. >> precorrection, sort of, oil, looked like it has it sea legs back, right? pushing over 60. some people thinking over 70 who knows what will happen >> we shorted oil last week. soy guess we didn't quite agree with you on that one i guess some people did see it that way u.s. production is ramping very quickly. that will keep a lid on oil prices maybe they're a little bit oversold here. it went below 60 you look at the strike we're selling 82.5 the stock was almost 90 just a short time ago it feels like this is out of the money some what. it isn't >> two things. in terms of the hour to hour action in exxon is important it hit a low of 7390 and closed at 75.80 that's what reversals start to look like. and second, it's so bad relative to crude crowd is finally corrected we have the 8, 10, 12% selloff now you do the other way you make the bet that exxon has rebound potential given how big sit, how important it is for the market, and how literally straight down, only five times in its history they have plunged 17% in two weeks >> mikey, you get the last word? >> it's unlikely to s

. >> precorrection oil looked like it had its sea legs right, pushing over 60. some people thinking it was going to 70. who knows what is going to happen in the next many weeks. >> we shorted oil last week. i guess we didn't agree with you on that one. i guess some people did see it that way obviously, u.s. production is ramping quickly. and that's going to keep a lid on oil prices. maybe they are a bit oversold. it is a sharp move it went below 60 i look at the strike, the call we are selling, 82.50. it was almost 90 a short time ago. it feels like this is out of the money somewhat but it really isn't when you consider the kind of moves we have seen. >> in terms of the hour the hour action, in exxon it's important. of the it hit a low. and closed higher. that's a reversal. it's bad related to crude. crude has sort of corrected. that was the point of last week's effort, the 8 to 10% selloff. now the rebound potential is there, given how big it is, how important for the market and literally straight down. only five times in its history has it plunged 17% in two w

if you look at tech shares, they are already back to precorrection levels. facebook, apple, netflix, google's parent alphabet. amazon. take note. rose 1.5%. it made the worlds richest man even richer. jeff bezos made 1.7 million today alone. he's worth more than $120 billion. financials contributed to the game. strategists say they are two main reasons for investor optimism. corporate america producing strong earnings. it's been one of the best since 2011. strategists saying investors are getting used to the idea of higher interest rates. yield on the 10-year treasury note stabilized under a key psychological level of 3%. that level was moving higher. earlier this month it made investors nervous because higher rates make borrowing more expensive. >> bret: thank you. u.s. up in court justices are tonight considering a major case that could affect union workers nationwide. "fox news @ night" anchor shannon bream has specifics. >> fundamental issue is right to choice. >> illinois public employee says from the time a union fee was deducted from his first paychec

stocks that actually have gotten up to the precorrection high level they're utilizing the market strengtho rotate out of strength >> and going where >> we did see a little buying in consumer staples obviously that will be led by walmart. here's the interesting thing in particular, the energy markets today. crude oil didn't start rallying until 9:30 a.m., an hour after the market already opened. the energy stock or energy sector, their rally precededed the rally in crude oil exxonmobil, chevron and even conocophillips, which has been outperforming. even though exxonmobil consolidated in the last week and a half here, we saw some reluctance of our client base to participate. this week, however, we saw some cautious participation in some of the depressed energy names. >> and as we've identified already, utilities are the leading sector today as we see this easing in interest rates with the ten-year back below 2.9. good to see you again. thank you. >> thank you for having me >> victor jones, head of trading at td ameritrade. >>> art ashin, it pared off on close orders it was to the sell side

. >>> get this just a handful of dow stocks have managed to reclaim their precorrection highs.l the names and if they're worth your money now on tradingnation.cnbc.com more "squawk on the street" coming up. >>> now let's get to the cme group in chicago, rick santelli with the santelli exchange >> hi, good morning. and thank you. i'd like to welcome my guest this morning peter, thanks for taking the time you write some op-eds that get me thinking. many of them, of course, about the gses, government sponsored enterprises, fred gdie, fannie. the most recent i liked was the rogue treasury department turns towards the 1930s. what you bring up is that affordable housing is a nice moniker, but raft with negative issues as we learned in the credit crisis. what is happening today that surprises you at the treasury department pursuing the notion that many americans would like to see private systems for mortgages? >> yes, that's right this is quite amazing to me. here's the trump administration, which has been enormously successful with deregulation in all kinds of areas, and the economy