let's get back to bob pisani, who is right at the center of the matching action. bob? >> it's finally getting a sense it's getting a little closer, 45 to 45.25. we've been standing here for an hour and a half it seems like and they're going to bring the deli service because dick costolo, anthony noto from goldman standing right over here, the whole crowd has been standing here patiently trying to figure out when we're going to finally open. this is getting close now. >> this is the price discovery process we talked about about an hour and a half able we're trying to match buyers and sellers. they want to make sure once we start trading there's support for that price. that's the arc they're trying to balance, making sure you can open at a price they can sfaustn throughout the day. >> they don't want to open at 45 and suddenly drop to $30. >> right. again, this is the opportunity for retail investors to come in that didn't participate in the ipo and any institution underallocated last night, they wanted the opportunity to buy here, we wanted to make that orderly. >> how

bob pisani, how high is up here? >> we just keep going up. i'll tell you what's a little bit annoying. we had lousy economic number this morning on the philly fed. yet the market kept moving up. in fact, it went up on that number. 10:00 we had philly fed greatly disappointing. stocks rallied. bond market dropped. you all know why. you know the story here. the federal reserve, reducing the possibility of tapering. look at the 10-year. that's what matters in these kind of economic matters. there's the vote. right at 10:00. boom. yields moved down. of course, the market moved to the upside. you think the economy was roaring here because all the old cyclical groups had a great day. financials, technology, energy, materials all were market leaders. what was the laggards? telco. consumer, utility stocks, health care stocks. all the more defensive names lagged the market. high beta back again. remember, i've been talking a lot about how they've been under pressure. particularly the internet names. netflix, linkedin, yelp, groupons. boom, all of them

joining us kayla tausche, bob pisani. microsoft apparently ditching its long-standing employee ranking system, eliminating its practice of evaluating employees on a bell curve in an effort to foster more teamwork and collaboration. when you do it the way they've been doing it, kayla, there's always got to be a loser and always got to be a winner. >> that's right. of course this is probably bad news for those people who are very comfortable being in the middle 68% of that bell curve who knew they did just enough to get by, but good for employee moreral to bump up the system to a modern day approach and reward people when they do a reward. >> talk about teamwork, promoting teamwork, ten people on your team and two you flunk, two say spectacular and the rest mediocre. i'm glad they got rid of it. >> tesla's elon musk making interesting comments to andrew ross sorkin yesterday. let's take a listen. >> if i would have another company in the future, which i would not be any time soon, the -- i think that would be a thing to do,

joining us at the nyse, bob pisani and jeff kilburg at the cme in chicago. i'm going to start with you if i could. one of the signs that i always watch for, is margin debt. and margin debt is hitting record highs in many cases and that to me is a warning sign, but what are you seeing from your perspective? >> well, sue, that is a great warning sign. we are seeing in chicago massive influence. the retail investor is coming back, but i think they're coming back in a different manner, more intellige intelligent, smarter way, and seeing big in flows in a tactical etf. it's essentially a nonmarket cap weighted strategy allows clients invested to profit from downturns as well as upturns. these inflows nearly $50 billion this year, to 20% bump in the space which only makes up about 14% of all the etfs. we're seeing people come in due to the fact that they get inundated, sue, every day a new market all-time high. you want to be tactical, smarter but you are seeing a little bit of paranoia underneath the surface. >> bob pisani, you penned a note on this topic earlier

i would like to add another voice to the conversation, bob pisani. bob, i've been watching the tick by tick reaction and, of course, it does take a little while, right, to digest what is going on. steve rightly said, the minutes were rather confusing. my quick initial read on it is that we're at session lows for the stock market, it's losing steam. the dollar has ticked up and the ten-year has ticked up. what's the feel on the floor? >> modestly to the downside but that's a narrow range, only down about 20 points from the initial announcement. there's a full-court press on by the federal reserve to convince the world that tapering is not tightening. the guests and steve have it right. look at the conversation from the minutes. fomc, discusses lowering 6.5% unemployment threshold. yellen talking about that yesterday in her letter. fomc debates providing additional assurances on low funds rate. fed funds rate. the point is they're really trying to convince the world there is a difference and judging by the reaction of the market fairly modest moves at

bob pisani has been tracking today's actions. >> dow industrials, fairly narrow trading range. 60 points in the dow. i heard a lot of jaw boning over markets being oversold but i don't see a lot of people acting on their displeasure with the markets. we're staying with status quo. housing releeltd stocks had a great day. home depot, raised their guidance, a new high for them. vulcan and masco come out with their numbers tomorrow. retail stocks, tjx raised their full-year guidance as well. the one weak group we're seeing continues to be high beta names particularly in the internet space. you see netflix, yelp, zillow, groupon, not a lot of news but lift. 3-d printers, no news i saw that was out today but that's a significant drop. they have had a great run throughout the year. the only characteristic, high beta as well. would he get the fmoc minutes tomorrow and a couple of fed officials were out trying to jaw bone down interest rates, trying to keep the bond vigilantes at bay. charles evans not bountiful accommodation is needed. fed chair nominee janet yellen said monetary policy is like

bob pisani here with all this action. not the market doesn't know the fed is going to taper at some point, bob, any time it's faced with that reality, we see sellers come out of the woodwork. >> yeah. we're parsing every comment and cynical in here. you could prove almost anything reading these minutes. here's the sense, let me put it up for you, that got people talking. participants considered scenarios under which it might be appropriate to begin to wind down the program before an unambiguous further improvement in the outlook was apparent. some people were talking about tapering sooner rather than later. i think that's the key sentence in the whole record. the ten-year, which had been moving up prior to this announcement, moved up even further. we were at 2.71 at the start of the day. closing right near 2.8%. the dow drop the a little more than 100 points but ended off its lows. still a decline on the day. not surprisingly, interest rate sensitive groups were the ones that got hit the most. utilities, reits, home build

bob -- >> oh, yeah. i'm sorry. >> bob pisani, let me bring you back in here. how do you think the market reacts to this tomorrow, anticipating this tonight? >> yes. it's interesting. work rumors are so often just wrong but today they were right. there was speculation in the middle of the day that janet yellen would make essentially dovish comments. as you heard from eamon, that's exactly what happened. i think right now when you say words like supporting the recovery today, those are buzz words, meaning we're going to continue to keep rates low as long as possible. that's essentially bullish for the markets. definitely i think a good reaction. but i think we've already seen a lot of it today, just on the speculation that this would happen. >> bob, thank you so much. really interesting testimony, what we expected. that's why i think the market melted up at the end of the day today, that we could get a similar testimony and similar commentary from ben bernanke from janet yellen. that testimony happening tomorrow. only 100,000 people nationwide have selected thei

let's get down to bob pisani at the nyse. this morning we were complaining about low volume, narrow trading ranges and traders sitting on their hands. anything in particular that sparked that move up? anything that might break us out one way or the other here? >> a little bit of speculation on that. put up the s&p and you're right we're at a historic high here. europe closed, it wasn't a great particularly great close for europe, but after europe closed we started moving up. remember something, janet yellen is testifying tomorrow. a lot of speculation. it's all speculation because we do not have her testimony that she may be very dovish tomorrow and that would be very positive for the markets. there's speculation about what, if anything she may say tomorrow. that's part of what's moving that. essentially this is extremely light volume. the markets have moved sideways for a good part of the week, put up exactly what you were saying there, mandy. light volume, very, very narrow trading ranges typically, and essentially a sense

bob pisani. >> congratulations. everybody is doing high fives here. priced at 18. opens at 35. insiders own the stock at 5.38. just opened at $35. they're selling about 27% of the company. that's a little larger than some of the companies recently. the current trend to sell 10%, 15% of the company. as you can see here, no problem with that pop, 35.24. there's all the people standing around congratulating themselves and of course the ceo will be over there in just a few moments. back to you. >> we have the ceo. let's welcome kip tindell. thank you for being here and congratulations. >> thank you. glad to be here. what a morning. >> when i read your prospectus, the first thing that jumps out at the top is that you treat your employees, your labor force, your associates better and right. somehow that does translate to better performance? >> absolutely. talent's the whole ball game. i mean, we -- our most important foundation principles is one great employee can do the work of three good employees. so one equals three. it's the most important thing we do. we think we have the best

bob pisani with all the lowdowns and the high notes here at the big board. over to you, bob. >> twitter did okay opening at $45.10. but it, too, sold off in the last hour, maria. i don't believe we made $45.10. let's put it up there. $45.90. closing below the initial price there, $45.10. the major indices, dow held up better than anything else. composite in the nasdaq and transports down 1.4%. breadth was terrible all day long. volume was on the heavy side. we may do 4 billion shares on the nyse. fairly broad selloff. look at some of the major sectors. airlines down. semiconductors were to the downside. retail stocks. consumer staples as well as financial. that's a broad decline. momentum stocks have had a tough week overall. so some of the major names here like tesla, yelp, zillow, facebook, linkedin all down. this is for the week. chinese internet stocks have also been down as well. perhaps not as much as some of the other ones earlier in the day. they were on the downside. biotech also on the weak side. one of the only sectors that have been up this week

bob pisani, what's behind this comeback? >> the strong october jobs report again is pushing interest rates up. that's your primary trend this week. we've had a couple of bad days where rates have moved up. and it's hurt interest rate-senses ive group. there's the primary effect we've seen in the jobs report today and some things earlier in this week. take a look at utilities, for example. you can look at some of the other groups, home builders, telecom, real estate investment trust, emerging markets there's the eem on the bottom, that's all affected. all down for the week, not just today. because of the idea the interest rates go up, you sell off the stock market. that's not really working today. yesterday we had the worst day on two months in the s&p 500, but sectors beaten up this week -- the s&p up two days. that's a nice u-shaped recovery there. recovering sectors biotech got hit bad earlier in the week, oil stocks, the xop, it's back. airlines got hit. it's bouncing back. the zillows and netflix, they're all bouncing ba

to bob pisani at the nyse. down a little bit, but we had the big warnings from big name investors like carl i scahnicahs like those warnings can't knock it off the shelf. >> there's little room for error so put up the dow. trading in narrow range. about a 60 point range, sitting right near the lows for the day. the market has dropped a bit here as interest rates, ten year moved 2.7%. look at the cloud computing stocks. we did see salesforce out with good earnings guidance below expectations. the guys in the space all down. not a lot of room for errors. yellen has been on the tape in the last half hour or so, a letter to congress, put up the commentary. she's trying to argue right now that monetary policy is going to remain highly accommodative lock after one of the economic thresholds for the fed funds has been crossed. 6.5% unemployment rate. what she has to do right now convince the bond vigilantes they don't have anything to worry about in the near term, convince everyone tapering is not tightening and mandy

let's get straight down to bear stearns at t-- bob pisani at th nyse. does that bring more money in according to the traders on the floor or do we need to pay attention to the warning signs out there that a correction may be foot? >> both. it's bringing in more money. the first time in a long time we've hit milestones. we hit 15,000 the world did not explode but we've been seeing steady inflows throughout the year and good numbers in september and october in terms of inflows. nonetheless the world is full of people that are worried there's bubbles everywhere. we talked ate this morning. inflows in the stock mutual funds are strong, they see a bubble, margin debts at record levels, the vix near ten year lowes. that's good news. all this worrying is good news because it still prevents some from coming into the market. we're still very data and fed dependent. bill dudley head of the new york fed made a comment here that the job market was improving an the dow lost some of its steam, sitting at the highs of the day and dropped down here. that's good news, t

bob pisani down at the nyse. as i said, it is a huge day here on cnbc. we've been hearing from some of the biggest names on wall street at the annual deal book conference in new york. kate kelly is there and kate, why don't you run us through the biggest headlines we've heard so far? >> i would love to, mandy. it's been a fascinating day here at "the new york times" building at the deal book conference and one of the highlights was andrew ross sorkin's one on one with dan loeb the founder and manager of third point which is one of the best performing hedge funds this year. he let us in on a secret sauce in terms of his ongoing bullishness on japan and specifically the stock sony. he's had trouble with sony while the stock has gone way up this year some of his activist measures haven't played out as expected. at the same time he said he's still bullish that economy and the stock let's take a listen. >> we remain bullish on japan. we wouldn't have made the sony investment if we didn't support abe and everything that they're doing, you know, politically, ec

meantime it is ipo palooza on wall street this week, 16 names, 16, bob pisani, making their public debut. >> how many? >> 16! one more than 15. just another sign of a frothy market or is it a sign of a healthy one? >> it's a little bit of both and i'll show you why. first off an etf for these things. let me show you the mutual fund, renaissance capital has one on the year. put up the comparison screen. the mutual fund is up about 50% on the year. the stock market is up about 25%. look at that. there's your mutual fund you can buy here. that's the one. it's topped out. a lot of people are concerned about that. the other thing i'm concerned about is there's an etf for this topped out as well. the etf happened to go public last week. an etf for a new business a lot of people are interested in it. interested in invest vesting ipos my three rules, these are simple rules. they follow the stock market, they don't lead it. ipos are not leaders. when the market is doing well, ipos do well. it's more volatile than the market. higher betas. be aware, it goes up and down more. if you want to invest

and bob pisani, of course, you're watching that as well. but i have to give you kudos. a great job this morning on the open on twitter. we were all glued watching you as you were waiting for that first trade to take place. >> thank you, bill. it's not just get for the nyse but good for overall market sentiment to have a smooth opening of such a big name. i'm a little more concerned with what's going on with the overall markets. put up the full screen. twitter is having a great day at $48. it's elsewhere i'm a little concerned with. right now we're 3-1 declining to advancing stocks. that's very poor. that's on nasdaq as well as the nyse. volume is going to be heavy today. watch that. down day, heavy volume. hedge funds, this has been the story for the last several weeks now. they've been long beta names. these are high volatility names. stuff that moves up and down a lot. and short defensive names. colgates, procter & gambles. this week that has been looking very shaky. this may or may not continue or it could stop today. we don't know. we're in some kind of transition h

i'm going to turn it over to kayla tausche and bob pisani. guys, the markets did get a little bit of a boost from janet yellen's testimony as well in front of the senate banking committee this morning. and that's also on the agenda on "power lunch." >> thank you so much. we have bob here and we've been watching the markets. it seemed like the market pretty much knew what yellen had been planning to say. >> here's the problem. the yellen rally was essentially yesterday. the rumors for once about maybe janet yellen would be a little more dovish than we expected happened, and the move happened yesterday. today, modest moves to the upside on the dow industrials. but the bottom line here, kayla, is i think janet yellen is delighted with what happened because the markets were on the upside on the s&p 500. we are at record highs, and on the dow jones industrial average, interest rates are flat to slightly down. put up the ten-year yield. very little movement. gentle slope to the down side on the yields. and i think the most important thing is the te

let's get the trading action from post nine where i am with bob pisani. and we were just talking about the fact that the interest on the ten-year is now 276. it's moving up which could be a problem for stocks. we're up 13 points but a narrow range. >> keep interest rates down ahead of the fomc minutes released. very narrow trading range. 125 points. typical, it's only been 60, 80 points for the last five days. i want to point out high beta names have continued to move most of the downside, priceline, groupon, tesla, twitter, big moves considering the dow is flat here. 3d printing systems, not a lot of news yesterday, moved down again today, the 3d printers are down. this is the other high beta group hit a lot. retail stocks, some of the other ones out there, jc penney having a great day, some of the other discounters that are out there, kohl's and freds. >> with interest rates higher as sue mentioned emerging markets get hit any time this happens, emerging markets generally have a problem. we'll see what happens with the fomc minutes at 2. >> the market h

bob pisani, pretty quiet day otherwise because of veterans day. >> yeah. bond market isn't open. we cue off the bond market these days. that ten-year yield moving up, that caused a little problem last week. but still, take a look at today. the important thing is we were lower earlier in the day because financials were weak. they improved a little bit. they have come off their highs today. tech and financials are really what moves the markets. they're about one-third of the whole market cap of the s&p. so if tech and financials are up, generally the stock market will be up overall. a couple sectors moving. 3-d printers, some think it's the fad. the stratasys numbers were excellent last week. voxeljet, 100% increase in a month. a remarkable move these companies have had. retailers, a number of them announced they would be open on thanksgiving day, opening their doors. all of them are to the upside today. they ought to make that announcement every year. carl icahn having an influence, getting two board seats, lowering the number of seats and east he gets two of them on the board. th

bob pisani. >> we are there. the big ground numbers. 16,000 on the dow. we are there. 1800 on the s&p 500 we are there. and indications are that this will be -- this five-week period from thanksgiving all the way to christmas, it's one of the strongest times of the whole year. on average we're up 4% or so in that particular period. we were up 10% between may and beginning of november. you would have missed out a huge amount if you pulled out. some of those seasonal indicators from the s&p 500 don't work as well. put that up and we'll see what is going on. meantime, discussions are about signs of the bubble. you know the signs of the bubble. this is looking for various signs of other things here. investor sentiment has been bullish. market is at record levels. we heard this all weekend. there's a reason why the markets could pull back. the problem is, the russell 2000 suddenly dropped in the middle of the month and started to dramatically underperform the s&p 500. this is a one-month chart. everyo

let's bring in bob pisani. bob, you've seen a lot of technological changes during your time at the nyc. i imagine the single invention you're with right now probably changed trading more than anything else. >> yeah. i'll tell use. proit vieded information on continuous trades. remember the telegraph was invented in the 1830s and 1840s but it wasn't continuous. this was continuous. here it is. i just talked to the archivist. he was kind enough to bring down one of the very first ticker machines from the early 1870s. what's missing is the paper. the paper would have been on the top. it would loop around underneath these two wheels. these are the alphabets. this is the ticker itself. here are the prices. it came in right through here and spit out right through here. now what they did was continuously improve this from the 1870s all the way into the 1960s, believe it or not and really these kinds of machines much improved were only retired in the 1960s when they first started to get electronic machines where you co

real special niche of the markets, the retailers doing very well. >> thanks very much, bob pisani. okay. let tell you about men a's warehouse and joseph a. bank, they say if you let us do due diligence, we might raise our bid, please, please, please. didn't help. a hedge fund that is being an activist here, even though mr. sandler earlier this week put a letter out that said we talked to the ceo of men's warehouse. you haven't engaged with us in any discussions regarding our proposal. bye-bye. the question is what is eminence going to do about it? they come out with a release that said we are now going to try to seek to have a special meeting with the shareholders. you can act by written consent but first you have to move to get an amendment to do that. so they are going to try to do that to move towards a consent solicitation to remove directors without cause before the next annual meeting. they would need 10% to even then call the meeting to try to amend the bylaws. the new york hedge fund manager would have to go down to texas. that's a tough road. >> seems like you all get alon

so it seems like a good time to go down to the floor of the stock exchange and join bob biz saun b pisani who was there. >> we were on the floor an hour and 17 minutes. that was the longest ipo wait ever. the old record was 10:17 eastern time. that was for visa. it was all worth it. pricing at $26, opened at $46.10. right now trading at $46.92. this is a textbook example of it. let me just show you what's going on here. what the book runners, what the underwriters do not want to have happen is it opens at $45, then it goes to $70, then down to $30 and you get these wild gyrations. essentially we've been between $45 and $50. a brief blip at $50, but essentially this has been rock solid right across the line here at $45 to $46. i would not be surprised if this closed essentially right around here at $47. again, what they want, nice and steady throughout the day. by the way, 91 million shares changing hands. the stock, traded, 70 million right now. it's already traded more than the total amount that was available. back to you. >> bob, stick around. don't go anywhere because the former obama

i hope you'll ask her about that. >> well, maybe now it's more likely, bob. thank you, bob pisani. let's talk a little about t-mobile this morning because the stock is down. in their last quarterly earnings report the company had given some indication there was a possibility that they could sell some debt or equity. but few of their investors or shareholder base would have expected they would have sold quite this much, 66.15 million shares being sold, about add 2 billion secondary offering by the company raising the money, increasing the float, by the way, 38%. remember, most of this company is still point by deutsche telecom. what are they going to do with the proceeds? the expectation is they're going to use it potentially to buy more spectrum. it's interesting to note while there is going to be a large auction of spectrum by the government in january, that being the h block, 1,900 block we'll call it, they're not interested in that, at least not that i'm aware because it's not contiguous with what they own. dish, yes. sprint perhaps. not necessarily t-mo. where is the spectrum t

we have breaking news from bob pisani. >>> we just want to let you know the chicago mercantile exchange, the cme has confirmed they were the victim of what they are calling a cyber intrusion back in july. now there is no evidence that trades over at the cme were adversely impacted nor clearing impacted. but they were forced to change customer credentials, impacted by the incident. they noted that this is a subject of an ongoing federal criminal investigation and they are cooperating with law enforcement. so as of now it doesn't look like trades were affected but there was some kind of intrusion. sue this happened before. the nasdaq had an intrusion a while ago. did it not affect their trading systems but they too had intrusion. this is a high level priority now with the federal authorities. we'll get some more on that as soon as we get any information. >> terrific. we look forward to it. we're back now with the governor of kentucky. governor, even though your health exchanges are working very, very well and you're one of the success stories certainly of the states out there, as we under

let's get to bob pisani on the floor of the big board. >> we had dueling fed presidents. we had a drop because dennis lockhart came out and said, tapering could start next month. put up the full screen. the market is hypersensitive to any talk of higher interest rates. there's the dow moving to upside. then they said it will hold. so it stort of came back. this is the forefront of the whole issue on the markets. reits, emerging markets, housing, telecoms, rate-sensitive, all down noticeably. emerging market stocks, these countries have been hit hard, even modest increases in the overall numbers here. just want to talk. back to you. >> thank you so much, bob. tesla ceo elon musk is speaking to andrew ross sorkin at the deal book conference in new york. let's listen to this. >> with that jacket on, you look like tony stark. we have a lot to get to about tesla, about entrepreneurism and everything. however, you are in the news for some reason you may not wish to be. >> right. >> which is that there have been now three fires in these tesla vehicles with the most recent one in

bob pisani blame it on carl icahn? >> yeah, a good part of it. one of the issues when markets are at historic highs, market names can move things. two market things moved things. mr. icahn, cautious on equities. that cost 70 points in the dow. the bigger damage was in the high beta names. take a look, linkedin facebook zillow. ron was talking about social media. another group that's got a lot of momentum this year not necessarily high beta but the oil names, e&p names have had a huge run. see that drop today? some of this was related to oil moving down. the other big name bill dudley head of the new york fed, came out in the middle of the day and said he was getting more hopeful will the u.s. economy. that cost the dow 20 points. that was earlier in the day. oil in the middle of the day went from $93.40 to $ -- you see that drop? that is when dudley was talking. the lowest level since may. gold also dropped. it was 1280 went to 1270 in the middle of the day. we'll keep an eye on all of those issue. the bottom barometer of all of these issues is t

. >>> welcome back on the floor with bob pisani. dennis lockhart taking some wind out of the sails here. >> my sense is the trading community has beencying on their hands. complacency is very high. look at the vix. you think people would be panicked, interest rates going up. it's going nowhere 37 remaining around 13. no signs of people buying protection, no panic. bullishness still high. what we see is concerns over interest-rate sensitive stocks, utilities, home builders, those secs sectors were under pressure. >> the ten-year almost back to 2.80 the stock market is acting well even at that point because we kept figuring if it gets to 2.60 or 2.70, we'll see a selloff. we haven't seen that. >> we keep talking about higher rates and the market keeps being able to handle it. that's the biggest thing the bulls have got. the other thing is the fact there is so much cynicism about the rally. we've been saying this for years. the can i point outside, the new york stock exchange, trades right here, this is the last hour the nyse will be t

pisani. yesterday carl icahn spoiled the party. charles evans of the fed is doing his best to spoil the party. >> take a look at the dow. a heard a lot of hang-wringing about overbought conditions. i don't see a lot of action. i don't see a lot of selling going on. this has been a pretty small move in terms of the dow. about 60 points on the day. high beta stocks. again, your groupons, netflixes, yelps, zillows. they're under pressure. very little room for error in any of these high beta numbers. whole cloud computing group under a little pressure. same with 3-d printers. this group was not among high beta names hit recently and all of a sudden today, kaboom. all stocks are to the downside. i haven't heard anything from the traders i've talked to. finally, united continental ceo, i understand, coming up. great year. they got an investor day going on today. talking about cutting spending. the stock is up 4 .5%. look at how the stocks have done this year. airline is traditionally a loser invest

i do want to bring in bob pisani, though, who's had a very unique vantage point to the ipo since the early morning. bob, welcome. scott cutler of the nyse said it was textbook. dick costolo of twitter said they were looking for a clean open, and by all indications, they got it. >> yes. and palpable sense of relief down here, because a lot was at stake. we were behind the scenes, we brought you views nobody else has ever brought you, no one's broadcast from behind the post, watching the open, and then here as it actually began trading. the important thing, it was flawless. it took a long time. >> it took a long time. >> it was the longest ipo in nyse history. it didn't open until about 10:47 eastern time, 1:17 later, i think the old record was 10:17, with visa. but when we shot glances at the goldman guys, standing here, how long will this take, guys, their attitude was, it will take as long as it takes. we're not going to open before we want to. of course, the key here was, they wanted to open it, and didn't want to see the price gyrate the minute it opened. it's been trading between

let's try to put pizazz into this with bob pisani at the nyse. the wsa ran the front page story today noting the retail investor has returned to stocks. all hail the retail investor returning. what evidence do we have that the retail investor is back? >> the biggest evidence is fun flows into mutual funds. let me show you the last five years, a blood bath since the 2008 financial crisis, $200 billion came out of mutual. stock mutual funds in 2008, more in 2009. a little inflows, this is 2010 and big outflows in 2011, big outflows in 2012. all of a sudden 2013, $167 billion in inflows. that's why people are starting to say, maybe there's a little more interest. here's what's worrying everybody right now, mandy. the complacency levels are very, very high. put up the next screen. i'll show you. the put call ratio is low. people are not buying any protection right now. the volatility index, similar indication. very low. people aren't interested in buying protection. investor sentiment, very bullish right now. generally that's considered to be a contr

bob pisani anybody expecting this strong of a day today? what was behind it? >> you know this is a very weird day, because you're right. the dow is at an all taif i'm high and look around and say, gee, everything must be doing great anticipate that's not the case. we had some very odd dislocations. put up the full screen. the bledsoereadth was poor, flat at the nyse. may have been negative towards the end. big cap texts, oil, consumer staples moving but all the big momentum name, bio tech got hit badly. why i find it a strange day. put up the major indices, look at this dow up 124 point, nasdaq down, the transports are down, 0.7%. that's a little strange. normally you don't see that. if in terms of what was moving big cap name microsoft, ibm, consumer names, p & g, coke and exxon been a monster for the last week along with chevron. all the big momentum names, not just tesla's poor or disappointing earnings yelp groupon and alt the big name leaders, there's your spdr bio tech. regeneron, all those names are to the downside. i want to note the ipo situation. 16

kim forrest, rich peterson, david sieberg, and our own bob pisani. david, you think this is performance chasing. i mean, weaver had -- it's been a stellar year anyway, but now six consecutive weeks with all-time highs. it shows no signs of letting up here. >> right. look, i think performance chasing is one of the aspects we see here. that will definitely continue into year end. there's no doubt about it in my mind. but, look, i think people are just feared about missing this rally or the next leg to this rally. i think you have a lot of, you know, retail money coming in now, starting to chase here a little bit. you still have some hedge funds that have underperformed. i really believe you'll continue to see an upward bias to this market. especially after we heard yellen give commentary that's essentially putting tapering on the back burner for the near term. >> and, bill, i can confirm that art cashin just came by the set and tells me that $500 million to buy is the imbalance at this point with about an hour to go before the trading day ends. >> and

. >> we're looking for bob pisani to figure out what's going on with the late selloff. >>> in our "closing bell exchange", joseph, thomas karsten, and our own rick santelli. good to see you guys. welcome. joe, i know you're skeptical of this market. we keep hitting singles every day, so that the market sets new records incrementally here. what do you make of what's going on here? >> i think markets directionally continue to move higher. again, this momentum we've seen in the markets so far this year, it's probably unsustainable. at least in the u.s., that is, heading into next year. >> because? >> well, i think, look, you have valuations which are still not expensive but clearly not as attractive as they once were. i think if you look around the world, european markets, for example, i think you'll probably see a little more upside. >> let's talk about the upside. when you look absolutely at valuations right here, thomas, you weigh in here, do you think valuations look fully valued at this point? do you think this market is expensive or would you put new money to work here going into year e

bob pisani what's moving things up? >> we bottom at the time europe closed and steadily moving up. rom is slight to moderate typical of a monday. we have more cyclical doing better. tech names, industrial names. put up some sectors. materials, all doing better. outperforming the overall market. housing stocks have had a lot of news. they're doing great. tripoint is buying warehouse home units that was an interesting deal. vulcan, they had a terrific report. crudes, near the lowest levels since june. airline stocks doing well. delta at record high. we have u.s. air, us airways at six or seven high. southwest, same with them. steel stocks are high. goldman upgrade the entire area. this whole s.a.c. settlement. a huge part of the volume, some say as much as 5% but more importantly, they were the largest commission payer of any hedge funds out there. while the impact may not be obviously, we're certainly going to see somewhat lower volume slightly lower volumes. the big impact of course, is going to be on less commissions out on the street. of course, wall street runs largely on those

bob pisani joins me on the floor of the nyse. down about 2 points, now down 14, 15. >> trading in a narrow range about 60 points on the dow. down just a little bit as we have been sitting here. don't see anything on the wires. i'll check that. the key point, there's very little room for error on the upside. the risk to the downside. let me put up, for example, i want to show the cloud computing stocks. those reported, they did okay on numbers, but their guidance was a tad below expectations. so salesforce.com is down and the cloud computing companies to the downside, they're all to the downside. and we'll put up more of those later on. 3d printers, put these up, i don't see any news here. these were high beta stocks, had tremendous runs throughout the year, and this group did not get hit when the high beta stocks get hit a few weeks ago. i don't see any news that's obvious but i'm checking around. this is one of those high beta names. >> a drop -- >> that's a lot. >> they never really dropped and the other names were dropping. ex

let's get to bob pisani on the floor of the new york stock exchange and get word on equities. >> historic high -- no, just shy. dow jones industrial average is historic high. s&p is just shy of an historic high. let's move forward and talk about what's going on in terms of the major sectors today. it was tough earlier on. financials were notably on the weak side. they moved up a bit in the middle of the day. as you can see, positive consumer discretionary, health care also helped, tech was strong all throughout the day and that helped move the markets up. take a look at home building stocks. laggards today. williamlyn was a little weak. regional banks, higher rates which benefits regional banks because they potentially could charge higher interest rates down the road. those stocks gave back some of the gains they had last week today. we did have a nice day on the 3d printers. there wasn't a lot of news but stratasys has had good returns, and voxeljet up more than 100%. retail stocks up, jcpenney open thanksgiving day, all the stocks to the upside. >> joining me to talk more about investin

bob pisani following the action as olzalways. >> now historic high for dow transport. we've been talking about it all day, due to airline stocks. historic highs on delta, u.s. air all on the upside. low oil since going back to june. that's a big help. that's what moved it forward. speaking of oil, i've been talking about exploration and production stocks. it's the fracing plays and companies involved in fracing plays, northern oil, concho, they were strong all day again. the big surprise has been exxon. they've been dead money all year. moved up again big today. since earnings last week there were modest increases in oil production. they've been flat to down for years. they spent a lot of money on capital expenditures. bulls are out saying we might see growth in oil production from exxon. that was $85 a month ago. that's a big move for exxon in the last few days. let's talk about housing stocks. realology, vulcan had a big story, and the big story, tri pointe buying weyerhaueser. shareholders will own 80% of that company $2.7 billion deal. i want to note financials hav

bob pisani has been at the forefront of all of this. >> a modest move after we had that announcement of the shooting at l.a.x. take a look at dow jones. we were weak earlier in the morning. there were concerns about the ism number. we hit the lows as those announcements were made around 1:00 eastern time. dr dow dropped 20, 30 points and then rebounded back. interest rates have been a concern today. ever since the fed announcement on wednesday. slowly moving up. about 2.48 on wednesday. they moved up again today as we got that ism being better than expected. again, reviving concerns the fed may begin tapering sooner than expected. big ipo, container store pricing 12.5 million shares at $18, opened at35 and stayed rock solid throughout the day closing at $36. the ceo on our air earlier today talking about expanding those stores nationwide. take a look at some other action we've had for the week. nasdaq, one of three nasdaq options markets were closed for most of the day. nasdaq announced there were some issues with the way trading was going on. their investing and the cause for that.

to bob pisani on the floor of the stock exchange. i would like to know after the strong jobs number how rate sensitive stocks are doing down there? >> it's tough. two areas this week that are getting hit. this whole idea of rates go up, sell the stock market. doesn't work. but two areas it is working, one is the interest rate sensitive. this is for the week, the whole week. real estate investment trusts, emerging markets, housing, telecom, utilities, your classic group have been hit hard this week. that makes some sense. there is one other group completely independent i want to point out the exploration of production group. the shale stocks have been on fire all year, so chesapeake, pioneer natural has had a huge move to the upside, probably doubled in the last six months, these are all getting hit this week. there is a little disappointment on pioneer natural's earnings and its overall commentary and that's the group being hurt other than the interest rate sensitive. mandy, point out, the s&p had one lousy day this month, yesterday,

let's send it to bob pisani and simon baker for the analysis. >> pricing it at $18. look at that, $36. opened at $35, trading at $36. we're talking about a doubling. and here, look at the volume. 12 million shares. they offered 12.5. so essentially, we've turned over the entire supply of stock here today. and, of course, i was with the ceo, mr. tendell, all throughout the morning, ecstatic, 100 employees around here, and, of course, ecstatic. the insiders own it at a average price of $4.93. $36 to $4.93. of course, they'll be happy. simon, the important thing here, the big question, we've got a $2 billion market cap roughly. >> yeah. >> they sold a quarter of the company today. >> yeah. >> is that going to be big enough to attract institutional buyers? >> i think, when it all settles, with the market cap, trading 2 million, 3 million share as day, it won't have a lot of floats. it won't have a big appetite. let's talk about the valuation. the boys are talking about is this a company, a great company, a great story for this morning, but at the same time, it's selling

bob pisani, the dow closing in now on 16,000. >> nice, round number. the s&p also closing in on 1800, just two points shy. historic highs, dow and s&p and dow transports, mid caps at historic highs. new tech, high beta back in, interest rate sensitive back in, tapering sort of off the table, a lot of people feel for december, high beta names, new internet names all up strongly this week. emerging market, interest rate sensitive groups. interest rates flattened out in the latter part of the week. countries that are emerging markets all did very well. home builders, another interest rate sensitive group, did very well. pawltey, kb, ryland. biotech did well, gilead, bichlt ogen, names that have been moverers on the upside. next week we anticipate the fmoc minutes from october meeting. retailers will report a number of earnings. urban outfitter, jcpenney, best buy, and consumer price index and existing home sales. finally, for the week, ending at the highs, volume picked up at the close. there's biotech. major indices all ended on the upside, as you said,

. >> joe, we're all excited down here, bob pisani, by the way, twitter will be trading tomorrow right at the post behind us and the market is excited and aflutter about the whole thing. your thought on the markets and ipo business right now? what do you think of twitter and the broader ipo market right now? >> i mean, bob, as you've been reporting the ipo this week alone is pretty robust. to me that's a sign of confidence. companies are coming forward, investors biting. it doesn't mean a market top. it doesn't mean we're going to see anything negative on the outside. but i do think it's emblematic of more confidence, global growth, the u.s. economy picking up and if we don't get any problems out of washington this is going push higher. >> is that what keeps -- i'm sorry, bob. go ahead. >> go ahead. >> twitter boosted its price 23 to 35, thou25. are you interested in twitter? what are you telling your clients? >> we like information technology and the number i always use, remember two-thirds of the world has never logged on to the internet, which is another way of saying, whether it's

. >>> bob pisani still with the slow melt up. that continued today. >> cisco is down 10%. the nasdaq is up today. that's unbelievable. take a look at the -- what the markets are doing today. the uptake from the yellen testimony is qe-2, qe-3, is going to continue for the near future. that's what mattered for the markets. we had astonishingly poor guidance from cisco. a disaster. kohl's terrible as well. it shrugged it right off. market rotation continues. back into high volatility names. networkers today, folks, if this would have been six or seven years ago and cisco was down 11%, the nasdaq would be down 3% today. but it's not. yes, the networkers got hit. because we're rotating into new technology, new media, whatever you want to call them. they're high beta names here. take a look. groupon. netflix. priceline. amazon. all sort of staged a comeback. they've been under pressure. that's why the nasdaq was up overall today. another group doing well from the yellen testimony, emerging market stocks. down almost every day this month. there's the big etf for them. a one month

. >> markets struggling to remain unchanged, bob pisani. you had the report on fed, what they're thinking about unemployment, unemployment on friday. >> we are flat now. it was worse earlier. we'll put the s&p back up again. we had i&m services come back and we dropped the yen on that. good news for the economy but revived concerns about the fed perhaps beginning its tapering process a little earlier than expected. most people thinking march. some people think december at this point. interest rates are an issue, bill. take a look at the ten-year yield shot up again at 10:00 when that ism number came out. we were 2.48. just about the time the fmoc meeting last week. now over 2.6% and heading toward 2.7%. that's a major concern. the biggest problem the market has right now. in terms of earnings, still getting numbers coming in. consumer staples stocks came in. cvs, a terrific stock. walgreens with comparable store sales out, better than expected. that whole group is on the upside. safeway, conagra, tyson as well. coors had great number. stron

. >> bob pisani joins us with the latest. >> take a look at dow strilz, we started down, as bill said, we moved up. europe closed around 11:30 and we've been moving up. there's been a lot of speculation, that's all it is, about janet yellen's testimony. there's been speculation it might be very dovish. that would be bullish for the markets. i'm trying to figure out what's going on with tesla here. we had a drop in the middle of the day. there is a reporter, brian dinsmore, kpix reporter in san francisco that put out a tweet saying there was a fire at a factory in san francisco. that is a tweet. i don't have any independent confirmation of that. that's obviously why the stock drop. we're trying to check on it and confirm it independently. internet stocks have had a great day. this is a big thing because they've been under pressure the last week and a half. this looks like a little reversal today. same with chinese internet stocks, all over the place. generally down for the last two weeks. they're having a very good day. final lishgs retailers on the macy's news, just a great day for ma

bob pisani. and the dow is up 103 at 16,004. mr. pisani, you wouldn't use your cell phone on a plane, would you? >> what, bill? i got a call, bill. i'm sorry. talk to you in a minute. i'm with you. absolutely. i want a quiet cabin somewhere. take a look at the dow industrials. dow is up for i think all the wrong reasons. we had a lousy philly fed report at 10:00. the stock market went up because it decreases the chances for tapering. you don't think that's why? take a look at the 10-year yield. the 10-year yield was moving up until 10:00. and then boom. this moved down on the philly fed news. reducing the chances for fed tapering. let's look at the markets for the week. the markets overall this week, you know there hasn't been a lot of buyer interest. but there's nobody who's selling. interest rate sensitive groups like utilities have been weak. nasdaq has been a little bit weak because there's been high beta names, you know, your twitters and some of those stocks have been weak. look at the s&p. the russell 2000 is on the upside. l

. >> so bob pisani on the floor. it's the first day of november, a new money. we typically get a new influx of money coming to the market but it hasn't been too heavy. >> no. there were a number of concerns. there's the dow jones industrial average. you can see just after noon, about 1:00 when this was announced, we saw a move to the downside. the market moved to the lows of the day. volume has not been particularly heavy today but it picked up at 1:00, when the market moved down. since then we have climbed up. we lost about 20 points on the dow around 1:00 when we heard news of the shooting. now we have moved up about 15 points. i want to show the nasdaq. while the nasdaq moved down at the exactly the same time, the bigger damage was done earlier in the day as the ism came out and there were concerns the strong ism, good news for the economy, concerns the fed might start tapering as early as december. take a look at interest rate. the ten-year yield has been moving up the last several days. moving up again today as you saw, moved up around 1:00 as we heard new

. >> let's bring in brad from adviser shares, joining us along the cnbc news line and bob pisani in as well. brad, you say there have been three major shorting opportunities in this market in your -- in the last, what, 10, 15 years. 2000 at the top of the -- before the dotcom bubble burst, 2007 before the financial crisis hit, and now. what's going on now that makes you want to go short big time? >> well, when we look through the different things that we tend to look at to try to prognosticate what we're looking at, i look through my lamensdorf news that sentiment is through the roof, it's at 72%. whenever we've gotten over 72%, we've had a minimum of 16% annualized decline, that is statistically driven. that's not some subjective comment i'm making. margin debt is at an all-time high. we've had $150 billion in ipos this year, which only rivals 2000, which was $63 billion. and we've also had $155 billion of secondary offerings this year, which is the most in 19 years. >> how many times of those times in the past was the fed pumping $85 billion mu the market. >> that's a great point. >>