if you listen to steve grasso you could have cashed in.en. >> right now apple is so out of favor but they still dominate so much. you've got to figure this things is going to bounce back. 390 for me was the level they had to flirt with. it did. now we start to rally our way back up to the 450 range. >> now what, grasso? >> there's a wall of resistance going up to 450. i get that but i think you're going to see momentum back in couple's camp. it's still worth a buy here. i still think you're okay buying apple. >> i've seen this from apple before where they have had good news coming to the market. if you are talking about the iwatch -- >> is that good news? >> especially for news that they received a copy right on it. tells me they're not close to releasing this. this is all stuff to gets to the stock. 440 it doesn't get through at least on this news. >> the momentum is in their favor. you're starting to talk about new products. whether or not they're going to move the needle, you're talking about new products, not new failures. >> it depend

steve grasso is our bear. >> melissa, when you brought up this topic as a debate you talked about are they still a search company. they're not a search company. this is a technology company. they're a media company. they have shifted from what they were into the next level. marissa meyer is responsible for that. she's done an outstanding job one year in. everybody is talking about valuation. if they could break this apart what would yahoo! be worth. they have got these huge share buy backs. when you look at the valuation of this company, they have a lot of growths, hundreds of millions of subscribers each and every day that search this site. i think the stock is going higher. >> they want you to think it's not a search company because they're only 6% of search while google is 60%. they redid the sports the finance but they haven't driven more people. they tried to do it with coolness but they didn't get it with tumbler. they're buying a lot of content but it remains to be seen. future earnings have to speak for themselves. >> you brought up acquisitions. one of the things that marissa

. >> we did call steve grasso for a trade update. >> did it go to voice mail? >> no. we e-mailed us back and said he did add to the trade, the thinking of when the stock goes lower this sharply it usually has a huge bounce back and i think people are wondering maybe this is the chance to get in on that momentum trade that i totally missed out on this year. >> it traded 33 million some shares today. the stock did reverse yesterday. if you are looking for the opportunity -- i'm not saying it's going to happen but we've seen this scenario before. once that momentum is out, things get a lot diceyer than people think. you don't need to trade this stock, but if you have the t word, attempt airty, i think this will go lower than people think. >> i'd like to add two things to the equation here. first of all it's notable and i think karen would agree, goldman sachs has been the earliest and biggest backer of this name. for goldman sachs to be the one that comes with the knife in its back after being added to the nasdaq, it definitely got some people to sit up and take notice.

steve grasso, cnbc analyst with stewart frankel, and bill emert, good to see you both. thank you for joining us. what was happening at the end of the day today? we were told $3 for sale. the market was volatile, down 25, down in four seconds. >> you see this type of selling going into month end. it's a product of august. you guys are taking down net exposure, so you want to free up their books, because their they're not sure. did ben bernanke say -- or did the fomc, did we get anything out of them today that a made you feel luike you have closure? the answer is no. >> no, no. >> the conversation of the past two months, it's set up for the september meeting. so nothing has changed. guys are taking down the net exposure. >> you have to be hard-pressed to believe that anything changed materially in two months. you're talking about the september meeting. seriously, it doesn't look like the fed will begin to taper in september. let me stay on this end of month theory for a minute. ben, you said, also, end of month selling that really -- does that mean it reverses tomorrow mo

joining us in the "closing bell exchange," ron weiner, from the -- i don't mean that politically -- steve grasso from stewart frankels, wandering the floor here, and rick santelli is here. ron, i guess this market right now just waiting for the fed, per usual, right? >> yeah, i guess so. i don't think that matters a whole lot. there's just so much cash on the line. the markets go down, they're going to bid it back up. so i think it's fed or no fed, it will have some effect. at the end of the day, where you going to put your money? >> you don't think people will be repositioning if there's more of a signal tomorrow that they're going to start tapering sooner rather than later? >> i think it will come more on the pick side and the equity side. >> that's a good point. it is about the fed, but in this week in particular, it's about a lot of earnings as well as a lot of economic data. >> yeah, it's fine. >> the jobs numbers, gdp, so, steve, let me hit you up with that. what are you seeing in terms of conviction ahead of all of the economic reports coming out this week that will likely give us another

. >> steve grasso, what does the market look like to you now? we were up as much as 174. how does it look for you going into the close and the next couple of weeks? >> you know, for this week, don't get in the way of it. it was pretty odd the way we stalled with a little bit of a retracement around 1,625 in the cash. i would stay out of it. if you're looking to place a short bet, i would stay out of the way. if you're looking to try to, you know, clip a little bit of a rally, i would take that. because i would see as soon as the earnings start up, the markets should sell off and be squishy for the next couple of weeks. >> the last word to you david sower, i know you're still buying five stocks that you still like. >> that's true. the five stocks i gave to you and maria at the beginning of the year of outperformed by a full percentage point. and very quickly, the longer-term secular plays in auto, housing, and energy infrastructure. i think we're in baseball terms bottom of the fourth inning in all three of those industries. and there are companies that sell at discounts t