stephen gallo with us this morning. i look at e.m. and we are going to talk about this later. strength in e.m. or are they tilting toward their own kind of recession? stephen: i think from a flows perspective and given the underweight position that many investors had after q1 in e.m. that the dilemmas faced by the developed world basically have triggered strength in e.m. we expect that to continue in august. it may fade during risk off, but we don't expect extreme moves lower. francine, i think this is one of the key issues from august into september that we are debating on "surveillance." it is a real mystery. francine: again, there are so many questions left unanswered on china that we seem to have forgotten about because we have not seen the volatility we have seen in january. what is your favorite play? how do you play into renminbi? stephen: china. implied volatilities are cheap currently. it is relatively cheap to put that on at the moment. in the very short run, the dollar is not poised for any particular strength. that is a good way to play. tom: stephen gallo with us.

gallo is batting this year. he played six games in the major leagues last month. stephen hit a home run from the aaa affiliate, they played the 51 last night. we have the -- we got to speak them tonight. connect a you have your family yelling at you now and trying to watch and you are like hopefully he doesn't do and all teachers coming out stuff. it is pretty big responsibility. but it's fun you of just be a mentor for them and show them that you put in hard work that you can do the same. >> and tonight and the low the olympic medal count. us still in the number one spot with 34 more metals than china, the us men's basketball team looking to add a metal to that gold column. today they beat argentina 105 78 in the they played spain and then semi finals spain is maybe for the gold medal in the last olympic games. in 1803, a man ht the territory obougf louisiana for 42 cents an acre.l e that was the greatesver. until i made this one. now you can get my jumbo breakfast platter for just $2ta.9ke9. t hat history. scrambled eggs, eight mini pancakes, a sh brown,ha rt of. the ju