rick santelli here on the floor of the cme group. you know what i said at 308 eastern? we want a million jobs an hour. that's what we want. what we got looked like a good report. i said let's get the calculator out and i did. so did my sources and big blogs many people read like zero hedge. the labor force participation rate if you look at nonseasonally adjusted, a fresh low going back to april of '83. if you look at seasonally adjusted a fresh low participation rate going back to december of '81. what does that mean in english? shrinkage. shrinkage. 1.2 million people are now not considered unemployed anymore. they just have left the system.

rick santelli over at the cme watched some of that. rick?are saying the inflation data was a little tamer than expected. i guess that's true by a tenth. but i think if you look at the core year over year up 2.3%, that's something to pay attention to. maybe even more important, a 2-day of ten years or 24 hour chart we've traded above 2%. we've only had a handful of times we've closed above 2% for 2012. as you can see as we open up the chart. is this important? yes. we don't want to make too much of it because the top of the range is around 2.08. also we have our hermetically sealed deficit reduction training facility being constructed. hope everybody tunes in at 11:20 to see us put it to the test. back to you. >> can't wait, rick. thank you very much. >>> starbucks has opened its first ski-in ski-out coffee shop. it is in squaw valley, california. it's up there 8,000 feet above sea level. wow. look at that. this morning the tweet asks you where else will starbucks put a shop? that should be interesting. >> yeah. i like that a lot. although it

rick santelli is here with the santelli exchange. >> in 1961, roger maris broke babe ruth's home runng .61. but his season was eight games longer. now let's move 20 current times, there's a lot of talk about the payroll tax cut that's the republicans signed off on without any way to really pay for it. and there should be an asterisk here. because as we've learned from some great economists like art laffer. the thing about taxes and why many fiscal conservatives like to lower them, like the republicans most of the time is because they modify long-term behavior in a positive way, that generate more growth. but tell me how eight months, ten months, a year on the payroll tax extension is going to modify behavior. would you viewers or listeners, would you refi your house if the refi rate was only for a very short period of time? or yesterday was valentine's day? how would you feel, women, wives, girlfriends out there, if your significant other said, listen, for the next year i'm going to actually shave, comb my hair and have some good personal hygiene and stop tweeting other females, but

let's get to rick santelli in chicago. fact, might be the last one? and when it comes to energy, some discussion today about how oil prices may not affect stocks as much when the contango is not as steep, which it is not? >> oh, i don't know. i think if pigs could fly, maybe delta's stock would go lower. i don't know. i personally think, whether it's contango or not, in my opinion, i just keep things simple, carl. get a chart of the equity markets, all the major indices around the world, get a chart of oil that starts around late '07 and you tell me, bottoms are made when energy gets down to a certain low. stock bottoms are made when energy gets to a certain high. i know '08 had a lot of other issues. but maybe those issues were just contributing factors, more antagonists like q.e. weakening the dollar. so i don't buy into that at all. i think there's different supply situations. i think the delivery process of the abundance of crude we have may have some issues. and there's another point. bob brings up a great point, how

rather remarkable. >>> want to check in with rick santelli in chicago. rick?'ve been talking about greece and some of these decisions and some of these intricacies of what the ecb would take some concessions. now that we're getting closer to interstabilization, the euro currency is virtually unchanged. the equity markets in france and the equity markets in germany are virtually flat. so the question i have as a trader is, how much is priced in, if that's the case of why we're not doing better? or maybe even better, maybe the market, many of the investors are seeing through some of this thinking about the next chapter, whether it's going to be issues with portugal or issues with spain or maybe even more importantly, ultimately, is debt inforgiveness going to be the foundation to build a better global economy? i like looking at the markets. this is not what i would thought on this day. back to you. >> thank you, rick santelli. >>> want to bring in david kelly, chief market strategist at jpmorgan funds. >> glad to be here. >> we are on the eve of a potential gree

. >>> rick santelli at the cme group. if you look at the dollar/yen, clearly the dollar's trying to get to some of the best levels of the year and it's close. but look at the pound, a much different scenario. this is a chart of the pound versus the dollar, hovering at some of the best levels since november. interest rates, up several basis points. not a lot. if you look at something like portugal, its rates are down but still at lofty levels. so the irony goes on. how are rates going to move the outcome of greece? none of these are fully done. we'll continue to cover them. back to you. >> thank you very much, rick santelli. question of the day, which wall street executive needs to be on a tighter leash, that as we get set for tonight's westminster kennel club dog show? tweet us and let you know. perhaps running on a leash means running out of time, getting in trouble with the board? >> andrea young needs to be on a tighter leash -- >> isn't she on a leash -- >> she's still there which i always find to be shocking. i find

sharon engle endorsing rick santelli.he's the former senate republican nominee who throats harry reid. does that make a difference? >> she's run before. never successfully and bailed on her house race. i don't think it makes a huge difference but brings tea party support. brings a signal that rick santelli is still in this thing. that may have a bigger impact endorsement today than the one by donald trump. >> thanks for being with us. we're being simulcast on c-span 3. this is "washington today." more presidential politic, beginning back on the campaign trail. also in las vegas and taking aim at the comments that mitt romney made yesterday morning on cnn with soledad o'brien. here's how newt gingrich responded. >> nothing is better for somebody who is poor by getting a job,

get to rick santelli before we sign off. ent will be for trading next week? >> reporter: i think we know the greek parliament will have some issues and finance ministers seem to be leaving, but in the end to hook into the topic we discussed last time i was on, the equities probably you'll feel the brunt what have we call tape bombs, things that have to do with europe that aren't good especially after that piece we have some great viewers out there, they sent me so much information about the shorts in the equity market, and as that number gets smaller and smaller, it makes the possibility that these corrections of negative greece pushing stocks down, albeit not for long may be more exaggerated than we saw last time. >> do you think if you were greek and lived in greece, would you be more worried about the overall euro, worried about membership, would you be allowing the germans to come in with some kind of oversee r or would it be all about sovereignty? >> reporter: sovereignty is a big issue, and i think that many greek citiz

let's get to rick santelli over at the cme. 've had a lot to watch about 45 minutes ago, rick. >> absolutely. we have a lot to watch. we still have important data coming up. i like philly fed. i think that's a fairly realtime aggressive indicator to pay attention to. in 23 minutes we'll be parsing that. if you look at the world conditions with greece, portugal, spain, you know, many traders down here continue to say it's really about the banks. to that end, of course, i'm not watching banking stocks as closely as some. but it certainly looked like the second largest bank in france, their fourth quarter net, off by just a whisker shy of 90%. that pretty much says a lot. it underscores why something the size of delaware is going to have an impact. it's not really about greece. it's about greece's wonderful paper and which vaults around europe it's stashed in. if you look at rates, we're at 1.95. we were close to 1.97 after some of the better than expected data. if you look at credit markets it's telling you maybe equities are goin

we'll see what happens in a few days from now in nevada. >>> the cme group, rick santelli with the santelli. some of the bulling enjoying this stock action today, rick. >> absolutely. we've talked many times, carl, but when you put a lot of liquidity and you have accommodating central banks, eventually even though that capital in many ways is kind of worth less in some fashion, it's going to find a home. there's not enough dirt to bury it all. i do think some of it's going to go in equities. i suspect if you're a good stock picker it's going to be a good several months for you. lerts let's get to the current issues of housing. i don't like to comment about housing programs before i'm holding the paper work as to the details but let's try to decipher what we're going to be expecting today. there's two programs coming out. let's start with one. the fhfa federal housing finance agency that oversees the gses like freddie and fannie. they want to implement a program that will facilitate renting. here's the issue. even though they may be blowing out some of this inventory, these foreclosures in b

rick santelli is here with the santelli exchange. rick?hes and risk/reward. they're always tied. seniors, if your cds are getting much higher rates than a neighboring bank, what gary says is true risk/reward. >>> let, transparency or just a confidence buster. of course i'm doing a post mortem there'sing so many e-mails that i've gotten, but the most common one lately is something charles schwab said. in short, the fed's action the willingness of banks to loan to anyone but those whose credit is so strong, they don't need the loans. i can't answer if what the fed is doing, in consider they didn't get it quite right, even though structural problems remain. it's hard to forecast long term and hard to tell somebody we're going to keep rates lo you ltro, on february 29th we'll get the second, but the first one's post mortem is also important. there have been many articles that first said many of these banks were buying the weaker paper, but when we look at how much of the first ltro is sitting in terms of reserve at the ecb, it questions that.

i want to bring in rick santelli, as well. what has happened since last thursday. now you're getting the financial stocks catching up to the credit. and, in fact, if you look at some of the u.s. financials you're seeing a similar sort of downdraft. this is not -- this is not -- we haven't had this long enough to draw the comparisons to some of the things we saw last year. but rick, the european credit markets have been suspect ever since last thursday, and it is strange, is it not, as we pointed out to you and i, that the u.s. financials are starting to catch up to this right now? >> yeah, you know, if you look to europe, it almost gets easier to understand why. the ltro, you can say that it's a stigma effect for these banks borrowing. you could also say there's kind of a subordination effect going on as well. we all know that the ecb doesn't ever want to take things like haircuts and the more involved these banks get with using three-year cheap money to buy, for example, securities at some of the wounded countries like whethe

let's get over to rick santelli. let's go to the cme group in chicago. good morning, rick. >> good morning. it's fascinating because part of the reason that yields are going down, as i talk i want you to look at the ten-year in the u.s. the ten-year in europe and ten-year in the uk. you'll see that all of them are making the lowest yields for the month of september. part of it is things for ltro, quantitative easing money. but part of it is disappointment without all of that liquidity pushing certain metrics. durable goods on this one. as these rates come down, we're also seeing another phenomenon today. february is a big corporate issuance. as we move towards the end of the month, we're seeing telecom, burlington, and we want to pay attention to see if this is one of the biggest months of issuance in dollar denominated terms by highly rated investment grade firms. back to you. >> rick santelli back in chicago, crude oil down a little bit. still below 109. let's check out the latest moves in energy and metal. sharon epperson is at the nymex. >> i'm standi

i want to -- can we bring in rick santelli? out high frequency trading, a subject very near and dear to my heart, rick. here's the story on high frequency trading at the new york stock exchange. we give 2 billion shares a day. five, six, seven years ago. we, last year we're doing close to 5 billion. we went from 2 billion to 5 billion. all that 3 billion was high frequency trading. that's why people say quite accurately that almost two-thirds of all trading is high frequency. it is right now. so the interesting question, rick, is, and i'm, on either side of this, is any liquidity good liquidity? i tend to vote for more liquidity over less. that's for sure. i presume you would like to see that as well. the question is, is all liquidity created equal? is it all equally valuable to the market one or the other? i think that's probably where we're debating right now. >> you think it is. >> i look at this in a weird way, bob. here's my problem. yes, you know, price discovery needs liquidity. okay? the theory is the more liquidity the

rick santelli with the santelli exchange. he's been digesting jobs, ism and a lot more today, rick? don't shoot the passenger. for a millionth time i wish we could create a million jobs a month. okay? and what this report tells us is, if you look at the side with the body counts for job created that pool is growing. but the problem is the amount of jobs is growing but the amount of people embedded in this surrounded by the unemployed were taking the unemployed out of the equation. so what we're left with is, a positive picture on creating jobs but we're losing the war in terms of things like adjustments for population. you can call those revisions hogwash but, none the less, the fact of the revision, season revision to population based on census information just means today's numbers are right and previous numbers weren't correct. and we're now making them more correct. you can go for yourself and look for the employment situation that's on the website and here's what i'm concentrating on. i'm at the als website, summary table a. and it's not in labor force. it's right here in black

let's bring in our own rick santelli. rick, talk to us about what you heard from mr.f as well. the reality is wells fargo may be the most powerful bank for most americans in america. >> brian, you know, my favorite statement to make is the only regulation that works is failure. my hat is off. i completely agree. you know, i wish we could send a copy of that sound bite to the ecb right now as some of your guests have discussed the way they are now subordinating some of the other bondholders. you know, i know that after a crisis and we went through a horrible crisis in '08 and things get out of whack a bit. but hopefully we can get out of this rabbit hole because government can't micromanage the biggest rubix cube machine, we need to let the car companies or other companies sink or swim on their own merit. >> rick, before we go, we saw you smashing deficits down at the pits earlier today. >> i was. you know, about four our five years ago i met gallagher at a function and we somewhat stay in touch. i figure, if you want to smash a deficit, you got to get somebody like ga

let's go to rick santelli in chicago with the very latest on what's happening there. yes, rick? >> you know, it is true for the short end, bill, but i have to tell you, maybe it's just that the credit markets have had it more correct with regard to disappointment on some of the issues, for example, going on in europe. or maybe in the minutes. because it isn't rallying as much as you would think, considering we're making new lows as we speak in the dow. let's look at interday of five years. yes, the short maturities like a three-year, like a five-year are definitely, as you can see on the chart, lower yield. not huge, but lower. but the further down the curve you go, ten-year virtually unchanged, 30-year bond arguably up a basis point on the session. and maybe the best barometer of all, look at how the boon overseas ten-year looks a lot more like our short maturities. it just isn't on a selling mode, no matter what the headlines say, it seems to be hunkered down at what at least at this point is a two-week low. not very far from historic lows. very similar to our five-year. back

rick santelli in chicago. okay, rick, everybody says oh, the greek deal is done. that's sort of what the main headlines say, but if you look deeper, it's not done. the eurozone ministers are meeting on wednesday. still have people complaining about really the terms of this thing. to the guys and you in the pits of chicago, is this greek thing finally over? >> no. it's a long way from over. i think that most of the guys in the pit think that there is going to be some form of a payment made so they can make their march 20th payment without defaulting. they being greece. but that ultimately it's the behavior of greece that carries forward the modifications whether they actually deliver that are going to have a big effect on other countries. we know the ones. so here we sit with a greek 10-year still at 33%. forget that. you know, tuesday and thursday we have auctions in italy, spain and france. and i think if you look at some of the rates in spain and italy, for example, yes, they've come off. but they are still more than double some of their counterparts like bunds,

rick santelli. >>> market digesting the data. moody's warning for the downgrades for several countries as well. the news that yahoo's attempt to sell alibaba off has been the surprise news. sue herrera, john fort following developments. simon h oftenbs, what can you tell us about the news it's actually breaking off the talks to sell the asian assets to alibaba. >> the talks have been called off not to say some kind of arrangement won't be reached, when i was talking to folks who were close to the negotiations here they were saying they expected them to go on for another month anyway. the issue is we're in a lame duck session of yahoo's board with several members planning not to stand for reelection and trust is frayed between the two sides, unclear whether they will be able to get much done right now. >> stock is down 5.5%. sue, the rest of the market look at quiet volume. economic data digested, i saw you and bill yesterday talk about what the impact has pen to the markets year-to-date, the market is up so much in 2012. >> i thi

let's go to rick santelli with that angle. >> over to you, rick. >> i can remember about 20 years agothese job reports, the bond market and futures with trade five different handles. volatility in treasuries isn't what it used to be. remember, we have what's going on in europe, what's going on with the hearings, with congressman ryan and ben bernanke. we had chicago fed president, a big conference, charles levine here in chicago. not a lot of volatility. contrast that in some ways with a 24-hour chart of the ten-year boon. it started out a lower yield. you see its yields ran up and closed unchanged. it's handicapping how long we have to wait for details on greece. if you want to see how a dollar index chart looks over ten years, you'll see we've dropped about 33%. the dollar index probably isn't a great case for the real value of the currency, because it's mostly paired against another currency in the form of a euro. one-month chart of the etf, for corporates, another new contract high. maria, bill, back to you. >> thank you so much, rick. stay right there. we bring in now steve liesm

shell is a big acquirer, they've got to get very aggressive. >> let's bring in rick santelli and let ll, some of these measures they're requesting out of greece. >> yeah, i'll tell you what. there's so many moving parts to this. i enjoy bob's comments on cnbc. you know there's the stabilization side. and then i think the market's being very smart. it's looking at the future the way el-erian, the way bob pisani, the which i look at it, all the uncertainty, not to mention the political uncertainty, what powers are going to stay in, what aren't. issues with the greeks moving towards the streets to show their displeasure. even when we acknowledge honestly that a lot of these austerity measures that don't seem pretty haven't been even implemented yet. this is going to be dicey times. that's why you still have a ten-year in the uk trading 2.12 yield. it's historic yield just a bit below 2%. we're only two basis points above 2%. the boom is only two basis points above 190. these markets haven't flinched nearly as much. i'm not advocating buying the good sovereigns. maybe it's not a great tra

rick santelli joins us now live, and watermelon-free. i would never -- you know what?ou are the--the shark is not jumpable with you. it could never happen, because you who you are. that's crazy. why is gallagher there? how did this work? >> about four years ago i met g gallagher at a function. we hit it off. i went to a couple shows. i heard he was in town and threw it out there. three years since that crazy week in february, where we came off the tarp, went into the recovery, the stimulus, we had a housing bailout. then you and i had a little fun on february 19th, on the 23rd the president said he was going to cut the deficit in half and his first term, and i thought, how can we, in a light-hearted way, in front of a three-day weekend just accentuate these deficits keep growing? i thought, hey, stick a couple trillion dollar can on top of a water millen and get the king smasher to show us how to do it. >> we just had leskin on. >> wonderful piece today. >> do you buy that? depressing to think we're behind the curve on doing the structural things we need, supply-side w

i want to bring in rick santelli. what kind of reaction is there in bonds to what did seem to be a moderately positive beige book? >> like confidence numbers become old when they are surveyed before a big move in energy, in many ways i think this beige book isn't as fresh as we'd like to think because of energy prices and i'll simplify some central bankers in the uk were very honest about it. i think quantitative easing all of a sudden doesn't seem to be the topic du jour for one very simple reason, oil prices. i think higher oil prices and the notion that quantitative easing has dollar denominated assets rocketing through the roof is enough to have three areas of the globe, the uk, the u.s. and the eurozone, all backtracking very quickly on quantitative easing, or at least pencilling it in for more on the calendar. >> well, at least let's hope oil prices keep on continuing to the downside. we're now at $106. rick and bob, thank you very much for that. yesterday just to quickly recap, the dow finally closed above 13,0

rick santelli back in chicago from the cnbc group in chicago with the details. >> hi, bill. and definitely, i was there, and i graded it, it was an a-plus auction. would you lend your money for seven years to uncle sam for 1.41%? think about that. look at interday 10, this is the effect of the good seven-year. you could see yields fell five or six basis points. if you look, we settled at 2% yesterday. it's not a big change, but a big change before it was headed before the auction. if you open it up to november 15th to cover the entire range, it's still a big deal that we didn't trade higher than the range established by a close in early december with a 209 yield close. right now, if we settle here, it's the lowest level in a week. last week we seeltd right about 198 as well. if you look at the euro, it's had a big day. you can see it on the chart. if you open that up, you'll see these are fresh highs going back to december. bill, back to you. >> thank you very much, rick santelli. >> you know what, bill, i'm not a brilliant mathematician, but i'm looking at the board and we'

rick santelli is tracking action at the cme. how is demand, rick? >> i'm still kind of handicapping it here. let's go through the metrics. if you look at the $16 billion fresh 30-years that we just auctioned, the wi market hovering at a 323 lot, so the bid and offer on yield was 3.23. it came in at 3.24. higher yield, lower price. that's not a great thing. if you look at the bid-to-cover 10 auction average of 2.66, this one light at 2.47. granted we had a 2.40 in november. it's still on the light side. but the 30-year's had a wider range, actually, statistically on some of their bid-to-covers. maybe because of the twist. if you look at the indirects, they were light 33%. 10 auction average these were 29.2. you know, the more i look at this i just don't see how we could do much better than a c minus on this one. so we're going c minus. >> yikes. yikes. >> okay. >> that doesn't sound good. >> rick, thank you very much. rick santelli there in chicago. from chicago to new york and the trading floor at the new york stock exchange, bob, how are we looking

rick santelli is in chicago with the details on all that. rick? >> well, you know, today was looking to be the seventh day in 2012 that we closed above 2%. but as we sit right on that level, maybe it's not an assured finale to the trading session. if you look at inter day ten, you can see we've worked our way down. but more importantly, let's look at how long it's been in the range mid-november. what jumps out at you is, yes, we've been moving up, and now we're moving back down, predicated on much of what is going on in europe, and maybe energy prices as well. but right around the 6th of december, still our highwater mark closing around a 210 yield. we can't even get through the top of the range. traders are cognizant of that and see the same dynamic in other safe harbors like gilt and boone's. the euro is at the top of its range, maybe extending it a bit. it's the dollar/yen getting the most talk on the trading floors. right now as we trade 80/20, and that's off its best levels of the day, these are the best levels for the greenback against the y

back to you. >> rick santelli, thank you. let's switch on the power surge. keeping an eye on oil today after its huge runup it's trading lower today. deutsche analyst paul sanky making a bolder call. he's bearish on u.s. light prices and bullish on selected refiners and says $80 a barrel for u.s. crude is in his sight lines. first on cnbc paul sanky. always interesting joining us from nasdaq today. welcome back to "power lunch." >> thanks, guys. >> make your argument for oil prices falling. you look like a generius today. this is their worst in two and a half months. >> you always worry the call works on the day we make it. it's the long-term call. >> explain your reasoning for it. i read your note, i'm not sure i understand it. >> fair enough. it's a built complicated. the issue here really is the big idea is u.s. exploration and production companies are going to do the same thing to oil that they did to natural gas. and the reason for that is basically that they drill very aggressively. it's mostly light oil. we're limited on how much of that stuff we can

check in with rick santelli at the cme group in chicago. ning, rick. >> good morning, melissa lee. obviously we're all going to be debating the four letters you guys don't want to say anymore, ltro. but something interesting is going on in the fixed income markets. we had a three handle on gdp. that's a good thing. maybe rates climb add little bit. as you look at the 24-hour chart of our ten-year, unchanged. the bunds were dabbling in lower yields. but look at what happens when you get to the uk and the ten-year, their gilt, their yields are up rather notably. i've been trying to figure out what's going on. they had good housing data this morning. they have a gilt auction tomorrow of 2.75 billion pounds worth. but it really is breaking out in a different direction. we're going to have chicago purchasing manager survey in several minutes. we'll be handicapping that one on the fly. back to you. >> thank you very much, rick santelli. >>> meantime, we'll do this in "six in 60." but i know you want to mention joy global. you say it matters. >> ye

. >> rick santelli in chicago as well as steve liesman here onset. steve, what did you make of what sam had to say? he's slamming the system. >> you know, i think he's got a point there. but the reason why the government came in was because the alternative was thousands of people essentially -- millions of people, losing their homes. and i think there's a place for government help here. it's proven though that all the government programs, brian, have not worked out all that well. in fact, the market has sort of been left to its own designs on its own. and seems to me capable of figuring it out on its own without the government involved. >> rick santelli, we've heard about fair share, do you think viewers writing myself, all the time saying i was smart about housing and feel like i'm not getting a benefit from the government because of the help they're providing? >> you know, once again, when it comes to fair, it's a relative term. what's fair in the eyes of the president may not be fair to the eyes of some in the electorate. how tall is tall? i'm tal

let's bring in lindsey and our very own rick santelli. lindsey, welcome to the program.ood to see you. >> thank you. good to see you. >> let's talk about housing numbers. diana mentioned most is multifamily, single family's not that great. a lot of foreclosures. is it just as easy to make the negative case on housing, or are we finally seeing a real recovery? >> i think it's much easier to make the negative case. i don't want to completely discount what we saw this morning. we had a nice pop in starts and permits, but none of this is a game changer. we're still seeing the same trend in housing bouncing along those lows just with increased volatility. so what we're seeing is month-to-month increases followed by equally sized declines the following month. i think you're right majority of the demand is coming from the multiunit sector or rental unit. a healthy rental unit is a far cry from restoring the equity demand we need. i would much rather see a recovery in single families rather than demand from the multifamily. >> yes. a much more important number than multifamily s

now to rick santelli. all right, there were some rumblings, grumblings, mumblings about a possible qe-3 that got you all fired up today. what's the problem? >> well, i'll tell you what, about the time -- this is about confessions and al ke my. what a great novel that would be. scary topics. the confession side, you know, mr. ryan talking today with ben bernanke, he had a confession. congress can't help itself. you manage low interest rates to a level where we think we could spend forever because the world is giving us all of this money at such a low rate. about the same time the confession was going on, there was somebody trying to spin more straw into gold. that happened to be our own federal reserve president right here in chicago, charles evans, with a room of reporters saying, you know, we really may need more quantitative easing not only in treasuries but mortgages. and some people believe that number ought to be $1 trillion. because of this huge employment gap that we have. i just want to ask one que

we'll have auction results in just a minute with rick santelli. they have also come around here as we see a full market turnaround a little bit. now up .5% and inching toward $99 a barrel. midday movers the action at caesar's just crazy. 80% to the upside. also talk about ralph lauren. they beat expectations on their earnings. and cerner up big. one more winner, one of my favorites, buffalo wild wings up almost 15%. on the flip side, we have panera bread, profits beat but revenue didn't. western union, same story line, same result. they are down 8%. sue, back to you. >> brian, thank you very much. breaking news now, $24 billion worth of 10-year notes up for auction. rick santelli is tracking the action at the cme. how was the demand? what's the grade? >> let's go over metric and then get to the final grade. keep in mind those $24 billion fresh tens, these aren't reopenings. the next two auctions will be. the yield at 2.02. the low trade i saw on the yield driven when issued market was right around 199.5. but the wi was trading around 203. we went

why don't we go on a ledge now with bob pisani and rick santelli. all right. bob, stocks have been on a big run for months, but volume as you know better than anybody is exceptional exceptionally anemic. the whole theme of this program is basically when do we get people to take a chance on stocks again? in other words to quote the red sox i guess, when do retail investors cowboy-up? >> i think the problem is going to be -- you'll see that change when we get more certainty on the global economy and more certainty on the u.s. economy. what's going on in europe, the clients in europe aren't trading because of the uncertainty here. the retail guys here aren't trading because of the uncertainty here. and the high frequency guys aren't even trading for even sake because the volatility is so low. i think this will change when we get more certainty on the global economy. brian, meanwhile the s&p just hit a three and a half year high. i know the volume we'll see. i know the price action isn't particularly fantastic. technology's up. energy's been a great performer. mat

. >> more now from ceo of op vest wolf management and our own rick santelli. andre, we heard a moment ago, bill gross says there's very likely to be further quantitative easing this year. you are looking at potential qe-3, 4 or maybe 5 surely to brian's point we have just had enough of all of this. >> we've had enough of it, but unfortunately that's the path we continue to go down. look at bernanke, he started on a certain path and trying to keep interest rates low for the simple reason that if people can't get money in their savings and savers are punished, they have to go elsewhere to find it and they have to go into the stock market. they have to go into investing. what he's doing is pushing people into the stock market. and obviously you've seen that rise in the stock market. it's just troublesome because at what point does it end? how long are we going to keep these interest rates at zero? how are we going to get this p/e expansion that we really need to have a true bullish cycle? i think those are some of the important questions. >> they are important qu

rick santelli at the cme, where else. bob, we are a whisper away from dow 13,000.e do it today? don't the markets know you weren't there when it happened? >> i know. it came back down again. that's really frustrating. the answer is yeah. there seems to be this underlying bid to the market. a lot of traders have been talking about it. which is killing europe. have you noticed? in the last few days -- put up how well we've been doing. europe's getting killed here. they've been down three days in a row. and all of the sectors that were worrisome before, the transports and the banks and materials i have been talking about this in the last few days looking very toppy. they're all quietly moving to the upside today. so all those worrisome groups are like the materials and bank stocks doing a little better. brian, you were mentioning unicredit. i want to mention you brought it up, all the italian banks are weak today and there's a very good reason. the ban on short selling of the italian banks ends tomorrow morning. so these stocks can now again be short -- remember, ther

rick santelli had a rant on the chicago floor of trade about the mortgage meltdown. when he had that rant, what i say is that the fuel was already there, and he lit the fire because he had a platform na no one else had. that video went viral, and so the following day there were 22 of us that came together through twitter to hold a conference call. the purpose of that conference call was to plan for tea parties across the country one week later. we defined our success with ten tee parties across the country, 50 too 100 people in attendance at each tea party, and we all got busy the following monday morning planning our tea parties. on friday, february 27th we had 53 tea parties with approximately 30,000 people in attendance. >> i'll state the obvious. not foreign to the students at george mason and the washington center, who are knee-deep into social media. she added this was not possible without e-mail, facebook and twitter. >> yes, that's right, and even more it wouldn't have been possible without eventually fox news jumping on the bandwagon. one of the things that

rick santelli at the cme. good morning, rick. >> good morning, carl. don't know, is it just me or did any other viewers or listeners out there get a little ripple up their spine when steve liesman said the ecb's kind of playing the role of a bad bank? a central bank, one of the largest central bank is a bad bank, makes me nervous. anyway, let's concentrate on foreign exchange. all the news of the day done to the fx market? well, let's look at what's going on with the euro. as steve talked about, e yes, some volatility, traded over 1.33. how far back do you have to go? pretty much december, fresh december, highs versus the dollar. let's look at the dollar/yen. dollar/yen, dollar's improved. and take that chart out of it, it's only several weeks, it's not huge. but here's something a bit surprising. let's look at the pound versus the dollar on the day, up. they're talking about more q/e, wonderful. and if you open that chart up, these are fresh highs against greenback going back to november. carl quintanilla, back to you. >> thank you very much, rick san

. >> rick santelli, rick, i want to ask you the same question basically i asked steve liesman because you trade on instant analysis, instant information and you trade very rapidly and of size. do you like this new fed? how does it effect bond, gold, futures, whatever, how does it impact trading the way the fed is communicating data differently? >> i think in my opinion what interests me or disinterests me about the fed has very little to do with communications. there was a point in time where i thought transparency was a positive, but at this point it just creates a bigger roar shack diagram. and i think that the decenters aren't necessarily leading or misleading. i think that you have your charles evans on one side that thinks we need bigger puddles in the kitchen. you have fisher who thinks we need to get the mop out. in the end ben's going to get what he wants. i think the one thing in the minutes that you can't dispute is the get away car is still in the driveway idling. there's nothing concrete one way or the other. and i do think they're going to continue to underpromise in term

cnbc's rick santelli is in chicago with the details. hey, rick. >> thanks, bill. it wasn't only ben bernanke not talking much about the twister extended beyond june, it was the bank of england. it was the fact that the calendar doesn't have an ltro marked on it for a third one. and bob pisani posed the question, would you rather have west qe with a better stock market. how much is tied up in qe. if you look at the interday 10s, it's up three or four basis points, but briefly touched 2%. it gives you an idea of how quickly we could see an interest rate adjustment should there become less interest rate liquidity. there were hints all morning of whether it was marvin king or others that they're going to stand down a bit on qe. hey, oil prices must be hitting all the central banks on this leap day to reassess. if you look at the euro, you can clearly see how it gave up lots of ground. probably ltro related to some extent. and the last chart, also ltro related. up over 70 basis points. it's all about haircuts and being subordinated to the ecb whose positions always rem

rick santelli joining us from the cme, steve liesman back at hq. let you have first crack at whatever you'd like, whether the impact on savers or this inflation target. what did you hear? >> to me talking about targets, it gets lost on me. first of all, i disagree with their measurement of inflation. i call into question the notion of how it's so hugely impacts the middle class, lower middle class and poor so much more when a weaker dollar makes imports more. and so many people need to shop at places like walmart due to that fact. i also think it's disingenuous to keep passing the buck between fiscal and monetary responsibility. he wasn't bashful about a white pain other housing, but he doesn't tend to take on his hat of an enabler of the low interest rates. we need a hammer as long as rates are low, we can't help ourselves. so that i think's also a circular discussion. >> steve. >> i always want to know if rick has an alternative measure of inflation that works better for him. >> yeah, i call it going to the store. >> right. and how much of your i

rick santelli in chicago. over to you, rick. >> we've had a lot of false starts today.we had weak day in the form of durables in housing, very strong data in the form of confidence in richmond fed. throw in the wild headline that came out arndt 10:00 eastern regarding the referendum vote in ireland, the ten-year had a lot of volatility. we were below 19 # 0, now in the low price of the day, a little above 19 # 3, up one basis point on the day. how does this stack up with our foreign ten-year notes. you can see our chart going back to the beginning of the month. one point hovering at the lowest yield since the first couple of days in february. very similar pattern to the gilt, ten-year uk, as it hofrs around the 2% level. today it actually dipped a bit below it. remember the ltro tomorrow, try to think this way, there's a lot of talk that if it's big, it's going to hold some negatives. it's a lot like some of the programs in the u.s. maybe they work, but maybe they didn't. but it left a sour taste in a lot of people's mouths. are bill, maria, back to you. >> rick, thanks

rick santelli at the chicago cme group with that angle. over to you, rick. >> maria, indeed, some of the news in europe, which has bob is in an entertaining fashion, kept us in the loop on, is it within reach or isn't it. maybe some of the data being a little better. if it's not as good as it could be expected, it's not as bad. yesterday's chicago number might have been a big down move from the last month. but there's not many 60 reits throughout the whole series. rates are up a bit, i guess is the short version. interday five, up a couple of basis points from yesterday's record low yield close. you look at tens, we're up about four, five basis points. it was also hovering, you know, within nine basis points of its 171 september historic low yield. the euro currency also playing into this maybe better news in europe. but i'm not sure any news is coming game. they're at $131.63. they were higher a while ago. all of this is important. another area, corporate supply picking up a bit. there was a time not that long ago, ibm was always a magical

rick santelli on that angle right now. over to you, rick. >> thanks, maria. if it was just greece, and let's say we did have the detailed paper in hand that bob so eloquently talks about, i don't know that yields would have been all that much higher. some of the other winds blowing through, we had a 30-year auction today, we had auctions the last several days. corporate supply is picking up, and sometimes there's distort n distortions based on hedging that supply investors buy. but to cut through it all, if you look at the interday of 30s, it's up five basis points. more interesting is the comp goes now back to third week in october since we had yields this high. we're over 320 at one point. maybe the biggest story of the day continues to be the euro currency. granted, a little under $127 in mid-january. maybe 133 or 132, 92 doesn't seem high enough considering we're probably close to some form of the world's largest band-aid to stabilize this marketplace. but these events continue to go on. of course, february's the month. bailouts always seem to occur in fe

. >> rick santelli, tune in for the january cpi, unchanged headline, we were looking for hotter cpis,p .3, up .2 encore. 10:00 eastern, leading indicator, january number, last look, up .4, lateral move, up .4 to .5 as well. tune in. >>> a good day on wall street today. the markets did take a cue from the better-than-expected economic data out this morning in particular. inflation data. look at how we finish today. thank you so mfo

rick santelli is live from the cme. rick. >> well, you know f you look towards the marketplace, it's pretty difficult to extract the influences of bernanke testimony and q & a. look at an intraday chart of the euro, the euro was on a bond burner well before the meetings started on the capitol hill. and a lot of that is continuing to handicap whether greece is close or not close. and look at a 10-year, it's basically not going anywhere but still at a very low rate, about the same rate as the bund. many traders on the floor framed most of this morning's very much interesting discussions between congressmen and ben bernanke in the following way, if you look at just since the operation twist began by the fed a very large majority of long end issuance has been gobbled up by the fed. so we are making fiscal policy as ryan pointed out based on where interest rates are, and interest rates are not where they normally would be if it wasn't for some of the fed interventions. and it's that relationship that has traders a little bit

rick santelli? >> if you look at a lot of the numbers, maybe they're not the kind of numbers we want to see. but they're definitely an improvement over some of the numbers we had been seeing just several months ago. if you look at a year-to-date chart of three-year note deals, and the same for two-years, the highest yields of 2012. let me stop there. i just heard from one of my cash dealers today that the dealer community now is longer in the three-year sector than they've been for a decade. so we really want to watch this. as these yields start to break out on the short end. if you move further down the curve, certainly we see that the ten-year note right now is at 201. this could only be the fifth close of the year above 2%. but it's going to go right down to the wire, only one basis point away. you can see on that chart it isn't as aggressive a yield jump than the shorter maturities. you can see how the credit market in many ways was delinked from equities and delinked from the dollar. the dollar

let's get to cnbc's rick santelli in chicago with the latest there. >> you know, it's been actually a fairly range-bound week when you consider where we're at today. it didn't feel like it when you were riding the roller coaster to get to friday's close. look at a one-week chart of ten-year. we're up several basis points. even that move didn't take you beyond what the top of the range is since november. somewhere just shy of a yield of 210. the two-year, a bit of a different picture. keep in mind for a variety of ropes, the longest maturity, the twist, a lot of reasons, it is virtually unchanged on the week. if we switch gears and think corporate bonds, let's look at the investment grade egf that reflects price. year-to-date you can certainly see it has had a little bit of a bump today. since the beginning of the year, it's a tear. if you look at the spread relationship to treasuries, as expressed in this barclays investment grade index, you can see as well that we are now under 200. if you think equities will be in down moves only with european bad news, but ultimately it's a good ma

rick santelli, thank you very much. ben bernanke spoke out for the first time since last week's surprising employments report. we have senior economic supporter steve liesman with us. steve, we heard a lot of the same, interest rates going to stay at exceptionally low levels until the end of 2014. what struck you about bernanke today? >> mostly i thought his comments on europe were newsworthy. i would suggest it was a lot of the same. it was so much the same, that he repeated the testimony from last week's appearance before the house budget committee, even including a jobs number out before the revision which happened the day after the testimony. so he was specifically not making any news on the economy today. he did say about europe that the ecb said some countries already in a recession. he did suggest that u.s. banhav limited their exposure. if there's a european financial problem, it will wash up on these shores. on the economy, he was mostly asked about the budget. repeated dire warnings from last week. but did say

bob pisani and rick santelli, what do you say, bob?raders talking breakout or breakdown at this stage? >> i'm getting some free bar, i'm sorry. and there's a lot of it -- well, you know what? i'm going to annoy you and annoy brian a little bit and say that the likelihood is that we're going to grind either way in the next couple of months. i'll tell you why. we're overbought. look what the sectors are doing so far this year. when was the last time you saw a start like this? financials are have overtaken materials as big leadership stocks. look at this, every one of the growth-on stocks are going through the roof here. you have three things going for you. we're moving towards some kind of greek resolution, still could break down but they're moving in that direction. bernanke today wouldn't even rule out q.e. 3 with an improving economy. and a lot of traders are still underperforming. i think we're tired. i think we're due for some kind of pullback. but sideways grind seems more likely. >> everyone says we're potentially due for some kin

rick santelli is in chicago with more. hey, ricky. >> hi, mandy. you're correct. this morning we had a university of michigan sentiment number. that was the highest level since february last year. that's a one-year high. what has the market done? we see it didn't pay as much attention as it normally did. why? because realtime confidence is getting affected in realtime by higher gasoline prices. if you put a chart up going back to the last time we had $4 gas, there's no doubt there's a pretty darn good correlation between equity performance and the price of oil. if you look at interest rates that were in fact looking at a two-day chart, rates down. open it up to the week and here we are two basis points down on the day and two basis points down on the week and it could be the lowest weekly close since february 3rd which happened to be the first friday of february. if you look further at other issues, i think one of the key points you need to bring up is the dollar index. you can see the dollar index is at the lowest level since december, early december. well, that'