of data out of china, economic data from china, good data, but you tell me that, you know, we're crushed based on the same thing, so wh

phil flynn. >> not only do farmers have to worry about the weather, we solve the biggest jump in cornover the last week. we are still way behind. that is a big problem. now, who knew they had to worry about these. they are warning about a colony collapse that could impact commodities across the board. we are talking soybeans. we are talking orange juice. traders are really starting to focus on this big story. the department of agriculture basically came out and said we are not sure if we had enough honeybees. there is a rally that has already been challenged. cocoa and coffee, other markets mainly grown out of the u.s. are worried that this could spread to other countries. what is causing this? they do not know. we do know it could impact prices. back to you, dennis. dennis: thank you. cheryl: we are literally a point off of all time highs on the dow. legislation. walmart against online companies like ebay. house of representatives today. we are live in washington. dennis: plus, why stuart varney and others will not be allowed in casinos and at least one bar while wearing google glass

let's head to the trading pits of the cme with phil flynn. >> hi dennis.th in china. the operation for economic development is saying that the demand for china will be weaker and that is driving us lower. they are getting hammered right now. that is bringing down the entire complex. back to you. cheryl: he has already said, basically that the impact is limited and diminishing over time. let's listen for just a moment. >> they also approved to be more fragile. >> shadow banking, developer declined, rapid and innovation of new instruments. one simple logic remains. the basic responsibilities of a central bank is to maintain reasonable price stability. and it is an extension of that concerned that means it must take account of the stability of markets generally. those functions are complementary. they should be doable. we will be monitoring those comments. ♪ ♪ [ lighterlicking ] [ male announcer ] you've reached the age where giving up isn't who you are. ♪ this is the age of knowing how to make things happen. so, why let erectile dysfunction get in your way?

phil flynn is live with the action. >> stocks and supplies.rns with the fox business news. highest level in the year according to freddie mack. the average rate is 3.81%. rate are low by historical standards though. bosch no longer eyeing wall street withdrawing plans for initial public offerings because of the emergencier with valiant pharmaceuticals. canada's largest drug maker is buying bosch for 8.75. investors bullish for emc after the company approved the start of a quarterly dividend of 10 cents a share. the tech company's boosting the share buy back program by $6 billion. that's the latest from the fox business network giving you the power to prosper. ♪ >> all about advertising, sites like twitter and instagram. tailors mobile ads to users' interest and habits. joining us from the all things digital conference, thee conference in california, adam with the founders. tell us, adam. >> no stranger to web advertising, but we're talking about mobile. the message here is hhw to you monetize mobile devices. 2 # 1% mobile penetration worldwide

let's head over to the trading pits of the cme and our own phil flynn. >> $1,400 an ounce seems to be to take some profit on the shiny metal right now because of concerns about the growing economy and rising bond yields. we also, of course, have the lodging -- emerging-market currencies getting slammed right now because traders are a bit nervous. having said that right now going into the weekend this market is holding up pretty darn well considering the fact that we have risen up to a 3-week high. so really the power of this market will be how we will close. the amount of rebound a last day of the month. instead regain 1400. that is with the trees will be watching. if they can't make his weaponeer, but if they can and will look very bullish going into next week. nicole: thank you for all those people who were loving gold. so hot on it. obviously they got it. thank you. dennis: it is official. two more. an american idol. we will tell you which ones. nicole: and of opera of the tail. our favorite story of the day, maybe of the week. it's all ahead. (announcer) at scottrade, our clients

let's bring in phil flynn live from the cme.ht now. this market has not looked back. the bulls are back in control of this market. it will be interesting to see how far they can go. we are seeing what is happening with the ecb right now when it comes to this rate situation. the other thing, of course, is the fed. everyone started to believe that the fed was getting ready for an exit strategy. after yesterday's statement they are not necessarily saying that. we will move closer. that is all we needed to hear. it is always nice to be long when you have the central banks on your side. cheryl: you have hard currency fluctuations around the world. >> i think it will continue. the way that the banks, this race to the bottom, you see that volatility. because of all the confusion, some investors may just put themselves into precious metals to avoid that currently spreading. cheryl: 52 million visitors. a new record high here in new york city. we will give you a nice beautiful shot of downtown. midtown manhattan, excuse me. a day of trav

fox business's phil flynn from price futures group is in the cme will sum it up for us. . >> that is a question of course of weakening demand not only here in the u.s. but what's happening in china. we saw that incredible number on the retail sales that blew away expectations. we really do have to thank gasoline prices. gasoline prices demand the lowest since september 2008. which really gave a boost to retail sales on one hand but on the other hand they didn't. we didn't sell a lot of gas that hurt the overall number. at the same time we took the money and spent it on other things. it gave it a boost. without gasoline the retail sales, is pretty darn good number. the other market we have to focus on is natural gas. natural gas is really getting pushed back and forth because of the weather. the weather is unbelievable. take the midwest yesterday. in the 30s, they had a frost. we had heaters on. tomorrow in the 80s, turn on air-conditioning. record heat in places like california. so natural gas getting an inverse move to oil today. back to you. lori: very unseasonable weat

crude prices tumbling, and phil flynn at price futures group in the pits of thh cme. , oil moving in line with stocks again today. >> it really, you know, tell you, melissa, yesterday we were concerned about syria and other issues, but at the end of the day, it's going to be the economy that determines oil. you're seeing now all bad news about slowing demand it in china, concerns about the target, rising yield, record volume in the treasuries issue and then the oil market looks very, very heavy, and, in fact, it looks heavier when we talk about tapering from the fed. all of those issues are going to put downward pressure on oil. you're not going to get the demand from china, and it's the u.s. growth that's going to force the fed to act. it's going to lower the demand for oil, and we see that down in the price. melissa: can't help the effort in vienna now, and oil selling off. not going to make them happy. what about the pull back in gold? >> you know, i think, you know, the gold, it's still looking like -- melissa: sorry, i meant pull back in the market, how is that af

phil flynn of the price futures group. the brent contracts are spiking on the news. >> it has been an unbelievable day for oil traders because we have had everything today. macroeconomic risk, geopolitical risk and the market has played both sides of that equation. reports that israel bombed military installations in syria allegedly, we saw the brent crude absolutely explode. sunday night we were up sharply. later in the session started the reverse on concerns europe is falling apart. the imf saying greece may need another bailout. so the market is back down again. more word about a slowdown in demand. as we start to heat up, says we could get another rate cut and concerns about syria go on. what is really fascinating is if you look at the heating oil spread early on in the brent crude was coming up we saw them leading the way. now it may be heating oil up higher. probably because there's going to be a lot of demand for diesel fuel as the farmers get into the field and start to plant. melissa: that is another one that caug

phil flynn of the price futures group is in the pits of the cme.he dollar is not only the driver, opec ramping up production. >> reporter: it is. a 5-month high, and those increases, production increases look a lot bigger from when the dollar was so strong. absolutely no doubt, they came out with the report today. saudi arabia increasing production. they are adding to markets that are already oversupplied. that is really putting the downward pressure on prices. of course, the other brick spread, that continues to come in on this big production number the dollar obviously taking a major toll, but what is interesting, when you look at the spread, it is coming because u.s. exports are at 20 your eye. who is taking all of that oil? we are sending a lot to canada, believe it or not. we used to import more energy than anybody. they're taking a lot of our oil. ashley: that's interesting. i want to talk about the reports that came out in the last hour. how are grains reacting? >> reporter: selling off. the u.s. bins are busting right now. in fact, the corn

flynn. william morgan. leo pitcher. joshua arce. >>> hi, ed collins schmidt, executive director of [speaker not understood], father of three. [inaudible]. the powerpoint and all the positive [inaudible]. with phil ginsberg and his staff. [inaudible]. collaborating partner, working in [speaker not understood] airs az of the city. i can say nothing but positive things about the progress [inaudible] and his staff at all levels, from 30,000 feet to looking, you know, looking through the bushes and the grass, it's a solid operation. all of the staff should be congratulated. we are proud partners of rec and park and know that there are issues obviously, but we have the greatest faith in the integrity and the good will and the vision of phil and the department and the staff at all levels. so, [inaudible]. thank you. >> thank you. next speaker, please. >>> good afternoon. thank you, supervisors. my nameis vanessa banks [speaker not understood] ~. speaking only as a representative, as a city official, i have been working for park and rec for two years now. ~ [inaudible] but i also speak for community as well in the apprenticeship program. it has been really helpful for a lot of people, but i have known