warren myers, what is that all about? >> as my good friends always called it, turnaround tuesday, and it's been holding the true for 19 weeks in a row. and a lot of times, just statistically for some reason, i can't give you the reason why, if monday is down, tuesday tends to turnaround. we've had a very strong tuesday forever, it seems like forever, but i think that's part of this whole momentum. >> chris, 83% of the dow's gains this year come on tuesday. all you had to do was work one day a week this year. show up on tuesday, buy it, and then take the rest of the week off. >> there's an institutional desk that's getting billions of dollars loaded on tuesday. someone's going to find out who that desk is. we're the best house on a bad block, you know? everyone's come to our house on tuesdays. >> that doesn't give me much confidence to put money into the market? the best house on a bad block. is that how i should be looking at this market? >> i disagree with that. i think this is the best out of everybody, but not in a bad

i'm joined right now by our own mandy drurry, nathan bacharach, and warren myers of dme securities is finishing his trading on the floor of the new york stock exchange and will get back to us shortly. nathan bacharach, yesterday, the 20th news a row that we had gains move to the up side. today, more selling. what's your take on what we're going to do for the rest of the summer and into 2013? >> i think at some point, maria, we're going to have a great repricing. and i think we need to get rid of the term, "a great correction." what we're going to have is a re-pricing. some day we're actually going to see how this economy is performing without stimulus. it's like when somebody gets off of drugs, you want to find out what the real person is. so when we look at forward p.e., that's a bunch of guesswork. and i think what you're going to see now is a great repricing as we take a look at where value is when the fed is not around. today is a perfect example. utilities got killed, because everybody that left bonds that went to utilities decided, you know something, for 2.5% or 3%, i'm more co

. >> warren myers, what are you seeing in terms of profit taking today on the floor? are you still seeing that kind of conviction we've seen this entire bull market? >> i look at the bigger picture, where the fed and the central banks around the world are forcing money into the risk assets, which has been very bullish for the equity markets. but in the absence of really any economic news or any other real big news, and the move still continues to go up. that leads me to believe there's still underlying upward moment in this market. in the absence of anything else, this market looks like it will continue to go higher. >> why isn't that the definition of complacency, warren? >> it is and it isn't. i think, again, the bigger piece in my mind is the central bank action we're seeing. and that's putting a floor in this market. and as long as that's there and there's the perception it will be there for the foreseeable future, that gives people enough confidence to continue to add money into this market and that's what's driving it up. >> what sectors would you say are going

we think there will be more backing and filling. >> let me bring warren myers in here. warren, you know, i'm right near this post of dean foods, where we know that there's this arbitrage trade going on. the crowd was getting bigger and bigger as we went into the close here. what can you tell us about what's going on for this volatility at the end of the day. >> in general, i can't speak officially, i'm not there for the finale of it. any time there's any kind of merger deal closing, they want to make sure they get the prices correct, and that's what that crowd is doing, that everyone is accountable, that they're going to get the right price on the close. >> and what about the broader market, warren? what did you see at the end of the day here? >> we saw a little bit of the a mixed bag going into the close, but looking at what we face coming in this morning and where the market closed in general, i think it was a hugely positive day for the equity market, and i think that bodes very well for a strong up movement tomorrow. >> so, you really want to be a b buyer, once agai

from farr miller in washington, david kudlow from mainstay capital management, joe tanias, and warren myers who works on the floor here with dme securities. let's start with you on this crazy trade. obviously, we were following the lead from what happened in asia overnight and europe this morning, but we've come back today. what happened? >> you know, i look at it this way. the fed minutes that were released yesterday, i think, was a test by the fed to see what would happen if they hinted they might to tighten a little sooner than people anticipated. and we had a sell-off, and europe and japan got the brunt of that sell-off with a little bit of negative news out of china. what we saw this morning, i got a majority of buy orders coming in this morning. i think people came in saying, this market looks like it's going to be down, this is going to be a great opportunity to jump in and add positions. >> buy on the dip mentality still alive. >> it held, but the problem with that, it turned over so quickly, no one got that opportunity to buy what they wanted to. >> it was so fast. >> extremely fas

and warren myers, the vp of floor operations for guys, happy friday. >> thank you. >> there is a bitwhen we hit 10,000 but it's a start. the most exciting part is i won a cheeseburger when it hit 15,000. he had called that one right. >> how are the shorts feeling today? >> definitely getting squeezed here a little bit. i'd like to see a little more volume. that would indicate to me that we may have a further push to do. volume is a little light. obviously all of it's to the buy side. >> characterize the health of the rally? >> it's not unexpected. i think we still have more room on the upside. the biggest thing that happened today is we got to bring out the 15,000 hats. >> yes. >> that was about the -- that was the applause we got and matt's cheeseburger. other than those two things, you know, i still think there is room on the upside. i still think we have 15, 700. >> you can't argue. it's hard to argue that sentiment is frothy here, right? am i wrong? >> i can't argue that you're wrong. but when you look at what's going on and what's been going on in the last few months, you have a

warren buffet, i was jim cramer, some hedge fund manager who turned out to be smart. it turned out to be disappointing and dumb. i learned my lessson, send to bristol-myers, get that pepsico, i want papers, steel, materials, you name it, a caterpillar fund overnight, bidding materials, alluminum tech, trucks. i even got back to you very quickly. then i started making money happened over fists. my partners wanted get i ba imthe anti-buffet -- i became the indiana buffet. guess what, the anti-buffets are back. they alcoa no badly how they are doing. they are taking foils and rails, they are even buying stocks like cliffs natural resources. i call that cliff the big red dog. it is the iron ore outfit with the worst prospects of any major company i follow. programs every dog has its day. at least in this new kennel as opposed to the omaha version. here's what you need to know, the managers think they can hold on and be brave and be bold and be like buffet. er that investors don't think, hey, i got the next warren buffet. they think, how can my guy be so stumd? how could he have not seen this coming? the results i believe these would be buffets would turn out