joe: let's talk about the treasury etf. what is going on here?s is one of the most powerful moves coming into the bond market. every economist said interest rates were going up. quite the opposite happened. we had one of the worst years in interest rates and we have in trading this for years. one of the most powerful sentiment unwinds we have seen in your. we had a monster move and hit an all-time high at getting of this year. ,he support level you mentioned that is the retracement of that entire 2014 move. the market recognizes these levels. the problem is the down trend in the all-time high. i would fade it there tactically and go forward, what we want to 124, 125,rt trading that would signal the market thinks interest rates are going to get slammed. to hit on apple because they have been hitting a resistance level. talk about the numbers. this is a split adjusted chart. the low in that correction was the extension of that, it takes us to 100 $30 and that is where the market started going up and february. i felt it has been dead money ever sinc

joe: let's talk about the treasury etf.xcited about this chart because it has a fun diagonal line. what's going on here? guest: what is the most powerful moves in the history of the bond market. said wall street economist rates are going up in 2015, sell bonds. quite the opposite happened. we had one of the worst years in interest rates and we have been trading this market for over 200 years. one of the most powerful sentiment unwinds. he is smiling because he loves it is much as i do. we hit a new all-time high at the beginning of this year. i think this key level here, the support level you mention, that is the 61.8% of not she retracement of that entire 2014 move, 100 $15. that helps. the market recognizes these levels. the problem i see is the downtrend from the all-time high. i would be fading there tactically and going forward what we want to see is if tlt can take out that level, start 125, that would signal to us that the market thinks interest rates are going to get slammed. alix: we have to end on apple here becau

money coming out of treasury etfs in a large way.see treasury etfs that are specialized down here at the nyse. money moving out. total return that also is seeing money come out. all that money is going into the stock market right now. >> all right, bob. thank you very much. now let us hit oil directly. crude oil is higher right now. keep in mind earlier today it fell below $47 per barrel. it's now down 19% over just one month. let's get right now to jack deangelis with more. >> i don't want to burst anyone's bubble, short covering is part of the story, buying the dip. you mentioned the point that we fell under $47 a barrel overnight. it's not surprising we with see a buy in dip action. only up 55 cents. nothing has changed in fundamental story right now and traders tell me these things don't always go down in a straight line. you have a dollar index that's stuck in a range right now. we'll hear later from api and it will set us up for department of energy inventory report tomorrow and all eyes will be on that. we are expecting to see

the big high-yield bond etf -- i would not worry about treasuries all that much.08. they traded at an 8% discount. things got ugly. you cannot trade the underlying bonds either. it is just a bad day. you will eventually find a buyer , the discount will come back up and they are like rubber bands, they snap back to the nab value and keep trucking. they have been around for over 10 years now. it is never pretty on a bad day but no one loses their money. the bonds are custodians. there is a safety and trading them. when everyone wants to sell everything it is not easy to sell the etf for the bonds. stephanie: when everyone wants to sell everything the street is no longer there to cushion the blow even if they want. that falling knife has gotten sharper in the last five years. matt: thank you very much, eric. our bloomberg etf editor. julie is ok. just so you know. she has recovered. she talks a lot, 12 hours a day. stephanie: like a rotten apple or a bad year of corn, the entire commodities complex has been soft come at best. just because one commodity is challenged

treasury. this is just depending how you feel that referendum will go. a lot of people ask me about etferal and ask me how important it is. etf trading is a percentage of total daily value of stock trading. right now it is about 28%. that's high and it is getting higher. it is getting bigger every single year, tyler. almost a quarter of all the volume, the value of stock trading is now etf. again, june biggest month in a long time. back to you. >> thank you very much bob. >>> matt tuttle from tuttle tech technical management it has been for the s&p the worst week of losses in about 14 weeks. you've made a buy. you've been taking advantage of this. right? >> yeah. we bought monday and we bought tuesday. the way we look at it this market's been mired in this trading range all year. and what happened the other day put us at the bottom of that range. i know what happens in greece over the weekend is going to dominate trading but at the end of the day i think this is a great entry point to get in at the bottom of of this trading range. eventually we'll break through the top. >> what will be

etf, that's the lowest level since december two years ago. if you look at barclays spreads, they're widening. most likely the weakness in treasuriesis caused by ongoing weakness in equities. but every survey still has many investors starting to believe september rate increase and this is reflected in these spreads. >> thank you, rick santelli. >>> let's go to dominic chu now for a "market flash." >> remember our conversations yesterday about life lock the company that looks after identity thieves? the shares are rebounding after plunging by around half yesterday. the stock took a hit after the ftc really accused the company of violating terms of a setment over deceptive terms of advertising and other practices. lifelock is denying the allegations and says they'll take it to court if they have to. stock again lost half its value yesterday but is now up 19%, 20% on this bounce. the question becomes whether the bounce is legitimate with momentum or whether we see any more weakness in the stock. >>> today's mystery chart is one of the worst performing commodities this month. we will give you the answer ahead on "power lunch." the merc