where are we going on wti? >> they are living in a world of its own. saturated part of the global market and it responded to the relative value of the u.s. dollar, but we are seeing this relentless increase in north america and you were talking about the pipeline. until a big pipeline is built, we will have super saturation and pressure in u.s. oil. >> let's talk about gold. we talked a lot about the levels. 1545 is the bottom and if it gets broken, there is real problems for gold. now i hear that the stabilization is being banded and they pledge gold and natural treasure. do you think that the still plus plans that are coming out are going to be this eternal support. >> no eternal support for anything. one issue that could really dampen gold is this pledge of gold that the mediterranean countries may be making and we tend to think of gold as being something that central banks are buying over the last three years and they have been the buyers of gold for the first time in about 40 years. mostly emerging markets for the european central banks and they h

looking at below $93 a barrel now for wti.re also looking at below $108 a barrel now for that july contract for brent and the premium between brent and wti seems to have come in quite a bit. keep in mind the seaway reversal is in effect. the flows should begin this weekend. >> sharon epperson, thank you so much for that. that's significant. china now the biggest global consumer of gold as opposed to india, which has always been the biggest consumer of gold. >> there is a buyer out there. a lot of lom bamborghinis in ho kong. >> a lot. >> they sound good going three miles an hour. speaking of commodities, your next guest says they are underappreciated right now. co-portfolio manager at eagle asset management joining us now. you sound like jim rogers, eric, saying they're under appreciated. maybe they are. are they underpriced? >> we're going through a digestion period here where we are seeing some concerns over the macro environment that are very, very legitimate. but at the same time we've already peeled off $20 in the price o

the brent-wti split seems to be favorable for miners. western refining. >> that does it for us. more fast tonight at 5:00. follow me on twitter as you always can. "power lunch" begins right now. >>> halftime's over. the second half of your trading day begins now. >>> scott, thank you very much. and welcome everybody to monday. jump right in. the water is warm. and in some corners, it's practically boiling. we've got a budget crisis in california to tell you about. at this hour governor jerry brown announcing just how much worse things are than previously thought in the golden state. are they about to usher in a new age of austerity out on the coast? now, if you're long the markets today, the picture is not terribly pretty. we are off the lows, but we're still down, down, down, 73 -- almost 74 points at the dow. sue is at the new york stock exchange and check in with us in about ten seconds. also today, jamie and the whale and ina and the new guy now in charge of that unit over there in london that lost $2 billion. president obama's spokesman weighing in on the case. we've got it

we just hit a new intraday high in wti oil futures. above that 106 level. we have not traded that level since the end of march. yes, it was that huge surprise that we got from the u.s. ism data. also it's kind of sparked some more buying activity here for the first day of the month. and many traders looking at some key technical levels saying next up look for 106.75 for the wti contract. elsewhere in the commodities space, yes, natural gas a big gainer once again. up 45 cents, actually, from the lows we saw in early april. this has a lot to do with that production data we got from the energy department yesterday saying it was at four-month lows in february. we're waiting for that storage data on thursday. sue, that could be another bullish indicator for the market. >> sharon, thanks so much. >>> how do you play all of this? how do you profit from it? jeff keelburg of keelburg capital is with us for the day once again. fwood to see you, jeff. >> hey, sue. >> we asked you for three plays that you would make right now. what are they and are you betting that we

watch traders say for the $95 level for wti levels.looking perhaps we could see $100 a barely for rent. >> all right, sharon, thank you very much. meantime, facebook management is making the round ahead of its road show later in the month. it's what they call tech 234s. the facebook brand and why it its offering could be the deal of the century. kayla is in manhattan. kayla, it is a bit of a culture class for zuckerburg who says he has no intention of profit max meesing. that's not what the guys around him tend to live for. >> yeah, you might say that, but, simon, that's not what today's meteding was about. it was about talking numbers, specifically. letting the philosophical angle of facebook be spoken for by the retail presentation that was aired last night on retail road sow dot com. we just saw the meeting. but hundreds of sales people from not only j.p. morgan, but other of the 33 under writing banks that were invited. we started with morgan stanley in the morning. the big questions are how to sell this deal. when you get a call,

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. >> if you will be out here, we would like to see pictures of your hats, your boat ties -- bo wties. >> thank-you. you can bet that there might be more than just a few traffic snarls in the morning. >> the department of transportation officials say that fans should part in commercial lots and not in neighborhoods. the southbound exit ramp to eastbound northern part will be closed. motorists will be redirected. the same areas will be affected tomorrow evening from 5:30. at a clock. -- from 5:30 until 8:00. we will have live traffic updates tomorrow. >> maybe you are not headed to pimlico but would like to put a couple of dollars down on the horses. there are some websites where you can legally bet on horse racing. you can also go to one of maryland off-track locations. if you plan to press your yacht at pimlico -- press your luck at pimlico, you might want to seek out this man. this man has been to 40 preakness stakes. we will be heading to the farms in which -- has injected new life and a lot of money. we will learn about his first thoroughbred entry into the preakness stakes. you ca

in the new york commodity markets, wti dipped below $90 a barrel for the first time in 6 1/2 months as investors avoided risk. in the u.s. stock markets, the dow jones ended just a touch lower before rallying before the close. it was down 0.05% on the day. and for more on how japanese stocks are trading this thursday, let's go to the tokyo stock exchange. trading has just begun here. some big place in the markets to watch out for today with oil dropping. we have economic data in china later. the moves in the euro also taking center stage. how is tokyo starting off? >> a lot of issues, major issues for investors to tackle as you said, three major issues there. but also iran inviting the iaea and that helped ease global oil supply concerns, we'll also be fouling china pmi data due out later. and then the euro falling to 22 month low against the dollar and 3 1/2 month low against the yen, dipping below 100 the euro/yen. we'll be following that. let's look at how the stock markets are kicking off this thursday. marginally lower this thursday morning. the nikkei fell almost 2% yesterday. lo

i have difficulty thinking crude oil, wti, can get below 85. a period of time where rational and reason are leaving the markets. now, we are to that period of time where the market is going to remain irrational, longer than you and i can remain solvent. in the hands of what's going on in greece. it is a liquidation mark can he, a target on the down side. pick any number you get. when they wish to sell, they can force things to go down farther, farther than anybody would have imagined. if anybody had told me you could take -- i'm not surprised to see the euro breaking 126. i am not surprised it is going to break 125. i wouldn't be surprised if it would break 120. to see gold tumbling $60 or $70 in the past 48 hours, see stocks being liquidated like this, this is a global rush for liquidity that the margin clerks dream come through. a rationist's nightmare. >> let's take the euro scenario first. i know from reading your letter that you are short the euro. isn't the risk there that something, at least something, comes out of the meeting today with

, did help boost markets, especially in the commodity sector there is, we did see a spike higher in wti crude prices. premier wen jiabao and a visit to central china did say that growth was one of the major priorities for china. also in the camp david meeting in washington, the leaders will also agreed greece should remain in the eurozone so encouragement seeping into the marketplace. we did see that reflected in european markets as well as u.s. markets and now we're seeing that translated into the nikkei and the topix there. now, the nasdaq i got to mention that, was also boosted considerably after we did see share in apple trading higher, you see that coming up on the screens there. that was on hopes of new line-up of products this summer, also apple had been heavily oversold in the last few weeks. facebook, however, which did have its initial public offering on friday, did a tumble more than 10%, so a bit of a mixed picture there but apple winning the day. the nikkei, topix in the mix, the topix hitting a new year closing low, but with the bank of japan meeting kicking off today, two

it's largely because the price of the wti crude oil has fallen 17% this month. a lot of people, bill, might say that's a positive for the overall economy. >> yes, they just might. it's like a tax cut. that's what that is all about. thanks, maria. we're going to talk about sirius xm satellite radio. trying to buy a controlling interest in this satellite radio firm, if john malone likes it, should you buy it at these levels? we have carter worth at oppenheimer. i'm going to start with you. the subscriber transaction that he hoped to have by this time, john malone sees some value there. do you at this point? >> i totally disagree with this there are 22 million subscribers right now. it's a very good business. it's like cable in the 1970s. 40 million cars on the road with it, going to 140 over the next ten years. they are double their ebitda and trending at an 8% free cash flow yield and it's a tok you have to own and i think the selloff has been prompted by the liberty bid. it's a great entry opportunity. >> let's start with the selloff, carter. would you buy it at

alaska that buys options a year or more out is 50% hedge at wti prices of $100 and above and well-positioneds well. southwest has arsenals that others do not. we spoke with the man behind their strategy about what those are. >> the only north american carrier with an investment grade rating that plays into hedging in a big way, we have a huge amount of cash. that plays into hedging in a big way. that puts us in a position to get better deals done and to have the credit to trade out on the curve or do other types of trades that others don't do. >> what he means by that is that southwest can get creative if they want to including call options as far out as 2015 or winning more attractive collateral with wall street than a less-well rated firm. they gained since the program's inception in 1999. it did hit a road bump with a small loss during which it was largely unhedge and righted the situation since then with trades that pay off in a higher environment for the latter part of 2012 and into 2013. >> good stuff. thank you so much. kate kelly with the latest there. the key market movers and what

some traders saying the new fair value for oil, for the wti futures, is in the 90s and we're lookingt the 200-day moving average around $96 a barrel. there is a lot of unrest and uncertainty continuing. back to you. >> sharon, thank you very much. 30 minutes before the "closing bell" sounds for the day and week. we are watching oil today. investors trying to figure out what is next as we watch oil dip below $100 a barrel. is there more pain to come? we want to check the technicals on this. >> i she sharon hit it on the head. it's a 200-day moving average. it's right around $96. we've been back and forth during the day. we're around $98. we're right above the 200-day moving average which i think is pretty critical. when we look at this chart, we're on this 200-day right now. it's important to know where we came from. we were about 110 a barrel and that's where risk assets peaked, was a couple months ago, smaller cap stocks, commodities. we've been in this derisking mode. the 200-day has defended pretty well and we're back to it, oversold. i think we stabilize in this mid-90s range and

it has actually been a better performer than wti or has held up better. today it's weaker. we're going to be watching the report on oil supplies and also on demand. that will come out tomorrow. that could have influence on the oil market. we're also going to be watching, of course are, currencies very carefully because what comes out of that european commission on outlook for the spring, that could be a key data point in the next session. we'll be waiting to see what impact that has on the euro at the dollar that could influence gold which is holding steady right now. >> speaking of which, sharon epperson, thank you very much. it's their story still and they are still sticking to it. goldman sachs standing by the forecast in the rally for precious metals this year despite recent declines. precious metals could advance to $1840 an ounce by the end of the year. that would be up 15%. that's a pretty ambitious goal. >> it really is. >> our next guest could not agree more. gold will hit $700 in five years. we also have dennis gartman with us. a bit more optimistic. he's looking

when you think about it that way, in fact, wti crude from its peak and if you look at it that way, the sector actually outperformed the underlying crude oil. s&p financials have had a tough month. down 9% over the course of may and have obviously had a lot of stuff to deal with. i'm sure they are going to talk about a lot of those things with james gorman in a few minutes. it really was a bad month for the financials. i'm going to pick out indices in particular and it's the russell 2000 because it's gearing up to record its second worst may percentage drop in history. the dow had recorded 16 down days this may. it was touch and go for a little while in the last half hour of trade. of course, we did finish slightly down. therefore, this is the 17th day that it has been down. that's the most down days for the dow in may since 1956. maria, this one has gone into the history books. >> thank you so much. mandy with the latest. and now, of course, we have the jobs report to kick off for the month of june. will tomorrow's numbers help or hurt? joining me is our own mary thompson at the big bo

and there's wti brent crude at $97, down half a percent. gold, we talked about that earlier. our bull on that, is hoping -- he's begging the market to hold at $1600 an ounce. if we show you the price, it's at 1607 right now. he's hoping it goes back to 1650. we'll wait and see. the fear indicator of the vix was in the yellow flag territory at 20 but we've come well off of that now and it's starting to collapse. i bring in adam parker, a defensive day here. do you like utilities at these levels? >> the two sectors are overweight and it's health care and utilities. those are top two. so they are less likely to be missed dramatically. we like pharmaceuticals where the yields are good. >> so you're going to stay with those defensive sectors? >> sure. if the market goes lower, they are going to outperform it. i would say, on the other side, probably the machinery select industrials and consumer discretionary stocks, those are underweight ideas because the analyst estimates are way too high. >> what is going on? i mean, the other day we had a monster rally on better than expected e

but we believe when the year is over, $105 for wti is likely what the average price is going to be, and indeed for the first four months, that's about what the price has averaged so far. >> when i listen to you, i always think -- there was the cover of "fortune" magazine. exxon still just using natural gas for utility. if we decided as a nation, a commitment in washington, that we were going to power everything that moves on our highways, particularly our trucks, with natural gas, we could do that within three or four years. we have that much in storage and in the ground that we don't know what to do with. >> yeah. you can easily make a pragmatic case, jim, that within, i would say ten years, we can become essentially north american energy independent of both oil and natural gas by turning loose our technology, really. we can significantly reduce our oil imports and the remainder of what would be oil imports, we can utilize natural gas as a transportation fuel for the rest of it. so we have the chance of a lifetime really, if we can get the proper energy policy directed, and that chance

wti oil here in new york, a couple of hours ago when we were planning this, it was below the 50-day movingge. when all is said and done, that's a longer term trend line that it broke below. same thing for brent, north sea and the premium, the iran fear premium has been coming out and it's been overridden by less demand for europe and asia. gasoline, here in the u.s., same thing. below the 100-day moving average. i can only hope what that means for consumers in the united states but the consensus seems to be that we have peaked in gasoline prices here in the u.s. early in this springtime period. as for the stock market, here's natural gas, by the way. this is very interesting. it's now above the 50-day moving average moving opposite. there are plenty of people that may feel that this is a great long-term investment. how long can it remain around $2 and today it is above that 50-day moving average. not to say that it's going to continue that trend higher but it is an interesting development. as for the stock market, playing a wait and see, at 8:30 a.m. eastern time, expectations for job grow

keep in mind as well we are talking about the cme cutting margins for crude oil, wti.well as for gasoline futures. that is something else that is somewhat seen as supportive. natural gas prices today finished below 2.50. july now the front month contract. >> sharon, thank you so much for that. >>> all right. taking some of the risk out of investing in so-called risk assets. pimco is backing some of its big cap bets with bonds and derivatives. here now to explain is steven rinalski. all right, steve. your fund's up 33% over three years. five-star rated. in plain english, please, explain to us your investing strategy. >> this strategy is an enhanced index strategy. the target audience is corporate pension plan managers. they're concerned with two things primarily. managing risk of their liabilities and generating some high returns in order to service those liabilities. so what this strategy does is combine equity index exposure. and with the collateral that you save from investing in futures rather than the physical stocks, we invest in long-term investment grade corpora

we also saw the spread between brent and wti come in a little bit. in terms of gasoline prices were lower. we are seeing, of course, the delta conoco deal, buying that train of refinery, putting pressure on gasoline futures. that's good news for prices at the pump. the other standout continues to be, believe it or not, natural gus. up about 45 cents from the lows we saw in early april below $2. now production data from the energy department shows in february it was at a four-month low. we're going to get a storage report that's likely to show a smaller injection than what we may normally see this time of year. all of that could continue to prepel natural gas prices higher. that's higher still in this $2 range. back to you. >> thank you so much for that. >>> let's get back out to brian at the milken conference. >> we're going to continue our discussion about fiscal policy, mandy. we're joined by scott miner, friend of the show well known to our viewers. ceo of guggenheim partner. we had bill gross on a few minutes ago. i asked him if he thought the u.

in fact, we've hit a new low just a few moments ago down almost $5 for the price of wti futures. and we've seen this the past two years in may. oil prices having a major correction. but what we're seeing today is a confluence of events. we have opec supplies at a th e three-year high. demand continues to weaken the economic data we've gotten here in the u.s. and europe. doesn't mean we'll see a change in the demand picture any time soon. the iran risk premium seems to be coming out of the market as they're back at the negotiating table. and then we have these elections this weekend in france and in greece. and there's a great deal of uncertainty about the political climate. all of that causing oil prices to drop. as you mentioned, oil's now having its worst day of the year. now, as this sector is going lower, one sector is moving higher. and phil lebeau is in chicago with more. >> thank you, sharon. the airline stocks are soaring right now. take a look at what we're seeing across the board. almost all of them are moving higher. as we start with united, which really has had the bi

so much the flat price slide that we've seen, but what has happened to the spread between brent and wti. it continues to widen even though that seaway pipeline reversal is imminent, we're also watching trading volumes in ice brent and keeping our eye on the gold contract because as you mentioned it hit its lowest price in 2012. we'll see if it closes in bear market territory. back to you. >> sharon, thank you very much. to diana olick now on some housing data out today. diana, fill us in. >> that's right. we've got a bunch, tyler. most of them positive for a change. housing starts rose more than expected in april up 2.6% with increases in single and multifamily. permits fell but off last month's three-year high. marches numbers were revised up. analysts still calling these numbers fragile. new mortgage delinquencies fell and they fell hard. the biggest quarterly drop. 7.4% of all u.s. loans outstanding were delinquent in q-1 of this year. loans in the foreclosure process however are still rising at 4.39%. most due to still big delays in states which require a judge in the process. and m

take a look at the closing trades here on wti nymex crude. it looks like below $94 for the first time since december 19th. the third straight day that we are seeing a low close for the year. bill, over to you. i know you like to see it when it closes lower. that means lower prices at the pump. >> that's what we can only hope for, bertha. thank you very much. i'm bill griffeth. coming up at the top of the hour on "closing bell" tyson foods has done well because the poultry giant has been able to continue passing on higher costs to consumers. will that continue? the company's ceo joins us at 3:15 eastern time. also ringing the closing bell. >>> forget the big money center banks. one top portfolio manager says the regionals are the place to be right now in the wake of the jpmorgan trading mess. >>> everybody is piling into facebook right now. getting ready for the ipo. but is it a good investment for the long haul? fame tech fund manager dan niles weighs in with his thoughts. should be very interesting. maria and i will see you at the top of the

. $96 for wti. commodities king dennis scarpman, what are you doing? >> i wish i could tell you i'm aggressively short. i have no position at this point, none in crude oil. >> why not? >> wish i had. if i had to do something, you'd be selling it. i'm not going to buy here. i think the reason you've had this amazing break. you heard me talk about it before. i'm going to talk about it here. when the cme reduced margins on members, it reduced the quantity in that market. anybody who had the propensity to trade 100 lot or 1,000 lot is saying i have no liquidity to buy here. i'm out. the funds are by definition long. they're scared. they want out. >> look at the refiners. we've cautioned folks for a while, especially with the massive double tops around 30. that stock's down. trading either side of 21 right now. the knee jerk for a lot of folks this is a value name, jump in. again, stocks like this overshoot. i think tesoro is going to do the same. would not be surprised if we saw a 19 hit on the stock in the near future. >> bull market. with the continued e

at the same time you've seen things like wti come down on the oil side down about 17%.old feels like it's crashing. in the end, larry, you know what i think about that. in the end that could be quite good because what really leads this economy is u.s. consumption. so you get that oil price down and sustainably so. you're going to get consumption up. and you might just get growth back. >> that's very interesting and very important voint of view. jeff kleintop, i want to get your reaction because while i think keith is right in some medium-term sense i wonder if all this european demand for dollars isn't exporting deflation here to the united states, jeff. >> keith is right in that we do need to get some of that inflationary pressure off of the world so we can see at least emerging market central banks continue to cut r to . that's important to the overall backdrop. but one of the reasons the dollar's going up, of course, is because foreigners are buying u.s. treasuries, putting further pressure lower on yields, keeping investors buying bonds rather than buying stocks. an

keep in mind as well that we are continuing to see a narrowing of the spread between brent and wti one likely to come down the pike as soon as the middle of this month with the seaway reversal. we're also seeing a mixed market in energy because we do have gasoline futures that are under pressure. the delta deal with conocophillips for the trainer refinery, that is putting some pressure on gasoline futures, and thankfully, prices at the pump have come down as well. but the other commodity to watch here, of course, the energy complex, is natural gas. it continues to rally higher. traders talking about a short-covering rally here, but others pointing out that we are seeing actually the five-year average surplus coming in a bit. so maybe the warmer temperatures are taking some of the surplus off the table. we are seeing prices, though, still around the $230 level. back to you. >> all right, keep a close eye on all that. >> sure. >> thank you very much, sharon e epperson. julia boorstin caught up with the co-founder of van deesen horowitz. what'd you find out? >> marc andreesen is betting

below the $90 level for the wti contract.t a lot of support until $85 a barrel. we did hear from saudi arabia talking about the fact they were skid itch skiddish about $100 oil. anticipating further slides there at the opec's largest producer. keep your eye on what's happening in terms of the metals market. gold prices falling some $40 and copper near the lows of the year as well. we are looking at retesting some of the lows with he saw in gold and silver a week ago. it will largely hinge on what happens with the euro and the dollar, carl. >> interesting, sharon. with oil prices down, walmart up. the 12-year high today. that's interesting. when we come back, more on dell's worst the day in 11 years. we will count you down to the clothes in europe. if there was ever a day where the clothes there might rock us here. it might be today. ten minutes way. be right back. ight back.s took a science test. the top academic performers surprised some people. so did the country that came in 17th place. let's raise the bar and elevate our

. >>> pressure on crude oil as wti slides below $95.benchmark brent crude should trade near 100 bucks a barrel. the escalating political crisis in greece weighing on risk assets this morning. >>> and brian dunn is being described as having an extremely close personal relationship with a female employee and the chairman of the board acted inappropriately when he failed to bring the matter to the audit committee. richard schultz announcing he will step down as chairman in june to be succeeded by another. are you outraged at brian dunn's severance here? >> the fact that he'll get -- >> $6.6 million. having, quote, ran the company into the ground. and his severance is tied to a noncompete because obviously other people would want to hire brian dunn at this stage. >> they want to hire brian dunn at this stage, i don't know about that. >> a lot of this stuff is contractually guaranteed -- >> what's irked our producer -- >> i like the way they -- >> it's not just a close relationship but extremely close. >> and inappropriate. >> there are some

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we did see the net long positions for wti futures drop to the lowest levels since 2010 last week.covering going on here. that has created a lot of concern about what that zichuation holds. and we'll have more talks coming up later in june. copper is actually pretty strong as well in this session. and we are looking at, again, a shortcoming rally here after hitting four-month lows. last week, we're hearing some con fliblgted reports about whether or not there's somt stimulus reports there. and in terms of pressure metals, gainers are saying that even though we may see some form of stimulus in europe over what is happening. and that is something that is lifting up some of the metals. but others are saying hey, go ahead, we're seeing a little bit of a pause. >> all right. thanks very much, sharon. >>> well, as regulators look at jp morgan, it is safe to say that no matter what they find, the answer to the problem may end up being plr more capitol. >> david, thapgs very much. senior financial regulators tell cnbc they've already started examining their own performance if they miss som

you can see that wti crude at 91.82. but it has come down massively over the last week. natural gas, those prices have been increasing. so we'll continue to keep an eye on this through the day. the ten year at this point, this is going to be interesting, too p .ten year yield was at historic lows sitting at 1.757%. that's an incredible number to watch. let's take a quick look at what's happening with information ex-a forex and the dollar board. 1.277 for the euro and the dollar-yen at 79.31. gold prices, major moves. time for the global markets reports. kelly, good morning. how are things fairing over there? >> good morning. you can actually see green behind me it for once. that's been a bit of a change after last week. you can tell the markets are trying to get risk sentiment back in here, but still not a whole lot to really tell you about. the front page says britain and france back euro bonds and of course the headlines we're getting this morning have germany reiterating its opposition. take a look at the stoxx 600 behind me. mostly green. we're up 0.3% on the day. co

this lower wti has not benefitted the west coast. >> at your point, they may be lower than they wereious, which does not happen very often. >> facebook new low, 28.25. >> and i still think that people, after you get the european downdraft and look at target. they take a look at target. very interesting article talking about how it hasn't been such an underperformer. they are a giant consumer of grains. i mention this only because they're not that international and you come back and you say after they trash our markets, off the futures, people come back and pick at the stocks that are american. it's been a trade. it's worked. it isn't something i would encourage aggressively because we got over-bought again. yesterday was a phony rally. but there are values that just -- you have to let the market bring them down. >> yeah, retail really weak today. kohl's is down by 5%. that's an area to watch. >> yeah, look at that. >> we should point out rem shares not unexpected, still trading about $10 a share. >> i know rimm has a good balance sheet. but the issue with rimm is there are still goin

the spread particularly twenty brent crude and wti crude futures.ports yesterday that president obama will be asking the g-8 nations to consider a coordinated strategic release of the -- from the spr if needed due to the iranian embargo. so if that happen, that can continue to pressure prices. also the reversal of the key pipeline to the gulf coast. another reason we've seen the spread fall by about $4. more updates on twitter. back to you. >>> coming up, tech one manager making a big bet on facebook. the social networking giant makes up 12% of his portfolio. take a look at this morning's early movers on this thursday's session. being led off by sears holding better than expected earnings here. [ male announcer ] the inspiring story of how a shipping giant can befriend a forest may seem like the stuff of fairy tales. but if you take away the faces on the trees... take away the pixie dust. take away the singing animals, and the storybook narrator... [ man ] you're left with more electric trucks. more recycled shipping materials... and a growing numbe

we've shown wti. it's fallen out of bed. a lot of numbers have famine out of bed.ke classic deleveraging. how far do you think it goes? >> i think for every book written on deflation there's 25 books written on inflation. when you look at cci, continuous commodities index, we're on a 12-month high. we're starting to see a total deleveraging because we could be running into, preversely enough, deflationary cycle when everybody said we were going to be running into a deflationary cycle. we could, and i think we are, looking more like japan every day than anything else. >> scott, good to see you. thanks for getting up. >> no chairs today, ann? we are going to have them. then i'll wait. i just found one i'm going to explain. i like this. you're going to join michelle and gary. we're going to invite both of you over to the chair. we run this really lame animation of me animation of me and sorkin. >> in the silhouette it looks good. >> barclays is updating cisco to overweight, overweight to equal weight. price target remains $21 per share. tdd# 1-800-345-2550 we're hitti

the wti futures, that is, for about four or five weeks now, right between that $100 and $105 level.ou. >> thank you so much, sharon epperson. sharon mentioned the big drop we're seeing in crude. that is helping to pressure the markets today with the energy sector, one of the biggest laggards here. the xle is down by almost a full percentage point. broader markets, you wouldn't be able to detect it. we're hat a flatline as we anticipate the jobs number. the nasdaq down about .5%. and the dow down by 39 points. take a look at the internals of the markets. advancers leading decliners and over on the nasdaq, it's about a 3-to-1 ratio over there. >>> want to head over to the cme group in chicago and check in with scott nations. good morning. >> good morning, carl. >> you were writing about how this range we've been in, 1,350, 1,420 range, every time you think you find a catalyst to bust out of it, it's not happening. didn't happen with earnings and i guess it's unlikely to be jobs tomorrow, barring a major surprise. >> given the alphabet soup of news we've gotten today and yesterday, i d

we're also looking at this spread between brent and wti futures. that is around $18 right now. pipeline that's supposed to take crude frto the gulf coast, there is a lot of crude oil in the u.s. and that divergence between the two cr crudes will continue. >> we also have a little bit more breaking news. for that, let's head to diana oleg in washington. >> new mortgage delinquencies saw the largest drop ever under finally back to the historical long-term average of around 3.1%. that's good news. the bad news is we're still working through a big backlog of bad loans. and that's why loans in the foreclosure process are still rising, now 4.9% of all loans. this is a tale of two states, judicial and nonjudicial. you need a judge in the process and where you don't. the national rate of loans in foreclosure again, 4.39%, but nonjudicial states, just nevada exceeds that rate at 6.47%. in judicial states, ten states exceed that national rate with florida still over 14%, new jersey over 8%. illinois over 7%. think about it. illinois now has twice the rate of loans in foreclosure as calif