if the goal is to overpromise and underdeliver, they have definitely taken care of the first part. >>aller phone, updated ipad. not a lot of expectations from apple fans who like to be wowed all of the time. i think if you're an investor, you need to pay close attention. particularly the iphone se that could have an impact in growth markets, particularly because this is off cycle. samsung has come out with a new phone. if apple could counter that effect, it could lead to positive things. >> josh, we have been calling it a throwback. you need to get into a time machine to see it. do you think that's fair? what are you expecting? >> listen, i think as jon -- i agree with jon. it's an important event. i'm not just saying that, kayla, because i've been in a parking lot since 5:00 in the morning. i really believe it. i think it will come down to price point. i think it will come down to -- listen, there's a lot of people whoin enjoy the four-inch display. i was talking to john munster. his estimates, 20% of iphone users are still in the older models with four-inch displays. by his count, 1

these assets will benefit from sort of a fed marginally underdelivering the ecb and boj, and that should put the pressure on the dollar. it should give them to boost to commodity markets and gold is one of the benefits. >> the momentum trade in gold, you made the point when it comes to equities, that momentum lasts longer than you think. so what are we seeing right now? and does this happen that the upswing in equities since february 11th could see more upside? >> in terms of equities, basically in january, in early february, the momentum vefs were short s&p. if you look at the cpa positions, they're max out on their shorts. they covered most of their shorts. they're roughly neutral now. where are we now in terms of the potential closes, let's say the market goes 2050 or 2075, you could have another leg of momentum to these investors. that's not too far from where we are. on the down side, to break the s&p momentum, you would have to go lower. it's easy to reach the upside than the downside. i would reiterate that a big part of this move, since february 10th to now, has been on account o

these assets will benefit from the fed marginally underdelivering. that should put pressure on the dollar. >> we're also watching copper prices. we're showing you all markets this morning. overnight, the metal hitting its highest level since back in november. another positive sign for sentiment for the global economy and particularly for china. >> you love to talk about it almost as much as the yen. >> no telltale sign right now. >> i'd say it's your favorite in march. >> it really has made a move back been global equities have followed. >> always brings it back. i absolutely agree. let's get to the u.s. bond market. this is an interesting one to note. yes, we've seen yields tick down in line with the fact that we don't expect the fed to hike rates so quickly, but when you look at the fact that we've seen equity buying this week alongside bond buying, which is why that yield has compressed, it is an indicator of a rally based not on fundamentals but central bank action or inaction. that's usually a slightly more bearish reaction. >> and we wrap up th

it's "underpromise and overdeliver," and in this case, we overpromised and underdelivered.nd i'm angry. i'm still gonna move forward with this deal, 'cause i know that my money is safe with this company, and i know we're gonna be wildly profitable. i guess the disappointing factor is, it's gonna take me a little longer to make a return on my investment. look, this is business. >> [clears throat] >> your numbers weren't right. i need to know for sure that this is never gonna happen again. >> it is never gonna happen again. >> okay? >> yes. >> all right. >> so i'm real excited for you to see the inside. we got a lot done. i know you were worried about the $40,000 to clean the place up. >> for the cleanup. $40,000 to clean up garbage? >> did you see it? >> [bleep], i'd have come done it myself. >> there was a lot to clean up, and believe me, you wouldn't have. >> michael, you did a great job getting this place cleaned up. >> thank you. >> i mean, you move as fast as i do. >> it happened quick. >> it's a great shell. >> it's a beautiful building. it really is. it just needs a l

i think you're right, becky, if draghi underdelivers it gives the fed some scope.ome expectations it will be harder for the fed to raise rates with all of the world going the other way. that 1.8% or 1.9% 10-year just looks so rich relative to the rest of the world even though we all know that it is a very low rate relatively. >> having maybe learned his lesson after the last time -- >> that he may come back -- >> -- maybe the risk is top outside this time and he surprises the market with something we didn't expect. >> just don't have the guidance we have when we talk about the federal reserve. even though you get angry there is so much talk going on, the reverse is you end up being surprised more often. >>> coming up, the sports world is buzzing this morning from maria sharapova to the golden state warriors. we'll get you the headlines and talk about the business of sports media next and continuing along that line, dick's sporting goods, the earnings are out. we'll run through the numbers and talk consumer sentiment with "squawk box" comes back. >>> welcome back to

more likely they'll underdeliver a bit. >> meaning the stock market will have a luke warm reaction at best, and the euro won't necessarily weaken the way they potentially hope. >> they definitely want it to weaken. you could argue this whole objective and they've been unsuccessful at that. what i think will happen is they'll disappoint a bit and markets will say, what's next? when are they going to do some more. rather than blowing everyone out of the water and making it clear this is it. they continually disappoint. >> their markets should go down. ours shouldn't go down. we're worried we're going to diverge too much. we've had good economic data over the last couple weeks, especially with jobs. now it's back on the table, another rate increase. >> but we still don't think it's coming in march. >> it was zero and it's back to 100% for this year. so it would help if they didn't diverge too much by getting -- you know, by weakening their currency. this should help us because it shouldn't cause the dollar to surge. >> no, it certainly shouldn't. that makes things a bit easier. >> they l