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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  August 22, 2014 3:00pm-4:01pm EDT

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private parts are fuzzied out. >> i'm not a lawyer but i read insufficient crotch blur. let's be careful. >> she's suing because she suffered embarrassment and humiliation just by being on the show. i hope you're making money today, here's liz. liz: no simple recipe. fed chair janet yellen says the job market is improving, but there's no simple mix for monetary policy right now. did she clarify or confuse? and how will the markets read it by the time the closing bell rings. tick by tick reaction and talk to the smartest money managers and fixed income gurus to find out what's next? gm's recall crisis taking a new turn. company's lawyers are reportedly under scrutiny. federal prosecutors want to know where lawyers have evidence about faulty ignition switches? we're on the story. a drone small enough to fit into your backpack and so easy
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to put together. our team fox business whipped one up. they have a serious and high-tech use in the battlefield and law enforcement to capture details, hd imaged on the ground. dave creche is here in our series "rise of the drones." "countdown to the closing bell" starts right now. good afternoon. i'm liz claman. the united states is delivering another stern warning to russia. move your trucks out of ukraine or else. those trucks have been driven into rebel held territory without the ukrainian government's position. why are we telling you this at the top of the show in the markets are watching the headlines out of that region. rising tensions in eastern europe are one of the concerns weighing on the markets today. as we look at the numbers, the markets are mixed.
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the dow and the s&p having gained ground every day this week are a little dicey at the moment. we have the dow down 27, the s&p 500 down about 2 points, but nonetheless puts them on track for the third straight winning week. today's move also coming on the heels of the much-anticipated fed chair janet yellen's less dovish speech on jobs and interest rates, the whole topic came forthright there. yellen reiterating the job market has improved but not enough to signal a rate hike any time soon. she was speaking in jackson hole at the fed event. stocks while mixed, the dollar no confusion there, the dollar is moving. it hit an 11 month high against the euro. slightly weaker against the always likely strong u.k. pound, but the mexican peso and japanese yen moving lower against the greenback.
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the 10-year note is unchanged at the moment. it did start to move all over the place after yellen's speech and a lot of people selling out of treasuries almost right off the bat. we heard of one single contract of a billion dollars worth of ten years that was sold because people felt now we know that janet yellen is going to continue to prop up the stock market. the yield at 2.04% is unchanged. oil prices amid the rising tensions at least in ukraine. brent and light sweet crude finishing down. gold up $6 to $1,281. we need to look at copper, very much a gauge how china and the health of the chinese economy is doing. up half a percent at a two-week high. back to russia's movement into ukraine causing a spike in the volatility index, but you
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see this is moderated throughout the day. came just around 11:00 a.m. but at the moment we're up about a quarter of a percent so barely still below 12. that's an extraordinarily low level that shows very little fear in equity trading. fed chairman janet yellen's speech was very much awaited. a market event for the week. call it like we see it here. remarks in jackson hole, wyoming and she's in the lodge of the event indicating she is still not satisfied with the state of the labor market. joining me to break down the fed chair's comments and how they upset their money. how the smart money is trading off the speech. all-star panel ben willis at the new york stock exchange. jerry o'driscoll former dallas fed vice president and yens is the current strategist as well. interesting to see what was happening there? >> a couple of big days for the
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dollar. we're seeing a breakout against the yen and the euro. this is very important, and the slight shift in the minutes is really underpinning that dollar strength. >> let's get to what janet yellen and said why in the final all-important hour of trading it matters. ben willis, get to your favorite line what she said? >> the favorite line is basically an announcement that this is going to be an art form, not a science. if you want to put it in lil rascals' terms, janet, where are we going? i don't know, but we're on our way. the numbers are telling us the market and the u.s. economy is improving, and we're going to need to change our interest rates, but tapered a little bit more in the sense that we'll be able to handle a little bit of inflation, as it were, and we're still not sure where we're going with it but ready to act if that happens. so we had a little -- i would judge this, she did turn slightly hawkish, that was not
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unexpected. we are expecting a little more hawkish terms which the market, we really want to sell off, but there's no reason to. liz: jerry, ben's favorite line included this, that there isn't one particular indicator or model that the fed should rely upon to make decisions on interest rates. i need to hear from you having been on the inside, which line you felt was most crucial out of the speech. >> i think the most crucial thing is she doesn't think the market is strong enough yet for the fed to raise interest rates. she didn't tell us what it would take for her to change her mind. liz: what do you think it will take for her to change her mind? she said i'm not going to rely on a certain thing. she has a dashboard of economic data. what is she really looking at? >> i just don't think she thinks this recovery is strong enough to take an increase in interest rates.
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if you say you have 19 variables, that's a recipe for pure discretion. we would have to have a lot more inflation before she changes her tune. >> give me the most important sense of the line? >> in the past she's been very one sided in the labor market emphasizing there's a lot of slack. and today she was much more balanced in my view. wasn't clearly in one direction but balanced. that's a big step for her and opens up for much more balanced communication as we go into following season. liz: she says things are good and the word but, it was the one hand and the other hand which drives me crazy, right? >> that's right. she did her best speech ever. that's what fed officials are supposed to do, talk out of both sides of their mouth and say absolutely nothing!
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>> your favorite line? >> my favorite line, i think the whole thing. obviously, the most important line is the fact that the labor market, that's it. what she tried to do is not vary from the fed minutes. the market reacted and she didn't want to take the buyer away. did we expect her to be hawkish when draghi would be more dovish. liz: keep this turned up. we're showing draghi. the unemployment rate. my favorite line where she said the rapid decline, you see it on the chart. the rapid decline in the unemployment rate likely overstates the improvement in labor market conditions. to me she's saying she doesn't believe that 6% or 6.1% is anything to right home about yet. she's not a believer here jerry. >> no, she's not. and i happen to agree with that.
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about half the decline in the unemployment rate is due to people dropping out of the labor force. it is not a good indicator anymore. liz: jens, i need to get to how the smart money should invest right now. people initially knee-jerk reaction saying i'm going back into stocks. you saw about a $9.9 billion inflow in the stock funds in the week that ended april 20th. 2.4%, they realize it's going to be like that a long time. i'm going into stocks. what is your trade now? >> we are focused on being along the dollar, because even if u.s. yields are not going dramatically high, we saw on the back of the comments, the ten year rate is stable. other yields are getting more attractive. the bond yield has broken 1% this week. the spread between german and u.s. interest rates is widening, that is really what's important to the dollar. liz: people could buy a dollar
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fund or maybe a double euro short or something like that. phil flynn, to you, what is your trade. knowing what we know from janet yellen's speech? >> buy stocks and call me in the morning. nothing is going to change. do not fight the fed. in this environment for the short-term, the other important thing is the dollar. what's interesting is mario draghi acknowledged the sense of divergence between the u.s. policy and what's happening in europe right now. and he knows that our rates are going up. his are going down. he's pressured to gqe, that is creating more deflation. if you remember the flip side on the other way, we were lowering rates, europe is raising rates, caused a big spike in commodity prices, everything else. we could see strong dollar, more deflation, more problems. liz: to our trader on the floor of the new york stock exchange, ben willis, what is the smart trade right now? >> a currency without a doubt
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and has been, the beginning of the recession, it was a fight to the race to the bottom and devalue the currency. the united states has the lead in revaluing or increasing the value of the dollar. that's why as you hit right on the head, you couldn't have too hawkish a view from yellen when draghi is eating crow and talk about what's going on and devaluing their currency and keeping that going. the rising dollar driving equities. i wouldn't put my dead grandmother in a bond. you have to be in equities, if you like the idea of incomes, you can be in mlp's. you had huge push-up in mlp's. etf was held up on the mlp model. so i think the equities is only the place if you want to retire on time is where you have to have your money. liz: jerry, don't you love the traders. i wouldn't put my dead grandmother in bonds. what would you avoid, jerry,
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with expertise of having been on the inside? >> i think you've got to be long risk assets as the alternative. i agree with the people who said you got to go back and stay in the stock market. this is not a time to worry about the fed. that's down the road. liz: isn't it? i think we got that message. great to see you, jerry, jens, ben and phil. appreciate it. this is realtime stuff we get from you, appreciate it. the closing bell ringing in 48 minutes. will the probe into general motors bungled recall show the people supposed to help avoid risk and they were paid for the company that avoided lawsuits helped bury the problem? that's a story rearing its head in the past couple of hours. we've got it here. and eye in the sky, capable of providing realtime imaging by hovering above frozen oceans
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and many places have you never thought of. the ceo of aeryon labs, the do it yourself backpack drone. it is part five of our "rise of the drones" series. i had no idea i had shingles.
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liberty mutual insurance. . liz: do you need an afternoon caffeine jolt. keurig green mountain. k-cup maker jumping 15%. all-time high. that after it made a deal with kraft to sell maxwell house and other coffee brands for single service brewing machine. keurig green mountain had a run this year. the stock up nearly 80% since january. exactly 190 days since general motors officially announced the first recall of 2005 to 2007 chevy cobalts, responsible for 64 accidents,
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13 deaths. gm stock down about 5% since the end of february and the company's nightmare has not stopped as the automaker has gone onto recall more than 24 million additional vehicles over the last six months. that is ceo mary barra, who is ultimately accountable for the failure to address and rectify the initial ignition switch problem when it was first identified back in 2005. gm has already fired 15 people. people like engineers for misconduct, failure to act, but the investigations apparently are far from over. fox business's adam shapiro, our car expert here now with more. adam, now it's the lawyers who are in the very harsh spotlight. >> it was the "wall street journal" which broke the story about the federal probe of gm's legal department. it's getting a lot of traction. gm's board of directors were updated on the probe of the legal department last week.
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federal prosecutors are trying to determine if employees within general motors' legal offices hid evidence from the regulators. company delayed the recall of the cars that you mentioned, despite warnings from employees within the auto giant that there was a problem with the ignition switch. the internal reports and internal gm report last june they blame the lawyers for failing to warn other managers against lawsuits saying if they had known about the lawsuits they might have seen a pattern with the ignition switch. some of the lawyers were criticized by members of congress during the hearings on the ignition problem earlier this year. mary barra testified. michael milken was general counsel, he testified before congress in july that gm had lawyers who failed to do their jobs. a criminal investigation is underway regarding gm's handling of overall faulty ignition switch used in 2.5
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million cars like the cobalt and if the automaker lied to regulators about the ignition switch. gm's own internal report determined there was no cover-up. a gm spokesperson says the automaker is cooperating with the current investigation of the legal department, liz? liz: i'm looking at the car companies, you've got everybody down about a percent today. gm, toyota, ford lower, too. this is an ongoing story and feels like there is so much more to come out. thank you. >> you got it. liz: closing bell, we're 40 minutes away, a new twist in the battle of the billionaires over herbalife. what is billionaire bill ackman, the activist investor who hates herbalife. what's he doing after the failure of his so-called death blow against the company? charlie gasparino as part 35 of this unbelievable sexy soap opera that we just love to
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follow, it's unbelievable the ecos of herbalife. one of the few drone used by rebels during the libyan revolution, capturing images of artillery units firing big guns. that's not all. aeryon labs, the ceo and co-founder of aeryon labs dave kroetsch to talk about his new generation of unmanned backpack aircraft that you yourself can assemble in about 20, 25 minutes. we did it. as our continuing series "rise of the drones" moves up one notch.
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. liz: well, it looks like billionaire investor bill ackman will be sticking with bearish bet on herbalife for a while. how much conviction does he have in the trade? he doesn't like herbalife. he's been shorting it. charlie gasparino in the battle of the billionaires over
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herbalife. he's doubling down, though. >> he and carl icahn, carl is going to stick in the stock in a long position, he's one of the biggest shareholders. ackman is going to stick with the short position. he converted a pure short, you know, buying -- borrowing the shares, selling it, and replacing it. started buying puts. it's bouncing around the market. bill ackman has not returned the phone calls of fox business. liz: what? >> i can't believe it. liz: come on, bill. >> i can't believe ackman is not returning my phone calls. the speculation now is that there's a huge put option purchase to 2015 to 2016 put
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option purchase. as his other put options are expiring. he's not necessarily adding as his put options are expiring, which are supposed to expire soon, he's replacing that with this, and this is his way of staying in the game. the real question is a lot of people asking, including bob chapman, our bull on the stock. ackman has that much enthusiasm and conviction that the bears conviction on the stock, why isn't he doing a plain old short. liz: he's smart enough to protect himself. >> it's not like, we've been doing this story for how many years now? liz: he took the position in december 2012. >> two years now. how long is it going to take for this thing to -- the rubber to meet his expectations, so to speak? anyway, spokesman for ackman
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did not return calls for comments or e-mails. we have e-mailed bill as well. waiting to hear if this is his purchase. everybody is talking about it. this is his -- the people in the market are saying this is his deal. >> the annual high of herbalife for 52 weeks is 83. today hovering around 50. they've come down. >> a lot. it's higher than it was when he first started shorting it. when you, you had all the interest from carl icahn, the big investors but it is lower. they took a big beating in recent months. that's an interesting chart. look how low it's gotten after it hit that high. it looked like it was making a comeback when bill's presentation blew up on him. he was crying and going nuts. >> that was relatively recently. >> it looked like it was going to come back. they missed earnings a little
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bit for the quarter, and investors got spooked by that and got spooked by the fact there was a lot of inside selling going on among the directors and the executives of the firm, so you know, the stock is very volatile, you know what i'm saying? and not for the feint of heart. liz: you would think if he's confident about his position, he might say yes, that was me buying all the puts. >> he is not known to return my calls. leave it at that. liz: you're so sweet. listen, the way we operate and the way you definitely operate, somebody comes on, you give them a talk. >> let's be clear here with ackman. bill, what did carl once say about me to you? liz: carl said that charlie gasparino has it all wrong. he calls me a green mailer. i called him, and since then have you had an even-keeled, fair relationship.
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>> he gets his point, we do our job, and i think -- and i think i'd offer the same thing to bill, you know? we should just come on and talk to us, and i think it's easier for him, though, one thing about bill, i like ackman actually, he's a smart guy. liz: fair. >> he's a control freak, and it's easier for him to control reporters at other places that like -- liz: at other business networks. >> than it is me. he knows that. these guys and gals at the other two places will -- they'll bend over backwards for him. i treat everybody equally. i cover this like baseball. when you cry at a presentation, i call you a whacko. i can't help that. that's what you are, it's not a normal response. liz: charlie gasparino always on the story. closing bell 30 minutes away.
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this is a drone that is small enough to fit in your backpack. takes only a few minutes to set up and fly. coming up, not only do we show you how easy it was for team fox business to assemble it in the newsroom. we speak exclusively to dave kroetsch, ceo and co-founder of aeryon labs, the ultimate in portable surveillance drones that give you hd quality video. and elon musk getting tax breaks as he plans to open the world's first spaceport for orbital commercial rocket launches. the details straight ahead.
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. liz: quite an eventful week for the markets. forget the sleepy august, right? the major indices logging very important milestones. first off, the s&p marking its 28th record close. the dow industrials finally climbing above the 17,000 level. and here we're at 17,013. the nasdaq another 14 year record just today. nicole. you look at all of this, you say how could you take a day off here? >> you can't. don't take any days off ever, stay tuned to fox business. market on close orders, to hear the bells going off. this is the action on wall street. i know today is a light-volume day. you noted the high on the nasdaq, the 14-year high.
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we're looking at the nasdaq in particular will be the number 4345.76 and then in fact it will be less than 10% away from a new high. you remember the days when the nasdaq was over 5,000. i remember it, too. we had a great week on wall street. take a look at the best performers of this week. keurig, ross stores, tjx companies, dollar general, and you can see the returns, 16%, 13, 12, 11, great returns, a lot of them are retailers on the news. take a look at the dow jones industrial average this week. you can see we've had four of the five days have up arrows, today is slightly lower. take a look how we're going to end, right? and here is a weekly look. if we have a winning week which looks that way. three weeks in a row of gains. you can see lots of up arrows, that's the dow, you can see 2%, 7%, 8%, the dow, the s&p and
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the nasdaq are doing great. that's what i'm looking at. liz, you like this too, the sector break down. energy is down 7% and we're seeing the financials doing well and consumer discretionary are winners today. the s&p 500 did break through all-time record highs yesterday. not today. we're sitting on the fence for today. but looking good and key number for the nasdaq as well. liz: i love that. every friday, you and me going to the monitor, very descriptive and gives people a sense what's happening all week. thank you so much. so investors had high hopes for fed chair janet yellen's speech today make news. the s&p 500's 1.9% rally this week was the biggest pre-jackson hole rally over the past decade. we keep track of those things.
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what's more in the past ten years, stocks continued to rally the week after keynote speeches at jackson hole. today, investors are not finding much juice in janet yellen's speech to push stock higher. what would it take for the s&p 500 to break the 2,000 level over the next few weeks. it could happen early next week. how you should position your portfolio today before the market closes? you've got about 20 minutes. joining me is mark, chief investment strategist, 67 billion in assets under management. mark, we said bring them in, he's going to guide us. did you change anything in your strategy post-yellen's speech today? >> not at all, liz. there wasn't anything necessarily new in what she said. she said the fed is not set on a preset course, fed speak not being dogmatic with regard to when or if the interest rates
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are pulled sooner than the market expects or what trajectory interest rates will take when they begin to raise interest rates. secondly, she also showed a tremendous amount of attention to the labor markets and talking about all the factors they are utilizing, not one individually but collectively to determine the point they feel they will have achieved part of their dual mandate, full employment at the united states. liz: we showed her schmoozing with somebody in the lobby at jackson hole. keeping most people away, one protester got close to her. i think her speech was very, very much let me make both sides happy, the hawks and the doves. when you do that, you tend not to make anybody happy. i will say this in advance of saying that. you guys are fully invested even though you feel the stocks are fully valued. one of the things we noticed, inflows to junk bond funds and equity funds were 9, 10, 11, 12
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billion dollars flowing back in total. doesn't that tell you the herd is back to risk on. >> in fact, the herd should, given the fact we have no competition for equities or junk yield bonds it makes both of them very compelling. relative to bonds on the ten-year treasury, international bonds like the german bund, cash yields nothing and continue to on a real basis adjusting for inflation means that once again equities should be drawing risk based capital because they're by far the best asset class in the derby. liz: now we get your names. specific companies you absolutely love right now. emc corporation. what's the trade here, stock is
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up 14% over the past year. tell us why you like emc? >> couple reasons. it's in the sector, we like technology and business facing technology. we think companies in that sector are going to benefit from an increase by spending businesses on productivity enhancing tools. emc sells those. activist shareholder took a sizable position in the company, elliott management and talking about having emc spin off vm ware subsidiaries. we think some of the parts is worth more than what it's trading at today. liz: that's your expertise coming into play. halliburton, hal, up 42% over the past year. it's already doing well, and i get nervous when people come on and say buy. it's very close to the top. you feel there's an opportunity to scratch out even more gains here. why? >> i think so, liz, it's not as cheap as it was a year ago
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clearly, but the energy renaissance story we are very bullish on we think has a long runway. and halliburton has a global footprint but principlely disposed to north america energy assets and being an operator and oil manager particularly growing fields of energy in the united states, we think positions it well for continued growth, and so we like halliburton at today's valuation. liz: tough to have a good, solid rally without the financials playing along. financial pick is pnc, more of a regional but gotten huge, hasn't it. >> sneakily through riggs bank, national citibank in cleveland, it's a footprint that transcends the entire east coast and so it's in fast going markets in the southeast. a superregional if you will, improving domestic conditions nationally and in addition to
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that, recovering housing markets, all play well into the opportunity for their loan portfolio to sturdy and increase business going forward. liz: finish this sentence. if you told you i was going into treasury bonds, ten years, you would say to me what? >> don't. the better option is put it in johnson & johnson with 2.8% yield. the dividend of raising consistently and sells more band aids ten years from now than today. liz: little more elegant than ben willis our top trader who said i wouldn't put my dead grandmother into bonds. he's got 67 billion on his shoulders to invest. we've got closing bell ringing in about 15 minutes. something, sometimes come in small packages, that is true of this drone. from aeryon labs out of canada. making some of the most
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portable unmanned packable aircraft on the market. next, we're talking to aeryon labs co-founder and ceo dave kroetsch. in 2007, he and buddies said let's make a drone company because they were doing it for academic competitions. they're winning now in a fox business exclusive. while the markets close at the top of the hour we're on call for you, sign up for claman on call and we'll deliver all the financial news for the expense of free. ♪ music
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. liz: the private rocket company spacex looks to get some serious local tax breaks. this is part of an agreement to build the world's first commercial spaceport for orbital rocket launches in texas. spacex founder and ceo also tesla ceo elon musk is the co-founder and ceo of tesla electric carmaker. he's picked a launch site near brownsville. expected to bring 300 jobs just like polaris yesterday. we have polaris bringing 300 jobs to iowa. that is the spacex rocket, they agreed to waive ten years of county taxes. details withheld until spacex signs off on the plan. a very, very common process and a common practice for cities who would love the jobs to give a few tax breaks. it's being pro business, good for brownsville. all week long we've been showing you some of the most
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high-tech drones on the market. on our final day of "rise of the drones" series, we've got a drone so easy to assemble, our fox business team took on the challenge. that's fran, and our executive producer mark white. took them a little time to figure it out. snapping on the legs and the but under 20 minutes! those two, not so tech savvy producers were able to put together a $200,000 drone. while this drone may be two pounds and small enough to fold into your backpack, do not be deceived. it's been in various area battlefield situations, helped libyan rebels fight gadhafi forces and assisted a russian fuel tanker to get through ice filled alaskan waters. joining us is dave kroetsch, aeryon labs co-founder and ceo in a fox business exclusive.
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we've got one on the desk. you were able to see our team put it together. it was a little hilarious. they were snapping things on. we got it. we made this last night in about 20 minutes, in the fox business newsroom. let's get to it. tell us what the value of this particular drone is and who it's for. >> good afternoon, thanks for having me on the show today. ultimately we build these uav's, drones have a bad connotation, for the backpack of a soldier and trunk of a police car. while your crew took 20 minutes, usually a crew more efficient can get it done in under a minute. in the back of the pickup truck. liz: we're seeing the hd camera eye, it swivels around and can in realtime, dave, you can tell us? it goes right back to people on the ground able to see what the
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-- unmanned aerial vehicle, uav, you like that better than drone. they can see this right away like realtime? >> precisely right. we view it back down on the ground. our operators aren't pilots. they don't know how to fly remote control systems, if you can operate google maps, you can fly this. at any point in time the user is focused on the thing in the air than the mission, they could be dead. >> i think the message we've learned over the past five days of the series is you can launch these things and they can help save lives but not putting humans' lives at risk. talk about how it was used in the northern frozen waters to save a russian boat trapped in ice. it was a fuel tanker near alaska? >> that's correct. trying to get emergency fuel delivery into nome, alaska. and the u.s. coast guard was helping to escort a fuel tanker
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in, and the challenge in frozen waters and ice is you can get strong bridges that breach the hull. they can figure out where the ice bridges might be and land the ship's dock. liz: had gotten into the hands of libyan rebels that fought gadhafi. at the time, cheering on the rebels against this dictator. who won't you sell to? >> as with your other guests, we're working with canadian government for all of our exports. we build a commercial off the shelf product we can sell to anyone. the canadian government restricts sales to syria and north korea, for example. liz: quick question, how much does this cost, the one on our desk? >> it depends on the configuration. $50,000 range and upwards. the ones that the military buy with the night vision camera.
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liz: i won't play with it too much. dave kroetsch, aeryon labs co-founder and ceo. he was making these in 2007 with buddies for academic competitions. if you go on and click on the red what's hot tab. you can see each of our week long episodes of "rise of the drones." you can make money investing in the tech marvels. they'll explain how. check them out. something you'll only see on fox business. thanks to tom evans and fran, you did a great job on this one. talking all week about remote control drones that do spectacular things. in our next hour, aircraft we can actually fly, and don't worry, these are piloted jets but allow you to fly like a rock star privately for a fraction of the cost associated with private jets. oh, and which celebrities are already investing in this one? 3rd and 3.
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liz: even when you put today's losses in the mix, dow jones industrials up 33points. david: monday was a huge rally. again we were expecting something more dramatic on one side or the other with janet yellen. didn't necessarily get it today. liz: right. nicole, you're at new york stock exchange. at least retailers outperforming today. gap and gamestop looking good. >> gap, great numbers. there. up 5.8%. not just the consoles but the games themselves. david: on flipside, aeropostale
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getting crushed today. [closing bell ringing] >> they can't get the mix right. analysts are little concerned about aeropostale. liz: max the book closed on this week of trade. as the bells ring on wall street a week long trade for dow jones industrials and s&p 500. nasdaq shining once again hittings another 14-year high today. we do have the russell 2000 with just a tiny bit after gain, flipping over to the downside. barely a straddle here. so much for janet yellen's speech as didn't give markets one way or the other. david slugs his shoulders. let's get going on this friday. "after the bell" starts right now. david: we have a whole week of action to talk about. started like a bang and ended kind of like a whimper. john tuohey, has three picks about market


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