to the bond pit, rick santelli at the cme group in chicago. rick? >> hi, david. look at a two-day of fives rates are back up. but we're testing levels we saw yesterday. and if you really want to know what's going on in the fixed income market, just think risk. look at the dow jones industrial average and still down what, about 115 points, from where it settled on the friday that we had the jobs report. it continues to be about risk and fixed income market, the yang or ying with regard to nervousness regarding the outlook of equities. how solid is the foundation? how much sand is in it? that's what we're trying to figure out. year to date chart of fives we're back under, said last year at 174, we're back under and actually our yield with regard to fives, if you want to see a lower one, look at spain. now you talk about fixed income, when i look at spain's yield i look at our yield i think it is a bit fixed. we'll talk about that on the santelli exchange today. two day of tens and the year to date, we never were in the black with regard to the ten-year which settle

. >> let's get to the bond pits, rick santelli is at the cme in chicago. ick. >> good morning, carl. let's play beach party bingo. let's surf the curve with charts a little bit here. we're going to move quick. look at a three year, look at a fiviee ieyear. why? because we're coming back to september of last year on both those maturities. let's move further down. let's look at seven years and ten years. we're comping those back to various points to january of this year. and the lone soldier whose rates have gone up but not as fast as the rest of the curve. that's the 30-year bend. we're up at this level, 363, 364 on a closing basis. a few minutes ago was 365 just a couple of weeks ago. now, knowing all of that, let's see what the fives to 30s looks like. well, you're going back to april of 2009 which is about where it's been. but it's still remaining very flat. thank you, janet yellen and ben bernanke, because some of the issues at the last fed meeting definitely knocked the curve and it's stuck in this flatter mode. euro, mario draghi's big day, well, look

. >> let's check in with rick santelli. rick? >> we didn't get much movement over or on the beige book, but we did have, and i'd like to show these charts a rather interesting move when janet yellen was first talking about. the yield curve moved very slowly, and it's usually difficult to pick out intra-day moves, but clear oy five and tens, fives and 30s, you could see a rather dramatic flattening about the time she was talking about promising to keep rates low. this in my opinion, in the market's opinion, i'm the when is when i whisperer here. and how much efficacy federal reserve can really have. >> is the long end, rick, only, only about inflation? >> no. absolutely not, and listen, i heard that argument. first of all, if these numbers were created for the whole country, the median income is about $50,000, i don't see it. yes, inflation is not big for people that make lots of money, but the long end is about growth. how can we tell it's about growth? show she the ppi or cpi index. it always goes straight up? none of it holds w

. >>> let's head to the bond pits and rick santelli at the cme group in chicago. >> good morning, david. historically at least for 2014 if you were looking for lower yields you would be looking for curve flattening but that's not happening now, we're actually getting curve steepening and it's resulting in yields that are kind of sideways but maybe moving lower on the short end. let's look at the charts. two-day of fives. and then quickly look at a two-day of tens. see a difference there? yes. okay, now let's look at a two-day of the dollar/yen. let's look at a two-day of all the yield curves. twos to tens, steepening. five to tens, steepening. why do i care about that dollar/yen? whether it's the two-day chart or uf open it up a bit, uffle can see that the dollar/yen continues in many ways to move higher and this is making some traders that are looking for lower rates a bit nervous. the chart you see there is year to date. we're at the highest dollar values against the yen since the third week in january. hey, we're coming up to an ecb meeting. this is going to be

over to the cme group, rick santelli with the santelli exchange. good morning to my main man what's going on with the yield curve and interest rates overseas how it all could come together. andy, in your writing this morning, you andy, in your writing this morning, you picked up on highlights regarding the fed's ownership and how it isn't exactly equal along the entire yield curve. why don't you share that with our viewers and listeners? >> rick, while the treasury continues to buy in, even though they are still tapering, they own about 19.6% of all treasuries. but what is little known is the fact that they own 45.6% of all issues 20 years and longer, which means they really have a bias of flattening the yield curve, and that is what we've been seeing. as they continue to buy, even in the face of tapering, it flattens the yield curve even more. >> so, i mean, it really does auger for the 5s to 30s, the curve is flattening, it would auger less considering your area, your folcrum is longer. when we see what's going on the short end, 3s and 5s, really

rick santelli is at the cme with more on that. rick. >> reporter: well, it was interesting, wasn't it? now let's put a couple of things in perspective. the first thing is we closed early. so the cash market just closed. an hour ago the futures closed. three-day weekend, and stocks have righted themselves. and i've thought all along that the best reason to hold treasuries for 2014 would be if you didn't want to hold stocks in 2014. geopolitical, i'm glad dom brought it up. because many were trying to put forth the notion that yields were lower and prices higher because of geopolitical issues. and maybe they are still to a certain extent, but i don't see that. that news is what changed. we're basically at two-week high closing yields pretty much across the curve from 5s to 30s. >>> all right. rick santelli. rick, buddy, thank you very much. if we don't talk to you, rick, have a good easter and a good, long weekend. we'll see you again. >>> thousand to seema mody at the nasdaq. technology trying to put on a little show headed into the

brennan hawken. >>> and over to rick santelli with the "santelli exchange." hi, rick. >> hi, carl.kind of fell flat on the market. i don't mean that in a negative way. i mean that in a flattening yield curve way. real quick, let's go to my board. right around the text was relieved, the 5s to 30 spreads, was hovering quietly in a 1.86 area range. and what happened, the minute that text hit, we went from 1.85, basically to 1.80. i'm telling you, people can dismiss this, five-basis point move in that period of time, so identifiable with janet yellen, chairwoman janet yellen's text, is really quite large. on the screen, you'll see a two-day chart. it's continued to move lower. it's now around 1.77, 1.78. open the chart up. these are fresh flats, 5s to 30s, going back to september of 2009. and i think it's significant, because this augers that maybe short rates are being kept too low by the federal reserve and the markets giving us its opinion. we know 25 years at cnbc, and i'd like to thank a personal thanks to mark hoffman, our fearless leader, a great leader to the channel. i thank y

back to you. >> that is great insight, rick santelli, so a flattening curve.ve been talking about it for so long. we'll talk about that through the show. >>> many of the word's automakers unveiling their latest cars. phil? >> you know, i've been accused of being an anti-diesel person. why don't you cover diesels more? we'll talk with audi about the newest diesel and the projection for perhaps taking off in the u.s., when "power lunch" returns. today is wednesday today, we greet you. treat you. care for you. today, you can come to cleveland clinic for anything, everything or just to get that "thing" checked out. big, small, and yes, the best heart care in the nation. it's here everyday, for everyone. that's the power the power, that's the power of today. cleveland clinic. call today, for an appointment today. >>> the new york auto show kicks off this week. our phil lebeau is with a first on cnbc interview. hi, phil. >> hey, tyler. diesel fans, listen up. this one is for you. i'm with scott keough, in about a half hour you're going to unveil the clean diesel. wh

rick santelli with the "santelli exchange." hey, rick. >> thanks, carl.y fluid. i'd like to respond to some of the issues that were very succinctly brought up by simon hobbs. it goes right along with what i'm talking about. central bankers, used to be a time they were nudgers, but truly disrupters now. as simon adequately points out, 5 and 10-year yields in spain, in italy are getting very -- the 10-year getting very close to 3%. but it isn't like in the u.s. where rates are moving down necessarily for not a dazzling economy or for a variety of other reasons and programs that may have outlived their usefulness. over there, it really is a distortion. and, yes, the banks of countries own their own paper. it's used as collateral. it gets recycled through the ecb. it might not be u.s.-style quantitative easing, but look at the ecb balance sheet. you almost end up in the same place. but the distortion is that is there really value in the paper of italy and spain when their banks hold it? it's down because of some of the manipulative issues, and ultimately it p

rick santelli? >> if you look at a two-day chart, we're only down one basis point, you can see we're well above yesterday's low yields. here's the main culprit. you can see we've challenged yesterday's low yields. we did violate 260. it wasn't a lot of follow-through. many believe 258 is the level, but maybe we're splitting hairs. open the charts up to other issues to pay attention to for dropping yields and flattening curve. look at the zone. this is the flattest the 5s and 30s have been since october of 2009. maybe more important, if you're looking for reasons for yields to keep moving lower, look no farther than europe. the difference between our ten-year yields and their ten-year yields is basically the widest it's been since october of '05. it's different, to see u.s. yields move higher. look for the spread to narrow from historic extremes. back to you. >> thank you, rick. >>> the important news on the stock markets is that we are cutting our losses from where we were half an hour ago. shielda

let's get down to rick santelli at the cme. >> you know, simon, it wasn't a bad auction.e five year is the sticky part of the curve. under the most selling pressure, keeping yields slightly higher. look at an intraday of fives. you can see after 1:00 eastern, not bad. yields coming up a bit. let's go to the other end of the curve, to the 30s, which have been the most -- you can see there was a little pop there as well, but all maturities are down on the day. how is it correlating with the risk on/risk off. here's an intraday dollar/yen, still correlating well with u.s. interest rates. >>> thank you, rick. >>> so ahead of bill ackman's proposal, it's not clear that he was busy building his own stake in the botox maker, or more accurately his funds stake in the botox maker. so how did he do it? dominic chu is here to break down what is a fascinating sequence to events, dom. >> a great story. a fund partnerses with a pharmaceutical giant. now, the unlikely pairing kicked off in february of this year, ackman and valeant's kreismt on the michael pearson struck a pact. now, the

rick santelli is tracking the action. >> $21 billion reopened tens, adding to an issue put forth. the grade charlie-plus. c-plus. i'm surprised it wasn't former. 2.72 is the year old, but the bid market was offered at 270 and a half, so they have to back it up. higher yield, lower price, but the rest of the internals were pretty good. are chasing every declare of securities available, better than 2.64 ten auction average. the indirect close to the ten auction average as well as the directs at 15.2. 40%, 40.1, actually went to dealers, so c-plus auction at a time where a spanish five-year is around the same as our five-year, we see that the pressure is mounting with some of these spreads. hard to get a good pricing indication, but we'll continue to monitor with the 30-year tomorrow. sue, back to you. >>> okay. thank you very much, rick. >>> back to one of our top stories. sara eisen covers the great american consumer. why is gold 3457b sick of hershey? it's chocolate. >> priced to perfection was the reason. hershey's has been one of the darlings of the consumer sector. it's had a f

rick santelli with the "santelli exchange." hey, rick. >> hi, carl.their fair share, and we have to keep the lights on and all the programs going, i understand it. but there are some trends, and i won't dig into them, they are what they are. according to cbo and written up by the "wall street journal," put it on the screen, increased taxation of a couple with two children making more than 150 grand, which i understand is a lot of money, has jumped from 65% in 198090% in 2010. believe me, it is -- nobody's going to a thank the higher earners for their extra contribution, but maybe we should. yu bed, i was reminded of a lot of dynamics with regard to, you know, the rich, the 1%. mary thompson did a great piece on athletes and a great piece comparing them to wall street dynamics, and it reminded me of "atlas shrugged." it was going to be called the strike, because people who could got tired of being taken advantage of, so they decided they would call a strike and whatever it is they did, run railroads, make steel, they were going to stop. let's consider

and our own rick santelli. peter, to you first. you're sort of on the 50-yard line of this game as it is unraveling here today. give us what the mood on the floor feels like just a day after the sharp rally? >> i think because everyone is looking at the biotech sector getting trashed, i think that's to us down here trading big board equities, it is not really as pertinent. you're talk being about the biotech sector down over 5% where the dow and s&p are down 1.66%. they led on the way up, they can lead it on the way down. i think reality is just sinking in. these companies are come being back to more i would say realistic valuations as opposed to where they were two months ago. to me this is painful if you own them but you owned them a lot lower than they are now so you really aren't in that much pain. >> jim, a lot of technical damage, not that this is all a technical story. the damage being done here. it is going to take a while to shake out these positions from today's action. is it not? >> in question about it. but fear has bee

let's get to rick santelli and the santelli exchange. rick? >> thanks, carl.192,000 wasn't bad. sorry i was 3,000 off at 189. what we notice though was the curve steepened right after that data was out if you recall the santelli exchange we had earlier in the week, pretty much we decided that was about the only possible outcome was a curve steepening. why? i'll give you 3.7 million reasons why. we have basically long 46 term unemploy unemployed. people have been unemployed for more than 27 weeks. it's just shy of 4 million. it's very depressing. now, yes, we are creating jobs but that's why the yield curve is doing what it does. let's start at the beginning once again. you have your yield curve. long maturities, short maturities. what happens in may of last year. in may of last year what we did was we readjusted the curve. we saw the long end move about 100 basis points. so the curve steepened a bit. fine, great for banks. you've heard it all. then lo and behold the march meeting. what happened? you took this curve and notion of zero interest rate policy comin

rick santelli is live in chicago with that. there's the seven year note option in today's trading. >> last auction, 29 billion, seven-year notes. 3.127 yield. offered at 2.315. we wput it in the middle nicely on pricing. securities available. $2.60. or $2.60. very close to the ten auction average. as was the indirects. whisker under 50. the directs also. a little light but close to their ten auction average at 19.1%. 31 is % goes to the dealers. that might be the best news of all, investors ended up with the seven year. c-plus is the grade. we move on and see how the digestion phase turns out for today and tomorrow. sue, back to you. >> we'll check in later for that part of the story, ricky. thank you. back to sheila on splitsville as we're calling it and historical perspective on how stocks that split do. >> let's start off with that history. seven for one stock split is pretty rare, hasn't been seen in 34 years. general you're seeing the splits really are not in vogue these days. 12 a year on average over the past 5 years ver

>>> let's meet the starting lineup, pete, jon, jeff, and rick santelli is up at the cme in chicago. josh brown, to you first. yesterday was a nasty, nasty day. and as i said to simon and kayla, any pockets of strength are quickly being sold into. >> yeah, i think what happened wednesday, scott, to bring it back a little bit, was a countertrend rally. we've been in a downtrend, and wednesday's strength caught a lot of people off guard, and then some people tried to craft a narrative out of it, and then yesterday, of course, they had a reason to sell it back off again. today's news is not any better. jpmorgan is at the january lows, sitting on the 200-day. i want to point out the nasdaq. that's what every trader is fixated on now, and rightly so. off about 7% on the year, doing its best, fighting really hard to get us to like it. maybe trying too hard. kind of like ann hathaway. no one will like this -- [ laughter ] -- i have to tell you, when you look at the percentage of nasdaq stocks below the 200-day moving average, it's 48%. that means half the market on the nasdaq is in a define

we have to get to rick santelli, breaking news on midwest manufacturing. rick?of chicago purchasing managers survey, 63. we were expecting 57. 57.5. 63 is a solid number. it's the best number since october's read of 66.6. so maybe april is being used as an excuse regarding weather to the 0.1 gdp. the midwest where it was hit hard, augers a different tale at least based on this number. david, back to you. >> all right. thank you very much, rick santelli. well coming up the ceo parade continues. we'll have an exclusive with ebay's ceo john donahoe talk about his company's outlook which disappointed the street a little bit. the stock is down 5% and also talk about that decision to repatriate a lot of cash. ahead later ceo of cbs leslie moon ves we'll talk about a lot of different things. wonder what he thinks of twitter and the aero decision a few months away. "squawk on the street" is coming right back. right back. heading off on that weekend getaway. don't want to lug around a big piece of luggage? well the cnbc duffel bag may just fit your needs. and it's signed

that's how you reduce the slack. >> i have my friend rick santelli. n the street, rick, that expects a real upshift, okay, a real upshift in the economy. and to me, given the lack of business investment, i want to start there, because i think the numbers aren't going to change that story. given the incredible uncertainty about obamacare and its taxes and regulations, given the fact that these guys in washington will not abolish, abolish or at least reform the corporate tax so businesses are not going to unleash their cash flow and their profits, given all these policy issues and all these internal economic issues, i don't see this big surge this year. where's this surge going to come from in the economy? >> no. i mean here's the way i look at it. we could cut it down to a lot simpler explanation. we've become europe in terms of the type of data we cheer, which implies the type of growth path we now call, oh, it's pretty good, goldilocks. the problem is there's nobody to take the place that we used to hold. if you're looking at the globe, grade it on a

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rick santelli has done a great moment of charting the compression and the spreads there.t -- what are they nervous about? you should have a steep yield curve if you believe growth is coming, and it's not getting steeper, it's flattening. >> that's the weird thing. if you tyke the five-year and say the five-year proved upped and you had the strong capacity utilization. >> there's always an excuse. >> the big broader story was that ten-year interest rate was falling. >> and the 30, the 35 was absolutely flattening throughout the course of the day. >> before you invert you have to flatten. >> we hope that that's not around the next corner. >> just asking. what is the bond market telling us? >> that's what makes the fundamentals here so important. google is moving the company out with its earnings report. let's talk through the numbers. josh lipton joins us. >> google just reporting, the street was looking here for 6.41 on revenue of 15.54 billion. google reports 6.27 on 15.42 billion so a miss there on the bottom and the top. just digging through the numbers, paid clicks wer

. >> let's get to the bond pits and rick santelli joins us from the cme group in chicago. rick? wild times in the treasury complex. that's for sure. even a hotter than expected surprisingly hotter than expected ppi didn't do much for yields. yes, they had their little kind of token rises they should but the overwhelming issue as previous qe have come off just to name one area to pay attention to we see that interest rates have a tendency to move lower. why? the equity markets move lower and the only tiny trade then becomes the treasury market. two day of fives, yes, look at yesterdays lows. yields are lower. look at the 30s, how much that two day gives you information on the ongoing holding of major flattening in the yield curve and many traders debate what it means. many believe it means even though we are growing relative to the rest of the world we are not growing to make the long end happy. that's why rates are moving down. not quite enough. maybe our growth factor should be greater. now as we look at fives, tens and 30s on bigger charts, you know, 5s we're comping back to a

rick santelli.ome back, former apple ceo john sculley hear what he has to say about the company ahead of its earnings tonight and ahead former white house economic adviser, ed la zeer will share his vision of an economic lack luster economy. this is the biggest decline in about a year. we're back in a minute. i've always kept my eye on her... but with so much health care noise, i didn't always watch out for myself. with unitedhealthcare, i get personalized information and rewards for addressing my health risks. but she's still gonna give me a heart attack. that's health in numbers. unitedhealthcare. those little cialis tadalafil for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in bloo

let's head to the bond pit ps rick santelli at the cme group in chicago. rick? >> thanks, david.ook at tens is a two-day chart because we're virtually unchanged in all maturities from yesterday. the game becomes to the 2.66 close on friday. up five basis points. there's your geopolitics in action. february 1st chart, really shows you we're in a range pure and simple, most likely 2.79 to 2.82 is the top of the range. if we look at another area that i think is more important, our yields versus boon yields 9.5 year wide. right now where it's trading, 121 basis points separation. here you can see the chart going back to october of 2005. the ruble, the good way to assess what's going on geopolitically, dollar versus ruble for twos days, dollar down down. if we look at it since march 1st, cry mea referendum was mid-march. there's what it looks like. the dollar continues to be lower from that chart as well. maybe the area we should pay most attention to is in our backyard the dollar index. here's the year to date chart. i know that when it comes to the yen it's a separate ball game but

. >>> let's check in with rick santelli. rick, we were talking about the move in rates today. specifically, the 10-year, got right around 2.60. how concerning is that move? why do you think it's happening? because if you would ask liesman, for example, he would say nothing in the economic data would suggest that it should be sliding the way it is. is it a more global story, deflation, things like that, rather than what's taking place in the u.s.? >> well, i personally don't think it's a deflation story or disinflation story. i think it's both a global and domestic economy equation. i think the weather issues is -- as obvious as they are, it may not be enough to pull kind of that inventory buildup from the end of last year into the second quarter. first quarter gdp that we're going to get in about two weeks, anywhere from up .5 to 2%. everybody is pushing that growth into the second quarter. but it's the fits and starts. from a global dynamic, you know, if you have a central bank in the form of the ecb that's talking about more stimulus, where you have the chinese, whether it's

. >>> bond action, rick santelli, hi, rick. >> hi.'ll tell you what, it's been an unbelievable week. you can see we're not at the low yields, but at the low yields, there's only one day for 2014 that we need to challenge that's left. february 3rd, closing yield of around 258, maybe it will be in the cross hairs today. this last chart is so fascinating, if you look at, we've talked about how you can put the nikkei and the dollar/yen and overlay with ten-year rates, but this time i did pick it, because it was such a big deal yesterday. it's dropped under 14,000. risk and dough risk has a lot of correlation, similarities. these charts keep you in the hunt. if you've been hunting for real estate, this may be because it's disappointed in the overall outlook, but it might be good for you on your fixed mortgage rate, especially considering the correlations with tens and mortgage rates. if you're thinking more of an adjustable rate, the yield curve isn't working in your favorite. sue, back to you. >> just in time for the spring home-buying se

. >>> let's send it down to rick santelli. mr. rick, sir?> no matter what maturity you look at, we're virtually unchanged but there are subtleties worth pointing out. two days on five, higher han the left side, so today is a bit higher. tens, two-day pretty much balanced. neutral, the longest maturity, the right side is significantly lower than the left side. there's your curve flattening, and if we look at the euro, and simon you had a great guest talking about the euro. many taking about it being pretty darn large, so qe is a matter of taste, but the euro is coming out of, tyler, back to you. >>> tyler, thank you very much, mr. santelli. for ideas on where to place bond bets on this volatile market. you've got to be versatile in a volume at this time market. krishna mimani oversees all the firm's investment teams. welcome. good to see you. how do i make money in bonds right now? >> i think you make money in bonds by two two things, which is not selling bonds and buys credit. not selling bonds, because we think bonds at least in the u.s. ar

that's where we find rick santelli. >> thank, sue.isteners, the analysts must be getting smart to be able to parse a couple basis points and say it's from the ukraine, or $10 in gold and say it's from the ukraine. margin call a. $30 range, yes, there's an influence. it's highly overstated. a two-day chart of ten, but we're only two basis points lower on the day. half a dozens basis points, and in the last two weeks, three sessions have closed lower than this. you open up the chart to february, it's a pattern well established. i think it's more interesting to look at the backyard. it's actually up a bit. dollars versus the yuan, yesterday it was 12, 12, 12, now the third week in -- and every day we come in, it seems to weakened. have a great weekend. >> you too, rickey. thank you very much. >>> we have a developing story on elon musk's space program. eamon? >> that's right, tesla and space-x ceo elon musk is speaking right now where he's just made a couple pieces of news. let me give you the big headline first. he is says his company i

rick santelli in chicago. come back, amazon in battle for your living room. the km set to make an announcement about its video business this morning. stick around to find out what that's all about. and gm ceo mary barra on the hot seat wucks again answering questions from the senate this time. we'll bring you the highlights as soon as they begin at 10:00 a.m. we're back in a minute. this is mike. his long race day starts with back pain... ...and a choice. take 4 advil in a day which is 2 aleve... ...for all day relief. "start your engines" but with less energy, moodiness, and a low sex drive, i had to do something. i saw my doctor. a blood test showed it was low testosterone, not age. we talked about axiron the only underarm low t treatment that can restore t levels to normal in about two weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is

heather hughes, jim lowell, greg epp, david trainer and rick santelli standing by in chicago. david, what to make of apple's earnings and the -- i mean $90 billion is their share buyback. that's $90 billion is bigger than 90% of the s&p 500 companies out there. they are buying back a whole company. what do you make of all that? >> that's the most innovation we've seen from apple in a long time. >> zing! >> at least we got something to smile about, right? can't get it from products, i guess you might as well get it from financial engineering. end of the day, unfortunately, is not going to add any real value for shareholders. >> so you're not impressed. >> i'm not impressed at all. ipad sales are declining even though tablet market sales are going up. they're losing share in that space. iphone franchise is strong but it is not going to be strong forever. and the same thing i've said for a long time with the current valuation does not mean the stock is cheap. this is not a value stock. >> that's the question, do we need a new product or new technology from apple, can we just pene

gartman letter and i know people would pay a million bucks to have lunch with jack bouroudjian and rick santelli, to watch those two go at it there and, rick, welcome back from vacation, too, by the way, buddy. >> dennis gartman, you like a lot of people have been watching the volatility in this market lately, a few weeks ago, high-profile newsletter you said you were getting out of stocks and now you're getting back into stocks. what's going on here? >> bill, i got back into stocks about a week and a half ago because the market didn't break as far as i thought it might. i did indeed get fearful. no question about it, but when the market broke it took a lot of people out and made them go to the sidelines. the 100-day moving average held. trend lines held and the same fundamentals that were still extent that had gotten me bullish and kept me bullish for a long while made me return to being bullish so i'm pleasantly bullish and i own simple things, aluminum and coal and very simple things that even i can understand. >> yes. jack bouroudjian, how do you feel about this market? what do you think is

. >> first of all, i spent my formative years watching steve liesman and rick santelli on their respectiveo i'm in awe, but here's our walk. you heard them talking about the 3.5% yield for apple i-bonds. compare that to the 2.3% apple dividend yield. that's interesting here, right? you still get paid with apple stock. there's risk still, for every one share you own, you're going to collect a check for $13.16 every sing the year. now, tack a look at this, though. apple is a solid, solid company. it may not be the u.s., like steve said, but still only $17 billion worst of long-term debt versus $120 billion worth of shareholder equity. that ratio is very, very small, means it's less risky. better than a lot of g-7 countries out of there, by the way. and the overall picture, over the last two years, it's relatively flat, which means it hasn't gone up our down all that much, but still if you look at the overall picture, it has a decent-sized return, if you look at the longer-term picture and come down to just what's happening now, this is interesting. we're up 6.5% year to date. it's a market l

rick santelli does it for us several times during "power lunch", we're grateful to say.cky. >> hi, sue. everybody, of course is watching to see the final outcome of apple's second ever tapping of the capital markets. look lie 40 to 45 billion is being committed from a 50 billion tranche. it really does underscore your interview with the congressman about all these band-aids. 70% of the 40 billion rests overseas. one and two-day charts, even though we're 15 points off the highs today, and stocks four basis points down from the 273 high in tens. if you really want to see where the action is at, look at the before and after exchange. dollar up again, at the highest levels you see on the longer term charts. sue, back to you. >> thank you very much. ricky. well, we're celebrating our 125th anniversary, and as a result of that, we are unveiling our list of the 25 most influential and transformative people in business in the last quarter century. number 23 on the list, he's been called the new face of africa, aliko dangote. he'll join me right here. e righ. why relocating manuf

rick santelli tracking the action. what's the demand like, rick? >> reporter: well, i tell you what, tyler, what a wild and crazy day. consider treasuries are rallying big time. sometimes it's best to buy things that have a momentum. that was the case today. so we had $13 billion reopen 30 years, 29-year, 10-month if you want to be resight. the yield at auction, 3.525%. that was the offer of the market. so it priced right. 2.52 to cover, $2.52, chasing every dollar's worth of securities available, nicely above the 2.36 ten auction average. you had indirects and directs pretty much right at their ten auction levels. dealers took 38.8% of the auction. you know, you want dealers to take a little less. investors definitely stepped up. so i gave it a "b" minus. it really was the better of the three auctions. at a time when it's pretty apparent that even with no concession, usually yields have to go up to get a concession. traders wanted to own this. investors wanted to own it. it's somewhat apparent. if you're not enamored with the level of stocks today

and rick santelli, what signals can we glean here from what's happening in rates? we can talk about the u.s. dollar, and by the way how about that budget report? >> yeah. >> the budget deficit is down to something in the range of 2% of gdp. >> well, i think there's a couple of things about the budget deficit, and, of course, the u.s. economy and higher taxes temporarily will make this better and we know the u.s. economy is doing better, and probably the reason -- the quality of the inputs gives you the quality of the outputs and all you have to do is look no farther than the affordable care act. doesn't matter how many people sign up. it's like stock. the advancers versus decliners. what is the net change and how many new people have insurance that wouldn't have been involved in this process to begin with? that's the only issue that matters, and all this truth will eventually hit. as far as the markets, interest rates are basically unchanged. the equity market says to pay attention to interest rates, but issue is tinkering, mario draghi, whether we like it or not,

and jack bouroudjian and rob morgan and the gentleman who likes to mix it up, steve liesman and rick santelli, welcome back. that is an eight-box, an octobox, we invent it had here at cnbc. we're proud of it. one of the great 25 anniversary things. jackbouroudjian, any surprises? >> no, did exactly what i said? janet yellen is the most transparent fed chairman i think i've seen in a long time, doing exactly what she said and i'm glad she's doing it. look, she's been telling us that they will pull back on the asset purchases, exactly what they need to do because quite frankly it isn't making an impact, and rick knows this. look, the last time we saw a number like this gdp number come out we had rates at the ten-year at 1.8%, so the bottom line is that it doesn't matter what the fed is doing. it matters what d.c. does. we need pro-growth policies for the economy to get going. really what we have is a disconnect between the stock market and main street, and we're seeing it manifested today. >> okay. rob, just want to talk a little bit here about the fact that we've got the dow at all-time highs

lot of money coming out of certain names and still playing the catchup game with the ipos. >> rick santelliseem to have a conundrum today with yields on the ten-year at a one and a half month low and that would suggest a rush to a defensive play of some kind, but gold, which you would think is also a defensive play, is down at a two-month low, down $25 today. pars it out here. >> i think between marching calls and liquidity looking for a home, geopolitical issues, i think it makes sense, and i think that, you know, it's a mistake for investors or actually listeners and viewers to think that the markets are super logical all the time. for 2012 and 2013, you and i, many guests had many debates that the price level of stocks didn't necessarily match the activity level of the economy so when it unrevels, why should there be logic? everybody is trying to ask why is this happening, must be rhetorical. let's look at the next 24 to 46 hours. find that china's growth rate is the lowest in two decade. japan will lower their growth outlook. both countries are question eing into the roof line and when

rick santelli, i would love to hear you and arthur cashin have a discussion about the ten-year because has been talking about that is what the stock market's keying in on right now. what do you think is the motivating move for the ten-year right now, rick? >> i think the ten-year is going to continue to handicap the gap or the lack of growth reaching potential in the u.s. economy. we can spend months debating the reasons, but pretty much all the viewers and listeners know where i stand, and i think this dynamic is in place. when i look at such big psychological lows as 4000 in the nasdaq and 16,000 in the dow, i think there's a lot of room. now is this the big one, i'm not sure, but i'll tell you what. the bullish look of the charts on the long end and the complexion of the curve auger, i wouldn't move away from the notion that this could be a corrective action. there's a lot of anxiety, the vix and others that monitor option volatility, none are flashing red. i personally think that this is the perfect storm and i think one of the cat lifts nobody thought of, you know, all the weather

. >>> now to the bond market, rick santelli tracking all the action at the can cme. ields today, rick. >> reporter: very good. thank you much. and having a pretty wild day in treasuries. look at a two-day chart of 10s. there was all that compression in the mid-260s on yields. well, we blew through it. can you see the following. part of the reason, of course, is a long holiday weekend. and the treasury market has been, to many, well bid. so we're getting a little selloff. but look at the s&ps over the last several days. it really seems to have turned the corner. art cashen call it had yesterday. that's taking its toll. of course, these will be the highest yields closed in about two weeks. and the dollar/yen on cue also seems to be rallying. they are highly correlated. back to you. >> thank you very much. >>> we saw it with zynga, now king digital. social gaming companies going public and tumbling as investors worry about them being a potential one-hit wonder. what are these social gaming companies doing to ease those fears? morgan brennan live now inside zynga's headqu

. >>> bob pisani is standing by, and rick santelli in chicago bob, this morning you said the fomc meeting don't expect too much. i guess you got what you sort of were wishing for. >> there were three or four things we were looking for. they note that economic activity has picked up recently. last time they had it had slowed during the winter months. they said the recoveries in the housing sector roe mains slow. that's exactly what they said before. the inflation language is essentially unchanged. nothing there, the forward guidance looks intact. i see no dissent from lakota here, so take -- we did have a bit of a blip upward as the number came out, but mandy, something very interesting, do you know in the last 23 fomc minutes meetings that have come out, the s&p has been down. going back to 200 from 2:00 until the closest, all 23 times, the s&p ended lower at where it was just prior to the announcement. so we're essentially unchanged from where we were at 2:00 p.m. eastern time. i'll keep an eye on that. the rest of the market pretty much unchanged. >> and literally we're just talking abo

so, no, i don't think there's any reason to say because netflix is down 25% the rick santelli of the markrest of the to crack. it could lead to that. >> the high speed trading debate rages on and everyone is looking for answers. here now to blake it all down is rich, principle at sandler o'neill. rich, welcome. it's good to have you on the show. >> good to be with you, scott. >> so, you know, the exchanges got lumped into this conversation in the lewis book. what do you make of the whole argument, discussion, as the prep eminent exchange analyst on the street, what's the deal? >> first, thank you for that, that description, scott. you know, i think the whole argument has just gotten so polarized that it's like a lot of other things going on in our country but not everything is black and white. the argument that you had on, you know, a few days ago or last week is just -- did a lot of points that we can take from both sides to, you know, to improve the market structure. i think the book brought out a lot of good points but i also think, you know, there's a lot of other things like iex

rick santelli in chicago. >>> let's have a quick look at where we are on the markets. the nasdaq still having a rough day. look at that, down almost 2%. >> we also want to take a quick check on allied, down 2.5%, the big ipo. scott wapner and the crew will pick it up there. scott, a busy hour coming up. >> yeah, no doubt, kayla. what a turn of events after yesterday's gain. the best in three weeks. and now you've got the rollover again that you guys have been covering for much of the last couple of hours. >> that's right. no, i know a lot of people watching that sell-off very closely, and who better than your traders to pick it up from there? >> we appreciate it, guys. have a great rest of the day. >>> welcome to "halftime" show. message of the markets -- one day after the biggest gain in week, stocks are sliding again. so how long is this volatility going to last? >>> ipo frenzy. the busiest week of '07, a sign of a growing bubble? >>> burying the hatchet. with icahn and ebay striking a deal, the billionaire investor is here live with what happens now after all of the

rick santelli, what are you watching today?issue nobody is comfortable explaining. why does the economy not feel very good to so many. i think i have a fairly easy very politically incorrect answer. you want to know what it is? come back after the break. yo u are feeling tisfied without standard leather. you are feeling exhilarated with front-wheel drive. you are feeling powerful with a 4-cylinder engine. [ male announcer ] open your eyes... to the 6-cylinder, 8-speed lexus gs. with more standard horsepower than any of its german competitors. this is a wake-up call. ♪ this is a wake-up call. anbe a name and not a number?tor scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: ranked highest in investor satisfaction with self-directed services by j.d. power and associates. >>> welco

. >>> to the bond market right now and rick santelli, who is tracking the action at the cme.icky, how do interest rates look right now? >> well, tell you what, if you are looking for higher yields, the train is starting to pull out of the station. five years usurped their 1.74 yield close today. let's look at the five year. broke out, took out its january 22nd high. you could see we are now at the highest levels should we close here, i look at everything on closing yields, since september of last year. let's move down the curve. let's look at ten year. ten year is now comping to early january. if you look at the 30 year, it isn't really playing right now. that's the point. fives to tens today alone flattened two more basis points and it continues to be a flattener even though rates are moving mostly proactive short maturities. let's look at the euro at the ecb meeting tomorrow. two day chart simple to read. we are below yesterday's lows. we are going into this on the weak side and look at capital and how it may be affected by this spread. this is our ten year versus their ten

let's bring in rick santelli. that was pretty good, i guess. 203, 196. that's close enough.k, rick, but it's adp work. it's close, right? >> yeah, no. close to expectations. actually, maybe a smidge light. once again, i don't think it's an issue of being able to generate kind of middle of the road job growth. i think it's a question of the sustainability of the numbers and the long-term outlook of what the economy needs to additionally create to really make a difference overall. you can just look at the interest rate spectrum, preopening equities. there aren't any giant surprises here. of course, we'll have to see how friday's number reacts. but it also does underscore the relationship between the jobs market and janet yellen and slack. i know that she has a dual mandate, but it doesn't make sense to me, the structural issues of unemployment and the fact that ben bernanke and janet yellen still stick to a program of trying to indirectly affect jobs. there doesn't seem to be a good correlation there. >> well, eventually, you know, if wages go up and if we get down in the sixe

. >>> first, rick santelli, the move in the 10-years, we'll have rick on after the break.morrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains move forward, so does the rest of the economy. csx. how tomorrow moves. afghanistan, in 2009. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection. and because usaa's commitment to serve current and former military members and their families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to serve. today is thursday today, we greet you. treat you. care for you. today, you can come to cleveland clinic for anything, everything or just to get that "thing" checked out. big, small, and yes, the best heart care in the nation. it's here everyday,

rick santelli is standing by. rick, take it away.,000. from 332,000 to 300,000. right on the nose. who named that initial claims number? continuing claims also see a trend lower from 2.83 million to 2.77. if we look at march prices month over month, up 0.6. that's three times hotter than expectations. and if we look in the rear-view mirror, coming off an unrevised up 0.9. year after year, a bit of a different story in a way. it was down 0.6. but we are expecting down 1%. our last look was down 1.1. it is now down 1.2. depending on your time frame, various pressures. we all know pressures were there. obviously the market is going to like this news. but i'm still not sure of the tenuous correlations between dropping initially claims. how that gets impacted by various programs that are going to be or not going to be continued. does it really lead to job creation. is there enough in the real world? i don't know. the fed tossed it out the window. you have to decide, right, andrew ross sorkin? >> we will try to decide. in the meantime, we

jim kahn from wealth management group, ryan jacobson from wells fargo advantage funds an our own rick santelli. let me start with jim from wealth enhancement group. is this a time for me to try and enhance my wealth or just protect it? >> always a time to try and enhance your wealth. we think there are a lot of great opportunities right now so looking at emerging markets, the news is negative, negative, negative. the reality is russia is driving down valuations. all the scare stories out of china driving down valuations. stocks are cheap in emerging markets and this might be a great opportunity to buy. >> rich we're looking at technology sell-off again. here we go again, social media, cloud competing stocks, biotechnology. there's obviously still some room to run in this sell-off of the momentum days. >> you know, given today's downturn we're still only about two points away from being positive for the week. the s&p 500, i'd say good earnings season. financials worth about 3.3% for the first quarter numbers, revenue up about 3%. we have some great m&a news. obviously some of those are voicing

tom carston from carston advisors, lance roberts from fta wealth management, chris bidleson and rick santelli standing by in chicago. ann, we're all focusing on the, and the fed. they meet again tomorrow. which is more important? i mean, what are you watching to tell you where to put money for your clients right now? >> i think earnings are the most important thing to focus on, bill. i mean, it's really the fundamentals that matter the most for us. everybody knows rates are going up. it's just a kind of a matter of timing and how quickly it will happen and how controlled it will be, so it's the timing question as it relates to the fed. for the companies it's fundamentals and so far i like what we're seeing. >> it's so interesting though because we're talking about everybody knows rates are going up and yet they haven't budged this year and just earlier today called cause and effect where they say if everybody is sure bonds are not buying them, they are not sure who is. their answer is it's probably foreign banks, other foreign institutions. what's going on here? why won't that ten-year budge?

is at the big board, kimberly fontz, karen hughes, jim lowell, gerard fitzpatrick and our own rick santelli standing by in chicago. jim lowell, what matters more to the markets today do you imagine -- fundamentals like earnings or fed policy? what do you think? >> both. no question about it. janet yellin's speech says the fed remains in the market and economy's corner. hasn't paid to fight the fed for several years and it won't for several years going forward. in terms of earnings, while ibm and google disappointed last night, american express, the best bellwether indicator of small business lending and also consumer lending and spending, we've seen growth. this has enabled this market to gain more ground than it's lost over any meaningful time period. >> can it keep going when a lot of people are wondering whether the interest rate market is telling us that the economy can't keep up? >> i think slow and steady wins the race. yesterday with janet yellin reiterating that hey, they are going to keep interest rates low and they're going to tie it to the jobless market -- or unemployment market