phil flynn coming out.urn on "fbn:am." ♪ so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. you'll only pay $4.95. [fbi agent] you're a brave man, your testimony will save lives. mr. stevens? this is your new name. this is your new house. and a perfectly inconspicuous suv. you must become invisible. [hero] i'll take my chances. racing isn't the only and with godaddy, i'm making my ideas real. with godaddy you can get a website to sell online. and it will look good. i made my own way. now it's time to make yours. ♪ everything is working just like it should ♪ cheryl: oil prices trading about $70 a barrel for the first time since 20 for teen. phil flynn, senior market in a jealous and fox news contributor as news contributor is with us. good morning. >> good morning. what a day today. you know, i think we are going to see add. i predicted 80 in the beginning of the year and i see no reason to change the forecast. today we're focused about iran. talking abou

melissa: phil flynn down at cme. phil, talk to me. >> this was a well-telegraphed move by the trump administration. today we got weird headlines, they're in, they're out. we saw a lot of volatility. but at the end of the day the market was not surprised. european crudes, brent crude, they were a lot stronger, they would be impacted more directly by iranian potential loss of crude oil. we saw a lot of risk-on. 9 risk-on in oil goes back where we were years ago when we knew iran was trying to make a nuclear weapon. we may be back in that kind of mode. the markets could be very nervous. gold reacted to the announcement. we saw a little bit of risk-on situation. but at the end of the day, the uncertainty, there will be more questions, how iran will react. definitely it is not bearish for oil. you will lose hour -- more iranian oil in a tight global oil market and some conflict and traders will have to be on edge. back to you. >> phil, thanks for breaking it down. great stuff. david: liz peek from "fiscal times." james fre

let's go to phil flynn at the cme, we're seeing the energy sector coming in strong once again, phil flynn. there is talk of 80 bucks a barrel in oil. that may be closer than we think? >> i think so, too. i predicted $80 a barrel earlier in the year. my "barron's" call for the year, and it's not all for bad reasons. the economy is doing good, demand is good, but you add on the geopolitical risk factors, you mentioned iran. the heating up between north korea may be getting out of the talks. you got the situation in israel, but you also have an election in iraq where a guy who doesn't like america too much, may win the election, you have an election in mexico where somebody is running that may not want other oil companies coming into their country raising their productions, so you have a very volatile nature when it comes to geopolitics against the tightest supply back drop in a generation. it means that fireworks are on the way, but good for oil companies. >> see what the saudis do. they're meeting in june, and are they going to play ball or not? if they withhold supply, then you've got 80

phil flynn is watching all of the action from the cme. but first nicole petallides on the floor of the new york stock exchange. nicole, we've been up three digits. went down to two, almost one at one point. but we did come back. >> right now we're up for the third day in a row. the dow holding on to gains of 1/3 of 1% gaining 94 points. plenty of winners on the dow helped to lead the way. phil flynn will do a good job covering oil. the dollar has shown strength. tomorrow is key as we hear more about iran. that being said, look at major averages. it is interesting because s&p 500 edged above the 50-day, and 200-day moving average. the s&p 500 finishing up 1/3 of 1%. tesla, look at intraday chart, just after 3:00 p.m., you see it pop in the stock. there it is. that is because the reports came out that elon musk reports that open market purchase of 33,000 shares of tesla. stock finishing higher by 3% earlier in the day. there was talk that they would may be raising additional capital. so we've had a couple of pieces of news on tesla for the

no one for saw this phil flynn. we talked to a lunch bunch of our traders on friday and the jobs report which is expected we're also expecting that the expiration date is coming for who gets to be hit with steel and aluminum tariffs. european union still waiting on that nobody mentioned what could have become this political crisis over the weekend that brings in this new form of potential brexit. >> because this is a creative crisis and we've seen this in europe before. we saw it with remember greek? we had a major market meltdown when greece was voting to stay and then they voted to leave before they voted to say they actually voted to stay when they realized their banks were empty and i don't think anybody really believes that the italian banks are in any shape to lead the eurozone they're just not but when you have this populist wave that's upset with the eu, and the eu is basically treating italy like right, you're going to leave i don't think so, it creates this uncertainty and anger. now, i think it's overblow

phil flynn follows this closely for the fox business network. with or without this whole iranian move, prices are going up, aren't they? >> they are. and you can blame president donald trump because he's really got the global economy on fire right now. if you really look at what's been driving oil prices, part of it's been iran, part of it's collapse of the socialist system in venezuela, but really, it's a strong global economy that really has been led by a resurgence in the united states. and we're seeing it in every facet of the petroleum industry, whether it be investment in texas, whether it be record gasoline demand in the united states. in the sales of larger vehicles. neil: all right, so, iran could soon, i think, it has 2 1/2 million barrels of oil a day, it's out of the world market. what if that was all taken off, then what? >> i think right now, the world would have a very difficult time replacing that oil. and we would see a price spike. so we don't think-- >> you don't think other members of the cartel would make up for that? >> you

they took money off the table, from phil flynn from price futures group. president trump talked about the inspections were lacking and about the sponsorship of terror. talking about the positivity of the people and working on a new deal. here is the dow, and all other elements. the dow is down 113 points. we're seeing dow leaders and lose es. it is not all laggards. we're seeing the 10-year bond 2.96%, trish. trish: pretty historic day. as we said, sort of the market still trying to digest the news, determine exactly what it means. thank you, nicole. we'll take a quick break. we'll be back with a whole lot more. don't go anywhere. trish: every one, republicans are closely watching primary races today in four states, four states that the president carried back in 2016. west virginia voters have to decide whether to vote for a businessman and ex-convict don blankenship, who has run racially-charged ads. there are concerns among many, including president trump if blankenship primary win would actually cost them the general against beatable democrat senator jo

phil flynn, a price futures and fox business contributor watching the action in oil and gold from the cme. and nicole petallides on the floor of the new york stock exchange, but phil, i want to start with you, is the oil pop all about iran? >> it isn't, dave. i would like to tell you it's all about it, it's also about strong demand. obviously it was a historic day for oil closing above $71. the first time we've seen that in years. but it's not just about iran. the situation with iran raises it will lose supply, we've got a strong global demand market and can't afford to lose one drop of oil. if you look at u.s. inventory today, a very, very strong sign, they fell. the other thing is the dollar and the oil are going in the same direction. they're going up. that's only happened seven times in the last 35 years. it is always a very bullish sign for oil. melissa: all right, phil, thank you so much. nicole, financials also fueling the rally today. reporter: that's right, we had greens across the board, right? a great day on wall street. only seven dow components in the red of the 30 when i

phil flynn, tell me what you think, is there a company that holds the heft that apple does. something broader that can give you streaming and discretionary income spending is better, what do you think? >> i absolutely agree. how do you define imported, seriously? we could talk about health care stocks, people that are saving lives. food companies that actually feed people. you know, but there's no doubt of the historic impact that apple has had. i question the share buyback, it's great for the stock short-term but shows me maybe they're running out of ideas and i go back with what matt said about amazon. i think amazon may be even more important company because you're on both ends of the change. they are reinventing everything and getting into medicine, food and technology, so they have a little bit of everything going. i think apple is behind them in ideas. liz: ira, i want your thought on -- i think phil is right as well, everybody is right. maybe you'll be wrong. give me your thought on a hefty, important company and why are we down when the federal reserve gave a desept

let's bring in scott redler, ira epstein and phil flynn.market's barely down, do you agree? >> the market's going nowhere all year, is what they're saying. i did a study that i sent to my clients two days ago, and i showed them where the market was january 2nd til where it was yesterday, and we're about the same. you've got the russell up, the nasdaq up, the s&p down and the dow down. you're going nowhere. this is now a trader's market of stocks, not of the indices right now. and i think by the end of tomorrow this iranian deal is done, out of the market, doesn't matter. liz: oh. do you agree with that, scott? >> what ira just said is, listen, we've been in consolidation phase because we just had an eight-year bull run. to we take another leg higher or break the 200-day, and sometimes it takes complicated headlines like this in order to test the mettle of the market. right now we've had a three-day move from 2620-ish on thursday up to 2680. if we hold in here like we are, it's going to give traders a little bit of confidence to maybe play t

phil flynn, price business futures and watching action in oil and gold from the cme. nicole petallides from the floor of the new york stock exchange. nicole, a good way to end the week. >> i can hear the enthusiasm in your voice. we had a great week from wall street. you're right on the moneyed. dow, nasdaq, s&p, we had mixed finish with the nasdaq slightly lower thanks to symantec. the dow and s&p higher. all three major averages up more than 2% this week. in fact the s&p 500 had the best week since early march. we had a nice run all along. some of the best performers on the dow jones industrial average. phil will tell you, beats some energy names. caterpillar, exxon, jpmorgan, also united technologies. these were the best performers for the week. some of which are up four and 5%. we took a close look at facebook. a lot of our friends own facebook, some way, somehow. right around 187 bucks. before that data was compromised cambridge analytica time in mid-march it was 185 bucks. dipped all the way down. lost 135 billion in market value but look, right back up. that is

here to help me break it down our floor show trader, phil flynn let me begin with you.hen you see this pattern, sometimes they call it like there are all kinds of names in the market for different patterns but when you see this pattern what should the investor whose watching right now think and do they need to move their portfolio at all? >> i think they need to move into energy. every time in history, liz, we've seen this phenomenon happen its been very bullish for oil prices you look to the persian gulf war for example, we shot up to $40 a barrel back during the asian financial crisis of 98 and 99 it signaled a generational bottom in oil that eventually took oil from $ 10 to $149, so it's a very bull ish sign investors cannot ignore this, and it happens for two reasons, when there's geo political risk there's concern about supply, safe haven buying and the dollar, and of course oil goes up, but also, it happens when we have a very strong global economy because people are consuming oil around the world they don't care what the exchange rate is, they just need oil. liz:

phil flynn, fox business contributor, watching all action from oil and gold from the cme. nick -- nicole, wan to start with you. what was the action like today. >> that is one of reasons why the dow jones industrial average could not clock in another win earlier this morning. the dow was up 10 of 11 trading days but couldn't hold on to gains of 70 points. got off earlier lows of 130 points. ended somewhere in the middle. tech and telecom showed weakness. the dow was down as well as s&p and nasdaq. you know what the small cap, russell, we discussed yesterday another record all-time high for the russell 2000. all this as oil gained. phil will hit that. look at cisco systems. tech and telecom has been a laggard. topping estimates with the outlook somewhat tepid. the stock down 3.7%. the country is in transition from legacy tech company moving to cyber and internet. 10-year bond yields moving to highs today. that is worth noting as the u.s. dollar showed strength once again. we've had the dollar at 2018 highs this week. there is a look at 10-year bond yield. 3.11%, highest sin

phil flynn is watching the action from the flow of the cme. nicole petallides on the floor of the new york stock exchange. what a day. nicole, to you first, tell me about the wild trade. reporter: we dropped 505 points at lowest point of the day. concerns about political turmoil in italy. certainly set the tone. we saw the selling abroad, and the traders are watching key levels on the s&p 500 of 2700. 2695. art cashin on the floor talked about a trapped door, broke down to the downside and saw the selling. you have trade tariff worries and you have a concerning note from jpmorgan about revenues going forward being relatively flat, and that weight on the financials. you see jpmorgan biggest laggard on the dow jones industrial average down 4.2%. the financials really came under pressure. american express, goldman sachs among the losers. ge has been a constant laggard. but you can see that the financials in particular got hit, not only because of the jpmorgan outlook but also because of the 10-year bond yield. and that has been front and center.

part of that is the result of shale, phil flynn talked about this extensively.light and sweet and so it unfortunately doesn't yield as much diesel and jet feel when it is distilled and processed this. is why jet fuel cost as whole lot more. what's that going to mean for air travelers? see what doug parker of american airlines said about it. one as cost of production goes up, the cost of the product generally follows. i would expect you would see higher fares to consumers over time. these are other things that airlines are doing quickly to try to maintain their profits. one, they're eliminating free checked bags on overseas flight. american and delta doing that. reconfiguring airplanes to get more seats on it. that means a little less leg room for you if you don't pay for it, fewer bathrooms. do you believe that? fewer or smaller bathrooms? that is what they say. they will cut routes that don't yield at much in terms of profit. so the squeeze is on. travel now. prices are going to rise. neil. neil: wait a minute. you have two bathrooms maximum on a plane, right?

phil flynn, how is this affecting oil? in stocks we're not doing much. what is happening? >> right.ally oil prices were higher on optimism that the chinese stocks were going good. initially when it was reported that china reduced import quota for automobiles, that was a positive sign but the sign president trump hasn't been pleased with how the talks are actually pulled the oil market down a little bit. the other thing adding to oil, neil, is geopolitical risk in with president trump and his 12-step program, if you want to call it for iran. obviously 12 stops a lot of people don't think iran will actually follow. so it increases the odds of more tension in the region and higher prices for oil. we definitely have scene movement here. a lot of focus on these trade talks with china. it is impacted every market down here. whether we talk about it, grain markets, popped up on optimism, hey we'll maybe see light at the end of the tunnel. or the copper market for example. because you will start selling more cars and making more cars. commodities are living and dying every headline on this.

the latest friend jeff flock in phil flynn.ng seems to be here that these governors in other states will play hardball with the administration over relaxing the so-called cafÉ standards. what you make of it? >> we were just talking about this very thing. definitely if they relax the standards of course and make these cars more fuel efficient to use less gas, less oil and that may put some downward pressure. i don't know if it's because of the story but it will definitely have an impact that has been at a record high. >> here's the deal, i just bought a new ford explorer over the weekend. this gets much better mileage than my old one did. even though people are buying suvs, they are more fuel efficient already. >> they really are, which is amazing. it seems there's no resistance of these big cars right now. >> we get $100-barrel oil. >> to get a very low price on your suv when you resell it. listen, this is a typical cycle. gasoline prices go down. they forget about fuel efficiency. prices start to creep out. we will have that p

flynn, lying about conversations with russia. >> exactly. so there is no -- yet, to unwind phil'sint, there is no proven collusion -- there is people digging with big shovels and picks and -- did the russians try to interfere? absolutely they did. did they coordinate with the campaign? a big flat nothing burger at the end here. >> we'll see. yes, kirsten. >> i can't speak for phil, but i think the point is this all has been a set-up. the reason that donald trump does all of this is to set up for something down the road. where all of the lying isn't just for fun. it is to create chaos and to make people not trust anybody. and to tear down institutions and make people think can we trust the fbi and trust other people and -- and no, and it is so confusing, i think that is what we're dealing with. >> so president trump this morning vented his feelings on twitter about the russia investigation. the 13 angry democrats in charge of the russia witch hunt are starting to find out there is a court system in place that protects people from injustice and wait until the courts get to see your

phil and it, that's the second. in the third was a conversation with james comey that he should lay off of flynn.f all three parties parts wer, then you could see that. >> you mentioned the flynn investigation is a important follow-up? >> yes, that's an important bookend. the second book and is having the president asked the fbi director to back off of the investigation. that's what you need to make an obstruction charge. >> and then in questions of real estate obstruction, but interaction and can case and did you have with michael cohen, felix seiter, and others including foreign nationals regarding real estate developments in russia during the campaign? >> this one is a little more gray with respect to obstruction. where it does go is to color the motivation. felix seiter is an interesting character. he served a year in jail for stabbing an individual in the face with a martini glass. he pled guilty to a racketeering charge and was a corroborated witness with andrew weissmann. so this is financial ties linking cohen, which could be relevant, to provide bias or motivation to the president for go

phil, to you, is this a signal to some of his associates who are under investigation. some of have indicted and have copped flees. we're talking about michael flynn, rick gates and the manafort. manafort having been indicted. michael cohen under investigation. >> absolutely. >> this is not very subtle. >> i don't know whether the president intended it to be a signal to the people who are ensnared in the mueller investigation but it's being interpreted that way. they volunteered this is a signal straight to michael anyone wflynn who has pleaded guilty and cooperating with the mueller probe and it's a signal from trump he is willing to pardon people outside of the formal process of the department of justice for very similar crimes to those that flynn and manafort and potentially others will be accused of. >> and kristen welker there's a lot of other information that's coming to us fast and furious off of this interview that the president did with the press having brought them up to the front of the plane which is highly unusual, as you know better than anyone. talking about that first lady melania is in great shape recovering from surgery. to whom

flynn is corrupt. i fear there's going to be a fight where the president is going to take on the bureaucracy if there are indictments and that is going to be ugly. >> phil's right. i think what you're seeing here and you've seen it certainly in the last month or so, more aggressively the last six weeks. remember how we talk about donald trump never mentions robert mueller's name and dowd and cobb are advising him there's no reason to smear bob mueller, somebody everybody likes. now that is out the window. we are going to work to smear the special counsel, use anybody, you need to. but make sure that whatever mueller eventually finds out, whatever the report says, that you can go to the people who voted to you and say this is all the deep state, this is all these people -- they didn't want me to win and now they're pushing all this, to disqualify it before it is even assessed on its merits. and that's what you're -- >> to your point, and you're setting us up perfectly for this next line of questioning, that's exactly what we heard in terms of jared kushner and ivanka trump. before anything has even happened, here's what rudy giuliani had to say. >> ivanka

phil mudd. and michael zeldin, cnn legal analyst. robert mueller's special assistant at the justice department. good evening. chris, you're first, what's your reaction because mueller has already brought charges against manafort, flynn is cooperating. it's another person close to the president seemingly in mueller's sights. >> well, yeah, we have flynn as you noted, don, the former national security adviser, we have rick gates, former deputy campaign chairman both already having pled guilty and we know cooperating with mueller as well as george papadopoulos, foreign policy adviser. so what i think you're seeing is, we saw this has it related to michael cohen, too, mueller is coming across things as we goes that he may not have anticipated. right? he's -- you start in one place and you sort of follow where it goes. michael cohen was a referral. that's in the southern district of new york, but that was a referral from the fbi. roger stone looking into as well. this is all the trump orbit, right? roger stone and cohen, in particular, been with the president for a long time. when he was private citizen donald trump, they were in that orbit. so i don't know if it's an effort to just check all your boxes, just follow down