power rundown now with bob pisani and kay la toushy. rumor has it as adele sings as jack lou is potential nominee it take the place of tim geithner for treasury. he has no experience apparently in the financial sector so why would he be a sensible choice, bob pisani? >> i'm not sure. can i make a shameless pitch for a fellow that i think would be better close, and that is roger altman. he was under the clintons. remember he was, now with evercore but was with black stone at yale school of management for many years. there is an imminently qualified choice from the private sector, may i say. >> and kay la, what say you on jack lou? >> dollar bills coming out of bob pisani's pockets for roger altman, i'm sure. but he was at citigroup, oversaw a unit shorting the housing market so he does know a little bit about the economy. people through larry think's name in the ring too. i think a lot of these guys want it be asked and then turn it down. they don't want the salary or painful confirmation process but they want the honor and prestige. >>

let's get to bob pisani who has been following the market all day. bob, what are you seeing right here? >> we're up but only half as much as we were in the dow industrial as an hour ago. want to show you a few industries on the up-and-down side. danaher, a big company, works across many industries. many companies raised their revenue guidance last night helping a lot of companies like united technologies and rockwell. remember, alcoa was very bullish on china. that may be helping them as well. the disc drive companies are all to the upside and seagate came out and unexpectedly raised their revenue guidance. that's helping all the companies. the two sectors on the downside are the bank stocks as well as some of the energy names. remember, banks usually sell off, maria, after the earnings season starts, not as we're going into it. that's a little bit unusual. keep an eye on that. nat gas stocks on the downside, nat gas on a multi-month low. maria, back to you. >> breaking news right now. let's get to herb greenberg on herbalife. >> reporter: a multitud

bob pisani is here. what's up, bob? >> our lows of the day. i was talking all last week of how much of the big move up was due to the fiscal cliff and how much due to new money coming in. today it looks like that was a lot about new money coming in. as you can see, less energy. in terms of sectors here. most major names with big moves up last week. energy financials for example, look at sectors. all modestly to the down side today. i think the important thing that's interesting here is that materials are weak here. dollar is down today. that normally helps metal stocks. as you can see, none of them are doing much. but reporting in the next couple of days. want to know, gold stocks having a tough day here. harmony had to shut down mines in south africa because of strikes going on there. gold stocks still not performing very well. we will have an expert on at 1:30 eastern time to talk about the outlook for gold in 2013. >> welcome, good to see you, let's focus on the earnings season kicking off. you wrote about it a little bit this morning on yo

all right, let's bring in bob pisani. all right, we showed off returns for january and the year. here, is what is even more amazing. up 5% or more in january. 11 times. and we never. even in the crash year in '87. ever ended the year when that happened. >> the january barometer is a very exception alone. you know, the point here, just the general point, as goes january, there goes the year. now accuracy is very generally pretty kb. accurate about 75% of the time in the last 63 years. that's a pretty good number overall. here is the quibble, i only have two minor gibls with this. number one, not always telling you exactly what will happen between february and december. down 7% in january but ending the year down about 3%. so the market went up. and it is not recently. only worked six of the laugh 12 years. but folks, this is a good one as far as chet nuts go. by the way, 1954 i saw you put that up with the s&p 45% thap that's the big year, that's the year they passed the 1929 high. as i recall it was 381 on the dow jones industrial average. 381, you noerd that right. that was the

i would like to join my friend bob pisani. today kicks off earnings season. do you feel lowered estimates are already baked into the cake, bob? >> no, not entirely. i think, remember, the key point is the s&p hit a five-year high friday. when you're dealing with big cap stocks we're there already. we're in rarified territory. the fact we don't have any energy is surprising tome. the risk is more to the downside given how high the prices are. by the way, 15, 16 points of the 16-point decline is due to boeing. i hope you heard discussions earlier. that's certainly a factor. weak sector, two of them, put up telecom stocks. metro pcs with weak numbers. reported that yesterday during market hours, seeing weakness here. finally all the jewelers are up. kay jewelers. we're talking about signet had good numbers on the fourth quarter and that has jewelrimakers to the upside. mandy. >> thanks very much. >> retail wars heating up. target taking direct aim at walmart. we'll bring you winners and likely losers coming up. >> biotech breakout. ceo of one of the best perform

bob pisani joining me from the floor of the nyse. jumps back and forth. >> last time we were at 14,000, october 2007. do you remember that? that's when we hit the historic highs for the dow jones industrial. the intraday historic high was 14 14,198. october 2007. i don't want to be cranky but it's looking -- 43 advancing, that's not a great tape overall. i'd like to see a little bit more action here. this is one of the characteristics of markets, the leadership gets narrower and narrower, fewer and fewer stocks to advance the market. >> could it also be we're in the middle of this week we have the fed meeting going on. that is making people a little reluctant to jump in with both feet as well. >> i think tomorrow the fed is going to announce they are basically doing nothing. this is me talking. i know people are paranoid given what we heard from the december minutes. i think that could be the final impetus over that 14,000 mark. >> thank you, bob. to the gold market now where prices are closing. jackie deangelis is there for us. good

. >> bob pisani, good to see you again. in the 2008 crash, is risk in your opinion still underpriced. and if it is, how do you explain to people to protect themselves? >> unless people have been burned, you can't convince them to get protected. and tail risks have traditionally been cheap depending on which tail. and what people fail to understand is that owning tail protection allows me to take risk elsewhere. it is not like what i spend on the tail is the overall package. it is very favorable when you have equities more attractive than bonds and other things. you need spend premium. the money i get from dividend and hedges and that's why i henl myself and i don't have to worry about anything. deep out of the money puts. >> deep out of the money. >> very slow pay offs but not near at the money because these are very expensive. they stay expensive. >> you watched friday's dust up between ackman and icahn. what do you think? >> a lot of readers of my book emailed me startry. my reaction is, you should commend these people. t

bob pisani. >> loquacious. >> so many words came to mind. charlie, what to make of this week, a good week, biggest one-day point gain for the dow to start a new year and now the s&p is flirting with five-year highs. >> well, we got at least partway through the cliff issues. a whole bunch more coming in march but we got through, that and it's all about the earnings now once we start the earnings season here in ten days or so, so i think we're going to see sort of a middling earnings season, not a real good one, but it's partly about how housing holds up as well. if housing slows down and the fed doesn't get busy in creating more money, we could see a weak year. you know, the fed's balance sheet -- >> does the last 24 hours make you nervous then considering what we saw in the minutes? >> if you look at the fed's balance sheet, the federal's balance sheet hasn't grown in over a year, the same size as it was a year ago so they have been able to get a lot of mileage out of all talk and no action. peop

meantime, down to bob pisani on the floor of nyse. is 14,000 a psychological marker or is there anything more to this. bob? >> yes, it's a psychological marker. when you've got the public talking about the stock market again, thank heavens, for the first time in years, psychological marks become important. they can produce interest in buying. we're close. not just 14,000 but we're close to the historic highs on the dow. here is your five-year high. essentially just over 14,000 is where the historic highs was, 4 14,198. i don't want to get too cranky. advance, decline line, topping market action occurs when you get very marrow leadership, 4-3 advance decline. not great. you want big vans and small declines. that's getting smaller. i think that's a little bit worrisome. finally if you look at overall market, the dow is near 14, i'm happy about that, believe me, as the stocks guy. look at the overall rest of the market. this isn't doing too much, narrow group of stocks, big cap to the upside. i want to note something. nyse had an outage

joining us is john harwood with the political fall out and with the markets, bob pisani. i guess people criticized mr. lew for saying, how is he in a crisis? i guess you never know until you are in one and the one thing you could say, you can't fail to say about mr. lew, is that if anybody aught to be able to get through the federal budget, and understand it, it would be he. based on his two stint at omb. >> exactly. and i think it is pretty hard to say that he is not prepared for a crisis if he served as white house chief of staff in a senior position at state department also as budget director. he has been around at a high level for a long time. of course he hasn't been in treasury secretary job and we all remember that hillary clinton, jack lew's old boss at the state department, said, what is barack obama going to do with a 3:00 a.m. phone call? and barack obama has been counting and did count in the 2012 election on his record answering that question and jack lew will ultimate sli to do the same thing. >> you know what, bob pisani, i'm hearing that everybody seems to

. >> bob pisani and gordon charlotte are here at the nyse. jonathan from the nymex and holly liss from the cme. bob, give me what people are talking about as we make this march towards 14,000, the fact we're 1.5% away from all-time highs. what do people think we need to see to get to those levels? >> the federal reserve to do nothing tomorrow. if they essentially leave everything exactly as it is, talk about a slow recovery, that should get us over 14,000. at least that's the short-term thinking. i think the big story here is just how amazing the rally was. remember, it was four years ago, scott, we were at 6500 on the dow industrials. we're at 14,000 four years later, 110%, 115% advance. i think we should stop for a minute and consider what a rally it's been. >> yeah. it sure has. jonathan in, terms of the energy store and what you're seeing on the commodity side, are you seeing money coming out of certain areas to find a home in equities? >> i don't think we're seeing money moving out. i think we're seeing some people sitting on the sidelin

maria, back for you. >> all right, bob. thank you so much. bob pisani. the dow may have ended down today but it was a very good january overall and the street and the markets are pushing hard to top their all-time highs of 2007. joining me now with his own wall street perspective s schaub matthews, ceo at can't fitzgerald & co. welcome. >> thank you. >> what do you make of this market ral? how do you see it? do you think this is partly retail investors coming back or what? >> whether whu look at the flow of funds, retail money has come back into the marketplace. you've also started to see a rotation of some of the fixed income products into the equity market as well, and i think that's a longer term theme that will play out over the next couple of years and we're in the first inning of that starting right now. >> so, do you -- so you think it's the first inning. you think this trade is for real. money will continue to come out of fixed income and finding its ways into stocks? >> i do. look at the duration in the fixed income markets. tremendous amount of

bob pisani joins me on the floor. i was talking to some of the guys this morning and they were saying, it is pretty extraordinary that after the move we saw yesterday, very little profit taking and now we are on the plus side again. >> yes. this is the action you want to see today. an lot of move to the jup side, not to the down side but right in the middle. some winners, some losers. i want to show you some big exchange traded funds. we have money flowing into stock exchange funds. coming out of stock mutual funds. here is the two biggest etfs in the world. this is from the spider symbol as spy. just slightly on the positive side. this is the biggest etf out there. vanguard's emerging markets. etf is emerging market stocks. vwo is the symbol there. i want it point out, volume is very heavy in the last couple days in the hedge funds. sue, new 1 1/2 year high, railroads and airlines strong. >> one of my favorite indicators. >> good numbers from the airlines. good monthly report from airlines overall. finally, i want to

we want so much, bob pisani. what do you think? >> oh, brother. listen, i'll tell you. if the retail trader, if you get the big headline, stock's up, fiscal cliff deal and the public starts believing it a little bit, then, yes, we could see something really start building here. remember, first trading day, 70% of the time the s&p in the month of january follows what happens on the first trading day. that actually is one that's worked fairly well. let she tell you what's been going on, folks. had a great day. closed at the highs. heavy volume and it never flagged no. selling into the real, and a lot of people thought there would be. maybe tomorrow, but we didn't see that today of the historic highs. put it up here. the russell 2000, can you buy that and at s&p mid-cap. we're three point away from a five-year high on the s&p 500. how about tech stocks? we were up right across the board, folks. almost 10-1 advancing to declining stocks. tech had a big day and dell here in the hardware. also had some of the other stocks that were up in that group like juniper and the networ

i want to see growth in earnings, and are we going to see that, bob pisani? >> that's part of the problem. the numbers have come in pretty good. we're beating the numbers, but the guidance is much more conservative than norm a. we're not getting the little oomph in guidance and most are saying the big jump in earnings, expecting almost a 10% boost in earnings from the s&p 500 this year will come in the back half of the year. once again they are protecting themselves by claiming it's going to be in the back end of the year. >> that's what they said in 2012, and the fourth quarter was a big thump. >> wait. we're still through it. by the way, the financials were up almost 17%. remember, you and i went back and forth on that when they said it would be 20 and they knocked it all the way down and so far the numbers have gotten pretty good. i'm just worried that they won't be able to make it in the second half of the year because we're going to be in the slow growth environment all year, and that's what is kind of freaking people out about yesterday's gdp number. >>

bob pisani. thank you, sir. >> coming up, just after this, we're back with the closing countdown. >> a quick recap of the day here. also after the day, apple reportedly testing another new iphone and could be much different than the current version. how big of a deal is that for apple stock 2013 and why it could mean everything. that's coming up. i'm only in my 60's... i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it could save you thousands in out-of-pocket costs. call now to request your free decision guide. i've been with my doctor for 12 years. now i know i'll be able to stick with

bob bob pisani at the nyse and rick santelli. bottom line, bob, is it going to help or hinder the markets? >> i think it will be a head wind only because prices have moved up ahead of that partly on resolution of fiscal cliff. partly on the fact there is so much liquidity out there. let me show you the dow. declining to advancing stocks. less buying interest but remember what happened last week with huge buying interest. most major sectors on basically all of them down fracturely. there is a pretty even distribution energy is the weak one today. gold and gold stocks have been weak today. all of the big gold names. harmony down 5%. shutting down a big mine in south africa. a lot of labor unrest out there. i know brian was talking about the rodney dangerfield rally, the lack of respect, let me second that. put up what happened. last week we hit five-year highs on the s&p. historic highs on the russell. historic highs on the mid cap. historic highs on the mid trans ports. and what we saw, nothing. quiet as a pin drop. no respect. >>

. >> let's go to bob pisani, he's on the floor with more this morning. >> good morning. let's see, pretty modest open here today. decent numbers on the jobs report. gold's multimonth low. dollar index, you've seen what that's been doing, up 1.5% since the start of the year. the yen, what, 2 1/2-year low against the dollar. gold, 4 1/2-month low. the big debate is not so much about the stock market today, it's about the bond market. when stock guys start talking about the bond market, pay attention. because normally they worry more about what's going on with stocks. the question is, is the bond rally finally over, the multi-year bond rally finally over. prices at the lowest levels since going back april or so. volume in bond etfs has increased dramatically since the start of the year, as the prices have started moving down. the big debate is why is the bond market moving here so much. it's not the threat of dramatic increase in inflation so much, not yet, most people are concerned, like greg, saying that it's the fact that recession has been less likely due to the fiscal

it's just, you know, saying don't -- >> i was talking about bob pisani about this whole volatility issue. one of the things that bob brought up to me, and i believe it's completely true, not only people are buying put protection, they're buying calls rather than getting into the equity names themselves. you can see the volumes going boo names like facebook -- but it's got to start somewhere. it's expensish to have a bond investor and -- and pete congratulations on joining us from the horse country. i love the jacket. >> it's part of my ralph lauren collection. >>> jeremy siegel is professor of finance. thanks so much for coming back on halftime. >> thanks for having me. >> we read the stat at the top of the show. the second best weekly inflows ever. is that a bullish sign for the market? is this the beginning of the great rotation from bonds into stocks? >> i truly think so. i really get the feel -- you know, the financial crisis is now more than four years past. people are starting to think the world is not going to end, i can't say in these bond funds, money funds are zero. bond fuss a

thanks, bob. >> it's good to see you again, bob pisani. phil lebeau has some breaking news. i wonder if this is going to involve boston's logan. >> it does, carl. this is news we're seeing reflected in shares of boeing which has ticked lower since these reports came out. there was a fire this morning on a 787 dreamliner parked at logan airport in boston. it is our understanding according to information we're getting out of boston that the fire has been put out. there were no passengers, no crew on the plane. what's unclear is what started this fire, whether it was something electrical, the plane, if there was something else. we've got a call into boeing to get more details. all we heard from boeing is they're going to be looking into these reports. so they're getting this information as quickly as we're getting this information. but the important thing to keep in mind here, carl, is that this is the fourth incident regarding a dreamliner. remember, we had the two reports from united of dream liners losing some power, some degree of power while in flight and then also a simil

bob pisani is on the case. >> unfortunately he couldn't be here tonight. but had a gold think piece. mike penned a piece to client which he called for breaking up some of the largest banks out there. take a look at this. mayo says banks underperformed for years and that revenue groaning is back and likely to be the worst since the great depression. he says banks needs to reinvent themselves to protect the bottom line given what we've got a week top line. he approves of recent signs that shareholder activism is increasing. shareholders should down size and demerge to release trapped value. increasing stock prices by one-third to one-half for banks like citigroup and morgan stanley. >> the banks should start by spinning off as sets. it gets very specific here. he says bank of america should spin off brokerage business. he says j.p. morgan should spin off global asset management business and citigroup should spin off latin american business. and urges cutting back office expenses and just getting out of unprofitable businesses. et sites ups shutting down its

bob pisani joins me on the floor of the nyse. down 21 points. hasn't moved much since we took over. focussing more on earnings now. >> i think no growth has replaced macro melt down as the issue. earnings are coming in pretty good so far. frankly, declines in the last few days are modest. what you want to see is cyclical names. for the last tw two days, they have been down the most. look at declines in materials and energy. these are very modest. we are at highs on tuesday. we are down maybe a percent, maybe a percent and a half on some of these stocks. not a big move and not a lot of volume here. elsewhere, if you look at home builders, there is your other market leader. numbers coming in are fabulous. and you can see a little more notable decline. still modest given the prices in these stocks, a hundred percent in the last six, seven, eight months. i do want to point out, first home builder no go public in ten years happened today. and great pricing. pricing is 14 to $16. $19.05. sue, if you want to know why, to start with, they have starwood behind them. backed by starwood. secon

bob pisani has winners and losers on the session. >> was dell a big story in the middle of the day. we popped up to well over $12. of course, you heard the news, reportedly in buyout talks with private equity firms, touching off a bit of a frenzy. 70% of their revenues are pcs. that's a declining business. overall, a lot of the speculation around dell has been about splitting the company into a pc and an enterprise business. that's the growth area, enterprise, but they've had limited success in growing that enterprise business. let's move on. techs generally on a down side today. hewlett-packard came up in sympathy with dell, but apple had a tough day, did not close below $500, but big volume. all of the other big names generally on the down side. how about the rest of the market? it's very traditional for banks to trade down after the first earnings report. we had that from wells fargo on friday. good, but not great. here we've got a typical trading day, the day after the first reports with wells, bank of america, morgan stanley, jpmorgan to the down side. jpmorgan and goldman, tho

bob pisani is on the floor of the nyse. kind of dead in the water at this point, bob. >> the key is to watch what is going on with the banks. let's look at the banks. they are all down. don't get surprised. this always happens, first day of bank earning sea son. they always move to the down side. wells fargo, nobody is upgrading their point on what they said. it is hard it argue for loan growth. that what we need and steeper yield curve. if you buy that, a lot of these are holds right now. let's move on. i just want to show you american express. i know a lot of people are talking about layoffs. slowly exiting the travel business. . >> credit card spending up 8% year over year. that's an excellent number. this stock is a couple dollars away, from an historic high, 52 week high. by the way, rewards program, they've got the best out on the street. the amount they recognize to pay out to rewards members is up a little bit too. that may be pressuring stock a little bit or keeping it from moving up more. for the week, sue, sort m

. >> we were talking about this earlier on with bob pisani. he said, give them -- they identified the problem. immediately let everybody know. but the problem was existing over four, five years. how come they didn't find it earlier. >> great question. also late lit public pressure, whether whistle-blower suites or made the public aware of what is going on. so it is made quicker. let's be real here. this problem that that had is certainly existing but also exist across the entire market structure. what happens is we are seeing all of these cracks going on in the market. last year the new york stock exchange was fined $5 million for illegal -- not illegally but sending out information to clients. what we have is a situation where the market structure is overly complex. where the regulators are not enforcing the existing rules. >> maybe not enforcing it, or they don't even understand what is going on. >> can they see it? can they find it? when you have these trades and quotes going on throughout the day and sec today hire a firm to build a system

bob pisani on the new york stock exchange. second day in a row drifting slowly south on not a lot of buying. that's the main problem we've got here. here is the dow jones industrial. i would say 15, 16, 17 points, boeing. hope you were all watching phil lebeau and the dreamliner returning based on a possible fuel leak. boeing at a new high at the beginning of the year, rough couple of days. telecom stocks, pcs had weak sub viber figures. that was yesterday that news was out, now the downside. finally want to talk about corporate bonds holding up well. big week for corporate bonds, look at the biggest corporate bond etf held up very well this year. back to you. >> mary thompson with a market flash. >> taking a look at shares of united technologies, come off the lows of the day. this as news pratt and whitney engine making unit has received a contract from a brazilian air manufacturer to provide engine for new regional jet basically replacing former provider of that engine. ge, former parent. sue, back to you. technologies off t

also our bob pisani who of course lives here on the floor of the stock exchange. good to see you. you think this market still wants to go higher. what do you see happening? >> it does. there's a global appetite for risk. we're seeing it from the banks and pension funds. 3.5% in bonds, 5.1% up into january. you need to consider where your money is. >> bob, there are those who say the market's overbought. that strauss-kahn dit's due for. you have new money coming into the market. what's the answer? >> the answer right now is earnings are good, not great. and likely bottoming. third quarter is likely the -- that's below the historic average. here's the big question. if you believe the global economy is turning around, china's turning around, u.s. improving, europe muddles through, you can argue for a multiple expansion. you guys were talking about this in the prior discussion. now all of a sudden you're into 1600, 1650 on the s&p 500. so where are you on the global growth story determines how you feel about stocks right now. >> well, you're not even considering the federal reserve th

we find bob pisani. i'm watching the tick by tick here. feels like we have gone slightly more negative. >> we have. we lost 20, maybe 25 point. i think brian is right. guys down here agree that the comment about possibly discontinuing bond purchases, putting dow industrials, we were in positive territory going into the fed meeting -- fed minutes, excuse me, at 2:00. so we were up maybe 25 to 30 points on the dow. we lost about that same oomt. other than that going through this on the headlines, that we were getting, just as we come out, i didn't see much more than that. i would agree with that. let me show you fairly quickly, 60-point range. so volume a little bit lower than yesterday. take a look at other things and bring up some of the bond funds. i want to show what you is going on with other issues here. emerging market stocks. turning negative but etfs, eem an vwo, this is a new high for emerging market etfs. bond markets receiving trickles of outflows. not a big move but we have been seeing moves for the down side for a while. this i

>>le i would add earnings are beating -- not huge but instead of 3% according to bob pisani they are 5%. sales revenue also beating -- not huge but beating. you have easy money. how powerful is that in the context of the potential correction? >> everybody want as correction. we were talking about it off line. i'm not sure you will get this big massive correction. more importantly you have underlying fundamentals in the u.s. economy, okay. running 2%, 2.5% in terms of gdp. we got good numbers, gdp, pending home sales, case schiiler. overe seas, easy money is happening there as well. china, industrial profits up 17%. brazil is lowering, india is lowering. you have a strong case that the global economies are continuing to improve. you have earnings better than expected. valuations aren't stretched. >> you buy the pullback. that's what you're arguing. >> yes. i have to tell you this. we ended last year with the lowest amount of cash on the portfolio. we are up more because we're taking profits. you want to buy the dips. >> jason, i am in a bullish mood. i wouldn't be surprised to have a

. >> notable ipos on next week's agenda as well and bob pisani has the lowdown on that angle. hey, bob. >> quiet recently, but next week we'll get a brand name. take a look at this, norwegian cruise lines, believe it or not, third biggest cruise operator in neckor america, going to be a $400 million deal. this will be a nice one to watch. it will be in the middle of next week. a lot of interest in master limited partnerships. three of them coming next week. they are back by physical assets that generate revenue. in fact, very nice dividend yields. take a look. sun coke energy, 8.25% yield here. next one here, take a look at cvr refining, petroleum refining operations in kansas and oklahoma. 18.8% yield. good heavens. finally here, usa compression partners here. this one owns natural gas compression services in the u.s. 8.5% yield. little wonder why people are pretty frantic for these master limited partnerships. maria, back to you. >> thank you so much. 'tis the season to be sick? with the flu reaching epidemic proportions and vaccine supplies strained, i'll talk with a top sa

bob pisani wraps it all up right now. over to you, bob. >> banks and home builders, but very simple, maria. pretty good volume, 4-1 advancing to the declining stocks. the long-term picture we want to look up. five-year highs on the s&p 500. made it. dow did not make, it by the way, the dow jones industrial average shy of the five-year high. mid-cap, historic high, russell 2000 historic highs and slickials strong for the start of the year. speaking of the start of the year, early to put this up. look, so far the s&p 500 up almost 4%. at this rate somebody wrote to me will be up 110% on the year on the s&p. you get it. dow transport, risk on, honeywell, united technologies, all on the strong side. the regional banks had the earnings fifth third, pnc, huntington and a new high for fifth third. back to you. >> bob, thank you so much. financial stocks, of course, leading this market again this year. wells fargo climbing nearly 3% this month alone, after rising better than 20% in 2012. wells fargo chairman, president and ceo is

bob pisani on why the market faded in the last hour. over to you, bob. >> i'll make it simple for you, maria. we have quantitative easing but no growth. that's the problem. some traders were puzzled and even angry about why we didn't see a drop in the market on the crummy numbers on the gdp. well, there was a drop but wanted to see what the fed had to say. when the fed didn't say anything new, that's when you took profits. the close made more sense to me than the open did, maria. take a look at cyclicals, market leadership groups, that's the groups that's outperformed. they were the weakest today, your industrials and energy and material stocks and transportation stocks. look at the transports there. all were notably weaker. there's your sector, and those are the ones with the biggest move up. they make the sense on the down side. home business, ryland terrific numbers, all home builders with terrific numbers but there was profit-taking today. the problem is on the valuation. finally, maria, hold on the ten-year note there. look at that

bob pisani in the middle of all the action now. over to you, bob. >> look, folks, this is a stealth rally. you're not getting a massive amount of price movements but just enough to put us into new territory. take a look at full screen. s&p 500, five-year high but more importantly, historic highs. s&p mid-cap and russell 2000, and even the dow transports. banks and consumer discretionary, largely home builders here. the s&p 500 is being helped by regional banks with earnings, fifth third and pnc. take a look at home builders today. great numbers off of the new home sale numbers for the month. highest level -- housing starts numbers. highest levels since june 2008. big issue here though is multi-family continues to lead here. there's the home builders. finally, guys, need to close over 13,610 for the dow industrials to hit a new five-year high. sitting right at it now. >> bob, thanks so much. amazon fires the latest barrage in its war with apple meanwhile targeting itunes. julia boorstin with the story. julia. >> reporter: that's rig

let's get to bob and rick santelli. bob pisani, what are we doing on friday? we are just kind of doing nothing right now. meandering around. but we have been up for three straight weeks. >> i'm happy guy. we are in the heart of the earning season. big industrial companies are all reporting, something important is happening. individual companies are moving on their own earnings reports and not moving the all around markets around. look at industrial companies that reported today. here is the nasdaq. put up industrial companies here. important thing, ge for example came out. good earnings report. it is on the up side, parker hanifan on the up side. johnson controls with a bad outlook on the company. everything is moving individually and not afeking the overall stock market. people have been asking whether you should be moving into the industrial names and out of the bank names p and certainly happening in the last two weeks. so we've seen big banks looking tired these days. that's not an accurate number here. j.p. morgan with the down side as can you see. a lot

bob pisani has been in the middle of the action and is down on the floor right now. bob? >> in the middle of earnings season. i'm a happy guy, and i see stock-picking earning and individual stocks moving on earnings but not whole sectors which is what happened last year. take a look, for example, on the multi-industry stocks. ge, good numbers today. parker hannifin numbers, new high. johnson controls disappointed because they guided lower on their current quarter. all the stocks are moving in line with their commentary and that's something we haven't seen in a while. now, there's a lot of talk. the industrials have been very strong this month. talk about moving into industrials and maybe out of bank stocks which were strong last year. the banks are looking a little tired right now, a little bit toppy. capital one had a very disappointing earnings report. you can see the rest of the stocks aren't going anywhere as well. semiconductors. normally, if you had intel had disappointing guidance. you would see a lot of effect in the overall group the following day. intel is down

over to bob pisani? >> spending on amex, one of the reasons stocks are moving up in the after hours. take a look at the major sectors. s&p, heard from maria, five-year high, but there's more there. russell 2000, another historic high and mid-cap, historic high. take a look at the banks, ugly day yesterday. much better today. wells fargo kicks off earnings for the banks tomorrow. a three-month high. heavy volume today. bank of america good. citigroup, jpmorgan chase, right near a 52-week high as well. techs, kind of an anchor throughout the day, big bowl, terrible move at the open. apple finally went down into positive territory. seagate great but ended to the downsaid. aeropostale lower guidance. that's been a mess all year. american eagle afirmed the guidance but this stock is still to the downsize. ascena, the old dress barn, to the down side and finally, maria, chinese export numbers, much stronger than expected. we saw a lot of activity in the china etf. there's the fxi that's right near a new 52-wee

bob pisani in the middle of the action. i know you were impressed with the inflow numbers into mutual funds. >> i'm very hopeful, though it's only one week out of the year, but we had the highest inflows in several years in stock mutual funds, etfs continuing to get inflows. take a look at materials. china, consumer inflation, much higher than expect the. not good. maybe a less chance of a stimulus so material stocks, like aluminum stocks, take a look at them all on the weak side. some of the iron ore companies concerned that some iron ore prices might are more weaker than anticipated. china stocks, speaking of china. a huge run in the last month. the fxi, the etf for china has had big volume recently. up about 15%, so already people are anticipating china doing better next year. maybe, maybe not, but it's already run there. banks, well, look, a very simple story. you always get a selloff on the first day when the banks start trading. wells fargo came out. wasn't bad. nobody sees any upgrade to see their outlook on wells fa

let's check in with bob pisani. >> hello, everybody over there. lack of buyers. that's what's going on. s&p 500, folks, ten points off the high. friday, a five-year high. know we don't have a lot of energy, but i'm not that worried about it right now. see a bigger drop before people got concerned. upside, boeing having a lot of problems. airlines, all up today. the numbers have been great. fares up and revenue trends stable and fuel prices are stable. we've got a potential deal out there with u.s. air, and -- and amr out there, so the important thing is good news for the airlines in general. all the jewelry companies having a great day. cignet great sales, most jewelry stores to the upside. telecoms on the weak side. pcs had very weak subscriber figures though that was during the trading day yesterday. a little strange about the fact that they are all down today. finally, guys, you were talking about whether or not we'll have good numbers on the earnings front and whether the weak earnings are baked. in doing the same thing again, guys. brought the numbers down r

. >> i want to bring up the issue of retail stocks, something bob pisani has been beating the drum b.considering there's a payroll tax increase of 2%, will there be a curb on consumer spending? will we continue to see outperformance by retail sector stocks, do you think? >> no. i think the consumer sector will be impacted. certainly by the payroll tax that's going to be hitting everyone, the reinclusion of that, and at the high end, your high end consumer simply won't have the kind of money to spend that he did last year or the day before, so clearly that's going to have an impact on retail sales. how big, yet to be determined, but i certainly think there's going to be an income, inexplicable if there weren't. >> understand. steve, thank you very much for joining us today. >> you're very welcome. >> coming up next, the fiscal fine print. brian has read all 517,000 pages of it, coming up. >> twice. to the gas station going about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amo

bob pisani only joining us. mark, let's talk about that. first, congrats on this terrific naming from morning star. why housing? what's the bond play? >> i think the bond play is that there are several companies in the housing sector that can benefit from really strong cash flow growth. housing is in the beginning stages of a multi-year expansion. we're likely to see growth of 20% to 30% growth for companies. that will lead to credit upgrades for companies. there are many companies in housing that will benefit. you want to own them on the bond side. >> mark, you had a good year. good to see you again. saw you last week out at morning star. had a great year last year. up 15% in your fund. how much more difficult is it going to be to make money in fixed income this year and beyond housing how are you going to try and do it? >> good question, tyler. nice to talk to you again. i think it's going to be a lot more difficult. we're very much underweight the long yield curve. we're focused on potential for higher rates. we like energy and pipelines

bob pisani has all the action today. >> the important thing is let's take a look back and see where we're at. put up the screen. dow industrials joining the s&p 500 at a five-year high, historic highs on the transports. on the russell 2000, the small-cap index. in the heart of earnings season, and i see signs that stock-picking is mattering again. look at multi-industry companies that report. love that we're in the industrials right now, part of the earnings season. ge, great numbers. parker hannaford, good numbers. that's a new high. johnson controls and guidance for the current quarter is down 3%, but can you see the other technology stocks really didn't lose that much. the industrials didn't lose that much. in other words, very specific movements on the company's own reports or guidance. how about rotating? lots of talk about rotating into industrials and out of banks. it's true the banks are looking a little tired. a lot of disappointed on capital one's earnings today, but you can see most of the banks didn't do much on either side, a positive or negative, but they have been looking s

here's bob pisani with the wrap-up. >> reporter: four days in a row with very narrow trading action. banks, new highs. take a look at big names, the ones you might expect. jpmorgan. good enough earnings report. goldman sachs terrific earnings report. both of those are new highs and key corp a new high. we'll get to some of the regional banks next week. also, a lot of interest in banks in general. there's the xlf. the etf for the banks. you can own that. that is right near a new high. the volume that is picked up recently. i hear there's a lot of options activity in some of the months out a few months from here so there's continued interest in buying into the bank group. airlines, another new high for the airlines, one of the ones that hit new highs today but the xal hit a new 52-week high. paying down their debt. they are raising their prices and have limited capacity. so far, so far, airlines firing on all cylinders. not everything was up today though. steel stocks were down. they have been down many days this month, even though they started on a positive note here. carpenter, one o

let's find out what's behind it from bob pisani. over to you, robert. >> you know what's important. put up the s&p 500, because we're about to close -- if we close at 1469 or so, five-year highs in the s&p, near historic highs, of course, with the mid-cap as well as with the russell 2000. what's important, banks are leading. glad you just mentioned that because banks had an ugly day yesterday. normally they don't sell off going into earnings season. that's reversed. wells fargo starts tomorrow at a three-month high and morgan stanley 2041, eight or nine-month high for that one. take a look at techs though, anchor around the market all day long. yahoo! a new high on january 2nd. rolling over. seagate great numbers yesterday. it's rolling over. microsoft, 26. that's probably a new low for microsoft. apple started up, went down, had a terrible afternoon and finally just got into positive territory. finally i want to mention china exports, stronger than expected. a lot of interest in the international etfs. there's the china etf, fxi, the biggest one. that's had good volume. japan's had

. >> bob pisani is there, good morning, bop. cvr refining, opened at 25 and a quarter. the bottom line is what's attracted people to the mlps or juicy yields. this is like 18%. we saw a compression open. sun coke will probably -- these energies own real assets. and that's usually what attracts people to them. remember, that's the dividend yield story. let's make sense of the basic of america earnings report. the press release was 38 pages. the real in other words, they read the 10-q. did you read it? i didn't either. it's not even posted, but i did look at last quarter's here's the earnings report, the 10 hq last quarter, $265 pages, this is the official earnings report. hope you all read it next time. i tried to get through parts of it. let me tell you, it's a tough slog. what do you learn when you read this thing? what you learn is they're really kind of stuck. they can't do that much. still not an awful lot of economic growth, so they're down to reducing staff. on page 5 of the press release, bank of america fired 14,601 people last year out of 267,000 employees. jim

. >>> bob pisani is here on the floor with what's moving this morning. >> happy thursday. did you see the china numbers? getting better. really good. 14.1% increase in exports. we were expecting 5%. imports were up 6%. this is really going to help the gcht dp numbers in china. and it matters a lot. have to get over the 8%. so what was it last quarter? i think it was 7.4%. these numbers are really going to help the q4 numbers. where he could get up at 7.8, 7.9. getting close to 8%. that will help the global economy. on the earnings front, it's a little early. i know you're worried about tiffany's andaeropostale, but a lot of companies have made general positive observations. costco, nike, alcoa in line but bullish commentary on china. helped multinational companies. so so far the numbers aren't that bad. i know the question for me that i don't have an answer for yet is are the ceos anymore optimistic that some parts of the fiscal cliff will be resolved. sitting on all this cash, will they deploy anymore capital in 2013 than they did in 2012. that's kind of what i don't have

bob pisani is here at post 9. 1505, bob. >> there were no signs that the market is rolling over, overall, but a few big tech names. a kind of a rough day for tech overall. let me show you. of course emc, all of the disk drives are weak because emc gave disappointing guidance. all of those stocks are to the weak side. but lexmark printer business is not doing well. tech stocks are rolling over a little bit, advanced micro had a good month and is rolling over. hewlett had a good plongt. it's rolling over a little bit. this looks like some profit taking to me. overall, on housing, i mentioned this morning, you just can't do much better than some of these housing numbers. just put up the big orders. it's new orders that matter with the housing companies. and here's the home builders. all of them moving up. d.r. horton had excellent numbers overall but put up the housing order numbers here. d.r. horton had numbers up 39% here. toll brothers new orders up 36%. lennar up 32%. beazer up 29%. only kb home a little below. these are great numbers. last quarter a year ago was better so you're gettin

well, from visa to bob pisani, let's see what's moving on the floor this morning. bob? >> we've got our third master limited partnership this week. sun coke energy, looking at 19. that was the low end of the price, 19 to 21. these are master limited partnerships. three of them this week. and of course, the attraction is the juicy yields. this is about 8%. three of them, that's pretty impressive. i think, guys, we're still at 19. that's what they priced that at the open here. we'll let you know here. we're still waiting for norwegian on the nasdaq. that will be a little bit of time, though. i'm glad the banks are down. we're now in the earnings season. big multiindustry, multinational industrials. these are the guys you want to get your hands around. four of them reported, all of them beat -- a couple near 52-week highs. i think rockwell should be at 60.86. i think that's a 52-week high for rockwell as well. they make the stuff you don't see, all the stuff behind the walls of this building, these guys are involved in. they're involved in industries across many different

check in with bob pisani here on the floor with what is moving. like the celebrity toiv market technicians all here today. >> looking around, waving to some of these guys, i have known for the last several years and nice to see them. of course, technicals have become more important than ever as more people get involved in the market and become uncertain on what they should be doing. technicals offer a very clear in and very clear out for a lot of people. let's talk about what's going on. have you noticed that rally yesterday, didn't take long for that to end, he did it? now everybody trying to figure out about the continuing minifiscal cliff, some people are calling t can we agree on one thing? can we get rid of the phrase fiscal cliff? trying to find a different one. so 2012. bank of america, merrill lynch, ethan harris' team, they are calling it the three gorges. the sequester, the debt ceiling and the resolution around the fiscal 2013 budget. i don't have a better phrase. three gorges, go with that now. the retailers, pleasantly surprised with

bob pisani is here to tell us sort of broadly where we are. >> here's the problem. we're in a range, i mean a really narrow range. we've been in a 50-point range for at least the last four or five days. the dow normally moves about 125 points high to low on a day. but there you can see we're really going nowhere for quite a long period of time. let's move on. i want to talk a little bit about why we're weak today. the world bank notably lowered its growth forecast. 2.4% for the world. they had it at 3%. that's a big reduction. emerging market growth now only 5.5%. good eheavens. four years ago we were at 7.5%, 8%. housing stocks, the nehb had its housing sentiment index out. it was stable at 47. that's good. tafs little below expectations. these stocks which were already expensive a little bit on the downside today. you heard simon talking about the weak numbers of autos for auto sales over in europe. gm giving a very muted outlook. profitability will only rise modestly in 2013. look at that. 5% decline in gm. the rest of the big autos are on the weak side as well.

. >> bob pisani is back, on the floor. >> let's hope 2013's a healthy, prosperous year for all of us. we've got a global rally going on. germany at a five-year high. 52-week highs over in europe. france, uk, portugal, greece 52-week highs. 1 1/2-year high over in hong kong. the china people are closed. big rally in coal stocks, big rally in basic materials stocks. what's to like and not to like about the deal with some of the traders this morning here? obviously not to like, no spending cuts is a complete mess. everybody's unhappy about that. but the 2% increase in the payroll tax, bringing it back to where it was. 3.8% increase in medicare tax for the wealthy. phase out of certain deductions. a lot of that's going to be weighing on people who make a little bit more money. i was surprised how many people listed the things they did like. here are the most common things they like. the deal overall, marginal positive for consumer sentiment. number two, capital gains and dividends, only at 20%, that was a lot better than we were talking about even just a week ago. finally, i don't think y