be long of wti.m here on out one wants to err on the side of being quietly bullish in the crude oil market. >> basically, base odd on that trade, it sounds like you're expecting that trade to widen. so the narrowing of the spread between brent and wti which has really nailed the refiner trade in recent days and weeks, that's done? you think that's where it's going widen? >> oh, no. i think wti continues to narrow its discount. i think wti eventually goes back to a premium over brent crude. we have to remember, going back four years ago, and then going back for the previous 10 or 15 years prior to that, wti had always sold at a discount to -- excuse me, at a premium to brent. brent had always sold at a discount. and only in the past several years has brent gone to a premium. that premium is narrowing rather dramatically. and i think wti goes back to what has historically been a premium over brent. so, again, i think one can be long of wti, short of brent. and at the same time, one should err on the si

if you look at the differences in price between wti and brent, brent is higher at this point. so naturally, the participants will go for the lower priced crude oil, which is wti. >> but for the moment, we wait and watch, u.s. crude oil down in the last 13 months put money in our pockets. retail gas prices 10 cents lower than they were at this time last year. for "nightly business report," i'm jackie deangeles. >>> and looking at travel port, tonight's market focus, shares of the travel services company were higher in their debut on the nyse today. four years ago the company attempted a london ipo but it withdrew because it lacked investor support. now blackstone has priced the company with shares at 16 apiece. the ceo said the company will deliver for shareholders. >> we have no debt due in 2021, the interest payments have gone down by about half, we're a very cash generated business, now we believe further with the public and will pay dividends to our shareholders. >> shares rose to 16.40. >>> and scholastic posted a wider loss than expected as the harry potter publisher had

maybe give incentives to retool and recorporate and refine wti. washington has a big item on their plate. >> thanks so much. we've got an action packed live show at 1:00 p.m. melissa, back to you. >> thank you so much. let's talk about crude today. because interestingly the dollars strong in both wti and brent are higher, steph. >> i think the dollars just going to be a head wind in general for the commodities. it goes back to what i said about the other stocks we bought today. look for special situations. we sold marathon and ox dental. those i would actually get back into if you see a bigger dip. also chevron is down from 134 and slum bro jay, reached a high at 118 down to a hundred. there are certainly some values here. >> how about the refiners? do we leave them for dd dead as we is spread narrow? names like western. these have been ugly months for these guys. all very tough months. >> my opinion is i think you have to be patient and wait. i don't think it is time to jump into the refiners yet. but when i look at this i think the derivative tr

brent crude could be like $150 and then wti is $30 lower than that. right? >> that's correct.hat's correct. and the reason why that happens is the u.s. gulf coast refinery complex is designed to take in medium to heavy -- sour crude and the light tight oil needs to get discounted because it's nowhere to go for it to really be -- to really be pulled into the complex. so which makes that $30, basically a difference of the international prices, yes. >> so to follow up on mandy's question, do you believe that in ten years oil prices here will be lower than they are now or higher than they are now and much lower than the international price? because that's an important segue to the next guest. >> under the best case where we don't have the strong upside from enhanced oil recovery and so on, we believe that will be about $10 cheaper than international. $6 of which is because of the quality discount because it's -- the crude is much lighter here and about $4 is the transportation part of it. >> all right. >> brent and wti will hover around the $10 range for a while. >> all right. tha

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you can see wti and ice brent down a couple points or so. natural gas having its worst day since july 13, down 3.5%. the energy sector is the worst performer, you can see they're down about 1.7%. danbury resources, s&p energy. >> nice mov >>> cowsteres is the nation's largest pension fund, a $185 billion portfolio last year realized an 8% return and that was the highest of all u.s. pension funds. to tell us where he is putting money now is christopher ailman. good to have you with us. >> good to be here, tyler. thank you. >> the performance last year was really terrific in a rising market. how about this year? >> this year is proving to be a challenge. just like you said earlier, we don't want to be a market timer, but this equity market is obviously very long in the tooth. it's starting to flatten out a bit, so for us we're skimming some of our profits off the top, but we're staying invested in u.s. stocks. >> to your point there, this bull market is now more than 2,000 days old, one of the longest and sort of upward sloping bulls of all ti

short term price target here $88 on wti. back to you. >> thank you very much.e gasoline up nearly 20% which is translated to cheaper gas at the pump for us. it is 4 cents lower than a week ago. and about 13 cents lower than this time last year. the good news apparently for drivers could continue. gasbuddy.com says gas prices will continue dropping. >> interesting. we will be watching that for economic impact. >>> preorder numbers for the new iphone are in and they are ridiculous. josh lipton is in san francisco. he does a lot of this kind of reporting. how much more ridiculous is it than the ridiculous we have come to expect from the ridiculous sales? >> tim cook was quoted as saying this would be the mother of all upgrades and he wasn't kidding. preorders for the iphone 6 and iphone 6 plus hitting a new record, 4 million preorders. let's put that in some context for our viewers. the iphone 5 did 2 million preorders in the first 24 hours when it launched, demand outstripping supply. cook saying in a statement iphone 6 and iphone 6 plus are better in every way a

wti over $92 a barrel. this is a supply story on the u.s. stied.re is a lot of supply in the market. you mentioned the fed on wednesday. traders are going to be watching closely. the dollar index at 84 handle. that is what has been taking these prices lower. in terms of price targets, traders telling me wti the next stop could be $88 a barrel the next critical support to watch. >> thank you very much. good to see you. >>> billionaire activist investor bill ackman making headlines planning to float a fund on the amsterdam stock exchange with the hope of raising at least $5 billion. would you invest with mr. ackman? log on to cnbc.com/vote and weigh in. he has had a very good year probably a good time to do this. >> absolutely sue. i'm sure timing has to play a role in this. bill ackman looking to raise capital for years. with the hedge fund up more than 30% through the end of august he is ready to pounce. holdings a foreign offshoot will begin trading on october 13 in a deal expected to raise about $5 billion. that should add steam to the 2.9 billio

>> you have to be short and brent, it's going continue to lose its premium to wti. we forget except for the last three years, brent has always traded at a 2% to 3% discount. >> thank you. dennis gartman. >> thanks. >>> gasoline prices have been steadily going down. in fact, since memorial day, prices of gasoline, the national average down 6.2%, karen. that gets go a silver lining for the retailers. >> you would hope because they certainly get hit when it goes the other way. thing the back-to-school subpoe season has been good. i really like it here. >> you say you like xom? >> i do. >> but if we go to 85, do you like it then? >> i'm not convinced that's where we're headed, by the way. i understand what dennis is saying. i think no correlation whatsoever between jet fuel and energy by and large but the airlines definitely went to this as well. you had a nice names. >> tonight ccnbc will have live coverage of president obama. >>> dr. j. is watching noble energy. >> this one, noble, we had the october 29 calls bought in big numbers today. now does this mean this is goi

the brent wti is complex. although there's -- if you want mickey mouse argument that brent price will stay very elevated and there's way too much u.s. crude and it's going to get really cheap, we don't really buy that because the refineries are running more of this crude and we think that's positive. it's not as simple as just calling for a blowout. it's saying there's more and more cheap crude. they're maintaining the price, which takes pressure off the export bound being lifted. one of the big fears is that we allow crude exports, that greatly narrows the spread. our view is a longer term view in refining. it's such a mega theme. >> mpc is the first one. why? >> they run the refineries. the first thing you do is you run the refinery. if you don't, you lose three ways. so that one has got the best management. great mlp story. that's why we like western, which is the second name we've highlighted to you. the smaller names, the price of crude as priced at midland where you have a real oversupply story that merg

looking at wti crude oil prices at 93.01.rent futures dipped to two year lows on concerns that supply is outstripping demand. there's also related news we've been covering, china's economic growth appears to be slowing and that is weakening demand for resources not combined, that doesn't tend to help commodity sensitive economy such as australia and we've seen sydney's s&p, looking at levels right now, fallen to 5 and a half month low against the u.s. dollar and china stocks are down for the week. he'll keep track of those to see how they head into the weekend and how japanese shares relating to both china markets and emerging economies fare today as well. so far we're seeing nikkei and topix in the positive. we'll see if that continues into the morning session. >> thanks for that update. i'll talk to him in a few hours. >>> a panel of experts has been taking a close look at the health of japan's economy. they've just handed in their report card. more than half say the things are getting better. government officials invited 6

wti and brent expanding losses and spot gold is down, as well. close to a three-month low. so investors have been selling shares of commodity heavy indexes such as sydney's asx 200 and follow that today. later this morning, we are also getting china consumer and production price numbers. china, of course, is australia's biggest trading partner and dent in demand of china is very closely affected by the likes of sydney's index. we'll keep track of all of that but the nikkei and topix in the positive. back to you. >> all right. thanks a lot for that update. >>> and as he mentioned, moves by china are closely watched around the world. so observers took note of remarks by premier on the chinese economy. he said he's confident his country will achieve its targeted growth rate as it speeds up the pace of product ral reforms. li spoke at an international meeting held by the world economic forum southeast of beijing. he said china will achieve the target growth rate for this year of 7.5%. li also said the government will slash the time needed for complicated administrative procedur

there's a best case scenario priced into the differential between wti and brent and in terms of product or their foreign competitors. some of that is coming to an end. gasoline prices are getting cheaper and it's good for the u.s. consumer and the backdrop of this if you look at the university of michigan surveys people feel confident and wholesale gas prices are down 30 cents from here. >> how come we're not at new highs? that's the question. >> and the positive spin is the airlines. >> all that good is in the market. what next? >> i tell you what, the market is going to take a pause. if you throw the beginning of rate hikes being moved forward which half the street did you're going to have a period of being unnerved. these market versus been so complacent. think about the taper tantrum which is now -- i'll call it the tinker tantrum because we don't know what to call it but people think the fed is moving back into the market sooner. >> the market may have ended down for the day but some names that suffered brutal losses this year are showing signs of a come back, sprint, lululemon, be

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there was a while back, several years ago, when canadian crude was $45 below wti.o you can get those sorts of circumstances where cash crude oil, depending upon where it is being produced and whether it can be delivered upon, can get to huge discounts. i'm not surprised to see somebody make that statement at all weekend we are probably going to get, before it's done, a year and a half ago, i made the statement that i thought before it was done, we would probably put pressure upon the frackers and the only way we will put pressure upon the frackers is to take wti on the board down to about $85. maybe we will get there. i'm not going to be a presser of that issue, but that's what it's probably going to take, probably going to take $85 on the board and then a large discount for the basis for spot crude to shut off that sort of production. whether that's going to happen or not, i'm not sure. >> before we let you go, dollars, still gonna go much higher from here, do you think? >> i think this is the start of a protractible market, bill, in the dollar, i think money want

this morning, up about 40 cents for wti. 93.23 is wti crude. brent is $98.28. ten-year note, ticked slightly higher this morning, 2.562%. also, the dollar, if you're taking a look at how it matches up, it is up against the euro. euro is trading at 129.2. dollar is up against the yen at 107.16. dollar is down against the pound. with gold, it was down for the fourth straight session yesterday to an eight-month low. $1,238.40 an ounce. >>> and the latest on the pulse of the consumer, retail sales will hit at 8:30 eastern. how will all this play out in the market? let's ask rebecca patterson. also with us is steven lighting, global chief strategist as citi private bank and make up -- no, a couple of girls get something makeup, you said you're next year. >> yeah. or maybe you can go to scotland and there would be a whole new fun currency you bring home for your kids. >> and you thought maybe it was the gild because it rhymes. >> but as you said, today we have big news in the u.s. are he are tail sales and i think the consumer is going to continue to benefit from low

wti, different story. very free floating and very much supply driven. that continues to increase as we have the dip to widen out over time. >> chief market strategist at teppas partners. >> seema, did you enjoy the first day? >> it's wonderful. thank you for having me. i'm excited for smart, savvy conversation. we'll watch the scottish referendum with the alibaba ipo. a lot on the plate this week. >> we'll do our very best. >> well, exactly. a lot on the agenda this weekend and more to come as well. and the fed meeting is probably the biggest talking point. >> and if janet yellen changes her language, that's what investors will be looking for. >> i'm carolyn roth. >> i'm wilfred frost. >> i'm seema mody. "squawk box" is next. >>> good morning. welcome to "squawk box. "the fed is front and center with the markets waiting for janet yellen's next move. >>> and alibaba's ipo road show will kickoff. we'll unveil the plan for global domination. >>> and snp miller wants to grab a heineken, but not so fast says heineken. "squawk box" begins right now. >>> good

with e have wti, trading higher at this point after bouncing off of a 52 week low, the lowest it's beenince may 2013. brent joining me from the chicago merc. and what can we make of this trading? normally the bombs fly, the attack on isis we'd see a big move to the upside. >> not surprised by the small move we're having right now but ultimately i this this is bearish crude oil. as isis fights for survival it can't take more lanld over or oil facilities over. >> and we can't see production notwithstanding of all of this fighting in the region. jim, what is your take? >> we've been ignoring global head lines for the long time. at the end of the day my opinion the predominate factor is the strength in the dollar. the dollar tried to go lower today and turned it around. i don't think it's going lower any time soon. >> so we still have the dollar as a head wind. notwithstanding the fact we are effectively at war with isis. for more on oil trading and goal look online at features now.cnbc.com. tune in. >> thank you so much. joe, refiners, trade them. >> i like the refiners. cei, is carl icon

fact, if you look the brent crude which is more sensitive to that was down today, in fact down against wti. the market in a downtrend, the long-term objective would be 88.5 for crude oil, there's going to be the battle of $90 coming up. i wouldn't worry about that. if nothing else, let's be happy everyone is happy with gas prices. they've all come off, nobody complaining about gas prices in the last three weeks. liz: when it ticks up, everybody is blaming somebody, the administration, traders. >> traders definitely. liz: you get the brunt of that, great to see all of you, have a great weekend, thanks so much, guys. >>> closing bell ringing in 49 minutes. americans opened up their wallets a little more in august, but what exactly did they buy? and more importantly, which retailers, they're not trying to trick you but working on the dark side to try and figure out how to get you into their stores and to buy their products in a different way than you've ever seen before. brian sozzi, dug in, he shown a light to reveal what he found, i know it sounds like a pink floyd album meets retail analys

wti is close to $95 a barrel, a 2% move on the day, and brent crude is trading at over 102. back to you. >> so the dow is hitting a record high. what does the falling commodity prices mean for that sector? todd rosenbloom is here. good to see you, todd. >> good to see you, sue. thank you. >> what do you think about the dow in general? when you look at that sector specifically, are you bullish on it? >> we are. we're bullish on the airline stocks which make up a good chunk of that index as well as the air freight logistics companies. we're seeing demand improve, we're seeing good things happen from a revenue perspective for these companies, and if oil moves down, that is the kicker that is actually the larger cost, is energy prices for these kinds of companies. >> it used to be airlines would hedge their fuel costs and jet fuel was a little bit different kind of animal as crude oil is. but does a drop in crude and/or brent directly impact the bottom line of these companies? >> the commodity cost is a major cost. in fact, for airlines it is the largest cost factor. so if you s

wti. >> that is ridiculous. >> down by three dollars. 3% to the down side.% in just the last three months. i know the bears are watching that closely. >> and hovering right above the two year low for much of the quarter. incredible drop in crude. and then gold which had been flirting with an eleven hand all morning long gets back to it. and. >> incredible move in gold. i know one everyone is watching closely. >> in the meantime a couple pieces of apple news for you. first the eu officially ruling the tax deals in ireland for apple were illegal. no things decided but it could mean billions of dollars in minus. china has approved the iphone 6 for sale across the country. that might be helping shares a bit this morning. october 17th i believe is the launch date. and john fort was writing earlier on this morning how they might take bite out of the emerging gray market over there. all the iphones smuggled into the country since it went live here. >> with record numbers ex china and now adding china in, that is going to be a stunning sale for apple. >>> finally we

your first clue it if something bad happens in the middle east will be the brent wti spread. has best intelligence in the middle east? the oil kaechs. they know if something happens before anybody else. when you see the spread begin to widen. right now it is about $5. back in 2009 it was 20 and then again when the -- >> kind of a sad state of affairs. thank you very much. the oil companies have the best intelligence in the middle east. >> with good reason. i also want to mention extra supply from libya. i think iraq reaching a record. a lot of supply to try to counter act potential problems elsewhere. thank you. >> thank you very much. >>> they call it the death cross. it is a term for what just happened to one stock index. two top money managers say don't fear the small cap reaper. >> last call to yesterday's mystery chart. maybe it is too easy. it is the best performing restaurant stock this month, this quarter and this year. some people wouldn't classify it as a restaurant. the big reveal coming up. chims sfx: ambient park noise, crane engine, music begins. we asked people

the price of oil finally wti crude you would imagine you get a bump in oil prices. get that and well off the highs of the day up about three quarters of a percent. dan mcmann joins us here. how are you? >> doing well. >> are you inclined to want to buy the market with the decline here or do you see more coming or what do you think is going on? >> we talk about a two-day decline as if the market were off 10%. it is an enigmatic market at this point. bullish indicators are strong. you talk to the common man, they want the know why is the market so high? you have geo political risk. a modest economic -- past the -- we near an expansion now. modest albeit and still bullish. >> not that much of a e anythin. i don't feel the economy is that strong. there is -- that's where the disconnect exists. >> 100%. there is all this cash in the coffers and starting to see m & an activity. you mentioned the death cross in the russell 2000. they don't call it a death cross because it's going to go higher but the russell 2000 underperforming for a year as people are chasing the large c

wti, around 93 and change. we're seeing brent crude around $100. so losses of a little more than 1% today because , losses at 2% of that dollar. >>> right now we have the dow jones industrial average up to 43, that's a quarter percent to the up side of the s&p. the nasdaq is up, too, by almost 7 points, and the yield is .2%. also live from the cboe, dan deming with he cequity armor investments. it seems like they're getting a reprieve by those who thought high interest rates were coming sooner than later. >> i think that's true, but people are very skeptical. people are very, very skeptical about that number this morning. it seems completely out of line, so therefore the market once again seems to be confused. that being said, the census rate certainly not going to move higher any sooner than the expectation, which is next summer, right, 2015. >> dan, would you agree with that, and is that what the market is telling you? >> i tell you, what's going on here, s&p 2000 certainly served as a magnet. i'm telling you right now, that's kind of the same se

price is, what you'd see wti that you flash up on your screen versus more of a global price brent.bout a $6 difference, and that's because there's so much supply in the u.s., it deserves a discount of $6. lori: in terms of supply, dueck these fall -- do you think these falling oil prices, john, will cut the big jump, the pace in supply growth we've seen in the u.s.? >> no, no. it's still there. we're still finding a lot of oil, and there's still a lot of money to be had, so we're seeing production growth rates are up 17% year-over-year. very, very high historically, but they're not coming down much. but the evidence so far says, no. we're still producing a lot of oil, but there's still a lot of demand out there too. lori: have you seen crude oil bottom here? >> yeah, i actually do. crude has been in this narrow channel between 09 and 110 for a couple of years now so even though we get caught up in the short term of, hey, it was at 102, now it's at 92, it's been in a $20 band for about two years now. we're at the lower end around 90, i'd expect it to bounce close to 100, and it'll w

the spread between wti and brent going lower because of the dynamics on supply and what opec is not goingo do this week. tesoro has been on a rocket ship. the stop . >> you were looking at homebuilders? >> yeah. i thought it was interesting in light of what everybody's saying is going to happen to rates. some say rates are going to stay level. if that's the case, jpmorgan will likely be right with this. if you get 2.5%, 2.6% ten-year yield and the economy chugs along or even improves, the homebuilders are going to be set up for a big rip. i haven't pulled a trigger on a buy. but i thought it was interesting what jpmorgan said. >> financials an underperformer in today's session? >> a few things. things started off negatively. and then the cfo of jpmorgan spoke and gave mixed messages. all in all, i didn't think it was bad but talked about maybe a little bit of sluggish loan growth. the only positive thing is once the markets started to sell off, they didn't really sell off any more. the markets caught up to the financials. so disappointing day. but hopefully a blip. >> guy? >> home depot,

it's up to $93 on wti. back with our guests here. what about oil?ed to be that you'd say, wow, this is gonna be great for the economy, the price of oil goes lower but energy stocks have been so tied to the stock market lately that that could put a crimp on the stock market style. what do you think? >> i think right now, one of the bullish cases for the u.s. is u.s. energy production and that's what's filling this gap causing a you will these things in the middle east to have very little impact. >> it is a game changer, isn't it? >> a complete game changer. i think we have so far estimated it, but even exceeded what our estimates would be and where it's gonna go as we move forward. >> i couldn't agree more. the one kind of thing you have to realize here is that oil is primarily going down because of strength in the dollar right now. there is a demand dynamic that's weak right now, but it's mostly dollar strength and so as we see that dollar strength continue, dxy at 84 today that could have a negative effect on corporate earnings as u.s. s & p 500 co

there's wti crude down 2 3 slshgs 2 3/4%. >> equity energy needs because i think that's where most peoplere. this is broad based. i'm not sure of the reason. it's in the refiners. normally i would say it's a great opportunity to buy, and this time around, i'm cautious. >> you've made the case recently for energy in the latter half of the year. >> i have. >> are you concerned now? >> i am. >> the economy continues to improve. you got a problem in energy, don't you? >> all the conditions are in place for energy equities to do well, you would think. you would think they would be having a strong cycle here, the economy improving, they're economically sensitive to that. when you can't find a reason for something to go down and you're along those names, you better be concerned because i am. >> nike has reportedly signed a 20-year shoe contract with nba star kevin durant which could be worth $250 billion. under armor, however, was not left empty handed signing supermodel giselle with an undisclosed amount. it's hard to say armor lost. >> i don't think giselle will move the product like k. d. wou

wti crude selling at an eight-month low today. and brent falling bowe 100 bucks a barrel for the first time in 14 months. energy names like exxon, halliburton, schlumberger, all dragging on the market. the top five in the s&p 500. four of them, pete, were energy stocks. are you worried about this allergy trade with crude where it's at? >> i think what we're seeing is a rotation in the market. this was an area that was outperforming for a very long time. we had seen the energy stocks move into the upside. i think what i'm looking at as oil is dropping is last week we talked about some of the unusual activity in the airlines. take a look at the way the airlines continue to trade to the upside. the transportations in general, when you look at the rails as well you. had new 52-week highs in norfolk southern, in canadian pacific, in canadian national. you look at the airlines as well. continue to move to the upside. ual, dal, ha. across the board, we continue to see that move. so rotation, that's been the story of 2014. when somebody h

wti, on the other hand, seeing a little bit of a bounce today.ers saying it's buying the dip mentality. and i do want to highlight here that there's also a supply/demand issue. you've got the iea and opec cutting demand forecasts. supply is rising. so that is probably going to push these prices lower. back to you. >> okay, jackie, thank you very much. and that does it for all of us on "power lunch." ty? >> sue, they miss you down here. we'll see what's coming up on "street signs." hey, mandy. >> hi, guys. energy prices dropping, yeah, it's a boost for us, the consumer. what does it mean for the investment thesis for energy stocks? also, what one chart tells us about how people around the world feel about their own respective economies. and will sports betting in new jersey give the state the revenue it sorely needs? that's the question. lots of things coming up. "street signs" begins right after this break. for better access to talent, cutting edge research, and state of the art facilities. and you pay no taxes for ten years. from biotech in broo

well, the big thing today is you had the brent down almost 100 points, down a full dollar while the wtid firm. and that could be because the pony express papeline that was supposed to be -- pipeline that was supposed to be commissioning failed testing yesterday, and it's 230-260,000 barrels a day, and now it's supposed to be delayed until november. cheryl: all right, guys, thank you very much. appreciate you coming to the floor show. there is oil, we're going to keep a close eye on the contracts as we move to the close. closing bell coming up 16 minutes from now. all right, talking about ford making a huge bet on aluminum. its new f150 trucks, will they be as durable and strong as the earlier f150s people love? jeff flock got an an exclusive look at the new f150 of the future. he's going to be joining us live which is always good. and home tebow now saying -- home depot now saying it was the target of a major attack. why did it take a week to confirm a breach? one of the top experts on hack attacks is going to join me. he's got some answers. we'll be right back. ♪ ♪ hard it can be...how

really seeing any -- aren't really seeing any knee jerk reaction at all, and what we've seen today is wtiower. and usually our products are reflective of what the brent does, our products are higher. why are products higher a little bit? because the price of the dollar value between our products and crude oil so low to begin with. and that's what the refiners are really worried about. their profit margins are very low right now. liz: you know what? this is all great news when you look at crude at $92.97 orsing,s markedly lower. thank you, gentlemen. the dow is up, but closing bell rings no matter what. we have about 37 minutes away from it. nearly all the ipo talk on wall street really does surround alibaba, swirling. but then news today about another company that's been trying very hard to go public for months now but got caught up in the uproar over high frequency trading. charlie gasparino is about to break news on that. he's rushing down to the studio with exclusive details on this, and the insiders who all matter so much to this story and how we all trade stocks. >>> and want to wear

today we had the brent down almost twice as much as the wti at one point, and the november contracts, our front month keeps holding around the mid 90s. now, do i think that's going to happen again? i doubt it. fundamentally, we should be heading south. we always get bullish news, but i don't think we're going to get the bullish news this time. i think we should break those lows in the low 90s and finally heads toward the number of around 89 that i've been expecting for some time. cheryl: cheryl we're at $91.52. peter, thanks very much, todd, doreen, appreciate it, guys. closing bell's going to ring, 43 minutes to go can. i brought this up with the floor show, is the u.s. housing market cooling off? new data that came out today suggesting buyers may already be hunkering down for the winter. the ceo of hovnanian enterprises is going to be joining me during this next part of the show. >>> and not far from our studios in midtown manhattan, hundreds of protesters have been on the march. ashley webster is there live right now. ashley? >> hey, cheryl. thousands of climate change protesters h

oil prices we have been watching so closely as wti continues to slide. brent is down this morning as well. wti down 75 cents to 91.52. questions on what opec will do if we fall below $90 a barrel. and look at the ten-year, we are yielding above or just at 2.6%. the first time we have seen the yield on the ten-year in quite a while. the dollar continues to be strong against the euro. you'll look this morning at trading the euro at. and gold prices are sitting at $1200. >>> let's talk politics. hillary clinton and bill clinton taking a trip to iowa. the former first lady making a speech to rally democrats in a gubernatorial race for tom harkin. is this the first step in running for 2016? john harwood is here, the answer, sir. >> i'll answer your question as soon as i have a bit more coffee. >> can't work without it, john. >> exactly. yeah, look, every sign indicates that she is running. like a lot of politicians, they prepare for races and they get very forward leading about it. there's an off-ramp there if they decide for personal reasons or political rea

. >> let's talk oil finishing higher after wti crude prices touched 16 month lows in the session. beakers looking after the longer data futures brings us to the chart of the day. >> right. >> what are you seeing? >> we're all talking about how oil tanking and this glut of oil. when you look to 2015, 2016, you look at december 2015 futures, they're up 4% for the year. oil futures, basically flat and down considerably. go up to '06 up 17% for the year. what's the oil market saying. they're saying this glut of oil is temporary and the reason why they're saying that is when you look at some of the depletion rates in the bakken shale oil they're 70% plus in the first year. as soon as they drill a hole within one year 70% of the oil is gone. they're on this constant treadmill trying to get oil out and they've drilled the easiest wells first. so the further out we get in time the harder it is to get oil out and you saw real nice reversal in oil. so perhaps, perhaps, the short term in the short term the oil sell-off is done. >> that was the most interesting. we had dennis on last night wh

wti at 93.45. is scrambling to deal with another central-bank's actions.surprise rate cut a few weeks ago. it is taking extreme measures to maintain the fund's stock rice. -- stock price. mary childs joins us with a look at what is going on. what does this process entail? >> people use money market funds for cash management. the park money and try to forget about it. the problem comes in when we are in a negative yield environment. ofn you have the specter breaking the money market and that means you will lose money on your money and that is the safest stuff out there and that really freaks people out. newally, you distribute shares to keep the value constant. instead, they will disappear shares instead of losing value. good thing.s a people are perceiving it as a good thing because they want the mechanisms to work. they want the money market options to work. the other option was to dissolve the fund. jpmorgan put a similar thing in place in july 2012. when you have this government focused fund, you need to do things about it. >> i mentioned how we got who

on wti initial resistance is $92.6.rend signals or oversold buy signals for that contract. >> on the s&p, bad breadth but not enough to worry about. katie stockton, always good to have you on. >> thank you. >>> as the growth in the housing market appears to weaken, which are sellers' markets and which turning into buyers' market? diane olick is live in washington. >> the housing market is cooling with the temperatures. some great for sellers, others better for buyers. thank goodness we have a new list and surva i to tell us which is which. according to zillow, a seller's market is not necessarily where prices are going up but homes are on the market for a shorter period of time. price cuts occur less frequently and homes are sold at or above asking price. a buyers' market is where homes stay on the market longer. there are more price cuts and homes sell for at or less than asking price. drum roll, please. the top sellers' markets in california. seattle, dallas and denver round out the top five. riverside and las vegas a

. >> if you look globally, the amount of oil we discovered, oil, if you look in the u.s., wti is stillin the 90s. brent is in the low 100. you think think old would be at 121.30. what that is telling su there's a massive supply of oil out there given the fracking we've done in the u.s. and to the rest of the world. that to us is look where you can refine, where you can export out of the u.s. the cost of producing oil keeps on going up, but the revenues keep on coming down. i would rather invest in companies that benefit through lower imports from oil, because the consumer has a less tax on them. our view is oil will stay at these prices if not lower which will benefit as a tax production. >> is that why you like the air lines, as well? >> we do. what they've done is the classic combination of consolidation, cut capacity, and really you haven't seen any new capital come into the market. you're talking about people complaining about their seats. all that is because there are no seats next to them. and you want to buy water, you want to charge -- you know, you want to put a bag through, a

as we know, wti declines by $6.32 to $96..08. brent down to $4.79 to 103.40. it says a slowdown in demand growth in the second quarter caused by a weaker outlook for europe in china underpibed those downward revisions. it said compared with a year ago, global supply was 810 thougs barrels per day. referencing geopolitics, the iea said while -- conflijt in iraq and libya show in signs of abating, prices remain muted, that because of weakening demand growth and supply. we will be talking to the bnp senior oil strategist in did 20 memberships time. >>> president obama outlines his plans to fight and ultimately destroy the group isis. the president says he's preparing the u.s. for a relentless war for syria. he's authorizing and expanding air strikes in iraq. president obama is also urging congress to approve a program to train and arm syrian rebels in a fight both isis and the assad regime. >> this counter terrorism regime will be weighed to take out isil wherever they exist and using our air power and our support for partners on the ground. this strategy of taki

i think a couple of reasons why, one is it depends on where the brent wti traded. got back from houston. most of them are saying $7.5 pi. we will slow down a lot of that shale growth. >> we're on the cusp and growth is going from stimulus to one of where the economy is more economically table. whenever that happens, markets always question that. ask when we move, is the economy actually sustainable? we're in that period, particularly in the united states at the moment. >> it's lacking. it's not taking this is the moment necessarily to sell. it's saying if you were to get a rally back up, maybe towards 1200, it's probably not going to last. >> and the last guest there talking about the underperform of the small stocks. we're going into the end of the third quarter. we're going into jewish holiday. usually as one of the market viewers has indicated, there's usually some drawback ahead of that. maybe we shouldn't worry about it too much. >> if there is one thing the market has shows us, it does not follow history. the whole sell in may and go away. the s&p 500 has ste

you can see wti up just about 0.5% right now. transports are lower.orrow we should see how federal express will impact this group. it will be reporting its results tomorrow. $1.96 is what investors are expecting ahead of that report. stock is down about 0.5%. regeneron receiving break-through treatment for eye treatments. the stock is responding favorably. dow off about 26 points, nasdaq down 12%. back to you. >> thank you jim, we do have an important development in the continuing battle between el again/valiant/pershing square. it would seem to have allergan's decision to hold a meeting with stock holders on the originally scheduled date. it will now take effect december 18th. most importantly without restriction. many times i reported on how many of those consents they were taking in. they reached above the 5% mark. when you take into account the 51 holders of allergan stock that put in their consent, the overall percentage would be 39%. that is not what they filed with because of the various impediments, if you will, that allergan put in place, whe

the bounce we are seeing in wti not on geopolitics, but buying the dip mentality. is well supplied. i do want to take a quick check on gold. it's hovering around that $1210 level. traders are saying the next stop could be $1125. metals, a place where that stronger dollar is having an impact because they are down across the board. back to you. >> thank you, jacqui. when we come back, from bending iphones to pulling an update, several complaints from several users. how concerned should investors be about the problems at apple? it is the worst performer on the nasdaq 100. [ male announcer ] some come here to build something smarter. ♪ some come here to build something stronger. others come to build something faster... something safer... something greener. something the whole world can share. people come to boeing to do many different things. but it's always about the very thing we do best. ♪ it's in this spirit that ingu u.s. is becoming a new kind of company. but it's always about the very thing we do best. one that helps you think differently about what's ahead, and

some of the commodities, oil higher as a result today and, well, the wti crude finishing up 2% in today'sr, one of the most economically sensitive metals out there. look at that. took off. which some thought that was some short covering but we did hold the gains there with a gain of 2.4%. terry, oliver, appreciate you joining us. what did you make of the trade today? very interesting, wasn't it? >> i thought very interesting because, you know, i didn't expect china to make a move like that. i don't think anybody did and we saw the spike. but i think that, you know, copper is indicative of the fact of looking for the economy to pick up strength. >> traditionally that's what that would say, radiosfigt. >> very bullish and looking good here. >> oliver? >> we're both bullish an think it continues to see a dovish fed. you're seeing global growth pick up in spite of what's happening in europe right now. overall, the selloff and some of the commodities and the strength in the dollar, temporarily overdone. >> right. the next three days, very, very newsy time frame. the fed and the news conference

wti crude selling at an eight-month low today.g bowe 100 bucks a barrel for the first time in 14 months. energy names like exxon,