phil flynn in the pits of cme. phil, i want to start with you. talk about oil first of all. i say this volume it in oil is all -- volatility in oil is all about central banks where we don't know where they will go next. we don't know if a rate hike by the fed. we don't know what china will do. we don't know what happens with the euro. central bank volatility is causing oil volatility. >> i think exactly correct, dave. but also, when you look at that volatility, you also signaling a bottom. those are two things. with you look at cost of oil, when it bounced off $44 a barrel. which is 17 1/2 year trend line, you do have the uncertainty in the market it definitely moves oil. we're seeing that today with reaction of dollar being down, euro going back up. that is it. we also had breaking news on oil, just before we went on the air. saudi arabia for the first time since last september, actually lowered the price of oil, raised the price of oil to u.s. customers. that could be a sign that the price war from saudi arabia could be ending. it could be just trying to catch up with the

we have the opec secretary general and phil flynn on the same page. have steve forbes on whether the strong dollar is a black swan event. i digress. you heard phil. i'll start with you, hillary. do you think he's right? have we hit a bottom on oil? >> we may retest a bottom. in terms of the industry, i think we're on our way back. charles: so as a technical function something that reconfirms, but not another free fall. >> no $20 a barrel it just won't happen because we've found an equilibrium with supply and demand. that was what this capex spending was about. it wasn't a bad thing. it's come back. charles: we almost universally agreed that oil was bottoming. i got no less than half a dozen people in this industry saying you have no clue the damage that's going on. it will get worse. >> i think what you heard phil talk about. i agree with the points. he's focusing on the supply side. saudis winning the war against the marginal players in the u.s. they are winning. you've seen the rig cuts. that's why calling the bottom is not too dangerous. we're pull

i love me some phil flynn. let me ask you, do you see that -- did you see that call out of citi?n go to 20. does that sound insane to you? >> it sounds insane to me. i understand being bearish. where were these guys when oil was 80 cents a barrel. that is a guy usually he's really, really good. i think he got excited here. i understand why you might want to make that call. if you look at global inventory, you know, this year we're probably going to have more oil and inventory than since the world began. and i can understand that bearishness. but you have to temper that bearishness with the fact that we will see those supplies tighten up in the fourth quarter. usually that will give us support at the front end of the curve. if we'll get to 20, it will have to happen because of a major global economic meltdown. i don't think it will happen normally. melissa: what do you think about the saudis response? they cut. now they think the market will go in the opposite direction. >> historically they're right. if you look at the capital spending cuts and rate counts. we've never seen such

carrie she have fed -- sheffield, phil flynn, mark sebastian, by the way, catch carrie and myself on every saturday at 11 a.m. eastern on the fox news channel. we are roaring ahead on that show. you've got to stay tuned and watch it. >>> all right, thinking about getting in on the financial sector ahead of a potential rise in rates? our next guest ran two separate banks, and right now he is betting heavily on small and mid cap-sized banks. he'll tell us why next. liz: and he has 13 world renowned restaurants across the globe and has just been named the world's best chef by the chef magazine. we're talking to french chef pierre gagnier about his recipe for success, straight ahead. it's more than the cloud. it's security - and flexibility. it's where great ideas and vital data are stored. with centurylink you get advanced technology solutions from a trusted it partner. including cloud and hosting services - all backed by an industry leading broadband network and people committed to helping you grow your business. you get a company that's more than just the sum of it's parts. centurylin

floor parking over prices and with me now the price futures group and fox business contributor phil flynnalking to the traders it was like a funeral but a lot of them knew it was coming in the writing was on the wall. look at the pits that used to be bribery would feel the excitement and pits will have 50600 people are just one or two. i don't think it was the shock but it was a sad day nonetheless. gerri: tradition goes down the toilet once again and the big number is only 1 percent of all futures contracts traded daily are traded in the pits. isn't just the business going electronic? >> no doubt. you can argue the fact that they said -- sped up the process but the truth is electronic trading has proven to be a lot faster and a lot more efficient but we do have to remember no matter how good those computers are they still cannot replace the options traders. you still need the human mind to come up with these complicated strategies to make the markets where they don't exist. computers can do that gets. maybe some day but i remember 50 years ago the first electronic futures trading firm ca

phil flynn in the middle of it all. at least we didn't put you outside. we didn't do that. >>> the dow came off the worst month in february for blue chips in a year. the cycles fear that if it starts off slowly the rest of the year it's low. that did not happen last year, but most years it does happen. conversely, if the market starts off on a winning note, the rest of the year looks good. they don't say anything about how the first day of trading in february goes. but growing optimism that greece will avoid a default and somehow, grudgingly, will meet whatever the new requirements are to pay back money that it has been lent by international banks, such as the imf and the world bank, who knows, but that's what they're seizing on today as a point of optimism and wonder about the 96-point run-up that we did see today. they don't know that though. they just assign that to this rally like it's gospel. i'm passing along what they're saying and i think they made that up. >>> meantime what if i told you punxsutawney phil has nothing on the president of the unite