if you look, chris christie did much better. if you look, marco rubio did much better. in fact, marco rubio right now has more delegates than, you know, kasich. i mean, he's got more delegates. so many others. all they had to do was hang around. they thought it was inappropriate. it's like a spoiled person that just says i'm staying for whatever reason. so kasich -- by the way, as soon as kasich gets hit with the first negative ad, he's had none, being that's the end of that. it's the only thing he can say. today we came up even against hillary but we will beat hillary so easily and, you know, remember this -- [ cheering ] remember this. i was not going to run according to everybody, and i ran. i was not going to sign, basically you sign your life away and i signed 4 may. everybody started saying wow. then we put if financials. the financials were phenomenal. a little bit like this evening. far better than even people thought. great financials. i built a great company with the help of my sons and my daughters and, i mean, with the help of my family, frankly. i mean, it's

you look at wall street. economic disaster waiting to happen? do you expect the chinese market to slow down? kyle bass: in the fourth quarter they printed 5.8% gdp growth. that's the lowest in 41 years. they had reverse migration for the first time in 30 years. 5.8 million chinese went from urban back to rural areas. i don't know how you define hard landing but they are in the middle of a hard landing. when you look at what's causing the hard landing. it's amal gulls to what happened in the u.s. greenspan lowered rates to 2%. we started raising rates but then we had subprime lending and everything that went on. that same thing happened in china. china has grown its banking system 1,000 percent in 10 years. it only has 10 or 11 trillion of gdp. what's happening today in the last year they went to 100% lending so you saw in the tier one cities real estate went up 70%. point being, they are going to have a crisis similar to what we had. not the interconnectedness and all the problems the u.s. had with europe. but it's just a cycle. they are in. >> d

you look at wall street. economic disaster waiting to happen? expect the chinese market to slow down? kyle bass: in the fourth quarter they printed 5.8% gdp growth. that's the lowest in 41 years. they had reverse migration for the first time in 30 years. 5.8 million chinese went from urban back to rural areas. i don't know how you define hard landing but they are in the middle of a hard landing. when you look at what's causing the hard landing. it's amal gulls to what happened in the u.s. greenspan lowered rates to 2%. we started raising rates but then we had subprime lending and everything that went on. that same thing happened in china. china has grown its banking system 1,000 percent in 10 years. it only has 10 or 11 trillion of gdp. what's happening today in the last year they went to 100% lending so you saw in the tier one cities real estate went up 70%. point being, they are going to have a crisis similar to what we had. not the interconnectedness and all the problems the u.s. had with europe. but it's just a cycle. they are in. >> differe

if you look at the protest in brazil, you are really looking at a situation where you have a countryis very much divided and politically polarized. the politics of austerity which we all know too well, -- it will be a difficult task. tom: a lot of people that come on our transfixed by asian dx why -- the idea of an asian basket of currencies, removed from japan. give us an update on asian tiger currency. what dynamically going to have? >> again, what we are seeing is a large part of the performance a result of being repressed -- you are seeing some capital inflows consequently, but within to see aould expect weakening trend to emerge once mind, we are in living and working in a demand deficient world and no central bank in the region wants a strong currency. the japanese are very clear in that regard -- i don't think that's the reason they are any different. the bottom line would be to see more gradual weakness. tom: how about olympic deficiency? let's bring it back to brazil -- how to the olympics play into the dynamics of brazil and particularly how did they play with brazil gdp? >

if you look long term to future times, have you to keep going to the cloud. however, facebook has been the bellwether because they have continued to perform ever since the ipo came out when they didn't for the first six or nine months. >> that's the one you don't want to have roll over. >> amazon also. you want to see amazon come back with a better quarter. those are the ones i will watch. >> let me point out that i think this speaks to the ongoing discussion we have been having about value versus growth. if you look at intel, for instance, by the way, they beat their earnings estimates for the quarter past but they disappointed on guidance going forward. the stock went up and that indicates to me that value is coming back. put that in contrast with, say, a netflix which disappointed and the stock went way down. i think when you look at apple tomorrow or facebook coming up, the responses may say more about whether value is leading technology and whether that's going to stay the case. >> if you look at stocks like that, maybe people were buying the intels and

when you look at the service industry, i think we still have a good journey ahead of us. >> and it's about not only that pivot, so from industrial to services but also the consumer as well. you were saying to me about the middle class is how pivotal it is in the growth. >> if you look at china, it's the most perceived history for a country. and we still have only a few portion of people from japanese people that are in the middle class and it's a booming economy. if you look at the future, more and more people will join the middle class in china. we continue to grow in the next decade at a very high rate. >> that's disappointing so far, so many europeans and western companies go into china and spend a lot of money building up a presence. and they don't quite get the bang for their buck. are you disappointed with what you have seen in china so far or pretty happy? >> you have to look at chinese history. if you look back at chinese history, china by far has been the most important power in the world until the beginning of the 19th century. then there have been some tough century and now

joe: what are you looking for tomorrow? would you want to see?ct the meeting will be a complete yawn. the bigger risk is the boj later this week. joe: got it. scarlet: thank you. joe: coming up, what you need to know to gear up for tomorrow's trading day. apple falling by more than 7% in after-hours trading, the first quarterly revenue drop in more than a decade, also forecasting a decline in sales for this quarter. falling, now also declining in after-hours trading. ♪ scarlet: i am scarlet fu. "what'd you miss?" atnese industrial profits tonight at 9:30 p.m. eastern time. the i will be looking at fed decision at 2:00 p.m. eastern time. tune in to our special starting at 1:00 p.m. downll be here breaking the pre-and aftermath of that decision. don't miss facebook earnings tomorrow after hours. twitter shares down with a forecast that this is as the men's. that is all for "what'd you miss?" thank you for watching. joe: we will see you back here tomorrow. Âi ton: with all due respect amtrak, it seems like you have an itty bitty problem with your br

do you think it's going up 5 cents or $500? >> i was looking at facebook awhile back and i wish i would have bought it at 30 but i still bought it at 100 plus. that's what determines whether you buy tesla right now. >> i don't hear you making that argument. you talk more about where it is today. >> here's a frame work for when you buy the stock. this is a company that's big challenge is going to be execution. they delivered less than 50,000 cars right here so we're valuing this thing along side ford and gm that sell millions of cars a year and even they have execution problems so let's assume that at some point in the future there's going to be a hiccup. a manufacturing problem. an orders problem. something with the batteries, maybe another consumer reports, trashing, something. if you love the name and you love elon musk and you think this company is going to transform the industry and reap the benefits of being that transformational which is not a given you buy on those hiccups and there's at least two or three a year. you're not buying on a

you look at in terms of pe's and earnings. not been topline revenue growth, where you cover your expenses and taken to the bottom line. that has not been possible. you have had slow growth and slow unit volume growth. the routeb5p to profit increases been cost-cutting. omst are labor costs. -- most are labor costs. we have not seen the productivity improving. whether they are scraping the bottom of the barrel or waiting for for more fruit to ripen remains to be seen but that gain seems to be over, at least for now. francine: gary shilling goes to radio next. our thanks to julian emanuel. bloomberg go is up next. tomorrow on bloomberg "surveillance.," we will be joined by george magnus at ubs. that starts at 5:00 a.m. in new york we will talk negative rights and talking a little bit about m&a. thehe past he's come on program saying we need many more structural reforms. we have not seen them. we see more q.e. the boj disappointed. does that mean they are putting pressure on politicians? that is what we will be discussing next. ♪

mike, how would you interpret this? >> well, lookh some liquidity considerations. i don't know this is necessarily a situation where he's really evaluating what he's holding. you have some liquidity there, and you can obviously source it. i think that's basically what he's doing. i wouldn't read a whole lot into their actions at this point. >> okay. wall street will be celebrating next week as it celebrates a milestone in the bull market. carter? >> by conventional measures, not our view, more than half of stocks down more than 30% at the lows in january. if we were to go with conventional views, this is -- we look at duration magnitude. in terms of duration, the current bull market is now the second longest effectively. and each of these has a time period where those who remember what they were, this is big. this is the post-war era, right? before we got into any trouble. this was '74 to '80 before inflation started hurting things. this, of course, is '87 to 2000. along the way, you have periods where you're down more than 20%. but

in this case, if you look ahead in terms of earnings and add that to the inflation rate, you are looking similar to around 18.5. it has been below 20 since 2010 and it tells you we have not had a really it's -- a really expensive market. carol: is this a good gauge question mark what is the correlation? is it reliable? to the extent that you have seen swings in it. the chart was in the late 1990's. internet bubble in stocks, you see the inflation showing up in that particular indicator. market,revious bull 2002-2007, right around the 20 level. it amped up from that. you could see that is when of bed.ell out stabilizing at a lower level this time around. carol: big-name financials again next week. talk to us about financials so important to the market moves here. what are we hearing? is cominggroup tomorrow and morgan stanley and goldman sachs at the beginning of next week. when analysts look at the financial companies, and you look at the overall figures, they are anticipating a 15% decline in first quarter profits. a will see if that becomes bellwether in terms of companies doing better

right now if you look -- if you look at the 30-year meeting and operating earnings, you know, you're 6.7. you could trade a multiple higher than that a little bit more. you're not going to push this thing. you have to throw the old fed model out the window because, you know, we're not going to see that kind of relationship build, but to be a pe, a handle or even two above the longer term median would not be a surprise at aufrmt all sneed a little bit of confidence to build and from a retail investor's standpoint which, of course, is the bread and butter here of wells fargo advisers, you know, they have been afraid. they haven't been confident. >> right. >> they have been sitting on their hands, but if you see just a little bit of confidence bill. you see a little bit of money come into the market and you'll see a little bit more, a little bit less reluctance to push that multiple just a little bit higher. >> started to see a glimmer today, scott in, terms of the sector outperformance in today's market. consumer technology and industrials, they all did well, those are the sectors, i sh

depending on what metric you look at. u point, okay, well, because of the great recession, you would expect things to have not been that great. but then you also point out more broadly over a longer period of time, the stock underperformed. >> what i'm saying is, the you could definitely justify the board's decision here. but at the same time, you could also justify that this is not one man's position to really move this stock. it's really going to move with what the fed's doing, what the overall economy is doing. that's where i question the fairness. >> also moving today perhaps on zelman downgrading it. that did happen earlier. as she's reminding me right now they downgraded it today, as well. so down like 7%. we like it or no? >> i don't know. i want to see what happens. i still think when you look at the space, the space is going to be okay throughout the remainder of 2016. we have talked about toll, orton, names you could look at on a day where this name is down significantly. >> okay. coming up, the missing link, the

and if you look at social networking, you are probably looking at more and more video on facebook and instagram that you ever have before. more and more people are creating their first video. we actually saw during the ice bucket challenge if you remember that. >> for sure. >> it was the first time for hundreds of thousands of people that they created a video be o facebook. and it was because it was just as simple as it had never occurred to a lot of people that they could do that. and so you think we're just beginning to see the transformation of our mobile devices into things that have a lot of moving pictures on them. and where we feel comfortable. >> but my point s and it goes way beyond data. >> i think it does. there is infrastructure. if you just look at live alone, the amount of difficult infrastructure problems that need to be solved in order to simultaneously stream the same frame at the same moment in time to hundreds of thousands of people all around the world. >> your dd didn't just wake up and start doing this. >> we have an amazing engineering team and part of what we a

, you are looking at the audience's response to that story. e: people have talked about google and search and they have suggested that at some point, you know where i am going, that a challenge to search will take it from people being able to use their friends on facebook as a means to search. has that idea gotten off the ground? guest: there are a couple of things that people are excited about using that for. charlie: thinking, my friend i can trust them more. and they understand me better than anyone. guest: so finding people on facebook is already fantastic, you can find relatives, friends, and just looking for people and that is common. we also started to roll out the ability to find what people are saying about a topic, maybe breaking news or what is at interest right now. and now we are starting to roll out post search. charlie: what is the method for watching the growth of this? guest: we would like to see people trying out. -- it out. part of the reason that we put so much energy on this is that in early days, we saw that this was not j

did you hear from members of the chinese government? kyle bass: i didn't. but look at the i.m.f. out of the last 210 recessions they called exactly. it's not their job. their job ising to bullish. it's to provide support and confidence. you just can't believe it. european officials said anyone betting against greece's sovereign debt will never make a dime. guess what? they defaulted and they lost 80 point. you have a 20 cent recovery if you held greek debt. you can't listen to them. >> announcer: revealed. what happened behind the scenes that may have changed the 2008 financial crisis. did a whisper from kyle bass. ♪ [engine revs] ♪ ♪ [engine revving] the all-new audi a4 is here. this just got interesting. why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex do not take cialis if you take nitrates for chest pain, or adempas

you look for management initiative to turn it around. about paypal but you need debt management catalyst. gene: not only initiative but what their track record is in terms of making changes and facilitating those. from a technology perspective, these stocks have been some of the best managed companies in the world, and that's why they have done so well and why they have recovered over the last decade. i think that is what gets lost. we get stuck on innovation and growth, but it is management expertise. tom: what's he doing? with he is try to keep up what is going on a point-of-sale. because he is not part of the operation, it's going to be difficult for them to build an experience consumers are going to want over the next decade. ultimately they are going to try to sell the company but i think it will be too little too late . tom: we are drowning in minnesota viking enthusiasm. bloombergy on markets, this is important. david westin in conversation with lame duck secretary of state, that is interesting in itself. secretary ofested state.

if you doesn't, it looks very hard for him. lking about flexible laws and changing some of the structural issues. -- howu model of trump do you model a trump win? is it dollar positive the end of the date? komal: you're talking about a possible trump election. trump election, not just a nomination in the republican party, but following dollarnovember is positive and the yielding u.s. treasuries go down because the global drift increases as a result of that. that means exactly the same as 2011happened in august when the s&p downgraded the united states sovereign rating. i was there the week before, saying if they do downgrade, it's going to cause rates to go down rather than up. anything like that is an increase in global risk, which is more important. i think it's dollar positive and bond positive. francine: overall, the central bank is fulfilling one of its mandates, which is trying to keep things stable. all of the stimulus out there may not delivering the structural reforms that you want. but it's also putting a safety like i

you know, look at your kids. e opportunities you have in education, the opportunities we have for medicine, for communication. but there are tremendous vulnerabilities with it. and we are outpacing the ability for the policy community to keep up. i would not say slow down, but i would say because we have gone so far so fast, how do we help the policy community keep up? and this encryption issue is just such a problem. emily: if communications had been encrypted over the last decade, how would it be different? general alexander: there is a great case. if you encrypt communications and the government cannot read the content, when it is authorized by court order to do so, and if you recall, an al qaeda terrorist in pakistan was contacting someone in colorado. if that was encrypted, all we would know is that they talk to somebody in the united states, but that goes on so often. would not have enough information to stop that. emily: so an attack on the new york city subway may have happened, as you say, if communicatio

if you look at commodities, they're weak. k at industrial companies, technology companies, people building goods and exporting them, they benefitted from the cheap currencies. >> gene, as far as investing in the united states, i was reading through the guest notes i got after speaking with you. and it seems like a lot of the case is on a technical basis, a fundamental basis are there reasons to be here in the u.s. with the s&p 500 pe at almost 19 at this point? >> well, i think. so i mean, a few things you have to keep in mind. we're in the later stages of the market cycle. these are oftentimes the most exciting. one of the key things here for the u.s. is that the talk has turned from concerns about recession to now talking about inflation. and that usually is a pretty good point for the market when there is more of a focus on some inflationary factors. and we are beginning to see. that and that's very much depict bid what happened in late january, early february. there the market hit a double bottom. more importantly, the dow

>> you look so good. >> you really do.hat she's talking about. >> go right ahead. >> oh, wow. >> you look gorgeous. >> you look like jessica rabbit. [ laughter ] >> which is a compliment. >> you look awesome. >> oh. >> awe. cassidy, too. oh, my gosh. ladies please hold it together. [ laughter ] >> this is a story of revitalization. i took her color and made it just her red which was making it a bright red like it originally was. >> vibrant red. >> and jenny, put the layers in so she could wear it loose, right out of the shower, it won't look bad. or -- [ talking over one another ] >> we're having a real moment. >> we're talking about the dress. >> look at that body. 60 pounds. >> congratulations. >> bring andrea back in, too. >> congratulations, ladies. >> when it comes to the deserts, he takes the cake. twists on that and guess who else is is coming up. bobby humus after this. what brand of makeup is better for your skin than wearing no makeup at all? neutrogena® cosmetics. powders, concealers and foundations in new shade

and may i say for as beautiful as you look that day you look even more beautiful tonight. [ applause ] now, you on the other hand, mr. president, have aged a little. what happened to you? when you were sworn in you looked like the guy from the old spice commercials. now you look like louis gossett sr. i never said this to anyone before, but maybe you should start smoking again. is this the change you were talking about? mr. president, look at your hair. if your hair gets any whiter, the tea party is going to endorse it. >> they say diplomacy is a matter of carrots and sticks. and since mrs. obama got to the white house, so is dinner. you're very skinny. she doesn't let you eat. i felt weird about eating dessert. i left it untouched. i've never done that before. you know the real reason people thought you were from kenya had nothing to do with your birth certificate. it's because you lost so much weight we thought you were the guy who won the boston marathon. this is how you know this country's in bad shape. our president is starving. north korea is sending him food aid. >> the quote

you look at levels of unemployment. you look at levels of economic growth.ts a slowing in the u.k.. that will be the key driver when you look at sterling, bond deals going forward. that suggests weaker sterling, lower bond deals and maybe it suggests the bank of england and play. -- in play. anna: economists predicted everything could be done by the bank of england. test bank of england if we voted for brexit. -- bank of england if we voted for brexit. nicholas: it is how you respond to a slowing economy. the bank could do a lot. other central banks have been limited. it would like -- it is likely they would work to reduce interest rates and do more in the way of qe. the bank has space to do both of those. qe has been at this level for many years now. anna: let's talk about some of the strategies. a number of ideas in your notes this morning. european financials is one of them. the concern in some quarters about use of codes and whether than might be less keen they were in the immediate aftermath of the financial crisis. where do you stand on those? nicholas

if you take a look at asia, japanese stocks and the focus down .25%. e chinese market is closed today for a public holiday. keep in mind, china now manufacturing pmi data. >> do you know what the public holiday is in china? >> no. >> tombstone sweeping day. >> what is that? >> i don't know. the market is closed. hong kong closed as well, as well as taiwan. >>> the broader markets, oil prices they are slipping a little bit. keep in mind, we have been pretty resilient. staying below, 36.7, perhaps this could spark a wider sale. only a .6% decline. but we are moving away from the 40 level. let's have a look at the dollar as well. not too much happening there today. relatively muted. but we've got a bit of a move against the euros. you can see 11373. and the aussie dollar off. the biggest move. the dollar backed off against the uyan. >>> investors have been really transfixed by the move in shiny yellow metal is it a by-product or signs of a riskier market? >> absolutely. i think you've got to take that with the stock rally that we have, the bounceback in st

thank you, camilla, for coming on. and look, if you had somebody who called you up, and on the "halftime report" they say that it is a winner, and my friend pete says to buy it, what do you say? >> well sh, my clients establis baseline equity position, and around that we have to determine if we like it or cautious and right now we are cautious for three reasons. >> still are? >> yes. the markets are melting up now, and that is going to be continuing, and three underlying reasons to be cautious for getting ag grgressive in the stocks, and first of all in the golden age of the scentral ban r bankers and gone from zero the negative interest rates and a penalty for that somewhere down the road. and secondly, the pes are not cheap right now, and so are we under the belief to have elevated pes and another term because we have a zero interest rate environment, and the stock is going to be selling at higher multiples and the tape is not telling it well, because you have telecom, and utilities with the highest performing sector, and mar

you look at her you look at her initial statement, she grabbed a that. she grabs my arm, when you look at her initial statement was that she was almost thrown down to the ground -- by the way if she were thrown down to the ground all those things happened, i would have fired him in instantaneously but i don't want to ruin a man's life over a tape that looks like nothing happened. >> dickerson: your campaign manager said she was delusional when the report came out. said it didn't happen. when report first came out did you talk to him? i could see maybe not even knowing that it happened -- >> j. dickerson: did you talk to him? >> i did speak to him. dickerson: what did he say? it. >> was such a minor incident that he might not have known what was going on. i think he said he didn't know her. >> dickerson: what did he say when you talked about it? >> i talked to him very briefly. i never thought this was going to be turn into -- actually what i really got engaged was after i saw this tape, because if you look at the tape practically anthing happened. statem

but if everyone like you is looking at china, what are you actually looking at in china? geoffrey: right now, again, it's do no harm, please, no more bad news, and we're going to get march reserve data in a week or so, and probably markets are going to look for not only the outflows starting to ebb a bit, but is there any prospect of china actually surprising to the upside in growth, and then people, you know, want to put money not just to work in china, but in emerging markets in general, see what's going on, here, for example. so can now e.m. use this opportunity with a dovish fed, with a stable china, and then turn risk commodities, everything around into a proper response case? that hasn't happened yet. tom: and that sets up china. we'll do this in our next section with greater detail. with that said, dr. yu, bring that back to what it means for the developed nations so the u.k. for germany with its link to china and what does it mean for the u.s. dollar and america? geoffrey: it is a compelling upside surprise story for growth. then i think for all these developed ma

when you look at the picture that is so crooked, don't be surprised you have great volatility, uncertaintylaining the developments in an exchange rate during the past two hours, look at the exchange rate system within the strategy. -- strategy is based tom: the point here without question is the desire of market participants and public authorities to manipulate currencies. can that happen in an almost complete floating-rate world? jacob: when you have a very vast ocean, little drops here and there do not change. they can create noise. may beorts to manipulate costly. i don't believe, however, that through exchange rate manipulations, you can generate growth and improve your medium-term perspective. favors attention from the center -- diverse attention from the center, the political system needs to recognize the challenge is on their banks, not the central banks. -- switch could speak to janet yellen and the unique challenges of the federal reserve. is she central bank or of the world, and by that, i mean, is she central banker to israel, to poland, and to malaysia? jacob: she is the centra

tylenol®. >>> when you look at pennsylvania, when you look at indiana, when you look at maryland andproblems everywhere you look. we are going to solve those problems. >> i'm going forward because more voices remain to be heard and tomorrow it's on to connecticut, delaware, maryland, pennsylvania, rhode island and beyond. >> donald trump and hillary clinton last night looking ahead to the next set of contests. all of them in the mid atlantic and new england next tuesday less than a week away now. new york put hillary clinton and donald trump closer to clinching party's nominations the next slate of races could help put it away. we are talking about connecticut, delaware, maryland, pennsylvania and rhode island. you add them up 384 pledge delegates up for grabs next week. on the republican side if you include the unbound delegates from pennsylvania we just going through numbers it is 172. without them it is 118 on the republican side. we have reporters fanned out across the northeast today to see where things stand. we have from pennsylvania tom fitzgerald, jenna johnson with washingt

if you had a different global outlook, japan could have looked differently. fortunately, we are where we are. angie: we have to deal with the chips where they lay. what about interest rates? we heard from larry think. -- larry. >> russian roulette. you are loading the gun and hoping the bullet is not going to be in that particular chamber. negative interest rates are devastating. devastating for banks and insurance companies. angie: we are talking about an aging demographic, a timebomb in itself. >> not just in japan. the good news about japan, japan has a high productivity growth rate. thans a much higher rate the u.s., britain, the eurozone. robots. thank you for that. let's talk about china and all the rest will me get you back. the south china sea may be on g7 foreign the ministers meet in japan. ♪ rishaad: you are watching "asia edge." the dispute over south china sea is on the agenda. it is a hit of the gc -- is the ahead of the g7 summit. they cannot be happy, beijing. >> they are not part of the g7, obviously. they will talk about all of the geopolitic

you look at the macronumbers you might look at russia and brazil without the labels so the macronumbers oath our commodity affected are driven economies and so what happens to commodities has affected both of them in a macrosense. both of them have opted flexible exchange rates, both of them have opted to let the exchange rate float. in the case of russia particularly they are the only market that has no capital controls, never has an effect vladimir putin has talked about often to say this is a point of pride for the russian economy. anthony: bruce are emerging markets a big focus for you? >> we do invest in emerging markets and russia has done all the right things since the sanctions hidden since commodities collapsed and that's a big part of what they have produced and their economy slipped into recession. since that's happened the central bank is taken very aggressive actions to capitalize on the banks to make money available to raise rates to support its currency and with all that russian bonds of titan from a present yields to about 4% yield. priscilla may have a hand the leadersh

you know, you're picking, nitpicking. look, the theme of today is, is that we have better jobs and we have low inflation, and that's an environment where you do not want to sell bank of america and wells fargo. you don't! better job growth and lower inflation? that's when you buy these, but you need a catalyst, and i haven't heard the catalyst. and i know stocks were up big yesterday. so, let's accept the fact they were up big yesterday and to have a second-day rally, you would have had to have seen tremendous earnings growth, and you can't. you can't get it! >> if the question is on the overall markets whether this is a blow-off top or a sign of something new to come -- >> i find it hard to be a blow-off top when you have low inflation and better job growth. that's kind of like, my whole life i've wanted that. since 1979, when i bought my first stock, what you wanted was low -- what's the matter? >> jim came out of the womb, said give me low inflation and good job growth! >> take the top off! >> no, but -- >> listen, pop! >>

so you mean to look at that data, you have to show the court what you are looking at, , then havech steprts, congress, and the administration look at it each time you did that -- yes. it was not just nsa going in there and running around. this was a very deliberate program for a specific need. emily: the prism program was also in place. a program to secretly collect information from u.s. technology companies. gen. alexander: under fisa. prism allowed us to see the new york city subway. that was the first part. emily: was it a backdoor? gen. alexander: no, it was a court order. is a wiretap a backdoor -- no. prism was the modern-day wiretap. emily: you maintain the tech companies did know about this, even though they claimed they did not? gen. alexander: they were served the court orders. that is what the verizon orders and all the others that are public now show. they were, by law, required to do that. mark: so when tim cook or zuckerberg or larry page says we had no idea this was happening, we are outraged -- gen. alexander: the issue comes not at that. it is a little more nuanced. the

you look at the recruits they have coming in. art and kris jenkins return you have brunson there. they are set for another run here. these questions are totally off the table. >> i knew ochefu was great and of course ryan was another leader. those guys will definitely be missed. >> they will be missed. again, you're seeing recruit cans. they can now to. if jay wanted to. they can now be a national program and go get anybody they want. that idea of you're getting from philly, or baltimore or brunson is from chicago. it's not a deep recruiting national program, they're basically a small catholic college on the mainline now they can go because of a national title. they can get anybody they want. >> after winning the national championship. jay has been getting hammered are you going to the nba? i mean, he says he wants to stay at villanova. i believe he's a great fit there. do you believe he'd leave. >> it's not going to be this year. i believe it would be for an east coast nba team. i believe he still has one child in high school it

>> reporter: it is an extremely tough thing to hear when you look at where the unemployment levels are since the financial crisis and one that leaders are trying to offset. just a half hour ago we heard from angela merkel speaking alongside president obama saying, look, this industrial fair is not just about touting the benefits provided for corporations. this is for people, too. she acknowledged concerns over jobs and said we want safe and secure jobs as part of this ttip plan. the big question remains, what are the provisions in the trade pack to secure jobs on both sides of the atlantic. we heard some back and forth between merkel and obama this morning saying we both want free trade, but obama said native america is best. we want you to invest in the u.s. and angela merkel keeps saying the same. you have the likes of general electric and siemens explaining here in hanover. and the message is that the doubters that you suggest, that's why we saw great protest here before obama landed in hanover. 35,000 people on saturday alone came out to the streets protested the ttip. no doubt abo

and let me show you why. we look at european banks. alked about deutsche bank being the next lehman brothers. you see the tight correlation. so it stands to reason that if yields go higher, european banks go higher. and a lot of things can go higher, like japanese banks. once again, just the other side of the same coin here, very strong correlation with the japanese banks which are really at the heart with the negative interest rates and stronger yen. you remember that story. again, strong correlation here. if the yields go higher, japanese banks go higher, too. that supports all of us. now, let's bring it home. goldman sachs you talked about earlier, we're into resistance here. maybe not the greatest entry point for a trade. but you've outperformed the s&p by 10% off of that low. once again, higher yields, better for the banks, better for the rest of us with a 16% weight in the s&p. this is the tlt, just the inverse, bond prices. you can see the lower high in place here. it tells me you're going to get a breakdown. lower in price, high

did you hear from members of the chinese government? kyle bass: i didn't. but look at the i.m.f. out of the last 210 recessions they called exactly. it's not their job. their job ising to bullish. it's to provide support and confidence. you just can't believe it. european officials said anyone betting against greece's sovereign debt will never make a dime. guess what? they defaulted and they lost 80 point. you have a 20 cent recovery if you held greek debt. you can't sten to them. >> announcer: revealed. what happened behind the scenes that may have changed the 2008 financial crisis. this clean was like, pow! it added this other level of clean to it. it just kinda like wiped everything clean. my teeth are glowing. they are so white. i actually really like the two steps. everytime i use this together it felt like leaving the dentist's office. crest hd, 6x cleaning, 6x whitening. i would switch to crest hd over what i was using before. you premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance compa

meantime, here's what sells coming up on "fast." >> here's looking at you, kid. >> here's looking at apple. as the tech giant celebrates its 40th birthday today, but what about the next big tech stocks you can own for the next 40 years? the four names our traders are betting on big. >>> plus, gold's doing something it hasn't done since this movie was a hit. and it could just be the start of a much bigger move when ""fast money" returns." >>> woe are wishing a very happy birthday to apple, the company skel bralting the anniversary of its founding on this day 40 years ago by steve jobs, steve wozniak and ryan wayne. we're joined now by apple co-founder steve wozniak. a pleasure to be able to speak to you. >> a pleasure to be able to talk to you. >> does it feel like just yesterday you were sitting around in a garage just tinkering? >> i can go back to that point in time, and i kind of smile because we were so young and naive. we didn't know, you know, like if you didn't know something is possible but try it. we had an idea. we had no business experience and thought if you start a compa

carol: if you look at the technology trends, how much more can you do?ot to be a big incremental move to say i need a new one. a the problem with that argument is you have heard those arguments made with past phones. someone comes out with a review that says this is not incremental enough, and then they have a huge quarter because there is latent base that has not upgraded since the 5. carol: i feel like apple is a great technology product. but it is also a brand. people want the latest and greatest from apple. will people get another one? >> i think people have been sticking to the brand in terms of the phone and buying other products as a result. there was a time when apple was doing very well against android. there is the risk, not that an iphone customer switches to android, but maybe there take great from an existing android user starts to slow. carol: we will leave it there. are you going to come back next week with another report? >> hopefully with better news. carol: thank you. coming up, the close of trading moments away, about 12 minutes away.

i think you could look to do a put calendar. think you want to sell april options and look down to the 210 strike and you can sell the april 210 puts at $2.50 and look out to june and buy the june 210 puts for $12.50. you're paying $10 for that spread. over the next couple of weeks, i do not think that the stock is going to be trading at 210. you basically then have the opportunity to look to sell another put, maybe turn it into a calendar again and selling something against the junes that you own or turning it into a vertical, but in a stock like this that's moving around a whole heck of a lot where expectations are very high and just had this newsy event, i think you want to look to finance puts and don't want to be long premium just on an outright basis. >> what do you think of the trade? what's going to come next in terms of catalysts for the stocks? we do have earnings and monthly sales figures that will come out. we're acting as if there's no other data points aside from data points related to the model 3 that will come out

. >> when you look at pennsylvania, we have problems everywhere you look. >> the candidates make their pitches. >> tomorrow it's on to connecticut, delaware, maryland, pennsylvania, rhode island, and beyond. >> the road to the white house runs through the keystone state. >> you know what, i think we're going to win here in pennsylvania next week. >> and good evening, i'm jim rosenfield. >> i'm jacqueline london. senator bernie sanders predicted victory while campaigning in erie today. while he sounded confident about pennsylvania, he did not win new york tonight. >> instead, that victory went to hillary clinton, new york's former senator. she won with 58% of the vote. for the republicans, donald trump was the victor. he won 60% of the vote in his home state. >> when you look at pennsylvania, when you look at indiana, when you look at maryland and rhode island and so many places, we have problems everywhere you look. we are going to solve those problems and one of the big problems -- one of the big problems is the economy and jobs and that is my wheelhouse. >> meanwhile, clinton was als

there is only so much you can look a young marine in the eye and at some point say, hey, i want you to do one more for america and apple pie. at some point that gets old. >> his squadron deploys to the middle east in the coming days. in beaufort, south carolina, jennifer griffin, fox news. >> late this afternoon the chief of navy operations says that they are working on this and, quote, increasing the budget. >>> vladimir putin is speaking out about president obama. he praised the comments about libya from a fox news sunday interview. then lobbed a grenade charging the u.s. has imperialistic ambitions. mr on the wide ranging comments. >> translator: it's very good that my colleague can make such statements. not everyone can do that. only a strong man can do that. >> that from vladimir putin. noting president obama's candor during an interview on fox news sunday. >> worst mistake? >> probably failing to plan for the day after when it was right thing to do in intervening in libya. >> but it appeared the empathy was short-lived. putin slammed the president for nearly repeating the mistake

so if you want to look here. -ins the s&p cash. these are the numbers. key in on that. this is my most important number. that's flat on year, so if you don't have the stomach to watch this thing trade all the way down to the 200-day moving average. this is where you bail on the market, this is where you buy it unless we break through here. then you bail and you get b.k.'s market, and i think we visit 1865 again in the s&p if we breach the 200-day moving average 2014 to the downside. >> we trade against flat on the year up through 2116 or so. those are the bottom line levels. >> correct. >> tim, where do you stand on that? mark go on yesterday saying we could go to 22100, but we usually trade, as grasso mentioned, to an s&p valuation of a pe of about 18 and so that's going to hold, so that's going to keep us from going much higher. >> look, i think the s&p is going to trade somewhat sideways from here. i think actually though the correlations are going to break apart because, you know, steve and i do disagree on oiler, and my word of the day is conlessens. said that three