david: teddy weisberg, thank you so much. charlie smith. thank you. todd horowitz we'll see when you the s&p futures close in a moment. >>> despite global hot spots the weak growth and fed unwinding purchases. s&p hitting 27 record highs this year. so are stocks finally getting expensive? we'll be asking a man who says yes. nobel prize winner robert schiller will be joining us live next. liz: barnes and noble throws down the electronic gauntlet, partnering with samsung on the brand new nook e reader. fox business at unveiling in manhattan, exclusively to tell you the new tablet, what it looks like, why i believe, because i was there, it is something that may start to make some of the other e readers nervous. we have a fox exclusive, barnes and noble ceo coming up on this. david: it has got three wheels and one door and unbelievably low price. we're talking about the elio car, hasn't hit the market but already has 28,000 reservations. we will talk to the ceo. is the market overly optimistic about the fed rate policy. teddy says no. believes the market,

it could be a real mess come liz: jeff, teddy weisberg's eyes are glazing over. he's in manhattan. don't want to hear it! teddy, what do you want to talk about? at this point, we're coming off -- >> i'm boring teddy! oh, my god. >> that's not hard to do. don't worry about it. [ laughter ] >> the best two days for the s&p 500. not a surprise air is coming out of this at the moment. is it time to get defensive? are you seeing that behavior right now? >> i don't think so, walking in the soft sand today, liz, nothing going on, i mean there's been some interesting interday volatility with a couple of stocks. kate spade in particular. on balance, it's pretty boring, now, the good news is that we talked about this a million times. never sell a dull market short, and today the epitome of a dull market. liz: and as you were talking, peter was eyes at the nymex were glazing over. nothing dull about brent falling to a nine month low. we got another report separate from the crop report from the international energy agency saying watch out, the demand will be lower, supplies are high, right? >>

joining me mike collins, along with teddy weisberg at the new york stock exchange. gary kozlowski in the pits of the cme. mike, i want to begin with you. the angst as the market climbs the wall of worry and people who got out more than a year, two, three, four, five, lost out on this. >> six years ago caused a lot of this getting out people and made it through 1999, 2000, the bubble bursting there, i can be a long-term investor. oh! the financial crisis. we lost a generation of investors, and in fact i would say we probably have much further to go in the bull market because of that, liz. liz: okay, so there is your belief and the reason behind your belief that the bull market continues. while we lost a generation of investors, they lost a generation of profit. >> one reason valuations continue to be reasonable if not inexpensive for a lot of stocks in the market today. people have not bid them up normally the numbers you have cited. lot of the companies have done well. the backdrop really very good, very good meaning not great, great numbers but perfect for the fed.

teddy weisberg and scott bauer at the cme and peter armandio at the nymex does. this make sense that the s&p is going up and up and up? the earnings we saw while good weren't the thing that would propel us above 2000. >> it makes no sense but it makes a lot of sense. the fact is, and we talked about this last week and somebody said the markets had it wrong and i argued on, a i said the markets don't have it wrong. the equity markets, the 10 year, they're all simply telling us that interest rates are going nowhere, in spite of all the rhetoric and the hand wringing and the pundits. my opinion, the tape does not lie. the 10-year doesn't lie. i don't know where interest rates are going. clearly as far as we can see in the reasonable term, they're not going up and the stock market reflects that and the bias continues to be up, even on anemic day today where the volume is almost nonexistent. adam: scott, the yield is unchanged and saw people buying treasuries and pull off. what's going on? are people nervous and trying to find protection? >> no, you talk about people,

david: i don't think teddy weisberg are smart bond traders are smarter than equity traders. >> treasurys the stock market. it led in the bottom if l in 2009 as well. sure enough we've been declining making 52-week lows the last week alone. liz: tell our viewers what that should mean for the next couple of months? >> well the bond market is telling us to be careful of the stock market which is same thing the trendlines are telling us, which is the same thing seasonally the market is telling us. a neutral to bearish stance is probably best here. we have one more chart. what we do, combine three cycles, one-year annual seasonal cycle for s&p 500, four year presidential cycle and 10-year pattern. liz: that is a lot. >> each give as cumlative composite and seasonally the rest of the summer going into the beginning of the fourth quarter, we should continue to struggle. all of these cycles should tell us we should have rally year-end. david: rally for the fourth quarter. okay. final question about whether any sectors look better. i know you were not big on financials. why? >> they have been und

teddy weisberg's there at nyse for us, charles at the cme and elliott warren at the nymex.aw that oil actually went back up today. is this because of the volatility? take your pick, in the mideast or russia? >> well, you know, if you really take a good look at crude, it's actually down quite a bit over the last several weeks. we were trading $98 a few weeks ago, and before that we were well over $100. i think we're still in a bear trend here but, you know, it's going to tick up. yeah, any sort of crisis will always rally crude at least in the short term, you know? adam: ted teddy, i want to bring you into this because we've enjoyed a good run in equities. are people taking profit off the table, or are they very upset? is this volatility making people nervous? >> i would say down the 38 or 40 points with the dow that's trading at 17,000 and an s&p at 2,000 is almost a non-event. i think clearly you have to be nervous and concerned on every level about what's going on in the world geopolitically, and the fact that it creates some huge unknowns for investors if not for everybo