phil flynn, what is the most important trade, the most important event that happens this week, phil flynn well, i think you fade this move. and i think we're already seeing it in the spot markets across the way because as bad as this storm is from a snow viewpoint, when you talk about a nor'easter, it really comes with warm temperatures. you know, we're not seeing -20 or -10 which usually drives that demand, we're actually seeing mild temperatures. so what we saw initially was panic buying when the storm came many. people had to top off their heating oil tanks the if they didn't have enough, but that's going to go away quickly. we're not going to see the demand like we normally would see, so actually it's probably an event to actually go short heating fuels right now. liz: we cannot ignore what happened in greece. the anti-austerity group. that, i mean, to me, scott, you've got -- [inaudible] we're looking at the euro somehow strengthened again today which is precisely what mario draghi of the ecb did not want. right now we have the nasdaq, the s&p and the russell all moving higher barely

we have phil flynn price futures group senior market analyst. fox business contributor as well. ce, tangent management capital partner. and nomi prince. phil, to you, is the american dream dieing? >> no, it hasn't. it is being held back similar to the swiss franc. as soon as they lift it, entrepeneurship in america will explode higher than the swiss franc. i think it has been held back by this country by the administration. what is going on with obamacare. the rules about how many people they can hire. face it we've done everything we can to thwart small businesses in this country. as soon as you lift the reins you will see entrepreneurship come back better than ever. david: nomi, corporate tax rate is clearly too high but too many people in congress are focused just on that, and not enough i think on smaller businesses, these startups this report focuses on. the club for growth, conservative group that you may not agree on much but you may agree with them on this they say while president obama and democratic leaders may prettier corporate only tax reform, we fee, very hard to ex

jamie cox, drew hoarder, phil flynn, nicole petallides and larry shover. morgan stanley saying today what our next guest is actually been saying for months now, that the economy is too weak for the fed to start raising rates this year so what happens now? joining us is peter schiff, euro pacific capitol ceo. peter, they say page you are rich is sincerist form of flattery. you should be honored morgan stanley listenses to what you said and repeats it but what does happen now if in fact the economy is getting weaker because of what's happening overseas? does the fed get back into a qe mode where it actually starts buying bond again? >> well, first of all, it is not because of what is happening overseas. that is the excuse but the minute -- david: it is a pretty good excuse, peter? >> well, but they never run out of them. it is whatever is going on but the minute the fed stimulated the economy with quantitative easing and zero percent interest rates they guaranteed it wouldn't work. when you do it you just create an artificial high and when the stimulus wears

to add to your portfolio, and joining us from the cme, two of the best, fox business contributor phil flynn and joe cusack from money bot. phil, what happened? what made it that made it spike so much? >> it was a combination of factors today. everybody was short this market. hedge funds had the biggest short position in over four years, and today's the last day of the month, and hedge funds like the lock in the profits to get aid and that went up. what really accelerated the market day today were a couple of things. baker hughes rig count. the biggest recount in 24 years, this was the biggest recount week over week, and since the drop in rig counts began, that's a sign we're going to see u.s. oil production start to level off, if not decline later in the year. so this is coming fast and furious. we've also had this incredible week of every energy company talking about capital expenditure cuts, that's going to take its toll on production not just here in the u.s. but globally. everybody will put it in a market that can continue to spike next week. liz: joe, as you spin it forward to next wee

phil flynn with us senior market analyst from price futures group. fox business contributor of

joe, brian, and phil flynn. dan stesich we'll come back to you shortly when s&p futures close. >> thank you. adam: it is a dangerous freeze and it is going to blanket the u.s. this week. we head live to the weather center for the latest. lori: speaking of the weather, 49% of the u.s. households use natural gas to heat their hopes. will these frigid temperatures heat up natural gas? adam: 2014 was not a blockbuster year for the movie industry. the worst since 2011 but with huge movies set to hit the screen this year is the picture looking brighter? and can you make some money off of it? lori: new congress could mean new tax laws. up next we tell you how to prepare yourself and your business for tax surprises that could be heading your way. ♪ you pay your auto insurance premium every month on the dot. you're like the poster child for paying on time. and then one day you tap the bumper of a station wagon. no big deal... until your insurance company jacks up your rates. you freak out. what good is having insurance i

phil flynn is out in chicago. welcome, to the both of you. first to the action and oil.has kind of hacked off today. >> there was a lot of concern that the policies may be changing. we will keep this. that was the first royal proclamation. that is why the markets are backing off. the market that soft rollup that leave. the euro is very weak. i think the markets are still very nervous about what comes next in saudi arabia. we should mention, it was a good u.s. ally. obviously, you have what is happening in the arabian and it's a lot. what does this mean for the saudis? >> not established until the early 40th century. they have never faced such a consolation of crises. at the same time across the border in yemen they have had the iranian rebels create and stir everything up. you also have iran -- you have islamic states to the north. this affected young saudis. it is not hilarious paradox here. behind the scenes, the only significant and dependable ally they now have in the middle east is israel. >> i want to go back to the picture that he painted here. they're up economy

think that's going to continue, and we're going to see smaller caps -- liz: okay, let me get to phil flynnecause, phil, what's caterpillar's excuse? they've got a lot of overseas exposure, and yet they're also saying high energy and high commodity prices hurt them, and now that stock is falling 7%, widely-held name. >> it's going to -- i think what caterpillar's saying is that the emperor doesn't have any clothes, you know? this mantra that we've been saying, hey, the u.s. is going to be fine and the rest of the world, that's not going to impact us, well, guess what? caterpillar is telling us something different right now. everybody a few months ago was saying, oh, what a great thing, a tax cut for the -- liz: right. it's hurting caterpillar. >> yeah, exactly. and i think that's just the tip of the iceberg, liz. liz: okay. let me go back to thomas this switzerland because it's late there. i just came from there. yes, the swiss currency is very strong, yes, you often hear companies belly aching about a strong swiss dollar, but give us some advice, thomas, who do you go with now at this poin

phil flynn with us senior market analyst from price futures group. fox business contributor of

liz: let me jump to phil flynn. there's some news x the fed. that's in oil land. we saw much bigger bills in oil. suddenly oil drops to a six-year low. a new one. we're in the after market session now. we saw retail gasoline up for the first day in 120 days. it's lower now. but what did you think? >> the party is over. it's time to call it a day. [laughter] we follow it every day in september. we're due for an increase in gas prices. we've seen prices go up. oil is a microcosm of the fed's problem. they have a 2% problem in these oil prices, even if they rebound, which i think they will at some point, will not solve the problem. it's not just the low oil prices, it's the larger deflationary pressures we're having. i think that's why the fed is in a band right now. they want want to to say the economy is getting better. they're seeing it get better. consumer confidence. they have a deflation problem, at the end of the day. the deflation pressures are exact be earnings in the u.s. unless you're buying an iphone or that kind of thing, the companies are -- they're fee

here fox business correspondent charlie gasparino for more on this and phil flynn, senior oil trader futures group and fox news contributor. phil we're talking about low gas prices and how bite it is for consumers and the question is at what cost and whether or not some of these big oil producers like saudi arabia and u.a.e. are purposely helping to drive prices lower to put u.s. shale business out of business? what do you think about that? is it intentional? >> i think it is absolutely intentional and what's even more amazing they're not even trying to hide the fact. they're basically calling out the u.s. energy producers hey listen we can with stand this. you guys better cut the production. we're not going to do anything. we're going to either bury you or we'll all go drown in our own oil together. i mean that is basically what it is coming down to. this is very serious right now because what they are doing, they are attacking one of the bright spots of the u.s. economy. they are going after one of the things that really created the economic boom that we have in this country and tha

neil: phil flynn says the storm did not help but do not think it is smooth sailing for us. what are you looking at? inaccuracy's a lot of power outages have people going through disturbances. if you have cold weather with no power is one of the worst things. has in many parts of the country the prices will spike that will cost every consumer a little bit of money. but over the long run nationwide it will cause prices to go down. we saw a lot of demand destruction because of the storm and a lot of planes did not go and people did not go to work and did not use gasoline even though it is a short-term spike but the heating bills will come down will work. the caveat is what then is mother nature have next? with another cold blast the prices could go back down. but in the near it -- the near term they could retreat again. neil: bundle up the york governor says more storms are on the way and he knows why. >> that is part of the changing climate and i believe with a new extreme weather pattern. it is something we have to address to -- adjust to that is costly and dangerous. neil:

phil flynn with us senior market analyst from price futures group. fox business contributor of course. very own peter barnes, he snagged an exclusive interview with a top federal reserve official we'll get to. michael, start with you first. we have the dow. it hit its sixth straight year of gains and now what? >> yeah, well that's a great question. i think one of the things that people have to ask themselves is over the last six years we've seen the market increase about 150%. that, that question you have to ask yourself is, how much longer can it continue. i think people are getting skeptical where the market is, how long it will stay there. people need to start looking taking some gains off the table and waiting to see what might happen in 2015. cheryl: we'll get to peter and the fed in a second. phil oil it is really what it is all about. people have money in their pocket because oil prices are down. how much longer does that last? >> i think the prices will stay down pretty much all of next year. we'll hit a low of $44. maybe lower. i think we'll

phil flynn, price futures group senior market analyst and fox business contributor. what is briefly the impact of the saudi king's death? why didn't we see markets move? >> we see because of uncertainty, because when it was first announced late yesterday the markets were very worried there would be a change in policy because what has been happening in global oil markets has been in part saudi arabia oil policy. alley naimi who was the oil minister of saudi arabia, basically declared a price war on the united states and drove down the cost of oil. and king abdullah, backed that oil min sister in his move. in fact one of the last things he said to his subjects from his sick bed, when he told the people of saudi arabia, you know, that they were going to withstand these lower prices. that he had commitment to that and saudi arabia would come out better and more secure in the future. so i thought it was kind of interesting that when there was a change of power, it created that fear. now after these assurances, the markets actually calmed down. we saw oil prices rally afte

we're asking phil flynn senior energy analyst for the futures, price futures group that is and a fox news contributor. phil always great to have you here. seems like every day i'm reporting another six-year low on oil prices. it just goes down, down, down. >> right. gerri: why is opec going along with this? why aren't they trying to manipulate the market to get prices to go higher? >> i think you hit the nail on the head in the intro. they want to bury the u.s. shale producer. it is funny that they're not even trying to hide that fact. there is no politically correct talking about it. not only saudi arabia made it very clear they will continue to pump oil. they're going to maintain their market share the united arab emirates basically came out and today said listen guys, we can do this a lot longer than the u.s. shale producers. we're in it for the long haul. we'll do it five years. let's see if you can. gerri: there is fallout obviously for american produce is. we're losing jobs. shell slashing five to 10% of jobs. rigs down to 2010 levels. at what point does our production go down o

phil flynn right off the bat, okay, the number of rigs went down. who didn't know that was coming?well, they didn't know the number. 94, that's an incredible number, liz, and it shows that rig counts in the u.s. are falling a lot faster than anybody had anticipated. what this means is that u.s. oil production may level off, and all these predictions about production staying strong going into the end of the year may not come to fruition. so this is a big deal. but there was more going on here today. the oil market failed to test below that 44 support, they couldn't close below it. that was a sign that a bottom could be in. you also had hedge funds that had the biggest short position in this market that they've seen in four years. hedge funds like to get paid on the last day of the month. they made a lot of money this month being short. this really added to their short covering. so we started to see some short covering. icing on the ciek, bigtime rally. liz: yeah, i mean, we're still at $47 and change a barrel. so let me get to the stock side of this, robert at the new york stock exc

phil flynn with us, senior market analyst from price futures group. fox business contributor of

i'd pretty much say, phil flynn, right now goldman has the momentum on its side to go lower, does it? >> it does, absolutely. and, you know, right now we did see a little sign of support at $44, but it wasn't a big bounce. we didn't close higher after we recovered, so i don't think that's a solid bottom. who's going to be right? in this type of environment, they both could be right. when we looked at the price of oil historically, when we see these historic drops, a lot of times the markets do make big rebounds. the question is how quickly and how fast. you know, sometimes the harder they fall, the bigger they rebound. so we could see them both be right before this year is out. liz: well, exactly. so they could both be right, jeff grossman, and maybe we could get a three-year or a ten-year chart and you can see where it's been, where it might go. what do the traders think for the short term, that goldman's right or moody's? >> i personally think more like the moody's is closer to reality here. again, most of this move on this downside is a bit overdone. i'd like to think, you know, i