we continue with robert shiller. we must do housing with peter wallace. eally special and then robert shiller on your exuberant stock market. stay with us. this is bloomberg. ♪ ♪ francine: "bloomberg surveillance" with tom and francine from london and new york. tom was looking at a great oil chart. oil now up a touch. downward trend. verychart was actually nicely put what we have seen over the last couple of weeks. you can see the downward trend. however, the last hour or so it has been pushing back up after falling into a bear market and the speculation that rising u.s. output will -- opec levels for a cut. greatl also push for that chart -- we are with will kennedy, formberg's managing editor u.s. and economies and we still set withshiller on tom. i don't know if these are technical levels being supported and then it goes back up, but i am also seeing a headline saying maybe china crude imports will grow. how much of this is a demand problem where we also see a downward slide and how much of this is technical? the real problem is there is simply too much

>>> does robert shiller still see the possibility of a 50% gain for stockorilrains wl isg rates squelchis more "squawk on the street" coming up. -- ray's always been different. last year, he said he was going to dig a hole to china. at&t is working with farmers to improve irrigation techniques. remote moisture sensors use a reliable network to tell them when and where to water. so that farmers like ray can compete in big ways. china. oh ... he got there. that's the power of and. >>> heavy day for economic data. let's get to the cme group and rick santelli. >> good morning. thank you. i'd like to welcome my guest, beaderman, beaderman, charles, thank you for taking the time. >> yo, ricky >> all right listen it's all about flows. follow the money and charles, there's an interesting story to tell about flows. why don't you start in my favorite sector of the fixed income area. >> well, we're seeing huge inflows like -- it could be a record inflow in june and to bond funds for some reason mainly because prices are up and yields are down. so it's 2.5 billion a day going into bond funds and at

prices for now we also don't have a huge home construction boom like we did back in 2007 professor robert shiller did tell me that he does not believe home prices are too high in fact, he shows that adjusted for inflation, they're actually still below the peak of the last housing boom but these prices are a little old, and a new demand index reached a new record high in may. that means 9% more buyers requesting home tours and an even bigger jump in the number of buyers writing offers back to you guys. >> all right, diana, thank you very much. >>> speaking of rates, we've got a new alert in the bond market right now. five-year notes are up for auction, professor santelli. how do you grade it? >> well, we gave the $34 billion five-year notes chapter two of the $88 billion in supply this week a c-minus the yield at the dutch auction 1.828, so a little below 1.83, but it was a little above the bid side of the when-issued market, not much, but a little sloppy in pricing, 2.33 bid to cover, $2.33, chasing every dollar worth of securities for sale that was on the light side the only real solid area was