housing numbers were spectacular, case-shiller number.ntiment came out, the consumer sentiment -- con con is feeling about the consumer feeling good about themselves and spending money and that is really what they're pointing towards. melisssa: what do you look for the rest of the week? what is the big signpost that will color the way you trade? >> not much at all. melisssa: really? >> yeah. because this is become a market driven off fed speak and noises. melisssa: right. >> anything coming out of then we'll trade off the noise right there. melisssa: keith bliss, thanks so much. >> my pleasure. lori: more trouble on the high seas. another cruise ship is forced to dock early as fire burned through several decks of royal caribbean's grandeur of the seas ship. the fire began very early monday morning and burned almost two hours before being put out. no injure press were reported. passengers managed to escape last night as royal caribbean arranged charter flights all the way home. while the cruise line sup 47% over the last year, today it is

you also had the stronger fundamental data in terms of the case- shiller and consumer confidence data, which came out much better than expected. you also had the equity investors interpreting the comments that bernanke made last wednesday in his fed testimony to congress, where basically, i think what they're seeing is that, yes, bernanke is confident enough to potentially begin tapering the purchases under qe-3 in september of this year; but, he is not going to be actually outright tightening monetary policy, he is just going to slowly reduce the purchases they are making. so, i don't think that anybody is expecting a major shift upwards in yield, but more of a gradual move upward. - we have been talking to a number of stock traders, and they do believe that this market is headed higher. do you feel the same, even though you are watching the bonds? - you certainly do have the underpinnings for that. nobody thinks the rates are going to move up precipitously in a very quick fashion, and the fundamental data certainly is positive for now. the case- shiller data was extremely strong wit

case-shiller housing price index comes out at 9:00 a.m.r last month fell. building permits rose to levels not seen since june 2008. joining us now is tonya machio, the ceo of investments. tonya, what is the case-shiller index going to look like today? >> i believe the case-shiller index will be positive numbers again. they've shown positive numbers quite a few months in a row now. we're going to continue to see positive number peps we had the highest number of resale homes in 3 1/2 years, which was up 9.7% from the year before. what's interesting is that foreclosures are also going down at about 5% better than last year. so we're seeing truly positive signs, not great highs, not great low webs but a positive climb for house in the united states market. >> i wonder whether it's too positive. some corners of the market are concerns that we're seeing elements of froth in the housing market because we saw the spring home buying market kicking off with a frenzy, the fed has been keeping borrowing costs low. do you think there's an element where

the case-shiller 20-city index is up 1.4% from february. liz?d everyone else. can a eviction notice from the nasdaq 100, take the stock that was evict and add it to your portfolio? david: really? liz: turns out getting a boot from the index could be the best thing that happens to a stock. why is that? ryan dietrich, schaeffer investment strategist technical strategist. you looked at fascinating i would say development or pattern. you started to look at certain stocks that were booted from the nasdaq 100 which rolls twice a year. it has to trim and clean up a little bit. they kick some stocks out and bring in new ones. you found what? >> that's right, liz. if you look at the stock market you look at various things. schaeffer's we like to buy expectations not prices. look to buy low expectations. think of that. if the stock is kicked out of the nasdaq 100 because of performance or market cap, expectations are as low as they get. last year we heard netflix was getting kicked out, green mountain coffee and blackberry. what does this mean? we looked

s&p shiller index shows prices jumped 9.3% over the last 12 months.ggest annual gain since may 2006. you say we are looking at the report thing and not in a recovery there. >> what is driving what i call happy housing news, last six to nine months you've seen better news across the board in housing because inventory is tight. it's actually at 50-year lows, inventory is down 25%. when you constrain or choke off supplies, prices rise. incomes are stagnant, unemployment is high and credit remains as tight as it was since lehman collapsed. >> inventory is so tight because maybe the spread between what they paid for their house and what it's still worth is too big. >> that's certainly part of it. >> not ready to sell yet. >> people with negative equity is a big part. the other part is people with low equity. people forget when you have a home and you want to sell, you become a buyer or a renter. rents are at very high levels. you want to buy, you have to qualify. maybe 10% down five years ago or ten years ago was fine. you sell it for break even get your 1

all 20 cities that case-shiller track showed gains, both in the last month reported, which was march, and the previous couple of months. it's widespread and appears to be here to stay. >> ifill: does it shift from region to region? >> yes, there are dinks. you mentioned that phoenix, for example, and las vegas h20-plus-percent growth. that is partly because, as we should remember, those areas had major plunges in housing prices so it's coming off of a very low base. big growth-- exactly, there's big growth but it's note exactly as if the prices there are anywhere near their peak which probably we don't want given unsustainable bubble values that we had in the earth 20 00s, and mid-2000, but even now they might be undervalued because they fell so far during the bust. >> ifill: if you look at the overall picture how big are these housing stats in what looks like at least a partial recovery? >> it's a big contribute orp right now. we've had major cut in government spending. we've had tax increases earlier this year. as a result, there were a lot of economists who had predicted that consu

today's s&p case shiller increase of desk found the biggest hit hardest by the real estate bubble, up more than 20% in phoenix, san francisco and las vegas. atlanta up more than 19%, but housing is far from fully recovered. >> we are still well below the prices of the peak of the housing market, in some cases 20%, even 30% below where home prices were in 2006. >> i think most americans now have a more sober view of housing. it's a place to live and it isn't the get rich quick scheme. >> still today the conference board said consumer confidence jumped this month from 69 to more than 76, a five-year high. the research group survey found americans more optimistic about the job market and the overall economy. >> our overall finances are looking good so we're feeling very optimistic. >> i'm not really concerned as much as i was a few years back. i see people spend money, so you feel like you have to spend money, too. >> another day, another record for the dow. >> reporter: all this put wall street in a buying mood. after a long holiday weekend the dow surged more than 200 points at one poi

in all 20 cities where the s&p case-shiller home price index measures the strength of the housing market, home prices grew an average of 9.3%, the biggest annual jump in six years. "finally, 2013 is the year we see new construction jobs." in phoenix, prices are up 23%; las vegas, up 17.5%; and atlanta, 16.5% - big gains offset in part by much smaller increases in cities such as chicago, where real estate broker glen salem says the slight uptick has sellers hopeful but also holding out. "sellers are holding off. they think they'll get more if they wait six months." that's why a lot of home buyers and sellers are eagerly waiting for what the federal reserve has to say on interest rates today. "twenty-somethings that moved in with their parents, they're leaving and buying their first house." right now, a small inventory but more buyers has meant quick sales - sometimes after one day. another concern for brokers: if a shadow inventory of bank-owned homes floods the market. "it would certainly make our job difficult if there was more distressed inventory on the market." overall, home prices a

case-shiller said its 20 city index of home prices rose 11% compared to the same time last year. looking locally san francisco house prices are up 22% on the year. higher house prices help in another way as well. it helps people move. if you're under water on your house, you don't take that great new promotion in some other state, because you can't afford to leave your house. so as prices go up, people get more mobile. that good news, along with the spike in consumer confidence this morning, helped snap a losing streak on the market. the dow at one point up more than 200 points on the open. back to you. >> thanks so much, scott. >>> a horse is recovering this morning after being rescued from a well in san rafael. it took crews several hours to free that horse from the 25 foot well on north san pedro road. the horse named buddy needed a buddy. he wasn't seriously hearth. he found those buddies when he fell. you see they lifted him out with a crane. there was a vet on hand to help out. of course a lot of cheers. rescue crews added water to raise the level of that well, which helped

also on tuesday, the s&p case-shiller index will report average home prices for the month of march. and on thursday, we'll get the next estimate for the first quarter domestic product. on friday income will be out for the month of april. >>> well, he brings the heat to every game. but four-time mvp lebanebron ja is on fire when it comes to sneaker sales. it's a slam-dunk for james as sales increased 50% from 2011. his shoes start at $180 a pair, and go as high as $260. and yet lebron's stats are no match for retired nba icon michael jordan. his sneaker brand hit $2 billion in sales for 2012. that will do it for us today. thank you so much for joining me. my guest next week, mutual fund legend jack bogle of vanguard. each week keep it right here where we are, "on the money." have a great week, everybody. >> this weekend on "extra" -- kim kardashian ready to pop, and melting down. >> how the [beep] did i get like this? >> why her sister khloe is lashing out to defend kim today. >> i do find it disgusting. >> brad pitt making his first public appearance since angelina's surgery secret.

there are some bright spots, home values are up, earlier this week the case shiller index showed home prices jumped 9.3% from a year ago, the stock market is pushing higher, friday 15,000 on the dow. mixed signals? you better believe it. for the stock market thank the federal reserve for that, its $85 billion a month bond buying program, no end in sight combined with near zero interest rates make stocks the only game in town. mohamed el erian says the fed strategy has a 50/50 chance of leading to economic growth. mohamed, how do you get to 50/50 odds? >> so we look at it and it's a gut feeling. we ask the question, is the fed using the right tools achieve its objective. the answer is no, it doesn't have perfect tools. it's using very imperfect tools and as a result of that, the benefits that come with what it's doing is associated with cost and risk and at some point the costs and risks are going to become material so think of the fed as impacting the destination to a good outcome and it is not in control of the destination, that needs help from washington and the rest of the world. >

of the 20 cities surveyed by the standard & poor's case shillers home price index, phoenix saw the biggest 22.5%. new york came in last with a growth of 2.6%. the housing recovery and a report showing consumer confidence hit a five-year high, rallied wall street. the dow jumped 106 points. the nasdaq climbed nearly 30. some asian markets got a boost from last week's rally. wall street's nikkei added a fraction. nikkei lost 7%. >>> seven people indicted in a $6 billion international money laundering scheme. police arrested them in spain, costa rica and new york accused of returning an online underground bank in costa rica called liberty reserve allowing 1 million users to transfer money anonymously. prosecutors say the clients included drug dealers, child pornographers, identity thieves and more. >>> more working moms are bringing home the bacon than ever before. the pew research center found that in 2011, 40% of women either earned more than their better half or were the only one in the household to work. it's a big difference from 1960 when that was true for just 11% of families. >>> nike

case-shiller report on home prices expect to go show 10.3% in march.dence. that comes at 10:00 eastern time. looking for confidence, monthly index 72 for may. that compares to april, which was 68.1. >>> fast&furious 6 topped the box office in north american ticket sales. second biggest opening of the year behind disney's iron man 3. over to becky. >> andrew, thank you. crude prices hovering around $95 a barrel. joining to us talk currency ises nick bennenbrook. head of currency strategy. we have the president of oil outlooks and opinions. i know you think at this point the dollar is poised to go higher. what are the biggest reasons? >> what's important is we had mr. bernanke. early tightening could put the tightening at risk. at least for the near term, if that continues to be talked about, then that's going to under pin the dollar. >> there were comments from one of the bank of japan, maybe the head of the bank of japan talking about how they think the japanese economy is improving. they tonight understand why we have seen it tumble. >> it is interest

that economic report this morning, case-shiller index came out, showing a huge gain in home prices over the last year. the beleaguered housing market may be driving this economy right now. it may also be boosting stocks. we'll have the latest and find out if this trend can last and what the fed may do about it. >> the dow jones industrial average, as you heard, better than up 200 earlier, now up 102 points, 15,405, last trade on the dow jones industrial average. standard & poor's also -- the nasdaq composite, rather, as you can see, off of the best levels of the session, but still holding ton a 24-point rally here on the nasdaq. let's check the s&p 500 with a similar chart pattern, off of the highs, but still in the green with a gain of nearly nine points. stock market kicking off the unofficial start of summer, with a huge gain. let's get to josh lipton with what's driving this move today. over to you, josh. >> maria, as you guys were mentioned, we are well in the green, but also now well off session highs. the dow had been up 218. now up about 102. you did have that positive economic

the s&p case-shiller price index for february showed the 20 biggest cities shot up 23%. that's the biggest year-over-year since 2006. measured in all 20 of the markets and that hasn't happened in eight years. but with some prices rising so quickly and a tight supply of available homes on the market, some worry now that we may be entering a new housing bubble. diana olick has more. >> reporter: as home price gains head toward double-digits, some are raising concerns that they are rise together far too fast. >> i would not call it a bubble. i'll admit a bubble is one thing you don't see when you're in it. you only see it after it bursts. >> reporter: but is it really a bubble? looking back on the index to the bubble years, the biggest annual jumps were in 2004 and 2005 when values rose as high as 16% a year. prices were fuelled by cheap and easy credit, which does not exist today, and by speculators who bought and flipped homes with no skin in the game. values are still 30% off the national highs. when you look at some local markets, the jumps do seem too high. in phoenix

also on tuesday the s&p kay shiller index will report home prices for the month of march. we'll get the estimate for the gross domestic product which typically is a market mover. on friday, personal income will be out for the month of april. he brings the heat to every game, but four-time mvp lebron james is on fire when it comes to sneaker sales. the basketball star's nike shoe line banked $300 million in u.s. sales last year. it's a slam dunk for james as sales increased 50% since 2011. his shoes start at $180 a pair and go as high as $260 and lebron's stats are no match for michael jordan. his sneaker brand hit $2 billion in sales for 2012. that will do it for us for today. thank you very much for joining me. jack vogel of vanguard. each week keep it here where we are "on the money." have a great week, everybody. i'll see you again, in weekend. [ticking] >> i make money. nothing wrong with it. that's what i want to do. that's what i'm here to do. that's what i enjoy. >> you tell me you're a shareholder activist. >> i don't say--the name is the same. an activist is the s

the bernanke the wealth of factors in the bowl sway have been one of the key shiller housing and that beat expectations and is on par with the starkest run since the boom days of two thousand and five the yearly gain of ten point nine percent is the first double digit gain and a year that's according to barron's but this is according to our read chairman himself and two dollars. i guess i don't buy your premise it's a pretty unlikely possibility if we've never had a decline in house prices and a nation where you've got a nationwide basis so what i think is more likely is that house prices will slow maybe stabilize might slow construction spending a bit i don't think it's going to drive the economy too far from its full employment though so. call us the wee bit skeptical but we'll get into the not and both of the housing market including fannie and freddie would john pryor a politico in just a bit and exhibit two of the burning the fact our investments and balanced bonds which can allocate between both stocks and bonds they had record levels last month previous such records including o

. >> reporter: but shiller and others caution to beware of the frenzy in hot markets where bidding wars are breaking out. the robinsons, like many others, may need to lower their expectations, if they want to buy this year. >> i think we're going to end up looking at a lot more houses and we're just trying to not get too attached to any of them, because there's a really good chance someone else's offer is going to be accepted. >> reporter: and to give you a sense, this is happening all over the country. this house behind me wasn't even on the market when it sold. the broker said business is booming, he's done 12 deals in just the past two months. >> that's fast. thank you, rebecca. >>> now we have some health news, a medical breakthrough in illinois. a two and a half-year-old girl born without a windpipe now has an artificial trachea grown from her own stem cells. doctors have done about a dozen of these operations on adults. little hannah is the first child to get an artificial trachea without donor cells. doctors say hannah will live a normal life. >>> and for a nation of people starv

the bernanke the factors in the bowl sway the big one that the key shiller housing and beat expectations and is on par with the starkest run since the boom days of two thousand and five nearly gain of ten point nine percent as the first double digit gain and. that's according to barron's this is according to our fed chairman himself and two dollars. i guess that'll buy your premise it's a pretty unlikely possibility we've never had a decline in house prices without a nationwide nationwide basis so what i think is more likely is that house prices will slow maybe stabilize might slow construction spending a bit i don't think it's going to drive the economy too far from its full employment though so. call us the a bit skeptical but we'll get into the nuts and bolts of the housing market including fannie and freddie with john pryor of politico and just a bit and exhibit two of the burning fact our investments and balanced bonds which can between both stocks and bonds they had a record levels last month previous such records include one thousand nine hundred four and two thousand and four bot

bernanke while the fact is in the bowl sway the big one that because he shiller housing and beat expectations and is on par with the starkest run it seems the boom days of two thousand and five the yearly gain of ten point nine percent is the first double digit gain instead of a year that's according to barron's but this is according to our by the chairman himself and two dollars. i guess that'll buy your premise it's a pretty unlikely possibility we've never had a decline in house prices without a nationwide nationwide basis so what i feel.

the bernanke he while the factors in the poll sway exhibit one of the key shiller housing and that beat expectations and is on par with the starkest run at some of the bill days of two thousand and five nearly a gain of ten point nine percent as the first double digit gain and five and the year south according to barron's but this is according to our bed. in the south and speak out of the pie. i guess i don't buy your premise it's a pretty unlikely possibility and we've never had a decline in house prices and a nationwide but nationwide basis so what i think is more likely is that house prices will slow maybe stabilize might slow consumption spending a bit i don't.

bit more about the trends that you're seeing in the housing sector well this is a graph of the case shiller home price index and this is used to track changes in home prices throughout the u.s. and we have it from two thousand to today now over the past twelve months we've seen a pretty steady rise in the home prices but this is what everyone's been touting as housing recovery and granted this is the biggest gains that we've seen in the index since may of two thousand and six and that's just comparing the slopes but if you look a little bit closer you can see that where we are now is fairly similar to where we were in two thousand and ten the certainly can't be interpreted as a housing recovery and part of the reason for the price suppression that we saw right after two thousand and ten in two thousand and eleven was because of a wave of foreclosures that hit the market at that time and according to realty trac there's another wave of foreclosures in the pipeline that could depressed housing prices again now part of what's been driving this increase that we've seen in the past year in housi

neil: scott, in that same case shilcase-shiller report, a noti, we will not go in reverse but there will not be great dramatic appreciation, 10 years, that i don't like to hear. what do you think of that? >> no, i don't like to hear that, but if you go to mid 2,000s they said different things, so i would not worry much about that. neil: you just -- >> i just did. on tape now. i tell you, you know fannie and freddie are saying that home sales are going up over next several years that would support price, to dotty's point, ern is calling this -- ern i everybodys calling this housing market bubble licious. if you want to go out and find a house you can't find one easily, that is why people are not selling, they are afraid they will not be able to find a place to move into. that issue i different than the housing doue of 2007 where credit was given to everyone that walked into the bank. neil: dotty, people who are not putting their homes o on the market, say in the suddenly tight supply market in miami, and silicon valley, and all this stuff, is there issue there is still not whole, they hav

new report shows that the s&p case-shiller index rose in the first quarter but -- here's the but, chiefst of zillow tells us numbers in large metro areas with housing booms on one hand and foreclosures on the other skewed the numbers. he says the bottom line -- these appreciation rates will slow down. >>> our fourth story "outfront" a pretrial set back for george zimmerman. a florida judge overseeing this case against the neighborhood watchman is barring the defense from introducing some key evidence about trayvon martin at trial, including his familiarity with guns, previous marijuana use and his history of fighting. zimmer sman accused of murdering the 17-year-old in february of 2012. and plans on using the information to back up his claims of self defense. cnn's david mattingly is out front tonight in sanford with the story. >> reporter: photographs of trayvon martin looking tough, flaunting an apparent fondness for marijuana and guns. they paint a disturbing even dangerous picture of a troubled teen. but in spite of the threatening image they might project, these pictures won't help

case-shiller home price index, the 20 cities up the most since 2006. they're up 10% year over year. japan an ecb saying they will keep the money flowing, everything loose and happy. i think it is the third one. what do you think, jonathan? >> well, i would say, melissa those are more consequences of the strong market rather than causes of it. the market,he dow, as we've talked about has been strong for quite some time. real estate too. reits have been great leaders. the one you left off the list is the fed's intervention, our own federal reserve pumping money, i got to tell you that is what is starting to change. the toy the 10-year bond had the fourth bgest jump in yield over the last 50 years. i think that trend in bonds is turning downward and people have to be very carel about reits, income-producing stuff, all the high-dividend things they bought over the last few years. melia: leif, got it wrong but got there through the back door, the reason why we saw the rally is all because of theed and reaction today has to do with the ecb and everyone else around the world saying we'll k

. >> well, that's right, tyler, final in the double digits on all three of the s&p case shiller indices. and top ten and 20 markets respectively, and up nationally in q1. now, while these prices are national, you have to understand it is all very locally. phoenix continues to lead with home prices up 22.5% from a year ago, followed by san francisco and las vegas, each also up over 20%. new york, cleveland, and boston posted the weakest price gains as a large backlog of foreclosures continued to plague those markets. only minneapolis and new york saw prices fall for february to march, while chicago and cleveland were flat. still, all again in the positive annually, so you have to ask, are these price gains driving the economy? well, maybe, maybe not. >> when you look at this, buying and selling existing homes is very nice, we all feel good. it doesn't add anything to gdp. >> blitzer also notes that single family home construction is still very low with most of the gains in multifamily apartments. very few people, he says, are cashing out home equity and spending it. cash flow is flowing

the three weakest markets on the case-shiller index, new york city, cleveland and boston.n i say new york city, i don't necessarily mean manhattan, but surrounding areas, which still have high foreclosures backlogs, which brings in parts of northern new jersey as well. i want to show you something interesting. while phoenix home prices are up over 20% from a year ago, they are still down 43% from the peak in 2006. same for atlanta. price is up 19% from a year ago, still down 28% from the peak in 2007. now go to california. san francisco where people are reportedly lining up to buy condos that haven't even been built yet, prices are up 22% from a year ago, still down 30% from the peak. nearly the same deal in l.a. all right. so what's not a bargain? dallas. prices there down just 2% from the peak in 2006, and charlotte? prices there down only 13% from the peak. you have to look at just not the annual gains for march, but where prices in these market were versus where they are now. you can't argue we don't have the same loose lending as we did during the housing boom, but ow

case-shiller earlier this week on home prices looking good. >> right. >> at what point will they lookand say we must tighten rates slightly a teeny bit above a quarter of a percent? >> there are a bunch of crosscurrents. you just named a whole bunch of data that are stronger lately. earlier today we got data out on household incomes and household spending and that looked a little bit on the weak side. one of the reasons the fed is sending all the mixed signals because they're not sure what's going on. they're trying to figure it out. i think you guys talked about this earlier. friday's payroll numbers are really important. boy you could expect a lot of volatility on that day because if you get really strong numbers, that tells us the economy is looking a lot better. that is great news. but the bond traders will be saying uh-oh, no more fed and that will be bad news. we could see a lot of volatility on friday. people will have to watch for minute to minute updates how it plays out. david: jon, i will ask you to use your sixth sense, not the reporter's notebook but the sixth sense. do y

as they start gaining equity, because if you look at the case-shiller reports, across the country, the prices are now up. that came out yesterday. you're going to start to see that change. even the original people that foreclosed six, seven years ago are now starting to buy. >> so on the ground, though, what are your agents seeing in terms of enthusiastic, in terms of pricing, or does it come down to how difficult it is or easy it is to get a mortgage? >> well, a lot of people have said, oh, this is a bubble. it's not a bubble because the financing is very tough. it's nothing like it was, you know, 2006 and 2007. so that keeps prices down further. that's -- however, as as you kn know, in the stock market, things are contagious. people feel, hey, let me jump in. >> diana, isn't that true? with the market moving higher, hitting record after record, people -- the bottom line is, people feel richer. so they feel like it's more comfortable and easier to do it. but are banks seeing the boom in housing, as reason to lend to potential home buyers? >> that's a much more complicated question, be

now the case shiller index, which is an index that takes the home prices in 20 metropolitan cities, hase up about 1.2%. and one of the reasons why is because inventories are so low, and people are out there buying these new houses, that's driving up the prices of these homes. now part of the reason why people are out there buying is because the mortgage rates are so low. now, they've hit a 15-year low. right now one is at 2.56%. a 30-year fixed is at 3.35%. >> all right. and shifts gears a little bit, frontier airlines is rolling out a bunch of perks, but there's a catch, right? >> right. just in time for the holiday summer season, you can go ahead and fly frontier and not have to pay anything for your baggage, if you book online. on their website i guess i should say. if you go to a different website you're going to have to pay $25 for your carry-on bag. and if you get to the gate and feel like you want to carry on that bag, which most of us do, let's be honest, you're going to have to pay $100. also if you book on their website you won't have to pay for drinks. but let's say you decid

richard, what got me was that nice 10% gain we saw in the case-shiller and then the chart that i sawn 30% from the highs before the crisis. we're nowhere near where we were even though it's better, right? >> still down 30% from the high? >> 34%. >> 34%. where we were in 2007. >> however, that said, we have markets growing at a much faster pace than case-shiller's index. orange county is probably up 25% to 30%. >> from 2007 or from the bottom? >> year over year. >> back to writ was? >> the trend line is encouraging. this is nothing more than demand. >> not a good way to -- >> it's not. but under water equities, core logic recently issued their report. there's about 1.8 million homeowners who are under water only in the range of 5%. as average price increases, they come back to the market as new inventory. and the builders stopped building for almost seven years. you need that builder inventory to create the move up in market. it will add to the inventory. >> do you include all the government assistance, fannie, freddie, everything ta they do? if you took it all away, where would we be

>> case shiller's old, right? consumer confidence is a month old. >> a month old. i mean, what are we -- >> the fed said that dallas is now the center of the universe, don't pay attention to any other manufacturing index. today the dallas fed index came in at a negative 10. >> i want to bring in mike kuo. mike kuo, will rising yields kill this rally? >> it's definitely going to hurt them. first of all, it's obviously going to clobber any of the yield-based trades. so obviously we're just talking about the utilities and the telecom stocks. frankly, it refers to pretty much all of the staples too, where we've seen the sam thing, people chasing dividends and seeing valuations in names like colgate, palm olive and colleth we've been talking about for a couple weeks. they do look cheap and that means they have priced in a certain amount of concern. tofrom my perspective i'm going to have to lean in josh's camp on this. i think the rotation out is a healthy one because some of those stocks in my view were probably undervalued. one more point i would make. we are seeing t