david: todd horowitz, i want you to look into the crystal ball.hen rates are really going to pop. we keep having days when there are three or four basis point pops but when will it start moving to the upside? >> i think late second quarter, early third quarter, when we see rates start to take over. i wouldn't be surprised to see 4% by end of the year. david: late second quarter, early third quarter, you agree craig, quickly? from our perspective we think we'll be in 3.25, 3.5% range at end of 2014 based on set up on benchmark 10-year bond yield. only concern is if rates come up too quickly we'll have another june 2013 on our hands. that could trigger ultimately that 1% pullback. david: wonderful stuff. craig johnson, todd horowitz, thank you very much. good to see you both. >> thank you. david: could we final hi say good bye to subzero temperatures and bone-chilling wind in the northeast? we have your forecast straight ahead. >>> some of us take the train and bus and drive. forget about land transportation. how about commuting on water? we'll tell

plus todd horowitz joining from us the cme. we begin with todd. what action jumped out at you, todd? >> i liz, hi david. i think the action jumped at me was banks. with bank of america really blowing the doors off their eaanings it pulled up all the banks today. so i was kind of shocked at the strength. i knew they expected good earnings but i think they even blew away their own expectations with all-time highs in bank of america. i still think the 1850 level in the s&p will hold up. some resistance here. i think we're not at the top of the market but i think we're at the top of the range now until we see more from the fed next week. david: even a bear like todd horowitz sees positive movements for the market ahead. david, you're positive on the markets but you're positive on something else and i have to push right back on it. gold, of all things to be bullish on right now, bold, we just -- gold, we had report from deutsche bank, bank of america. ubs, they added all predictions about gold up and guess what they found? 14% drop in the price of gold

and todd horowitz down in the pits of the cme. todd, kind of working qualcomm into your equation here. seems for moment, six down days out of seven is bad, market drop of almost 200 points on the dow is bad so is the party over on the market? >> hi david, hi liz. i think we're going lower. we talked about levels in the market and unintended consequences of what the fed has done. the bottom line you saw with qualcomm. there is no growth. if you can't grow, you can't make money. eventually the cost-cutting and free money have to stop and you have to start growing your company to bring back health and get people to outspend and buy. the fed is panicking. remember, "trading places", they're panicking out there and i think we're in a little trouble. liz: the fed may be, i don't think the fed is panicking. i think the fed is staying the course yet we're looking at companies that are managing to do pretty well and make money. with qualcomm the revenue number was slightly light. s&p 500 is down 18 points. we're up double-digit percentages