i think sandisk is a delegate name. >> how do you view the market here. >> i agree with joe about sandisk. forts about takeover. i don't think these guys are selling. i think it's all about that memory all in the macbook pros and that's why you're seeing the big jump. doesn't hurt the conference joe spoke of. it's poised to go higher. a lot of energy. we mentioned on closing trade oih, take a look at that up 1.5% today. then you look at a lot of peripherals and so forth, people that go out and get energy. i agree with mark fisher, except to the downside. i don't think we go much lower. i think we go higher. i think the demonization of speculators that's taken us down and flushed out some of the specs. we go higher on energy. mmr. >> i just say we're going someplace. if we go down, john, we're going down. if we go up, we're going up. we're just not staying here. >> what does it say, mark, if a guy like you, one of the most seasoned oil traders we've seen in the last several decades doesn't know why oil is where it is and says it shouldn't be here. it's got to be a difficult market to trade

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so why don't we go with first of all, sandisk. >> yeah.the beginning of the month. data as of about an hour ago. may have changed a little bit. sandisk shares fallen 40% the past two months but they got a lift. pacific crest research analyst started coverage with an outperform. a $47 target on the name. that's above wall street's mean price. he thinks they could benefit from the rapid adoption of solid state drive, aka, the mac book, doesn't have the wheel, doesn't get hot, blah blah blah. >> we have one from our friends in europe. >> that's right. bouncing back with many european names on the hopium that maybe europe will find a real solution, but you also have actual news on this name this week. an italian state owned finance company said it is ready to step in and help financially telec telecom italia. >> apollo creed. no doubt lots of short covering on apollo. herb's favorite name by the way. it's down 36% or so year-to-date. earlier this week the u.s. court of appeals opened the door for a slight easing of incentive compensation regul

now the payoff, sandisk that lost more than 20% of it's value year to date. >> i get that wrong ere dayver get that right. the market based on it's reactions didn't really get what it wanted from the fed today. more monetary stimulus which is fancy talk for moneyprints, but our next guest thinks it is on it's way. >> good to have you both on the program with ladyiladies. >>> it was just buying time today. in our view, the data will slow here. we have uncertainly from europe, as data slows down, i think the fed, and chairman bernanke addressed this today, ready to take more action. >> what are they waiting for. >> why buy time? if they already think the markets are going to slow down more? >> they want to see see what will happen with the fiscal cliff. we're going to see a massive selloff, i agree with you 100%. >> i think financial conditions are not at the level they were in the past. you need risky asset sell off, consumer confidence needs to plummet before the fed would action. they mentioned this and every knew step has diminishing returns. i think they have to see the conditions be

that was sandisk. positive comments fueling early gains. chip stocks in general were up stronger. up 13.4%. the industrial supply distributor reporting weak may sales. off 6.25%. overall, a very good week. >> mary, thank you very much. >>> up next, the president and the men trying to take his job trading barbs on the economy today. i'll speak with one of mitt romney's advisers. >>> and then another government plan that prompts us to pump new life into the mortgage market. diana olick with a report and with a look at if it will work. you're watching cnbc, first in business worldwide. back in a moment. the teacher that comes to mind for me is my high school math teacher, dr. gilmore. i mean he could teach. he was there for us, even if we needed him in college. you could call him, you had his phone number. he was just focused on making sure we were gonna be successful. he would never give up on any of us. all in one account. keep watch on the markets. or use our exclusive tools to help find ideas. it's powerful, easy-to-use technology for trading stocks, options, and futures. keep tr

not just pressuring micron but also lsi and sandisk. brian?you very much. >>> talking with rick, are you surprised there isn't more money going in to the long end today or what? >> no, not at all. i'm not so sure there's a boatload of money going in the long end. i think there's some and some selling that ensued that may be unwinding a bit. start at the real beginning here. really in the beginning it's a foreign exchange story to some extent. look at a 24-hour chart of the euro versus the dollar and then the mirror image, the dollar index. obviously, they're the mirror image and fairly synonymous with what they're telling us. take everything that sage gentleman known as art cashin said, pmis in china and germany, weak philly fed and weak equities and my opinion a fed that did the right thing and seeing the markets recalibrating a bit and maybe the real story is affect on interest raits. if you look at intraday chart, low yields now making new lows as we speak with the dow down 190 and if you look at a boon and this is a 2-day chart see the dyn

first one today, sandisk popping 5%. >> the street seems to be getting more favorably disposed towardaying inventories are under control, production is under control. there's new product cycle. i'm a little skeptical. i think it's very cheap. >> amylin popping 3%. >> i like biotech in general. i like the promising new diabetes treatment in a whole world that eats a lot of doritos tacos. >> perfect segue to pete. >> look at the volatility index. into the afternoon yesterday absolute high. 25 calls came out and sold a big portion of those calls. over a third. 50,000 traded of the 150,000 open interest. watch for the vix to maybe go lower. >> guy. fastal? >> reported may sales not good enough. final evaluation is finally catching up to the stock. if it holds 38 on the volume we're seeing today worth a look on the buy side. >> a pop for the queen marks the culmination of festivities honoring queen elizabeth's 60 years on the throne. our celebration is including the serving of traditional eel pie. 100 boat flotilla on the thames. the 86-year-old monarch also rocked out to elson john, stevi

take a look at dell, juniper, sandisk all following suit in the same direction, lower. >> thank you, jackie. there's talk of a grand plan for tackling europe's debt crisis, it's turning into an incredibly critical week for spain. a meeting tomorrow to discuss the crisis. our chief international correspondent, michelle caruso-cabrera, is here to get us ahead of any news. >> news broke just in the last few minutes, sue. we had a news conference between angela merkel and berosa, they said we are talking about a lot more integration when it comes to the banking system in europe, but that is a mid-term goal. in other words, not right away. that may be why we see the markets moving lower because while they're talking about a long-term solution, in the short-term you have to ask right now, what do you do about spain? the fourth largest economy in europe is actively seeking bailout funds to help them recapitalize their banks. reports out of madrid report the spanish finance minister is in full on negotiations to get money injected into the spanish banks suffering from the bursting of a massi

you earlier agreed that that sandisk upgrade was -- >> that was huge. >> he's making calls on that. >he's already thinking about getting fitted for his "jeopardy!" job. >> david corona, make my light. >> anheuser-busch buying modelo would be a big deal. a winningness on the part of a.b. -- inbev controls -- it's the brazilians. >> we'll discuss maybe a little bit of r.i.m. later on. speculation about activity in that area, too. >> anheuser-busch has been the best. we had a quiz on cnbc on friday. the worst has been molson, tap and pbr. >> abovelove a good pbr. >> petrobras has been a lot of the brazilian stock market. >> we know jim likes all things brazilian. >> did you get any brazilian note from group snn no, thank heavens. cosmetic injections. i wonder if they can do restaline i'm tired of botox. apparently it hurts like all get-out. but i have to choose between two options. when we come back, i'll have everything to know about the luminec med spa in soho. >> quickly, before we -- not to interrupt your discussion over brazilian, let's talk quickly about merkel. she actually has ha

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