That this market cannot bounce to safe its life. Each time it tries, sellers come in and push it back down. Much of that now has to do with oil, which was up nearly 4 today. Only to drop on that inventory data. Take stocks right with it. I think thats the biggest question now, joe. Why cant stocks in a tremendously over sold market catch a bounce . You just answered the question. It is about oil. The last two sessions weve had bullish activity as you approach the close that kind of lifted the market away from that potential overnight whoosh you would get. We keep talking about it from 2014. It doesnt mean the stock market cant have a bounce before doing that . The stock market listen, the market have very oversold. If Oil Stabilizes and if Jeffrey Gundlach is correct that yesterday of as shortterm low in oil, then, yes, we could have a bounce, but i dont think its sustainable. I dont think theres one thats going to reverse a lot of the negative price akt action that we have had not just this month, but also in november and december. Jimmy. Can i just point out that this is the theired day that the futures were up before the open. We opened up and then they trailed off. The last two days we have ended up in the green. This pattern is the third day in a row. Lets see how the afternoon goes. Its exactly the reason why i wanted to ask that very question at the top of the show stoed. Stwloo you get an a, a gold star . Looked like it could be a bounce kind of a day. Evaporate brz we even come on the air at noon. Part of this is that most of the trading is done in the first half hour and the last half hour. Im not going to point fingers. High frequency trading has something to do with that, but thats a factual statement. Im not going to say it doesnt matter. It does. Its the last hour, last half hour have you to Pay Attention to. There are the charts from the last three days. You do get late day moves. The market seems right for some kind of bounce. Just given the oversold nature of it. It cannot it cant sustain. As a matter of fact, we got a lead today because when you started off the day they started off strong. They were pulling off before the market had actually started to follow along with that, and that was really something of a sell, tell. That was very interesting. We havent talked about this for a while, but weve traded at an elevated volatility for quite some time now. Weve been in the low to mid 20s now for what seems like the start of this entire year. Thats well above the 50, the 200 day moving averages. When you are looking at that, at what point in time can we start to see the volatility actually ever crack and move to the down side . Even on these days where we are up 10, 15, 20 points in the s p. Yes, the volatility. The sentiment has changed, and people believe in the rallies. Jp morgan and others. And rbs. Rbs. That is sell any bounce. What it feels like have you to me is this battle between growth scare, like tom lee says, or recession, like some of the most negative people on the street say this year. Bull, bear, and right now people either cant decide what to do so theyre in the middle or theyre leaning more bearish. Thats why theyre selling into any bounce we get. Theyre leaning more bearish, tapping the big fang stocks that all of us talk about all the time. Net flex, google, amazon. All of those open at or near their highs of the day. Thats the 1 last night kind of flavor. Its down 20 from its high. This is of the day. People are obviously using those as the piggy bank. Theyre tapping those saying let me get out of the way of whats going on here. You had, of course, the Nuclear Action last week whether it was hydrogen or atomic, judge. Either way kim junk un is rattling the saber over there, and thats not good. Youve got the inventories chshgs we talked about already both last week and this week. Thats not good. You still have fisher out there saying four more, and i dont think the market is very happy about four more. The headline i had from you today is what you should be buying in the selloff. My question is maybe nothing. I dont know. Whats wraur answer to that question . Im not going to try to sound like pauliana here. Lets look at the facts. The market is down 5 this year. Weve had times in the past where it dropped 5 to 10 . The majority of those times, the market has a positive year. In 2008 it didnt. You can look at 2009 as an example, and it did. We have a Market Selling for 15 times earnings. If you take those fankz out, youre 14 times earnings. It drops another 5 , which is possible. I think the market is going to be attractive, and when earnings start to come in, and well see some that are good and some very obviously such as Energy Companies that are not, there would be opportunities. Why cant the market get a bounce or whats going to cause a bounce. Maybe it is earnings. Theres the outlook. Aint good. Obviously eps expected to be down along with revenue as estimates continue sort of im just going to point out were getting earnings news already. We had gm come out today and raise guidance. Thats very positive. Its both positive on the u. S. Where people have worried about peak autos, and its positive on china where theyve been selling cars very well. Youre also going to start to hear noise about apple, and i know a day doesnt go by without us talking about it, but theyve sold more iphones in china than people expected. The point im driving at with this is its earnings. Earnings could be positive. To have meaningful down side, you will have to see a recession. You brought this up a second ago. I dont see any indication. You dont have to. What happens if the meaningful down side takes you into a recession . Who knows . Why do you have to have a recession precede big down side. At the least i would say they correlate together. With the jobs growth you are still looking at Something Like a six handle for growth there. Theres too much going in the Positive Side of the ledger for me to believe were on the cusp of a recession. If im looking at this market going down and i do feel like the 5 pullback in what may end up being a 6 to 8 pullback. Which ones do you specifically see . There are a few names that we like right now, and many of them are in the consumer space, but not necessarily. Ill give you one thats not, which is american tower. American tower, its a little bit of a controversial name because its not just domestic. About onethird of the revenue comes from overseas. Particularly latin america and africa. You go latin america, oh, my god, why there is this theres a lot of growth. The sell market continues to improve and grow in terms of what people do on their mobile devices. Its not just communication. Its data. Its banking. Its business transaction. This is a place you can get . Growth, and theres cash flow that is building double digits. You say you are buying apple althese levels. More of it. Youve already been a shareholder. Right. Hasnt been great. You have the ability to grow that double digits. You would think that was an attractive stock, right . Yes. Thats why its an attractive stock. I appreciate it. Doesnt have to be apple. Theres one other point i would like to make. Please. We looked at this the other day. Everyone likes statistics, and you guys like to play odds. If you think of what the odds makers say of the likelihood that a woman, hillary clinton, will be the president. Its about 70 right now. We looked at developed countries. Im not saying shes im just taking the odds. You talk about developed countries where a woman has won the presidency, prime minister, chancellorship, and whats happened in that year in that market. There have been seven days e cases in the past 20 years. Of course, not the United States. We havent had one. Seven cases, including germany. Markets gone up an average of 9. 4 . Its interesting. Lady luck. Youre saying we should be pulling for hillary. I dont know. Im just saying those are the stats. Use them however you want. I appreciate it very much. Thanks so much. For more on todays biled moves in the oil patch, lets go to jackie deangeles at the nymex. Jackie, you are at the center of the story seemingly every day. Good afternoon, scott. The volatility continues. This was an ugly number reported by the department of energy today. We had a surprise build in crude oil inventories, and then we had that massive build in gasoline inventories as well. Barrels are barrels, whether its crude or gasoline, and theyre piling up. The problem here is one of over supply. The refiners are taking this cheaper oil. The refiners are refine it into product. Theres no demand out there, and that took the wind out of the sails of this crude oil rally this morning. Seven Straight Days of losses so far. Equity markets aplay here as well. Crude has wanted to run out of the gate here. Especially after touching that intraday low yesterday of 29. 93. The reality of the headlines, they diverge. The market divest jest this is news,and they go lower. Who knows . Jackie, thank you. Jackie deangeles. Some of the hardest hit energy names are continuing their selloff today. We highlighted Freeport Mcmoran and williams for you yesterday. They just had a terrible go of it in this early part of the year. That slide continues. Williams down another 14 . Theres freeport mac down another 7. Joe console is down 12. A lot of the energy names are now facing the type of selloff that were witnessing. The strategy right now is a patient strategy, and there are indicator that is you want to watch. You obviously need oil to stabilize. The market is not going to find its bottom when you continue to have leadership from utilities and consumer staples. Keep in mind, the best month that we have had in the equities market over the last four was october. In october you came into the month with u. S. Ten hadyear treasury below 2 . You saw yields rise 35 basis points. They have fallen once again. The u. S. Tenyear treasury has to begin to see yields rise once again for stocks to go up sfwloosh coming up, car conundrum. Despite record sales, auto stocks are stubbling in a rut. They are giving money back to shareholders, and thats good news for activist investor harry wilson. He joins us with his latest thoughts on gm and the moves. Mrushgs upgrades from qualcomm and microsoft. Downgrade, though, for American Express. Well debate the calls of the day coming up. And making bank. The fund manager who is actually making money in the financials. Up nearly 20 . The group is down 7 in the past year. Anton unveils the stock picks that got him there. Youve watching cnbc, first in business worldwide. In new york state, we believe tomorrow starts today. All across the state the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. Like in the hudson valley, with world class biotech. And on long island, where great universities are creating next generation technologies. Let us help grow your companys tomorrow, today at business. Ny. Gov phil lebeau has the very latest. Phil. Scott, the quo of the day cams to us center swrimy who says there is a substantial disconnect between how General Motors views its business and its outlook and what investors are expecting. Heres a prime example. This morning gm raised its guidance for 2016, raising its eps guidance by 25 cents a share. Now to arrange between 525 and 575. Going into today, the average estimate on wall street was for 5. 43 a share. General motors has made a substantial increase in its stock buyback program. Extending it out through 2017 and, oh, by the way, the quarterly dif debbed, its also been increased by 6 and it will pay out at 36 cents a share. Its about why investors have no love at all for the traditional auto stocks. A number of investors will either email me, tweet at me, or say to me as im walkinging around, hey, when is google or apple coming out with a car . I really want to see how the industry is going to change. Theyre not interested in record sales for pickup trucks for this one behind me or the fact that General Motors is coming off one of its most profitable years ever. I think people are missing the point that the selfdriving cars, theyre a way off. Theyre not coming next year. A lot of things have to happen before theyre here. Thats part of the disconnect between how investors are looking at the auto stocks and what the Auto Companies are doing right now. Youre having a record year for auto sales. When you look at the performance of both gm and ford you throw your hands up in the air, and you say how is that possible . Why is that happening . Thats the kind of thing that were going to talk to harry wilson about. Thank you so much from the auto show. Well talk to you again soon. In fact, lets bring in harry wilson. It was early last year when the activist investor tangled with General Motors over its buyback before eventually reaching a settlement with that company, chairman of the group joining us now on the phone. Elts a cnbc exclusive. Welcome. Its nice to see you or talk to you, at least. First of all, they raised their guidance. Increased the dividend and buyback. I think the team did a good job in preventing the progress they made in 2015 as well as what they expect in 2016. Theyre still growing margin this is year. I think that i hope and expect that the revised guidance will prove to be conservative. Its a big step up from where they were in 2015. What about this disconnect that i think you probably heard phil lebeau talk about a moment ago. Youre having great auto sales. Yet, these stocks cant get out of their own way. Why . No, its frustrating for a lot of us who are shareholders. I would say really it comes down to two major issues. One is concerns about the cycle when what that means for the company. Secondly, longterm macroview that phil alluded to in terms of google and uber and others. I think the thing that most investors are missing is how fudgesly different this business is than it was precrisis. Its going to make by its own projections 525 and 575 and 2016. I think the cycle saw a little bit of up side, and even if you believe thats peak sales, they certainly have margin up side. Its what happens when sales start to decline. Two pieces to that. The first i believe the sales will be at a prolonged network for a meaningful period of time. Largely because we an 11 1 2yearold fleet. I think youll see prolonged sales at higher levels, and even if we were to retreat through midcycle sales and the 15, 16 level we have a lot of street analysts in the 3 to 4 range. Even in the recessionary environment. If you believe they make 3 to 4 in a recession, makes fiveish midcycle and maybe up to six or more at the peak of the cycle, and you look at the current valuation, it just looks xwred reply cheap. On the second piece of it, on the macroside, first, i think phil is right. The opportunities and risks are both opportunities and risks. People are still misjudging it. Google just yesterday was at the auto show and talking about how there are lots of partners and looking at the car opportunity, which i think is huge. Its very important considerations strategy eejly. Its still going to you still have partners, including the traditional players. The last piece is i think another thing people are missing is that people look at uber and rightsharing and say this will lead to less car sales. It may lead to fewer car sales to urban consumers. You actually see more cars being sold because cars can only go so many miles in their lifetime. On the news of upping the buyback, and its not an insignificant amount of money, harry, by any stretch. I mean, theyre nearly double it from five to nine. You have a lot of concerns out there about global growth. Is it even prudent to allocate that kind of money to a buyback or increasing the dividend at a time when you have a growing number of voices talking about a recession in the United States . Look, i think its critically important this be prudent and well have even with that expanded buyback, which is effectively 4 billion in 2017. Thats not what they already committed to. Free cash flow for 67. It will still have in their expectations 2 billion or 3 billion in excess cash flow, bought thats on top of a 20 billion cash balance, which was specifically set up to protect themselves against a recessionary environment. Not just any recession, but 20082009 style recession. Theyve already got more than enough cushion to get through a horrible downturn, and theyll add to that cushion by giving back four of the six to seven that they forecast in Free Cash Flow in 2017. I appreciate you coming into the phone. Big news today. Definitely wanted to get your input on it, considering you tangled with General Motors not all that long ago. Doc, you have a thought . Well, yeah. When we break down the numbers and you look through them everybody says why isnt ford running or General Motors running with these fabulous numbers and so forth, and one of the obvious reasons is we started the show with. If you are looking at the possibility of four more hikes, dollar higher or dollar lower on that, dollar higher mean. Whats the profit margin to meet sales growth . Were talking about the performance over longer than a oneyear period. Zoo took 27 of my marge you know away with the move in the dollar, and are you going to do more not 27 this year, but are you going to do more this ye year. The steady drumbeat of good news thats coming out, last week they announced that chooirn sales were much, much better than anyone expected. There comes a point in time where it cant be ignored anymore. I cant say exactly when, but it should be this year. One argument i would have, scott last comment. Pricing power. A couple of regional on the outside. They have incredible Pricing Power, which is why now the federal government wants to step down on them again. Youre 100 right. We were just talking about the comparison and Single Digits and growth and all the rest of this. Not Pricing Power i dont know that the autos do. I have to come back on this. Its really what you are taking as the old story. Now, theres always incentives, but average selling prices have been going up, up, up. Theyre selling trucks and suvs. Yes, low oil prices help. Youre right to draw the distinction between airlines and the comparison im making is when you have deep cyclical stocks, stocks that trade at single pes, and you know theyre not supposed to, its just a matter of time. Real quick where. I think sentiment is your biggest chal inc. Wresh. As it was with the airlines. I think sent mept is bullish. This is a Hedge Fund Favorite long General Motors. Theres disappointment, yes, but theres not pessimism like there was in the airlines. Coming up, how low can they go . Treasury yields have gone nowhere but down since the fed raised rates last month. Were going to hit the futured for that trade. Plus, the halftime portfolio rollout continues today. Jim levanthal unveils his strategy for 2016 brsh. Welcome back to halftime. The Treasury Department issuing a movement in money laundering. The rules will initially reply llcs that purchase highend real estate. The rule will require Title Insurance companies to identify and report the Beneficial Owners behind owners who buy properties for all cash. Three million or more in manhattan and a million or more in miami. The rules will only run from march to august. Treasury said it could make those rules permanent if it finds evidence of money laundering. The rules come after the investigation that found some sales of Luxury Real Estate in new york, l. A. , and other big cities were to wealthy buyers who had criminal pasts or tied to government corruption. Now, guys, obviously a lot of the highend Market Driven by overseas sales. This could put a chill on that market. Back over to you. Saw you robert. Im not going to lie. Thought powerball. No. I couldnt help myself. I thought you were the powerball guy. Not yet. Maybe tonight. All right. Robert frank. Thank you. Bobbed market starting to pick up steam today as stocks lose ground. Jackie deangeles at the nymex with the futures now crew. Good afternoon to you, scott. U. S. Treasuries theshgs fall in sharply in last few weeks because of a Broader Market volatility that we have seen. Let me ask you this. Paint the picture for me here. Whats happening in treasuries . Any indication on what the fed might do here or what it may cause the fed to do . Well, this is interesting. The fed raised rates, which if are you to believe that caused the volatility in the stock market, i believe its partially responsible for it, the weak innocence the stock market caused money to flow into the long end treasury, so in effect, the feds rate move actually lowered long end rates. And i think they would have gone even lower still if there wasnt whispers about china selling u. S. Treasuries while the whole mess was happening. Lower for longer. A theme weve benhamering home here. If thats the case, what are the levels that you are watching . Jackie, have you to look at 2. 21 . Were right here right now where. This is a great pivot. To jim where is point, you see think about it . I think the china sellers will help them. That deflationary undercurrent is bothering a lot of u. S. Money managers and buying treasury at a faster clup. A clip we havent seen since 2008. Thanks. See you then. Coming up, an upgrade from microsoft. Amazon and netflix stumble. Is old tech the hot trade of 2016 . Well debate that next. Halftime is making plans and how to spend it. Gold lamborghinis, castles in aspen. More big watches for the negarian brothers. Ponytail weaves. Weaves . Transplant. Real deal. Real deal. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. You grab your 10gallon jug of coffee, and back out of the garage. Right into your wifes car. With your wife watching. She forgives you. Eventually. Your insurance company, not so much. They say you only have their basic policy. Dont basic policies cover basic accidents . Of course, they say. As long as you pay extra for it. With a Liberty Mutual base policy, new car replacement comes standard. And for drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Learn more by calling at Liberty Mutual, every policy is personal, with coverage and deductibles, customized just for you. Which is why we dont offer any offtheshelf policies. Switch to Liberty Mutual and you could save up to 509. Call Liberty Mutual for a free quote today at see Car Insurance in a whole new light. Liberty mutual insurance. Hello. Im sue herrera. Heres your cnbc news update for this hour. A speech at the National Defense university in washington, secretary of state john kerry says he is pleased american sailors will return safely to the u. S. Hands after their boats drifted into iranian waters. Also, want to thank the iranian authorities their cooperation and quick response. These are always situations which as everybody here knows has an ability if not properly guided are out of control. Germanys interior minister arriving in istanbul following a suicide bombing yesterday that killed ten people, mostly german tourists. Turkish leaders in the hospital. General electric the newspaper saying a formal announcement is due tomorrow. Ge, though, declining there was a Record Number of Organ Transplants performed in the u. S. Last year. Passing 30,000 for the very first time. The demand still exceeds supply. There are more than 120,000 people still on the organ waiting list. Thats the cnbc news update this hour. Scottie, back to you. All right. Sue, thank you very much. The s p 500 sector heat map. The s p is off 14 points. Lows of the day. Only utilities and telecom are the sectors in the green. Want to highlight some of the days top performers. How about this . Chipolte. There we go. Came off of five southwest Energy Intuitive as well. Time now for calls of the day. Trio of calls off three stocks. It would be a trio on three stocks. Im not a smart man. First stop American Express downgraded to neutral at goldman. The firm citing managements unwillingness to unlock value. Guys. They havent done anything right in an awful long time as far as the customers. At least a full year. Pete knows better than the rest of us. If you lose fidelity, these are some very large distribution arms for you. Thats what American Express has done ask thats why the stock is down down. You knew it was a comp, right . Yes. Spell it out for you. She was the producer for that. Qualcomm getting qualcomm getting an upgrade to positive from neutral. A price target goes to 60. Jim, youre in the name and long. Remember the last earnings report. The stock was off 15 primarily because they withdrew guidance for the coming year, and that was based on a lack of clarity in china. Since that time youve had at least five Chinese Companies sign contracts, and i think what the analyst is saying here is that clarity is coming back to china. They may get guidance reintroduced at the end of the month when they report earnings. Look, i agree with them. I think this is a very attractive price to own the name. Morgan stanley goes overweight on microsoft. Raises the price target to 56. They went from 57 to 56 a share. Thats a nice lift. Its top line growth. They go to azure and office 365, and theyre talking about cloud, cloud, cloud. I think thats right. I think they have them moving in the right direction. Visa or the master card which has been worse. What is American Express down from the day when the costco news broke. Give or take give it a call. Is it that much . It started literally. I know all too well because this killed me last year. Jim is bringing a the picks for the portfolio competition are up next. The number one Portfolio Manager in the space gives you his top picks ahead of the reports. T the trader offices. Steve, other than making me move stuff, what are you working on . Let me show you. Okay. Our thinkorswim Trading Platform aggregates all the options data you need in one place and lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim. Td ameritrade. Take a look at biotech. One of the sectors we are watching today. Theris the ibb. It is down nearly 3 . Session lows. Did open in positive territory. The market goes, so goes biotech or vice versa, depending how you want to look at it. Another day, another halftime portfolio revealed. Jim leventhal in 2015 with a strong lead. It fizzled, though. He ended the year in second to last place. What are you doing differently this year, jimmy . Im always going to stick to my knitting, im never going to be something other than what i am, which is a value investor. The stocks in my portfolio will always be cheap relative to earnings. Theyll always have strong Balance Sheets and they usually will have good dividend yields. More than that, because, i fizzled in the second half of last year, ive got to have stocks that have a catalyst. The five picks that i have all have something that should move them ncht next few months. Just as an example, trinity industries, a railcar manufacturer, has a lawsuit hanging over it that we think was a frivelous lawsuit. We think it will be overturned. Were seeing that based on a lot of tests of the guardrails that were supposedly failing. They recently launched the last of their satellites to upgrade their constellation. Right. Cap x holiday. Whats the fascination continue fascination with jc penn penney . They say what theyre going to do. They do it. Then they tell you what theyve done. With each of the last three quarters, theyve exceeded estimates, and theyve raised guidance. Theyre going to continue to do so. The cat list here is they have a lot of debt on the Balance Sheet that was issued when they were close to deaths door. Now they have a chance to refinance a lot of this debt. Why that name over some of the other names they compete with in the industry. Theres a few reasons, pete. One is they got a good geographically diverse base. They have some of the mid couldnt independent and gulf coast refineries, and thats a lot of chance to move around their sources of crude to whatever is cheapest at the given time. Theyre operating some of the newest plants that are most cost efficient, least pollution oriented, and frankly they dont have to do a lot of cap x going forward. All right. See how it all shakes out. Okay. Thank you. You can follow although action, by the way. Cnbc. Com pro. Up next, its how he is beating the market with the financial picks and why he is so fond of the regional banks. Youre watching cnbc firsin business worldwide. Light piano today i saw a giant. It had no arms, but it welcomed me. crow cawing it had no heart, but it was alive. train wheels on tracks it had no mouth, but it spoke to me. It said, rocky mountaineer all aboard amazing. Were back. Banks earnings. Reports before the bell. With us now, mendon capital management. Focus on financials. Up almost 20 over the past queer. Even though the financials themtsz are down 7 . Its nice to see you again. Always a pleasure. Among you, you have written these regional stocks to the bank. They crushed it. What statement are you making we owning those over the big boys . Well, i mean, regulatory for one. I mean, theyre actually focused on lending money. Small banks have outgrown large banks in terms of loan growth. 11 quarters in a row. The large banks are hoarding capital because the regulators are making it. I wonder are they going to be hoarding more if were talking about potential recession or Global Economic downturn . I mean, energy for sure. I mean, that is a really current topic. Weve seen a bunch weve seen a bunch of preannouncements out of banks in oklahoma and texas. The big banks can weather that storm. They will have to put aside more reserves because everybody is saying we modeled for 35 or 40 oil. Well, they have to remodel. Are you not optimistic at all . I think the big ones are beaten to death enough i am optimistic and i think well get a pretty good bounce almost recordless of what they report, and i think theres some hope for margin ex paengs fpansion f first time in a long time. Libor moved ahead of the fed. Everybody thought the fed has only done it for a little while. Libor moved ahead of the fed and deposit costs havent moved at all. Who are your standouts among the large banks . I think bank of america is really cheap. They are very asset sensitive. Citi has all sorts of perceived risk out there, some of it real, but it trades so far below tangible book value. I think buybacks will be an important part of the story. For the Banking System as well as the entire market as were coming out of the quiet periods. What about the investment banks, Morgan Stanley, goldman saks. Absolutely hammered. Goldman down to 162. What do you think about those . Has the pain been felt . I think sort of the same story here. Everybody has been quiet, things have been quiet, market is you have to. You cant issue anything right now. Cant issue debt, cant issue equity. I think we do you favor one over the other . I still like the advisers out of Morgan Stanley but the way to play these is right some puts out of the money. Get these stocks at lower prices. Right in their wheelhouse. Anton is awesome. Thats why we sat him next to you guys. Your top holdings and a stock you mentioned last time, yadkin financial, a north and South Carolina region yap. That stock is up 24 . Whats the most recent financial stock you have bought . Yadkin. Is it . I actually added to the position. Because it sold off from 27 down to 23 range. I think the stock is wor in the mid30s out a year. Its the largest independent franchise in North Carolina and everybody wants to be there. The growth is phenomenal. Anton, some of the regional banks, cullen and frost, texas capital, even comerica, even zion, do they really have significant exposure in the loan book . They do. Unfortunately, they do. I think were only seeing the first derivative of it. Right now is the direct losses tied to producers, servicers. What we havent seen are losses from things like loans to hotels. Occupancy is starting to drop. Places like midland, texas, its just becoming a ghost town right now. So there are parts of texas doing well and growing, but in those drilling places its very, very difficult. So if im looking at your performance up 19 over the last year and i say, anton, do i buy jpmorgan today ahead of tomorrow mornings numbers and you say . I think its a good shot and i think youll average down if they miss tomorrow. I think the stock is coming down significantly and i think the fears are a little bit overblown out there. Im still bullish on the sector in a large way, and ingmar jins will get better for this group. Are you surprised they havent done better relative to where Interest Rates speak is . Im not going to tell you are Interest Rates are, but speak . Yeah, i think the trades got crowded. I think everybody piled in going the fed is going to raise, here it is, lets all go buy financials. It hasnt worked. Everybody is cutting losses and it will do the opposite. The lemmings have all jumped off the cliff and i think its time to get long these names. We saw it last january. Financials were down, 10 , 11 for the month of january. Here it is all over again. I appreciate you come in. Good to see you in person. Pleasure. Coming up, hours before the record power ball jackpot, more than 1. 5 billion. Our traders are planning for a major windfall. Plus, markets at session lows right now. There is the dow. It is now down 150 points. A loss of nearly 1 . Thats right where the s p is. The nasdaq which had been down eight Straight Days got a lift but is not doing well again today. Down nearly 1. 5 . Well set you up for the second half next. With passion. My business but i keep it growing by making every dollar count. Thats why i have the spark cash card from capital one. I earn unlimited 2 cash back on everything i buy for my studio. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Thats huge for my bottom line. Whats in your wallet . Today, were seeing new technologies make healthcare more personal with patientcentric, digital innovations; from selfmonitoring devices that can interpret personal data and enable targeted care, to Cloud Platforms that invite providers to collaborate with the patients they serve. 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I think tampa right now is valued about 1. 5. I think the raiders are 1. 5. I understand when you take the payoff you take all the money off of that but i think id get a good chunk and maybe get some good partners. I want to get back to the market because the dow is right around at the lowest levels of the day. Down by nearly 150 points as it closes in about three hours time, and its just more of this story, joe, that you cant get a bounce to save anything. I mean, no matter what it seems, if you do get a pop, people sell right into it. It is one lousy market. Its a lousy market. The close is important today, the last two days weve had the rally into the close thats kind of saved the overnight session. I dont know if youre going to get that today, and keep in mind its a threeday weekend as well which generally means a little bit more pain for markets when they reopen on tuesday. The next couple days are going to be troublesome. Well, you know, im note some of the stocks weve been talking about as being up have held their gains even as the market has trailed off. So im talking about qualcomm, gm, even apple is still in the green for today. What my point is with this is there are buyers out there. I agree 100 where are they though . Its the last half hour that matters. Theyre eating lunch. Im not being facetious. Theyre eating lunch and they will be back before the close. It looks like a three martini close. I didnt know computers were hungry. Theyre marinating olives. Doc, what do you want to see from this market to give you any kind of belief that this down trend could tom to come to an e. Youd like to see a large volume day and you havent seen it. You havent seen an august 24th sort of convenient. The premarket hasnt set you up with a 500,000, 600,000 point decline. Youve not seen that surge of volume. Is this august all over again . In a slow motion version. Which is worse. Death by a thousands cuts or one big stab. I think theres something we can look back to. Thanks to all of you for watching. Well see you tomorrow. Power lunch begins right now. And we begin with breaking news. Lets go to mary thompson. Ge confirming it is moving its headquarters to boston. The company saying that as a result, it is going to be selling its headquarters in fairfield, connecticut, as well as its offices at 30 rock in new york city. The company says this will have no Material Impact on the firms financials. Keep in mind it was last summer that ge started talking about leaving connecticut after the state decided to proposed imposing new taxes on corporations that were headquartered there. No word yet as to how many of the 800 people who currently work at the fairfield headquarte