brent is going to be outperforming wti. >> if that's the case and wti isn't as much underupward pressure anything on the spr would be the right move? >> you could repeat that? >> there's not a ton of pressure on wti then why release reserves? >> yes. i think wti is a number of crudes that the u.s. use. if they raise stocks it's in the form of crude. this crude would come in to the market and run by oil refineries on the gulf coast. refiners are running hard. increase of availability of e wouldn't lead to higher crude runs. that want alone wouldn't lead toni lowering of the price of gasoline. what will lower the price of it was line is that the u.s. is approaching its peak demand period and also demand will soon to start to decline seasonally and that might lead to reduction in gasoline prices. >> let's bring in our guest. michael, you still like energy stocks, yes? >> i love energy stocks. i think that particularly energy stocks that have a domestic orientation here in the united states, because of the middle ea eastern concerns. i'm interested in his comments on the strategic petroleum

wnr. >> murphy, what is that, the spread between wti and brent, is it the wider that it gets the better refiners? >> i think the refiners, i agree, i think refiners are in a great spot right now and i actually like energy as a whole to start to catch up to the rest of the market and one name i've talked about and i think doc has been on it also is shinear energy, the only guys that can take nat gas in the u.s. trading 270, 280 range and transport it overseas where it's trading up in four and fire times that level. >> baker? >> tom talks about the supply getting higher and higher. if you need that you do a disservice to the company. halliburton is going to do very well. >> when half time comes back, euro of off seven week highs what does that mean for the dollar and consumer go sour on oj. behind the orange juice trade and stocks to watch. ♪ why not take a day to explore your own backyard? with two times the points on travel, you may find yourself asking why not, a lot. chase sapphire preferred. there's more to enjoy. i've got a nice long life ahead. big plans. so when i found out medica

and then we saw wti closing above the 200-day moving average. that was for the first time since mid-may and pivotal. next day, though, a little bit of profit taking because the potential of qe3, euphoria, didn't hold up. we couldn't keep above that 200-day moving average level but today again seeing prices on the rise. there are concerns about tropical storm isaac and what could do potentially to supply and what disruptions to potentially cause, as well. one trader telling me he's repositioning going in to the weekend. he doesn't want to be short right now but, of course, there's a bit of a cautious tone here until we know more. at the same time, some of the old timers saying never say never. talking about what they seen with katrina and past experiences and saying that, again, they need to monitor things going in to the weekend and watch this very closely. brian, back over to you. >> all right. thank you very much. >>> now addison armstrong at tradition energy and dan dicker, president of merck block and a cnbc contributor. ady son, first to yo

happening in brent. >> wti being west coa intermediate here in the united states and brent being overnd lon london. sorry, being didactic for the local audience. >> there's plenty of crude bidding for storage in the midwest. if you're bullish in the crude oil market, far better to be bullish of brent that wants to go higher. wti, not so much. >> dennis, real quick, as far as the ag trade right now, where do you stand with that? because obviously with isaac and the rest of the news stories out there, this has been a very, very volatile area. how do you stand on the various commodities? >> it's interesting. if you look at isaac, it's expected to drop some rain which is probably well past what's needed in corn. nothing's going to save the corn market. it probably is helpful to the bean market. and we could use a little rain as we're getting ready to drill the winter wheat crop, so it's probably -- isaac is bearish of wheat. isaac's probably a little bearish of beans. isaac doesn't have anything to do with the corn market. corn is just -- that crop is gone. today you've got weakness, howe

for example, oil, wti and crude, lower today. what did go higher today?ear, the yield back down again. just last week we were at 186 on the tenure and now down to 167. a huge decline in yields there. here is the one getting my attention now. gold up to after it broke resistance. we're at 1672 and change right now. so safe haven plays are -- >> the market is overbrought in the last several weeks. we have questioning of the fed providing stimulus next month. on the other hand. there has been criticizing offal fed action, particularly from fed officials today. >> i guess mitt romney is saying he would not reappoint ben bernanke and he's not in favor of qe 3. >> partly because romney and paul ryan want to do their own tax reform lowering the rate but broadening the base and other things we have not seen. it's been all on the fed. >> i will let you get ready for that. bill gross right at the top of the hour. >> yesterday he tweeted throughout is an 80% chance that we'll get the stimulus and i want to see if that position changed. >> matt, where is the leadersh

wti up 23%.ranians may sell less oil but it is a higher price. >> well, that's very unfortunate. what about the saudis pumping 10 million and what about our fracking and oil pumping and sunday we'll have a keystone pipeline? we're going to be awash in oil and natural gas. >> the administration has to be careful that it isn't seen as an election-year move. >> you're right about that. a lot of people will be annoyed at that. you're right on the money as always. thank you very much. >> thank you. >> up next, speaking of the election, the 2012 election is big money. we are only in august and already both sides have spent half a billion dollars. as much as the entire 2008 election. details when we come back. you're watching "the kudlow report." please stay with us. you know why i sell tools? tools are uncomplicated. nothing complicated about a pair of 10 inch hose clamp pliers. you know what's complicated? shipping. shipping's complicated. not really. with priority mail flat rate boxes from the postal

crude, the global crude versus american crude, wti, we produce here, the spread nearly $20 which is close to an all-time high. that's a boon for refiners, specifically tesoro and phillips 66 to profit nicely from that using very cheap crude of the shales as an input and gasoline based on brent prices so again looking beyond the comfort zone for ideas where there's clarity. >> thank you so much for joining us. >>> just ahead on the show, an auto chocked block. can the new accord do for honda whaut camry did for toyota. >>> we showed you this amazing mercedes last week. wait until you see which car beat it by a mile. >>> plus, mandy, my favorite story of the day. a 102-year-old woman driving her 80-year-old car nearly every day. you have to see it to believe it. she's awesome. >> you have to see it to believe it. well somewhere along the way, emily went right on living. but you see, with the help of her raymond james financial advisor, she had planned for every eventuality. ...which meant she continued to have the means to live on... ...even at the ripe old age of 187. life well plann

on the other side, wti is faced with a marked increase in tight light oil shales from the tight shale play in the u.s., which is depressing in particular because it is essentially a land-locked crude. so, though over time the differential will narrow, we still see it as $10 at year end. so, we see this differential exist. >> and if that happens, i guess the question is what type of supply conditions make a difference in the u.s.? there's been a lot of focus on kind of long-term shift to higher levels of output. is this happening at kind of precisely the wrong time, given the demand situation? >> well, i think what's happening in the u.s. is u.s.-specific in the sense that this oil is starting to get to the refiners on the gulf coast. so, if you're a refiner in the midwest, you're sitting pretty in the sense that you have lower cost of your feed stock. but if this overhang of crude persists, it will discount further and further in order to find a marketplace within the midwest. outside that, the oil in the international market, oil prices will be more affected by international factors

wti crude $96. all of that up over concerns of iran. that's going to be a figure factor in the economy in the months ahead. i saw a piece that says consumers haven't seen the worst when it comes to gasoline prices because they follow what happens in oil by a few months. the ten-year note was up in the 180. look, guys. >> just below that. >> when i left it was 0.150 and the whole operation -- >> it was below on 0.150 on some of those days. now 1.8 -- >> was it you, becky? you can't keep it under control here? >> wasn't me. >> a question we'll talk to david from morgan stanley, is that an issue for the fed. the dollar, another interesting story out there. 1.24, almost 1.25 on the euro. >> the euro has bounced back. >> can whoa talk about this? everybody i talk to says the euro will be weaker. the ecb is about to embark on a series of policies that should weaken the euro. we're for parody between rates in the ecb and fed. possible bond purchasing, all of these thing to make the euro weaker. when there's additional noise about these things

we saw oil prices above $94 a barrel for the wti price and a churge in the rbob market as well. we're at highs and it's likely to drive prices higher at the pump as well. back to you. >>> if you've been betting on disney this year, it's paying off. it has been a outperformer, it's up better than 30% year to date, and investors are helping "the avengers" are going to help bump it up. we have richard ross with us, and anthony de clemnte. anthony, what are we expecting out of disney, what do you expect to be the highlights? >> there's three, really, the studio that benefits from "the avengers," an important thing for disney this year, the second is espn, and the third is theme parks. those have all been positive delivers for disney in 2012 and we expect good news for those. >> what about the charts, what do they tell you right now? >> the stock has been on a fantastic run. disney is the second best performing stock in the dow, but even disney trees don't grow to the sky and there's a few things worrying me. tracking the stock higher, that's great, that's what we like to see. back i

. >> rising earlier this morning was the wti and pairing off a bit.idence because of the data and confidence in the u.s. economy. seeing profit ticking under the 200-day moving average. set to expire tomorrow, brent prices rising a little bit, trying to take the risk globally off the table. switching gears for be a second over to gold, continuing to trade above 1600. but lower this morning. strength in the dollar not helping the precious metal out. the september fomc meeting, traders not expecting much from bernanke at that point. expect to stay pretty much trade bound in terms of the gold trade. 1580 to 1460, that's where we are. >> thank you, jackie. >>> aetna jumps on the merger bandwagon. we'll be speaking with mark bertolini about his deal to buy coventry health. in communities across the country. whether it's supporting a delaware nonprofit that's providing training and employment opportunities, investing in the revitalization of a neighborhood in the bronx, or providing the financing to help a beloved san diego bakery expand, what's important t

we've got conventional oil in canada and the differentials, the deduction for wti was large in that quarter. and that was all to do with a variety of reasons, many of which related to infrastructure, midstream outages and that type of thing. so it was a disappointing quarter for us as we were affected by those prices. but, you know, this business is cyclical, prices are cyclical and we're sticking with our focus of investing in high-return projects. we're maintaining our capital discipline and we're continuing to build this beg asset base on the oil side that we're really, really excited about. >> how's it going, oil versus natural gas by the end of the year. and how many of what you just talked about are temporary interruptions towards your longer term path towards becoming more oil. >> well, maybe address your second point first. some are very temporary. there's a very tight balance between takeaway capacity and the amount of supply in the margt. we actually have a lot of pipeline capacity coming on, more refineries coming on. the pipeline that you and i talked about, if that gets the go

i want to point out that wti now above the moving average for the first time today. >> investors mayt to prepare for even higher oil prices if our next guest is right. we have a defense reporter for channel ten in israel and he reported that benjamin netanyahu is determined to attack iran before our presidential elections. ilan, you first, why are you so convinced an attack will happen? >> i didn't say that, i said the prime minister seems very determined to lane much a strike between now and october. the time to act is now. he believes if he waits and passes the november elections, no one, including the u.s. will do anything in order to stop iran and the next time it will have the operational conditions to launch a strike against riir in the coming spring will be too late. he still needs to pass some very significant obstacles. >> so you don't think the u.s. would support such a move after the election? and he doesn't think so? benjamin netanyahu, that's what you're saying? >> yeah, any promise made by barack obama will not be fulfilled after. clearly there is a distrust between tho

. >>> wti prices are under pressure as you said today, and we're talking to traders all day. they're not expecting much new news. a couple other issues to look at, some of the selling pressure coming ahead of chinese data expected out this weekend, and selling pressure and profit taking ahead of the weekend. some of the traders that i speak to are gone for the long weekend. and watching the damage to refineries and rigth at this point. and the way they are shut down will restart. that's what we will be keeping our eyes on, back over to you guys. >> thank you, jackie, a duff day for the bulls, the do you was down a percent. a cause for concern, or a healthy pull back. maybe even a buying opportunity. we want to talk a numbers today on the market overall. we have chief market technician, and gina sanchez. chooe in a, wh-- gina, what do of the sell off? are they leaving early for the weekend, or prestaging disappointment out of jackson hole? >> what kicked off the markets was spain saying i need to see real terms, and they also said the same thing, start following through. >> so

well we've seen that prices have moderated or gone lower for wti oil or for gag lean.nd maybe the impact will be not as bad as feared. is that how you ahead the price response. or how much of it is a threat? >> i think there is two issue there is. i think it's less about the spr, and more about the anticipation of the veer ti of this storm, isaac. now that we understand it may not have been as veer as it could have been, markets build on expectations. i think there is less consideration giveen to what they might do with sprole, and more for the short term. i think most people are somewhere relieved at this time that it's not as severe as it was expected to be early on when it would have gone to a two or three category storm. >> romney's policy director has been telling reporters that the romney energy plan, when it comes to laeasing, is the most expensive and aggressive ever, and obama is the least aggressive. do you agree? >> romney put on the table a bold vision for the future. he tied domestic energy production to job creation. we support 9.2 million jobs, and we co

so wti, not as strong. in metals, platinum is the story, extending gains here.that is that clash between police and striking miners at the lanman mine yesterday, death toll above 30. violence into its seventh day now. a lot of folks are worried this could become more political and that the unrest could spread throughout the country. that's something that folks are watching. that appears to be the wrong video there. we had some video of the violence in south africa. back to you guys. >> bertha coombs, thanks so much. >>> there was a story floating around the pits that perhaps the obama administration could be looking to release some oil from the strategic petroleum reserve, the spr, to lower gas prices and oil prices. let's bring in the source of that report, stephen shork. great to speak with you. in your note, you along with a lot of strategists believe that the bull trend in wti is very strong and we are likely to go higher on wti and you also write with each dollar increase in oil, you have to figure the odds shortened, that the white house will step into the

mark for wti.ome are saying many mid-october we will see, perhaps, weaker crude demand. for now it looks like we're looking at higher oil prices to come. carl, back to you. >> sharon, thanks so much. fresh from the opening bell this morning, welcome christy rampone, captain of u.s. women's soccer, three-time gold medalist. you might remember u.s. women clenching the 2-1 victory over japan, london where christy's fourth olympics. >> thank you for having me. >> got to ask you about japan. what a sweet win after a tough loss at world cup. >> it was amazing. definitely motivation for the training throughout the year. coming up short at the world cup, getting the opportunity to play them again in a final, a little revenge, motivation, it was amazing. we respect japan so much. they're an excellent team. >> was this your sweetest victory having been through a few of them. >> yes, at my age, being the mother of two, bringing the team to that gold medal match, winning it as a captain. >> your girls are here

up by a dollar. 97.13 is where wti stand.ear note, we saw the yield all way back up 1.8% now. 1.67%. came down and lost some ground. after we talked to bullard who said he's not convinced the fed will move right away based on improving numbers. if they do he said you can expect a much smaller move, no grand qe3 like we saw with qe2. smaller moves. market pulled back on some of these things. >> you wonder why oil is up there. oil thinking qe3 was coming. >> now you got the hurricane. also have iran with tensions there. >> are they buying anything? draghi buying anything? they have nebulous target ranges. they want the bond markets stay. >> if they stay within something tied to the spread between that and german bunds -- >> and merkel said stop the right in germany have to stop saying greece you stuck, they are done. they have to be nice the greek. so bizarre. it's just playing out as we saw. >> dragging out and dragging along. >> dragging draghi. >> dragging draghi. we'll hear more about that this week, draghi speaks this week

is the new front month, but up 32 cents and you can just tell this market is starting to smell $100 wtiagain in new york. gold broke through resistance on the upside today when it went above $1630. it was about $1640 or 45 for a time today. just off that gain with a gain of 1% on this session. the financials lead the way, and in fact right now financials are the only sector in the s&p 500 to be positive here. sam stovall, what do you make of that? financials are a risk on sector in this market? >> it is a risk on, especially if you're focussing on europe. a lot of what's made up of in the success the banks. it's an indication that people are feeling better about loan volume goat, and maybe the economy will be improving in the quarters ahead. >> what do you make of today's action, is this market getting tired finally. >> you used to be able to handicap the markets, but that said, when we hit 1426, i don't think any trader was surprised. >> a four year high. and then you look at google and apple, they're up 100 points a piece in the last two weeks alone. so you figure this might get a bre

the wti price just crossed $94 a barrel. >> thank you very much.e are incidentally, in the neighborhood of 4 1/2 year highs on the dow. we will go live to the nysc floor when we come back. >>> coming up, are the olympic games really worth the hassle economically speaking? coming up. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. it's something you're born with. and inspires the things you choose to do. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. >>> welcome back to power lu"po lunc lunch". we're

wti getting a boost from a larger than expected draw on the eia at over 3 million barrels there.ust about. and we also have a substantial draw with gasoline. the outperformer of the day as the prices continue to climb at the pump. >> thank you very much, bertha coombs. >>> we are covering the drought of 2012 here on cnbc. and across all of the networks on nbc. and today, the agriculture department designated 172 more counties in 15 states drought disaster areas so now with most of the country suffering under these hot and dry conditions, we're looking at the ripple effect for investors and consumers and you. first of all, jd penn in illinois from deere and bringing us facts and figures of how bad the drought is and the immaterial pact on the economy and david, a former corn trader. i want to start with you, jb. i know you don't want to comment on the earnings but i want to bring up something that the c eo said that caught my eye, the u.s. drought could positively influence the outlook showing the need for deere's agricultural equipment. i would have thought it means less demand f

wti was. and so there's no real concern here. i mean they have shut in part of the gulf but, listen there, is plenty of oil and gas in the united states so. there isn't any reason --. adam: plenty of oil and gas. we have seen a spike in gasoline prices. i know refineries shut down. it takes roughly two to three days to get them back up and running. will we see prices drop as quickly as they went up now that the hurricane has passed? >> i think you will be back before where you were in hurricane in a week. adam: i think we'll all appreciate that. let's turn to something donald trump is saying. he is blaming opec for manipulating oil prices. do you agree with him? are they trying to manipulate them to try to sway the election in the united states. >> donald is right on the remark. no kidding. they tell you, opec tells you they have to have, oh, different countries and in opec have a different price to meet their budgets. and but, it's about $100 a barrel. so they tell you that they have to have that to meet their budgets. they're g

the fact that we saw wti moving above the 200-day moving average earlier in the session and closed abovehat level in the prior day's trade really unable to hold that and so technically according to the relevant strength index, tader e it's fa. where could it go? analysts say we could see a dip to 92.75 before regaining ground trying to move back to $100 level. simon? >> too late for driving season, certainly, though. for the moment, thank you. >>> the bond action. live to chicago and rick santelli at the cme. rick? >> thank you, simon. the reverses are more and more apparent. starting in june for 10s, clearly see now looking to the left side telling you the next support pivot is in yields, 160. opening up to november, it gave you a great indication talking about four days ago that a good place to start selling looking for yield resistance or buying in terms of treasuries around 180 to 182. going back to look at chart of bund dollar index is extended. lowest level since third week of may and 10-2 spread in spain, starting to flatten again and pay attention to that. flattening is what they

that's pressuring the wti contract. we're also seeing lower gasoline prices today. again, flooding as todd mentioned, the rains. that's really key in assessing the damage due to the refineries and power outages and we'll get to see when they restart. natural gas is a good story today for traders turned around after four days of losses. simon, a big sunrise about when those rigs will restart operations and seeing a lift there in the natural gas price. >> indeed. thank you very much for that. >>> two upbeat economic reports today. first u.s. growth came in better than initially thought in the second quarter but the pace of growth is still slow. the economy growing at an able rate of 1.7%. banks just slightly stronger, consumer spending and more imports. economists expecting 1.5%. mark zandi is bullish about the u.s. economy and joins us in a few minutes to explain why. the second upbeat note, more signs of hope in housing. signed contracts to buy existing homes rising 2.4% in july, more than expected and the foreclosure numbers are falling. in part due to the recent s

. >>> you're currently looking at new footage from wti, ground footage there of family members of someon rather large. 350 to 400 people in this congregation. the facility itself quite large as well. 17,000 square feet. we are told that there -- victims and hostages that are inside, some of them are hiding and sporadically texting out to their loved ones asking not to call or text back so as not to give away their position. one shooter inside hunting them down. a frightening situation unfolding right now in oak creek, wisconsin. our breaking news coverage will continue in a moment. down here, folks measure commitment by what's getting done. the twenty billion dollars bp committed has helped fund economic and environmental recovery. long-term, bp's made a five hundred million dollar commitment to support scientists studying the environment. and the gulf is open for business - the beaches are beautiful, the seafood is delicious. last year, many areas even reported record tourism seasons. the progress continues... but that doesn't mean our job is done. we're still committed to seeing this

not just wti.d is if you look at sweden, that's gotten extraordinarily overstretched by most metrics and what's interesting there is not been bought against the dollar. mostly bought against the euro. continued signs of stabilization in the zone, euro could creep higher and force the shorts to exit the marketplace thereby knocking it higher and it's nko-s ek crosses in depreciation and better situation in europe. >> that's too much more me. >> i could go for sake. >> trading the tech names that continue to surge and not just apple. more up next. >>> google is having a stealth rally. shares up nearly 20% in just the past 2 months w. the stock trading at four-year highs, what do you make of this here? nobody at all talking about this month or the fact that larry paige seems to be doing a pretty darn good job at least lately for shareholders. >> sure has been, scott. a lot of it goes back to going back to their knitting. i mean, where are they getting this? through search. not through free docs and g-

sfli think we're going to end up affirminging about $93 a barrel on wti. we're trading about there now on average from the beginning of the year. obviously prices are going to be higher and lower between now and the end of the year, but i think at the end of the day we don't get any military action in the middle east that's going to drive pritsdz higher and certainly the supply demand fundamentals do not justify prices at these levels. we're going to spend time below here as well. >> all right. good to see you. thank you so much. pete, how would you trade the refiners here? >> i'm looking at the refiners. back on june 22nd if you take a look at val era, that's where you had great signals in the option where you had upside call buying. what are you seeing today? more upside call buying. you're seeing more committed folks out there as sfar as valero is concerned. if you look at them sell the october 29 puts. extremely bullish position. i think valero has upside. when you look at phillips, that's a name that's a stealth name. no one ever brings it up, but you

. >> hey, wti weaker this morning.ectation about an hour when we get the eia number is for a draw down between 1 to 2 billion. there was a 2 million barrel draw. we're watching gold flat today as well. both increased their bets on the gld, sorros dutching some of the high nors even as others liquidated their positions in that etf completely. >> thanks very much. we have been talking about this, and these filings are don't, don't read too much into them, but they're six weeks old and we know hedge funds can move very quickly. it gives an interesting read of the thought process of some of the managers we like to follow. interesting how many of those managers seem to own the same stocks, and is that begs the question how will they differentiate their performance. another name that has come to the floor over the last day in terms of reporting is is paulson and company. it's down to 21 billion after two years of poor performance. and that continues this year, and mr. paulson moved more aggress e greszively into gold and the

the way i'm playing crude right now, though, is the wti versus the brent.t exposure to geopolitical attention -- you have to go long the brent. the spread historically has been trading between 10 and 22. i think it widens out and could be a bit of an opportunity there for you. >> rich, thank very much. >>> we're now an hour and four minutes into trade. we've had some technical issues, still trying to grapple with what went on. bob, where are we? >> just to recap, a huge amount of orders right at the open. it caused a lot of stock toss gyrate. we had about 20 halted. they have now reopened. what they're trying to do now is figure out exactly what happened. there very clearly was an enormous order to come in, mostly to buy stocks, probably an algorithm. what's not clear is whether there was erroneous or not. the volume is what's making people suspicious, and a lot of people do think it may have been erroneous. at this time of the day normally we would be doing about floor volume at the nyse. we're at numbers almost 2 1/2 times normal volume. not a formal stat

nonetheless, the move is in wti because we had better data here in the u.s.estingly, though, when we talk about that retail sales data, watch gasoline. gasoline futures have run into some resistance in the summer. a lot of folks watch the technicals more because volumes are lower. while gasoline futures are at resistance, gasoline at the pump is now higher than it was last year at 3.70 a gallon on average. in 39 states, higher than it was last year. we are on track to see the national average for gasoline per gallon, a record this year according to tom closa at opus. techny cams recovering after holding support yesterday. take a look at the metals. divergent trading. gold dipping below 1600 an ounce after that data. gold, the feeling is that the good news economically is bad news making for less need for stimulus and any sort of inflationary pressure. you can see gold there today fighting to hold $1600. back over to you, melissa. >> thank you very much, bertha coombs. groupon by the way in today's session out of the gate hitting a fresh low after its ipo back

wti crude, $96.67. >> they did settle a little higher. data comes out later.hat contract expires too. >> and how about t bills? what do you think of that? >> 1.819. yield is rising once again. that's an incredible story to watch over the last three or four weeks. >> quick look at the dollar. >> dollar has been weaker this morning. there was no movement originally on this but all of a sudden you started to see things happening but in large part because of what happened just some rumors coming out of the ecb. that's what's been affecting things alligator through the morning. right now they do see that the euro is stronger bens the dollar. all the way back up to 1.2421. dollar versus the yen unchanged at 79.40. gold is something watch. >> buy gold or buy cows. that's what joe says. we don't do a cow board but we could. >> meat prices have been coming down because of the drought and corn prices and hay prices have been taking cows to slaughter a lot sooner which is putting pressure on meat prices. >> we have a guest on the set who just slipped in here without anyb

wti and brent price is backing off a little bit. a little higher on concerns about supply.he tensions in the middle east. goldman out with commentary supporting that view and that was driving prices up. but my saudi sources are telling me there's no reason to expect a supply shortage, that saudi has no plans to cut back. if we don't see the tensions with iran increase, which there's no reason to think they will at this point, we should expect to see prices stable. of course traders will be looking to this afternoon's fed's minutes for a little commentary there. that could move prices. anything that comes out of europe could move prices as well. i just want to talk about gold prices as well. pretty much flat this morning. above the 1640 mark and not looking for much action in gold before labor day and before that fed meeting, the september fed meeting where we get a little bit more color. so right now things quiet in the commodities complex. carl, back over to you. >> jackie, thanks so much. thanks not so quiet on the economic data front. we were expecting existing home sale

of stocks posting strong performances and financials up 2%, and energy stocks buoyed by the rise in wtiand linkedin shares are rising after last night's estimates. we will talk to guy running linkedin jeff weiner, who knows how to monetize. we will talk to him in a moment. >>> those olympians can take home gold, silver and bronze medals, but what about you? what do you get? absolutely nothing. but if you nailed the number on july's employment report, guess what, you will be taking home the official olympic backpack and signed by the "squawk on the street" gang. are you this week's lucky winner? find out later on "squawk on the street." [ male announcer ] it's a golden opportunity... to drive a car filled with as much advanced technology as the world around it. with the available lexus enform app suite, you can use opentable to make restaurant reservations... search with bing... and listen to pandora. presenting the 2013 lexus gs, rx and the all-new es, the leading edge of the leading edge. during the golden opportunity sales event, get great values on some of our newest models. this is

you want to see a story on oil you look at the spread between wti and brent crude.urope will produce more gasoline to the u.s. to make up for the loss. there are a lot more problems. energy traders need to listen. some of these traders are trying to signal the all clear sign. we got a report that the saving pipeline which is the natural gas price line in louisiana has too much water in the pipeline. that has to be shutdown. i am concerned we will find out there will be more flooding problems the market is expecting right now. that may be another reason these prices are hanging in. cheryl: thank you very much. and we're lucky what is happening with the market. wall street is waiting for hints of more stimulus from ben bernanke. tom will be weighing in coming up. >> pictures of prince harry's naked romper spawning big ad campaigns. we will have that but look at the ten year treasury. >> your see it -- european central bank president mario draghi with new bond buying plan in a german newspaper. the ec must take exceptional measures to fulfil the mandate of delivering s

india posts wti data while in japan the boj will release minutes of its latest policy meetings.n the earnings front, singapore's giant singtel will turn in its first quarter results. >>> still to kot om program, fears of a renewed food currently crisis. we'll hear from feed the planet coming up next. [ male announcer ] this is the at&t network. a living, breathing intelligence helping business, do more business. in here, opportunities are created and protected. gonna need more wool! demand is instantly recognized and securely acted on across the company. around the world. turning a new trend, into a global phenomenon. it's the at&t network -- securing a world of new opportunities. ♪ >>> welcome back to the program this morning. president obama will use his trip to iowa today to announce measures to help farmers suffering from the severe drought in the midwest. white house officials say the usda will buy up to $170 million worth of pork, chicken, lamb and cat fish left lane go towards programs like food banks. the president will push congress to pass the farm bill. the g-20, mean

. >> we're watching wti flirt with $95 here and extending gains after yesterday's draw down coming fromn 3.5 million barrels. another thing, folks are watching the situation between israel and iran as that rhetoric continues to be at a fairly high pitch. you're seeing a lot of calls for next month and october. the expectation is these prices will go higher and with the outline that is i monday outline we hear something from the ebc we could see a move to the outside. brent futures are lower as they are set to expire so that brent premium has come in just a bit. we're seeing profit taking in gasoline after that big surge yesterday on the big draw down on implied demand. nept garks smaller than expected injection this morning nonetheless. it didn't really hold up in terms of the flip up we saw in prices. it's now lower. gold despite that report coming from the world gold council with the dollar, little bit lower. gold is strong. when you look at the precious metals, outlier is platinum. big violence happening down at the third largest platinum mine down in south africa, that mine has seen

above $94 for wti. >> thank you very much, sharon. >>> back to zillow, of course, spencer, broadly one can see other estimates of values in this country recovering, do you believe that's true? >> well, according to zillow data, housing has bottomed. we're finally at the bottom, at this point, though, it's local story. markets like phoenix, up 12%. miami, up 6%. compare that with atlanta, down 5%. it's a very local story at this point. based on the employment picture in these cities. >> the rental market has been extremely strong in terms of how extreme renters, what are you projections onnen that. >> we said that we don't that we expect rentals to be a revenue generator in 2012 and 2013. we're building our own marketplace. so, we think it will be a large revenue contributor down the road. >> even if the rental market turns and we're seeing a rent come down, that doesn't make a difference, what's the driver in term of revenue generatogenerat? >> the strategy for us so provide the software tools to the renters and those listings appear on zillow and we create that marketplace where we h

wti crude. 93.14 right about now. >> i don't reallian this.ally seem like it's worth $93 per barrel with a slow global economy? is it iran? qe3? can you explain it? >> no, i can't explain it. >> the guys in the opec country are happy, laughing at us. trump will be on later. those guys love to stick it. just as high where they don't cause slackening in demand, but high as they can squeeze every last dime out of the west. i don't like that. to do god knows what with the money. you know those guys? you know. >> say no more. >> okay. >> a quick look at the ten-year right now. glad that i locked in that mortgage rate a little bit earlier. up to 1.669%. remember, barry earlier this week suggested that this will turn around the opposite way. >> mortgage on the original property or the one next door? >> this is on the manse out in the hamptons and then there is the other one in sun valley that i have to work on. >> you joke about it, that's fine. >> and i'm trying to figure out -- may have to get a separate construction loan for the one in aspen. a lo

we're watching wti but moving slightly below the 200-day moving average. that was the first time we did that since may. we're going to be watching those prices carefully. sagging global equities, we've got lack of direction, lack of clear direction on monetary policy. the catalyst today, we're looking at news out of europe regarding greece and also the iaea investigators are working with the iranian diplomats. meantime, watching gold closely as well, slightly lower but it is above the four-month high of 1670, hovering around there and we did see that it was climbing on wednesday and thursday on hopes of more fed easing and also reports that spain is negotiating this new bailout package. last but not least, we could see headlines in gold today, news that the gop might be doing an audit of monetary policy or they are going to suggest it, also suggesting that a commission look into the gold standard. again, we could see action in gold today. carl, back over to you. >> jackie, thank you so much. jackie on the list of big movers you've got to point out auto des

oil prices right now up by just over a dollar. 88.18 as wti crude -- i should have pointed out for the dow, the s&p 500 and nasdaq they are all on pace for their worst week in nine weeks. doesn't feel it's been that bad of a week but we'll see how things end up closing today. take a look at the ten year note. yield at this point is 1.515% back above 1.5. the dollar at this hour after the news we heard yesterday we've been watching the euro very closely the dollar is down against euro at 1.2237. gold prices this morning are up about $6.70, 1,597 an ounce. >> andrew, mr. draghi signaled that the bank in what would normally actually be a marked departure from current policy, so we did say yeah i'm going to do this. but it didn't -- he didn't say i'm doing it today. >> time still saying this is incrementally moving the right way. 90 point here. we had gone up 500. we'll be up today. you're very cynical about this. which is fine april and you're worried about it. but i'm worried that, you know, have you seen batman? but the first one or the second one? some men just like to watch the world

although wti is back to 92. let's look at the ten year, eric rosengren coming in. the ten year note all the way back surging back to 1.57%. the dollar this morning, 1.24, euro hasn't seen levels like that in quite a while after what we saw last week, draghi comments have bolstered the euro. finally gold, would you think might be moving in the opposite direction of the dollar and it is. it's up just a dollar, 1600 a troy ounce. >> top of the market report and olympic update. kelly evans standing by in london. miss evans, i happen to be writing a column and going to sleep early and i missed the olympics. give us an update on that and the markets. >> mr. sorkin ufrs doing some work of my own so i'll save the olympics. give you a quick update on the markets because there's been quite a lot of action overnight. i'll let joe fill you in on the extraordinary women's soccer match. decliners out pacing decliners by a 3-2 ratio this morning. a choppy trading session in europe. we started out with a broadly positive tone but pulled that in lately. europe stoxx 600 is down abo

a lot of chatter earlier in the year about the impact that had on the wti price., the chatter is is about the north sea production and how that's been hampered and whether that is affecting the brent crude price to the point it's not a great global gauge at the the moment either. natural gas, definitely the biggest mover. a lot of volatility in natural gas. you saw that big spike. bullish and much more bullish than expected, but didn't really last above the $3 mark and now, we're seeing a sell off as we close below 2.88, traders tell me we could see a wash out to 225. back to you. >> thank you very much. still waiting for man u. to start trading. we're going to talk to the ceo as soon as it does. you can barely move in here. before we go to break, look at this morning's early movers. okay, here's the plan. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my mother was so wrong about you. next, we get priority boarding on our flight i booked with miles. >>> manchester united, i believe, did open for bre

. >> we're watching wti prigss. they are falling this morning.ntioned isaac, of course, downgraded to a tropical storm. we're seeing it move inland and easing a bit. traders are still watching for reports of significant damage. but those reports are not likely to materialize at this point. yes, we've seen some production shutdowns. but those have been pretty much precautionary. the next thing, of course, to watch for is power outages as we look to restart some of those facilities. traders also looking to bernanke tomorrow and looking to china for that manufacturing data this weekend to get a little bit more of a better grip on what's going on with the global economy. of course, weekly natural gas inventories, they are out later this morning. we're looking at natural gas prices slightly lower ahead of that. we'll check back in with you then. back over to you, kelly. >>> moving on now, barclays has picked a new leader, tapping its retail boss anthony jenkins at the british bank's new ceo succeeding bob dimon who stepped down in the wake of a libor

wti, brent both pulling back slightly.ake a look at the ten year treasury yield, back around 1.65. that's where we set, 1.656 is where the ten year note current leadership sits. take a look at dollar. lot of focus over the dollar. euro has had a nice run. gold was giving a little bit back this morning as well but very much in the focus of fed watchers as well. there's a look at gold down about a quarter of 1%. let's get our trading block. ceo of macro risk advisors and the editor of ultimate wealth report join us. guys, welcome. dean, turn to you first. rally over or is this just a breather? >> it's hard to say. the market has been very choppy, sideways seems the direction. we spend a lot of time on market volatility. one thing we can say about august there's been be a absence of volatility. people have taken vacation. people don't seem to have conviction right now. there's a lot of let's see what draghi does, what bernanke does. >> you can't tell? >> it's very difficult to say. our work is focused on trying to hedge portf

. $96 where we are on wti crude at the moment. >>> up next, we return to focusing on the preparationssaac. hurricane warnings for the gulf coast abound. states of emergency declared as you'll be aware probably in louisiana, alabama and mississippi. the latest on the storm's track plus a live report from the coastline, straight ahead. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... experience thehas your ticket pressure-relieving comfort of tempur-pedic, and sleep risk-free with sleep train's 100-day money back guarantee. get 36 months interest-free financing: no down, and no interest for 3 years. plus, get free same-day deliv