terry duffy, great to see you. >> david, cheryl, thank you very much. >> he is great. e in wait and see mode what the fed will pull. we were talking with terry about the trigger to raise rates. one investor says it will not be this year. we have details coming up. david: who better to ask how investors prepare for uncertainty than our own charles payne. this guy has nerves of steel. what is he doing next? he will join us to tell us. cheryl: that's a good picture. >> hi, everyone, i'm gerri willis. coming up on my show at the top of the hour, $22 billion, that is short fall taxpayers face from president obama's student loan forgiveness program. more debt, more problems. one of the big consumer stories coming up on "the willis report" in just a few minutes. our experience is one reason 100% of our retirement funds beat their 10-year lipper averages. so wherever your long-term goals take you, we can help you feel confident. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. call

we're going to have terry duffy on the show.ow will that change what we see behind you right now and going forward? >> not in the slightest. as a matter of fact, this pit down here is empty, this pit over here is empty. terry duffy can take credit and the shareholders for closing it. but really the decision was made by the people who who used to be in the pits years ago by not being in the pits. there's no money to be made in a 5,000 lot bid were over no light between the bid offer spread. there's no reason to have locals. but the option pits which are vibrant will continue to be vibrant and i don't think there's news there other than the fact it took them so long to consolidate the real estate that wasn't being used. >> why keep the s&p futures there? >> i want to get a job in the pits with you. >> it doesn't have a side by side. the bigs, the s&ps don't strad on the screen and their options don't strad on the screen. >> what were you saying, heather? >> i'm going to get a job. are there any job openings in the pit. >> it's not

don't miss a first on cnbc interview with terry duffy today on "the closing bell" at 4:00 eastern on cnbc. ty? >>> the strong dollar having an impact on trade with the trade gap widening to 46.56 billion in december. what does it mean for future growth? john harwood sat down with the u.s. trade representative michael froman. john? >> if there's one thing congress and president obama might be able to agree on it's the trans pacific partnership. the administration is negotiating with a dozen countries. fresh evidence of that came today from congressman paul ryan who urged fellow republicans to give the president trade promotion authority. >> i'm not saying to enhance our leverage we have to enhance the administration's power. actually it's far from it. what i am saying is what tpa does is it enhances congress' power. tpa empowers congress. >> when i sat down yesterday with trade representative mike froman president obama's old harvard law class mate, it was clear there's a long way to go. one negotiation with other countries and one with congress. >> i hope that those two are able to p

news makes later today's interview coming up a little later with the cme chairman and president terry duffy all the more timely. they have earnings as well to discuss. you can see that at 3:00 p.m. eastern time on the closing bell with kelly and the gang. interested to hear what mr. duffy has to say. there's still trading down there. let's get oil trades. what do you have there? >> we're watching oil prices and definitely seeing a lot of volatility overs the last few days, scott, up about 6% on the day today after a steep loss yesterday. the question at this point is what's behind this volatility and is this going to be the kind of action that traders get used to and accustomed on a daily basis for the time being in crude? >> i think it will be for the next few months at least, jack i. the reason why not everybody is on the same side of the trade anymore. not everybody is a seller. a lot of traders willing to stick necks out and buy the market because they think we found a bottom. >> all right. jim euro, how do you trade a market like this? do you buy the dips and then sell when we move up?