close out the show here with rick santelli.row we're looking at headline up 0.5. i know it isn't going to be received ver

newt gingrich, rick santelli, mitt romney, ron paul will have no incentive whatsoever to get out of this race. however, if mitt romney can win in ohio, can win some other states, nice bucket of states beyond virginia which is a slam dunk for him, on super tuesday, i think it will go a long way to convincing republicans he, indeed, is inevitable, whether it's going to happen that day or over the course of the next month or so. >> it seems that way. of course governor romney won in arizona and michigan this week. last week by three points in michigan where he had the support of college-educated, wealthier voters and senator rick santelli getting the support of those making under $100,000 a year. what's your take on the class distinctions of the voters in the republican primary bat until how does that impact the general election? >> there's been a pretty clear pattern in every single state so far that mitt romney does well with older voters, wealthy voters. where he struggles are with social conservatives and with those working-class republicans. that's where rick santorum has found his swe

rick santelli.egulations, safeguarding the financial system and a lot more. [ artis brown ] america is facing some tough challenges right now. two of the most important are energy security and economic growth. north america actually has one of the largest oil reserves in the world. a large part of that is oil sands. this resource has the ability to create hundreds of thousands of jobs. at our kearl project in canada, we'll be able to produce these oil sands with the same emissions as many other oils and that's a huge breakthrough. that's good for our country's energy security and our economy. >>> turning our attention to the future and health of our community banks. the end pind community bankers of america is taking place in nashville. it's the largest and most come prensive of bankers. acting comptroller of the currency john walsh joins us this morning from the convention. john, good to see you again. good morning to you. >> good to see you, too. >> comes on a busy week, obviously, the fed meeting

is over at the santelli exchange. hey, rickange. if you look at what's going on in europe, yes, it's europe revisited. we all knew it was coming, because printing and ltr owing, that's good for stabilizing. it isn't good for long-term growth. whether you look at the rates for one month in spain and italy, you can see what's going on. it's about funding. we need to monitor that. on the other hand, if you look at boom rates, obviously going the other way. part of the linkage might have to do with op-eds today. if you look at john taylor, the uncertainty, is ben really worried about europe? these are big issues. last but not least, mayor bloomberg. the op-ed in the journal today talking about taxes and deficits. brought up the same thing we had on santelli exchange about a week ago, that when it comes to the president's budget and the notion of taxing those a million or more, you raise what, a little over a billion dollars? that's not a lot of money when you consider that we're spending trillions that we don't have. the reason i c

rick santelli, what's going on?w as the crow flies but you have guilts up 30 points as well. you have the ten-year boon yields up 25 basis points. this is more than just what's going on in the u.s. why are world rates going up? is it baked into the cake permanently? let's look at the variables we should pay attention to. the ingredients of the rate cake. obviously in an election year there is so much the propensity to make that the number one issue. of course it is. there is growth. but it's more complicated. we have to assess qe which fuels part of the growth. the difference between a sugar high or priming the pump versus sustained growth is different. that figures in prominently. whether you look at the bank of japan, the monetary policy committee, the bank of england, our fed or the ecb, you come up to a motion that generically and put bank of japan off to the side. we don't see another ltro on the calendar. our fed didn't talk much about the twist or future qe. the monetary policy committee at the bank of englan

rick santelli in chicago. t romney taking e ining prize in ohio while rick santorum claims victory in three. our chief washington correspondent john harwood up late last night following those results and up early this morning. john? >> carl, what last night means is that mitt romney's taking another step toward becoming the republican nominee. it is highly likely that's going to be the outcome of these primaries. but he didn't put the thing away. he didn't score well enough to create strong pressure on rick santorum and newt gingrich to get out of the race. why? because newt gingrich won the state of georgia comfortably. so he is claiming a mandate to keep going. next week they go south to two states, alabama and mississippi, that newt gingrich has reason to think ought to be reasonably favorable territory. rick santorum won in tennessee and in oklahoma and in north dakota. he has that same mandate. and it's going to make it more difficult for mitt romney to rapidly pull this party together, which is an issue t

rick santelli with the santelli exchange. there's a lot to talk about today, rick. >> there is. talking about natural gas, and i think it's ironic what up happened to the keystone pipeline. for me it's not about politics. it's about enthusiasts. expressed natural gas, that's the way many people think you need to go to really bring natural gas to the masses. i know you have people, of course, on the heavy truck side, on the commercial side like boone pickens. i called a lot of guyed that sell kits on ali baba. whether you look at the cal custom craze in the '50s, many times it's the enthusiasts, the do it yourselfers that give you a glimpse of what lies ahead. what i found is you can find conversion kits to to convert a car to compress natural gas from anywhere to 1200 to about $2,000. okay? then you need a tank. this is where it's weird. tanks are about $1,000. you have epa and regulators that cut the red tape on you and different kinds of vehicles have different class tanks. i'm simplifying. the most expensive apparatus if we don't get infrastructure going to fill it up is a co

rick santelli with the santelli exchange. rl, it is like i could have wrote that script for you. they call it the windy sfi because of all the hot air out of our political class. that's really where it comes from. perfect segue. hey, there's an organization called the american institute for economic research. and you know what they have that i like? they have an epi. every day price index and their every day price index doesn't look at things you buy on a grand scale like a house, they look at things that you actually consume on a daily, weekly, monthly basis. you know what their inflation rate is on their epi? 8%. okay. so let's get this straight. they're saying 8%. most of our leaders, especially in the fed, want us to believe they have a 2% target and want to under it. if you believe that, i guess you're really going to buy in to the supply/demand stuff i hear lately on the news and that is, remember, the election is, what? november. just keep that in mind. they say it doesn't matter if you put more supply in the energy mar

rick santelli, what you got?> i'll tell you, of course the income and spending numbers were interesting especially spending. but the numbers ahead of us may be some of the most important numbers of the week if you believe that confidence is going to give you an indication of the future. and especially how some of these confidence numbers like michigan or the pml will move through some of the energy issues we've had of late and how that will affect their outlook on the marketplace. interest rates aren't very much changed from yesterday, but if you look over the last two weeks, they continue to cascade lower. prices higher. not aggressively, but maybe the most important information is for the week with 99 billion in supply, really doesn't seem to have flinched much. whether europe has an affect over the weekend will be very important to monitor. let's go to david faber. >> actually i know we also want to get a look at that offering, gas log, which not doing what many we've seen lately have been doing. namely this i

john lonski, and we welcome back my pal, cnbc's rick santelli.o, rick, you think the gallop crowd is right? wall street's optimistic about a couple hundred thousand new jobs and maybe a steady unemployment rate. do you think the gallop guy's right we'll jump to 9.1? >> in an apples to apples comparison, keep in mind that they're talking about i non-seasonally adjusted rate and if you look back at the mid-month move which moved higher, and you factor in the seasonalities, you're talking about a half a percent lower if you adjust it. the same is true for the government, actually. if you took that 8.3 last month and looked at that time nonseasonally adjusted it would move to 8.8. i think the long and short of it is is i do think the mid-month trend of moving higher is accurate and it goes along with the employment indices and the survey, but for me, the issue is the total amount of employ and the shrinkage that we've seen in the counting of the unemployed. why is jobs important, larry? things like tax revenues and of course, consumption and it's the

you're the best, rick santelli. >> thanks, larry kudlow. >> let's get some men with some skin in the game. we've got the ceo of head iris management. i want to pick up where i left off with my pal rick santelli because i'm going to argue that a strong dollar which is exxon for everybody, helping the stock market, they're all signs of an improving economy. what's your take? remember, the great bull of the '80s and '90s. gosh i hate to be repetitive, but sometimes you have to be. the great bull of the '80s and '90s was associated with a collapsing gold price. >> yes, you want a strong country and one that's got credibility, starts with the currency. i think you're dead on with that. there's a lot of duration mismatch with what the market's doing today versus a longer term sustainable trend. if you take two steps back, 1983 to 1989, which was reagan and then 1993 to 1999 which is clinton. republican or democrat and still have the tv on listening to me on this. the dollar index traded higher than 90 on average. today it's at 80. so we're starting to get the wheels moving in the right dir

rick santelli with a lot to talk about today in the santelli exchange. i do. we had meetings in switzerland for the world trade organization. yesterday there was a comment put out by a gentleman who is with treasury. his name is mark. treasury deputy assistant secretary for international financial policy. here's what he said. when trading partners believe others are allowing their exchange rates to adjust in line with fundamentals, there's less fresh usual for protectionism and more support for trade liberalization. i think that sounds great. i don't think it's true. does the word intervention sound like a free market process? we looked it up. one of the definitions online was intervention, interference in affairs of others. you know, when we try to handicap the t.a.r.p. do anything, stimulus do anything, those are complicated. those will take debate. and probably not a lot of agreement. when it comes to intervention, or when it comes to do we let our currency with japanese let currency value the marketplace, i have my doubts. we had the all-america cnbc

i'm waiting. >>> let's go to rick santelli in chicago. touched on nat gas earlier. erstate out of oklahoma city. welcome, craig. >> good to be here. >> tell the audience a history of what your company does, what they manufacture, how long you have been in business, what your vision of natural gas is for the future of transportation? >> you bet. first of all, natural gas is america. it's pure america. i started five years ago with a vision to be able to bring jobs to the marketplace. when we know that the government has been choking those off. it's exciting that it opens up so many channels of industry from manufacturing to all these things. i currently convert primarily pickup trucks. but we do suvs, cars, for consumers and small fleets. >> now how does the government inform of epa, who has a very small group of those that install or manufacture that are certified. can you explain is that a good thing, a bad thing? do you see it changing, does it make your business better or worse? >> it's a mixed thing. basically, this are very few epa shops that do these certificat

we've acceptibled jim bianco and diane swann, and rick santelli. diane it won't be as easy as we thought. >> there's been a human compression. the ecb has done this back-door quantitative easing that are now bigger. and some of the spanish banks, the first thing they did was buy that sovereign debt. it was the announcement that head is the compression. >> is draghi done? >> yeah, he's going to say he's done just like bernanke said he was done, because that's what you're supposed to say. quick word, spain announced their budget deficits, not only will they meet them, but blow way through them, forecasting a 20% unemployment rate, which is great depression numbers. that's why i think you're seeing upward pressures. >> that crazy picture on the times yet that bank employees fending off a protester. that's not the last time we'll see an image like that. >> no, it isn't. the whole thing is depressing. you can't cure generations of problematic fiscal policy, problematic spending, programs that are too generous. that's what jim said and that's the part th

melissa, back to you. >> let's head over to rick santelli in chicago. rick?l you what, it is very interesting to note that today in particular, as we get ready for the jobs reports, we have so many stories that are hard to get a handle on, melissa lee. and whether it's you know, china kind of tweaking their growth numbers, their inflation numbers, or what will happen with greece with regard to a default as it going to be an organized default or is it going to start to get messy. then you see headlines coming off from portugal a few minutes ago. that unlike some of the other countries like ireland and spain, whose numbers may not be working out, spain in particular, with regard to recent information about their debt it their budget or debt to their gdp, portugal says that's not going to affect us, i guess where i'm going with this is, as a former trader who hangs out on trading floors all day, trying to get a handle on wednesday and friday's jobs information, there's so many fill in the blanks that are so hard to nail down. because there's this giant governmen

let's get to rick santelli in chicago. over to you, rick. >> thanks, maria. if you look at interday charts, we're a basis point under, unchanged after yesterday's push down. rates moved up a bit, part of that might have been consumer credit. but it was underweight even before that rather large number came out. if you think through to the day, traders still talking about the high productivity up .9%. productivity in many ways isn't a great thing if you're looking for work. unit labor costs at 2.8%, multiples above expectations. 216,000 adp, figures in as a good number. if you look back to november of last year, you can see, we are now four months running in a 30-basis point closing range on tens going nowhere quickly. if you look at the dollar index year-to-date, you can clearly see we're still down on the year. about midway through the annual range, and we continue to see things like layoffs affecting the markets, whether it's procter & gamble and gm. you want to blngs that with the cfo report today. they think they want to do some more hiring, which makes to

rick santelli is chicago watching yields. saw 30s flirt with 3 1/2. we're 20 basis points below both of the metrics on the long end. so i think this is very important. because i know that ben bernanke weighed in indirectly on some of the issues about rising rates, but did he really weigh in or is he just sensitive to the notion that the treasury market isn't ready to give up the roost yet? see it on many occasions especially friday's settlement yesterday. the big run-up in stocks yesterday. did equities two wild? they barely noticed. there are still many issues, not t the least of which is the average investor has a boat load of mistrust. on the tweet of the day, that's easy, note to self-self, sell 5,000. >> one's always smarter than the other. what is the fixed income market telling you about the equity market today. >> that normalcy isn't going to return to the financial community at large, until all of the governments and central bankers start to vacate the premises. that's my opinion. >> guys, thanks very much. good to s

rick santelli at the cme group with that detail. >> you know, there's a lot of debate on this trading floor whether the small up yields that we are seeing is due to greece or due to maybe tomorrow's employment number. the february employment report. but no matter, if you look at the very short end in a two-year note, you'll see that it played around a bit, mostly under unchanged and hovers unchanged. as you move up to the ten-year, we're up several basis points in yield. if you open it up to when this range really began around mid-november, you can see that a 201 yield is higher than yesterday. but it's still well contained within this 28 to 30 basis point range that we've had on a closing yield basis on the long ma turts. four months running. now, if you look at the real shaker today, that is purely what's going on in greece, i think it would have to be the euro scene. 13290. the interday chart, rather impressive. if you open it up to a oh two-week chart, what you'll see is this would be the highest close only going back one week as you can see on the two-week chart. >> thanks so muc

what about you, rick santelli? are you hearing much in the bond pits? >> what i hear in the bond pits is twofold. may be long treasuries but still amazed interest rates have been at the low levels for so long. the second issue is they say things like how much is health care going to cost? is obama care going to be constitutional? what's my tax rate going to be? is the state of illinois fiscal going to put us in the drain? are we moving to indiana? there are so many eno uncertainties. i'm very impressed with the dow at 13,070. quantitative easing and an election year in many countries around the world including the u.s. i think has given pause by central bankers because energy prices are probably the worst issue if you're going into a ballot box. >> they certainly are the worst issue. we're going to keep an eye on oil. and we're also keeping a close eye on the nasdaq which is really only a matter of points -- six points to be exact away from 30,000. why are investors looking for reasons to run away like a nervous bride with cold feet? joining us is manag

rick santelli.number of earnings we didn't get a chance to talk to, lulu lemon, beating eps and revenue. if you were to question the law of large numbers in terms of the run, this might be where you question it. >> $10 billion company, very compelling piece today in the "wall street journal" talking about the growth possibilities here. they own the woman's market, trying to move into the men's market. this is a stock that has sold down repeatedly after they reported. it's doing it again. we were talking during the break, don't want to get in the way of some of the stocks falling. there's no rush to call bot on it in lululemon. it is an expensive stock versus mcdonald's. >> in the "wall street journal" amount sadly was the amount this he promote which is basically nothing. they sell 95% of their merchandise at full price and never discount their core items so that is a winning -- they are the envy of the retail world on that front. >> yes, and i remember when people felt they had too much inventory i

rick santelli, weigh in on this and how it's effecting the markets from where you see it. >> i thinkr. ren has it pretty much right. i don't want to say my numbers are the numbers, but the numbers flying around right now on the internet are that about 80% to 85% are in on the psi. so mr. ren's numbers are right somewhere between 10% and 15% are going to go down without much choice in the matter. but i do think as far as the markets are concerned, it takes a pretty much as it's going to happen whether everybody likes the process or not. and the real issue for the markets down the road is something else michelle said, pensioners aren't going along with the program. if the greek people really want to cleanse themselves of all the red tape and all the expenses that have slowed them down, this is the time for that. they could end up being a model for europe down the road. but it doesn't sound like that's the case. and that's the next big set of trades for the markets. but it's just too early for the market to get their arms around it. >> scott, i see here by the end of the year you reckon

. >> rick santelli did something great standing on the floor of the exchange. maybe it's time for me to do something like that. nat gas is at a 45-1 differential. when the historical to crude is more like 6-10. we've got a nat gas bill that's sitting in congress. this is the third iteration of this nat gas bill. i understand that it's unpalatable in washington. people should start calling their congressmen to get this thing attached to the highway funding bill today and get this sucker passed. i'm sorry? >> for trading perspective, let's make some money here, right? what are the implications? i mean what's the trade to do in an environment of ridiculously low nat gas prices? are we looking at smaller companies potentially going to be taken out? who are some names to look at? >> this is an inevitable, inevitable move to nat gas in this country. whether you have washington on board or you don't have washington on board. you need to look at some of the stocks, this is not going to be a "fast money" trade but these are the stocks that are going to triple over the n

rick santelli is in chicago.nd you've been all over our screens today, bob, talking about the reallocation trade that is finally occurring. >> well, i don't want to make too much of it. something has changed. when you get bond yields of 14% and cyclical end of the stock market rallying big-time, i think something has changed. now, i think a lot of money's coming out of bonds and into cash right now. not necessarily stocks. but let me show you something. it's at extraordinary week when you have bond yields up you'll see when you have 14% yields up and bank stocks rally big-time. there's the 10-year. look at that move up for the last few months at the highs here going back to october. but if you put up the groups we've had this week, bank stocks, housing stocks have rallied dramatically. transportation stocks have all rallied dramatically. that's fairly unusual situation when you've got kind of thing going on. there you go. transports, industrials, remember the s&p 500, mandy, up only 2.5%. all the sectors outperfo

thank you very much, rick santelli. stellar quarter for stocks with the dow and s&p on track to end with their best first quarter performance since 1998. the nasdaq seeing its best first quarter since 1991. will the bull run continue? joining us with his second quarter playbook is today's power player. welcome back jonathan golub with ubs investment bank. let's talk broadly here. come to the end of a very good quarter, what should i lighten up on and what should i be using that money to do? >> you know, it's really amazing. this is a six-month anniversary of the run that we've had in the markets. and what you would think is that the strength of this is petering out. but exactly the opposite is happening. actually, more economically sensitive stocks are outperforming. those that are more global exposed are outperforming. those that are cyclical are outperforming. so i think you want to be long risk in this. i think in general it's the cyclical stocks you want to be exposed to. >> it's interesting you'd say that because w

rick santelli on the floor of the cme group.ell -- excuse me, if you look at intraday ten, certainly you can see we're elevated, but not much. still hovering around that 2% level. same pattern for the bund. when you consider all the stories today about the next countries that are probably going to be in focus, portugal, spain, one would expect maybe more movement than we're actually seeing in treasuries. maybe because it's a big data week with both jobs, adp, one metric and friday from the bls. but something big is going on. we continue to see what started in february lots of corporate issuance. dollar denominated. we see it again. barclays here we are around 180. if you look at the yield on the 618 over for the high yielder jump, maybe more interesting. we see many european names coming in here in droves to tap the junk market probably because the yields are so juicy. right now today look at some of the names coming to the party. we have directv, o mega health care, the low interest rates are a big positive for more corporation

rick santelli at the cme. bob, has anything fundamentally changed? >> the u.s. economy is still improving. and china, while it's slowing down, they're going to be promoting their own internal growth. so i don't think the fundamental pieces have been changed. but remember we've had a long way very, very fast here. i'll tell you, the market's holding up better. put up apple. here's the biggest market leader everybody follows. everybody's talking about what happened around here around 11:00. didn't drop the overall market but sure dropped apple. we've traded 21 million shares of apple. that's more than a normal day's trading already. you can say concerns about ipad 3 sales will be up for snuff or not. that's a lot of speculation. the fact we saw people take chips off the table. all the apple supply chain stocks were down. broadcom gets a huge number of revenue from apple, micron big part of its revenues. and you still have the china play. when they lowered growth forecast, all the big material names came down as well. >> we certainly watch what china's doing these

john harr fwrood chicago. >>> let's head to chicago and rick santelli with the latest on the santellimuch of it's attributed to moving treasury rates higher, as much of the media reported yesterday. but let's keep this cause-effect pretty clear. on the 13th was a fed meeting and we went from the teens to the 30s and 10s, we went from the 0s and the 15s to close to 350 and 30s. why? because if there's a constant barrage of, we'll help you with this, we'll buy this, we'll manage this, of course the market's going to wait to see what goodies it can get, but there wasn't a lot of goodies in that statement. things change. but keep also the high level of rate. wednesday, the 15th, long before much of this recent fed speak, we'd carved out the top of the range and we've been defined by it ever since. next, lock-up. we all know what lock-up in stocks is. that's when shares can't be traded. the federal reserve owns boatloads of agency securities, bargain securities, treasury securities. and you think they're going to be selling them in the open marketplace any time soon? no, no, no! they're go

rick santelli joining us from the cme in chicago and steve liesman joining us here on set. eve, what's on your mind this morning? >> just the existing home sales we had some numbers yesterday that rick reported. we were down 1% from a revised number. some comments this morning making the comment that will higher retail sales follow this little boom that we've had in housing and housing starts. we'll get that number at 10:00. point being it takes about three quarters for the housing change to show up in retail numbers as people go out and buy and remodel. if you look at what happened to home depot and lowe's, they've done great and the question is, have we been there done that. i want to throw that question to you. >> i was going to throw it back to wilbur. >> we'll throw it to chicago. >> wait for chicago. we got a good one for rick and then wilbur. is it being reflected in the ikts in these home improvement companies? >> don't know about the equities but it's a fact when a house gets foreclosed it's usually been trashed, it needs remonth aviation and repair and so i think f

. >> talking to cnbc, rick santelli is a big part of your explanation as to why this happened? >> hi, rick. >> but i think there were also an underestimation of the ability of the market to actually process the foreclosures in a timely fashion and deal with the problem. i just think there was an underestimation of how difficult it was going to be and how big the stock would get. and, you know, we were in unchartered territory. you look at paulson's reaction at time and making it up as you go along because you truly didn't know all the moving parts. and i think there was a -- >> we had a lot of time to make up the story on housing, right? >> right. but after t.a.r.p.

let's get to rick santelli.you are still very much interested in this decision. >> i am. listen, you had bill gross on earlier. we did. i didn't hear all of it, but didn't you get the impression, maybe i wrongly did, that he thought maybe it could be a credit even or should be? >> he definitely did not rule it out all together. >> i'll tell you what. thanks to my buddy, who's a guest every now and then. he went to the website and printed out the votes. i was kind of shocked. who wants to call it a credit event? 15 noes. -- morgan stanley, ubs, society general, citadel, blue mountain capital, blue mountain management and pimco. they voted no. i don't personally care, buyer beware. i think if this is unregulated between smart private parties and they want to buy it again in the future, let them waste their own money or if they don't think they're wasting it, that's fine. as far as tomorrow, wow, with that lineup, being a fan of card late is a card played, austan goolsbee, we're going to have some fun tomorrow. >>

rick santelli has that. rick? >> it was interesting, bill. yesterday's note auction was fairly aggressive and durable goods was a bit unimpressive when we were looking for a 3% handle. all of that contributed to rally interrupted. you can clearly see the high yields of the day made right before the 8:30 release of february durable goods. you can see that after the auction at 1:00 eastern, yields bumped up a bit. granted, we're at 102. we settled at 101 yesterday. maybe a bigger story is looking at a chart starting on the 13th, the fed meeting, we've had a 20-basis point rally. yields up in the five-year. so the real issue is trying to separate whether it's weak data or issues outside of that, like we just had a lot of selling pressure built up that exploded when the statement on the 13th didn't have any new information regarding issues like the twist. but no matter what the reason is, as we come close to the end of the week, it's going to be very significant to see if the yield close will remain under what is perceived to be 2.25 pivot. bill,

rick santelli will give it to us and jim yurio is going to comment on it. numbers? >> reporter: i'm going to give it to you all right. all right, 351,000 on jobless, that's from a slightly revised what was 351, went up to 353, lop off 2,000, here we hsit 351 continuing claims, the ones we continually string along with us basically unchanged at 3.4 million. personal income january up 0.3, close to expectations. spending up 0.2, half of expectations. last month's half of 1% jump in income, unrevised, spending last month was unchanged and unrevised, so you know, i don't know. if i look at income and spending, somewhat matched, somewhat light. it isn't really definitive news in my opinion one way or the other in initial claims are at a low level and i continue to think the average will continue to converge to these lower levels, and of course, just because people aren't coming every week applying for benefits, doesn't mean that there's more people employed, but most likely there's a pretty good correlation. we don't know what the correlation is. interest rates m

it seems as if rick santelli is at the group at chicago. over to you, rick. >> hi, maria. there's no doubt that that solid, solid plus two-year note auction put a little more wind in the sails, but, boy, the direction was already pretty much picked. look at the one-month. two years, it's going to be close since the day of the fed meeting, march 5. 5 years. tens, closed since the 13 and the 30 year's about ready to do the lowest yield close since the 13th. let's throw the dollar index in there. we all know normal interest rates help the dollar. well interest rates are falling. it's not the lowest value since the 13th. it's the lowest dollar indention value since the beginning of the month, pretty much 3 1/2 months, four weeks going back to the first. what does all this mean? first of all many traders think they're offsides. it probably underscores the solid demand for 2s. we'll continue for 5s and 7s. back to you. >> all right, rick. thank you very much. we've got plenty to cover over the next two hours. right now, the dow up 1 point. the nasdaq continues higher with pricel

i saw rick santelli today. he's a true native and he's the best. what's going on?> caller: hey, forget about it. f.r.a.n. i bragged about it to my friends on facebook about $20 range, and now it's through the roof in earnings. what i'm wondering is how do you know the bottom's not going to fall out with all of the store openings. they're talking about opening 75 stores every six months. >> well, let's revert to the mantra of the show. you've got yourself a big game. bulls make money, bears make money, hogs get slaughtered. i say -- >> sell, sell, sell. >> seven years ago we were starting "mad money," throughout the journey, we learned it takes counsel of both our fear and opportunities and possibilities. thanks for sticking with us. here's a look back at what we've done. >>> who is jim cramer? >> jim cramer. >> jim cramer. >> the very unstable jim cramer. >> without question, jim cramer is a virtuoso of the money market. >> this fiery money manager literally rolls up his sleeves to host cnbc's "mad money." >> cramer. >> one of the greatest most spectacular performe

joining us is bob pisani and rick santelli. it appears that the fear trade is back again.ur fundamentals look good but they are trading on global concerns right now. >> yeah. it's a very interesting issue. it's like looking at derivatives in cthe cal cue las. if you take spain, for example, the rates are testing the highest for the year on 10's is at 5.5%. it's high on unemployment. they already have growth issues in these economies. now all of a sudden you push interest rates lower, not only because of growth but because of the credit issues on the country's slowing and even how china may be impacted with regard to buying or not buying more treasuries, for example. >> bob, our market has had a good run any way from the october lows. we were probably due for a correction. >> and i guess the question i want to direct rick to is, how much is china slowing, five month of contraction that we've been seeing in the manufacturing sector, we got those numbers today and the argument has been we are overplaying the iran risk and underplaying the china slowing risk. they want rate cu

route for mario. >> bob, thank you. >>> now let's head to rick santelli who is in chicago. rick?commodating all of these moves. since ben bernanke and geithner have been talking, bob thinks it's a coincidence. we've seen the equity markets move a bit lower. do you think ben bernanke had anything to do with it and, if yes, what do you think is going on? >> when bernanke talks, especially nowadays with the markets being so thin as they are not so much in treasuries but definitely in equities, that where the next trade is going to get financed is directly impacted by what he says. is that going to come through? operation twist ending, basically a trade that they can get in front of it a little bit? it makes some interesting dichotomy. >> and you mentioned quarter end. we talked about that. it's also year end in japan although the companies say, forget about it. it's not going to be a big deal this year. let's switch gears. everybody has been talking about the allocation trade. the fed meeting on the 13th moves from just over 2% to in the ten-year case, 40 basis points. on the 13, th

rick santelli has more on that. over to you. >> thanks, maria. it's hard to point at gdp 3% no surprise moving the market. we had a reprieve for more of the same. whether it's the new anxieties regarding europe or just the notion we've seen softer numbers mostly in housing, yields continue to move down. a 215 yield that is going to be the lowest yield going all the way back, of course, to march 13th. you can see it on this chart beginning at the beginning of the month. indeed, we are now pretty far below that. 240 yield virtually the high yield close and 30 basis point range advocate which many traders are, 210 may be that range. there is also something else going on that is getting ready to close out the first quarter in the u.s. we're getting ready to close out the fiscal year in japan. although the japanese exporters are pretty happy, if you look at this intraday, it's going up against the dollar. they are repatriating against the dollar. >>> rick, thank you we have a market that is well off the lows, we're looking at a decline of 30 points. >

mary thompson at the nyse, rick santelli in chicago. rick, please tell me you got a ticket as well.hat would you do with it? >> well, i'll tell you what, i certainly do. this is only the third time in my life i've ever bought a lotto ticket. it's easy. i would try to corner the market and '57 chevys on the bat. but the second thing i'd do is take 20% of the winnings, i would write a check to mr. geithner to put it towards the deficit. and i would challenge the likes of the warren buffetts of the world to give an equal proportion of their net worth to the same issue. and i think that would be a great thing. >> so you put uncle sam essentially in the who it's to line for the check, right? as for the treasury market, i know everyone's talking about what's going on with the megamillions jackpot, but in terms of the treasury market, what's going on, rick? >> it's hard to get information. i'm serious. the guy i bought my ticket from said that his hand was numb because he hasn't stopped issuing and putting it in the machine for about five hours today. but the traders down here what they're

rick santelli in chicago, he's got that angle. over to you, rick. >> maria, i think it's interesting, you're absolutely correct, yields are up about half a dozen basis points. nowhere we haven't been, if you look at a year-to-date chart, this really says it all. the tens move at the right times. the world pulling back on quantitative easing, the ten-year yield goes up. but in the here and now of it, it is still in a range. and i think this is very important to drum home. and if you look at another chart that i like, and this is a two-day chart of the portuguese ten-year, you can see yesterday it moved up a lot. today it didn't come back down. it's still 100 basis points at 1370, above where it closed last friday. now, a horse of a completely different color, look at the ten-year in italy on the two-day chart. it is becoming less and less aggressive in terms of those borrowing costs. it's going to close under 5% for the first time since august. does that mean it's going to be under 5% three months from now? the rtos have done someth

rick santelli in chicago. it is a big dayfor walt just christened crews line ship the far mary?y there, the disney faasy which you cae my right shoulder carries ou basically more than its capaci cruise business. the sister ship,04 contriting to the bottom line.ú contributor.appen pretty quickly. we have some startup costs obviously. when you a in a new ship, that precede revenue. but the popularity of the first ship and the bookings of this ship will start impacting the bottom line positively pretty quickly. we're not saying specifically when. >> when he said it would likely be within ten months, he said the booking center initially dropped after the concordia wreck in italy. but he said it's recovered nicely. the impact of higher fuel prices, iger said it's too soon to tell, and that the fuel surcharge for cruise passengers has not been discussed. as for theme parks, the spiking gas prices having little impact there, where he sd bookings are strong ahead of the spring break. >> we have not seen an impact on bookings. actually, over the very long period of time that we'veen be i

. >>> meanwhile, for the first time in six days, rick santelli has that angle. >> we continue to see the treasuries not come off their high yields even though intraday buyers sneak out but then they run back under the rock. look at train day of 5. you can see they are hovering at the highest yield close. as you move down the curve, like a 150, highest yields of the day around 239. here we are coming back. same could be said for the leader. hovering, as you can see, on the big picture at the highest yield since september of last year. all and all, it's not a profound decision one way o another. we can extend another range above this range or is 350 and 240 going to hold? the jury still seems to be out. bill, back to you. >> thank you very much. heading to the close, i hope you can stay with us for the next couple of hours. dow is down 50 points. >>> we're talking about corporate bonds making a big comeback. how to make the best opportunity? >> also, oracle has lacked the hot technology so far. is that a bargain or a bust right now? we'll breakdown the charts coming up. >> and later, r

we have bob pisani here at the new york stock exchange, of course, and rick santelli is standing by at ecb headquarters. rick, i'm struck by the fact that the yields are at levels that we last saw, the last time the stock market had a meaningful bottom. any significance to that? do you see yields going much higher here? >> i think i'd be very nervous to fade momentum on a market, the treasury market especially long, bill. that's been in a very tight 20, 30-basis range in four months. now that we've broken out of that mid-november range, whether it's testing at 240 yield in the tens or testing 350 in the 30s, i wouldn't jump in front of this. i think maybe one way you can tell that it's the right play looking for higher yields is how aggressive quicker issuance has been for the month of february. we had the fifth largest month ever in investment grade. and the third largest month ever in high yields. >> bob, no follow-through as we mentioned today to speak of on the big rally. some of that may be the expiration coming up on friday. some of the higher yields today, right? >> this is a ve

rick santelli is tracking all the action for us at the cme. hi, rick. >> hi, sue. indeed, reopen tens, nine-year and 11-month. and $21 billion the final yield? 2.076%. we tailed about a basis point. the average bid to cover for ten auction arch is 3.10. this one is a bit higher at 3.24. 44% is a ten auction average. this was a smidge below there at 38.6. we're going to give this auction a "b" minus. solid bid to cover, most of the metrics good. a little bit of tailing and that leaves tomorrow's 30-year bond auction. sue, it's all yours. >>> let's switch on the "power lunch" "power surge". intel planning a new tv service. lu be consumers tune in? jon fortt has the details on this one. hi, jon. >> reporter: hey, sue. "the wall street journal" says intel's in talks to create its own virtual cable operator, a service you'd access through the internet. i can confirm intel's talking to hollywood about possible deals. but what's less clear is what intel really wants. it doesn't sound like they expect to create a full cable experience online, probably something short of th

let's get to rick santelli in chicago on that angle. >> going in front of a weekend, it seems almost normal operating procedure to see a bit of a rally in treasuries. today's no exception. we're down about four basis points as you look at the interday. longer time frames, a bit of a different scenario, although not too different. on the week we're virtually unchanged on the week. and the process is pretty much like the process has been. look at the year-to-date chart. they've been buying puts in the treasuries. as you can see by the chart that we're going nowhere quick, all things considered. if you really look at what the big mover today and on the week has been, it's the euro versus the dollar. here we sit just a whisker under $132. as you look at the weekly chart, yes, we were 13450 last week. i heard you said you want $50 oil. you don't need a political candidate -- i can get you there in two minutes. think consumer staples marketing. like orange juice, just put them in half barrels. back to you. >> that's all we need. i'll take $50 for a half a gallon. okay. that's what it's goi

rick santelli is tracking the action at the cme. rick, what are you hearing from traders?ow concerned are they or not concerned are they about this? >> you know, i will tell you this. when it comes to what's going on in greece, traders care about one thing. and that is to keep on top of which way various votes are going, will they get the check in time for march 20th, when it comes to things like the isda and whether it's a credit event or not, traders really -- you know, they're pretty much an entrepreneurial capitalist bunch. buyer be ware. if you bought these contracts -- you know, they put on their website all the different entities that get to vote on this and the procedure. truly it takes you about five, ten minutes just to kind of get through it. then you have to read it ten times to understand it. but the traders don't have a sense that that's a good thing or a bad thing because most of the traders i deal with aren't really involved in owning credit default swaps. if they are, they understand. >> what about the china aspect of things? china has for years and years

rick santelli is tracking the action at the cme. take it away, rick. >> $35 billion as tyler pointed out. the ultimate yield at the auction seconds ago .34. bid offered at .34. we were right there. 10-auction average on bid to cover 3.53. survey says for this auction, 3.69. indirects, 34.3. a couple of percent better than 10-auction average. directs, 21.4 versus 13%. 10-auction average, i'm doing quick math, dealers only took down 44%. that's a good thing. i'm giving this auction a b plus as we start our 99 billion week. back to you. >> thank you very much. >>> sue? >> let's switch on the power lunch power surge and drill down on the stories driving the day. fresh fears today about housing. home prices falling for a fifth straight month. our real estate correspondent diana olick joins us and breaks down the latest numbers and what it all means for the housing recovery. hi, diana. >> reporter: hi, sue. that's right. the s&p case-shiller home price index hitting a new low. but actually better than expectations on this report. that's so

meanwhi meanwhile, let's head to rick santelli at the cme -- there you are. i found you, rick. there you are. >> good. where's waldo, right? interesting nuances. today they trade higher. it's been a wild week, but you can see the pattern like yesterday coming off of those early morning levels. look at a 30-year. exactly the opposite. it traded a little below yesterday's spike high as it comes off. both of these up in yield slightly on the day. but on the week, look at this 10-year on the week. it led the breakout from a global standpoint and closing up 28 basis points on the week. look at the bund overseas, the similar pattern egged on a bit by what's going on in the u.s. up 25 basis points on the week. if you were to see the gilt chart it's up by a whopping 30 basis points on the week as we see historic moves on all the safe harbor fixed income sovereign markets. back to you. >> rick, thank you very much. as always, rick, all over those yields and bond action. now for something completely different. apple -- actually, you heard about -- we may have talked about this stock a li

the results from the $29 billion auction in 7-year notes, rick santelli's tracking the action for us at the cme. hi, rick. >> hi, sue. don't you just love auctions? well, this 7-year auction $29 billion, the yield 1.59. the wi was trading 158.50 offered 158 so we tailed a bit. 10 auction average bid-to-cover 2.86, this auction, 2.72. indirects, 10 auction average 40%. this one just shy of 43. directs 10 auction average 13% this auction a little over 13. dealers took down 43.8% of the auction. actually, that's the smallest dealer takedown of the 2s, 5s, 7 won that one. i give the auction a c. it's a little below average on certain issues, but all in all it's a 7-year. it really came in about as we anticipated. remember, with what's going on in europe, if i did grade on a curve, many are surprised it actually didn't come in a bit stronger. back to you. >> absolutely. rick, thank you very much. good points. >> let's switch on the "power lunch" power surge now and drill down on some of the stories that are driving the news this day. we begin with energy. oil trading lower today. but the p