Today. Nice to see you in person for a change. I think people are predisposed to think of you as bearish. Why a bubble in the u. S. . Why this feeling now . Well, i think that we have to distinguish the different sectors in the u. S. The bubble is in the most popular stocks is making great companies. Amazon, netflix, so forth, but theyre highly priced and dont forget. October 99 to march 2000 the nasdaq 100 doubled and then it went down 70 . And navidia which is one of the millennials favorite stock declined in 2000 to 2002 by 95 . After 2007 it declined by 88 . I think we are in a financial bubble, not only stocks but also bonds and we have this liquidity bubble. I would rather invest in europe than the u. S. And where the economy is improving. Thats people think. In asia we have cheaper markets. If you look at the u. S. Market compared to other markets, it is at the highest level ever. If i say improving economy in the u. S. Thats what you say. I disagree. You dont agree . No. On what metric . Well, car sales are weakening. This is an important industry also in terms of employment and i think that the retail sales tell you that the consumer he would like to spend but hes unable to spend because affordability is not there. The millennials, the young peop people, they earn less than their parents did and less money because they pay 50 of their rent in new york and newport beach, san francisco, los angeles. Its an affordability issue. The fed has been very good at boosting seasset prices but the wages havent followed. People dont have enough money to spend and invest. If i say, okay, this quarter the economy is likely to print 2. R5 . Wheres the competition for stocks . And then i say the looming trump agenda, which could be positive for stocks according to so many different people, whether its tax cuts or more regulation coming off, you disagree with all of that . No. I dont disagree. Trump is better than others. That i already said. Some of his policies have been better reflected. This year its up 6 against the u. S. Dollar. The s p havent made any money whereas in europe italy is up 25 in u. S. Dollars. All the other markets between 15 and 20 . In asia, similar. This year foreign markets have out weighed the u. S. I know everybody wants to get in. We do. Marc, weve had our differences and ive disagreed with your opinions. Im not going to debate that. Im going to ask you in the present you paint a picture of the u. S. Economy that looks as though its weakening. I ask you about technology and the contributions of the companies such as an amazon, such as facebook, such as whether it be apple, all the tech heavy weights, the contribution to the economy . Do you not see that as very difficult to measure but you believe its there . It is there and certainly the tech sector as is reflected in property prices on the west coast reflects that. The marketplace knows that. Thats the sector of the economy that is doing well. If you look at the 330 million americans, the portion of americans that are really involved in tech is very small. And then if you look at china, do you think there is no Technology Company in china . We have lots of Technology Companies in asia, in india, in china, in europe the same. So this is universally a sector that has done very well until now. Will it continue to do well . As you know, the Semiconductor Industry is very cyclical. You talked about retail being soft. At the same time theres a massive transition moving on the productivity, amazon, all of the onli online. The consumers preferences are changing as to what they buy . Absolutely. You take total consumption. Its relatively weak for this stage of the recovery. Its 1. 5 up, maybe 2 in the next quarter. Thats what were hoping nor. But, look. Im not dealing in 1 or 2 . In india, in vietnam, in china there has been a slowdown but were still growing at 6, 7 per annum easily. Yes, but nobodys suggesting other markets cannot outperformed. Remember, they have under performed the u. S. Market for ten years. Its about time and reasonable to expect they might catch up. Thats different than saying the u. S. Economy and the market is in a bubble and is going to have a traumatic decline. If we think last point about 99 and 2000, they were ridiculous. I believe in this situation. It was in 2007. In 2007 in 2000 we didnt have a bond bubble. Now in the u. S. I still like treasuries. 2. 2 on the ten years is a huge yield compared to european and japanese bonds at zero interest. Thats your idea . Are bond yields as low as they are because its a sign that the economy is weaker than people think or is it simply because of Central Bank Intervention and still the sugar that everybody they havent intervened but you see if you print money in japan and by the ecb in europe, the money is printed by essentially the Central Banks buying asset. Im an insurance company. I sell bonds to the ecb or boj or stocks. They have liquidity. Then i shift money to u. S. Treasury so the printing jeefr seas has helped the dollar until say the beginning of this year. Now i believe the money flows are shifting back and ush row means are even more bearish than 100 million. Where do you put it . Where are you putting your money . I would put it rather in europe and in emerging economies. In equities . Yes. Bonds. Not in european bonds. Credit or Government Debt . Mostly credit. Corporate bonds in emerging markets. The bond market. But i agree with you. Look, im telling you theres a bobble in everything. Asset price is very low. All of us have lots of assets, were going to lose 50 , either the government will take it away through taxation, export creation or there will be a deflation thats slowing it down. Breaking news getting to meg tir rel who has that. Scott, the Ohio Attorney general is suing five makers of prescription opioid drugs saying it violated state laws including for four of them the ohio corrupt practices act also saying they violated medicaid fraud. Those drug makers include Purdue Pharma which is a private company, Johnson Johnson, teva, Endo Pharmaceuticals and allergan. None of them getting hit very hard. We have reached out to Johnson Johnson getting back to us, telling us, quote, we firmly believe the allegations are legally and factually unfounded saying they believe theyve acted appropriately and responsibly. Heard back from Purdue Pharma saying they have got a deterrent for the opioid crisis. The second state suit filed after one in mississippi against makers of these prescription opioids. Stocks as well, meg. Meg tir rel with the breaking news. Steve weiss. Let me go point by point. Retail sales, there are so many retailers that are independent retailers selling through amazon that are making money that didnt before. You cant focus on that. In terms of real estate. Housing happens to be one of the pillars of the economy. So let me continue to go. In terms of the u. S. In a bubble, i went back and i looked. Id be hardpressed to find any emerging market that didnt decline worse than the u. S. When the u. S. Stock market hopped and didnt take longer to recover. I dont want to be in other markets if i think the u. S. Is going to implode. Bonds, i was very surprised. About the emerging markets and the u. S. And some of the risks that steve 34e7gsed to you. If things do unravel, why would you want to be in the emerging markets at this particular time when theyve had a nice rally. No one is disputing the facts. It is what it is. Emerging markets, theyre two different markets. I basically agree with you. Once the s p trades down 20 , everything will be down. All the other markets as well. Well, depends. Some emerging markets have already had huge declines and say the indian market and the Chinese Market, especially the Chinese Market is not very core lated. They have a credit problem in china. The point i want to make is that what you just said is not entirely correct. After 2003 some emerging markets until 2007 way outperform the u. S. And after 2009 when we hit the bottom on march 6th, 2009, some emerging markets have bottomed out three months before the u. S. Stock market had already rallied. So we we have occasionally changing leadership. Its like passive investments has way outperformed active investment. But now i believe like at the end of at the beginning of 2000, at the end of the bubble the active managers will come back so we have this changing leadership. Its easy to identify the previous leadership, the bonds, stocks then the new leadership but there will be a new leadership. Hang on real quick. In the last, lets say ten days. Yes. Robert schiller has been out. Maybe you read this or saw this on our program. He talked about stocks going up 50 from here. Jeremy siegel, another notable voice on the market said stocks are still the place to be. Yes. Juxtapose that against the paul stone who says all hell will break loose. The risks are being ignored. Theyre elevated. Lee cooper man on our program had this to say on where he thinks we are in the cycle. Lets listen to that. Heres lee cooper man yesterday on halftime. Were not in the third inning of a bull market. Were not in the 23450i7bth to the last inning. Conditions arent there. Bull market doesnt die of old age. Economic excesses dont die of old age. Youre suggesting that were at a point of excess . Yes. In the u. S. Stock market . Were not in the ninth inning, weve gone into extra innings of this rally . Well, were somewhere between 99 and 2000. You know, 99 the nasdaq still doabled into march 2000. If youre praying to money, the dow could easily go to 100,000, could go to a million but in real terms it may not go up and as Financial Assets and asset prices move up, the real economy may actually real measure, not measured by the government, the ministry of truths could really measure, the economy will go down and real wages will continue to deflate. And one day this bobble will then end. But im always telling people, look, thats why i own 25 of my assets are in stocks, 25 in real estate but not real estate in bobble markets but in the countryside and in asia. The bobble markets in asia are in big cities, not the countryside. Wheres the other 50 . The other 50 , 25 in bonds and cash and 25 of course in precious metals, gold. I think it will go up. John and jerry . Marc gold has been up 10 but of course the media doesnt like to talk about gold. The Fund Managers dont like to talk about gold, but the fact is last year and this year after having made a low in 2015, gold has performed. David has been in gold, jeffrey donelock has been in gold. Been correct on his prediction of where gold was going to be this year. So my question is a question of allocation, mark. For instance, i agree with you. Emerging markets come with the risk of liquidity and increased volatility in terms of europe and the united states. So my question is thats one of the emerging markets, of course, what allocation would you put of that portfolio you described as 25 in stocks and so forth, what percentage of stocks would you allocate to an emerging market sort of portfolio versus the developed market . I have 90 of my money that is allocated to stocks and bonds in emerging economies. Thats a lot. 90 because i can tell you one day you will see many of the teslas of this world, the netflix of this world and the amazons of this world down 10 in one day. Ive seen the whole market in 1987 down 21 in one day. Let me ask you about risk. Yeah, but let me ask you then why is it that volatility trades the way it does in an environment that youre describing . There are mysteries in this world that even mr. Faber doesnt understand. I love it. This is true. I dont know why volatilitys this low but, you know, its become fashionable to show a volatility. The short volatility funds you are in etfs, you know that. Theyve done fantastically well. Everybody is short volatility. But one day it will turn around and then volatility will be up. The market may still go up as volatility goes up, but it will be a sign, a signal that something is changing in investors mind. Let me ask you this. The s p is at lets call it 2400 . Yes. Yes. Just for round numbers. When did you start to get worried about where the u. S. Stock market was . Recently or is this a few hundred points ago . A few hundred points ago. To be precise, i think that i wasnt interested in u. S. Stocks anymore for the last three years but i invested in emerging economies and some have done well and in europe and in some european markets have done well. So i do not regret that. The only regret i have in my life is that i didnt put all my money in amazon and netflix and google and these kinds of players. Dont we all. Im also happy that i didnt do it in march 2000 and in 2007. Let me ask you about your call on treasuries. Yes. Because it seems that you believe past is prologue. With the ten year 2. 2 yes. And with europe hopefully on the cusp of raising rates even though russia was very disappointing throughout europe, why would you want to be in treasuries that have historically low yields for an extended historically long period of time . That seems to be more of a bubble to me than equities. Yes, probably youre right. Probably youre right, but i think that rather than shorting stocks that as i said could be 99 and still go up 100 if you print money and so forth, id rather hedge my stock portfolio and stock exposure in treasuries because the initial declining stocks will probably boost treasury prices. That would be my view. Number two, i always hold cash because opportunities come every day. They come every night and they come every day. So you want to have some cash, decide to take the opportunity to buy and that cash i can keep in different currencies and i can keep in Bank Deposits or in bonds. I like treasuries because they give a certain yield. The ten year thats assuming the fed you dont think there will be a hike next month in june . I think treasuries will rally. They will rally the most if the fed increases rates three times because that will guarantee a recessi recession. Let me ask you. Thats because youre saying theyre making a mistake . Yes. Yes. The Central Banks always make a mista mistake. They make the policy question. Everything goes down 50 . Yes. Is it august 2014 that monday where everything collapses and were okay within 30 days . Does everything go down and stay down or does everything go down and give all us active managers the opportunity . I think this is a very good question because lets assume the market drops 20 . 20 today is 500 s p points almost. You think it will stay there and do nothing . And trump, he will go to yellen and say, please ease, ease. You know, make the market go up again. And then the market will rally again on further easing on qe 4 and then you watch the dollar. The dollar will go tumbling down. The question is tumbling down against what . The other currencies are not much better. Thats your goal. Thats why 25 i mentioned im sorry, i mentioned at the top of the Program People are predisposed of thinking of you as bearish. Yes. Bear right. Right. I ride motorcycles in thailand. You like some risk. High risk. Why dont your views evolve with the changing landscape of lets say where the u. S. Currently is . If youre always bearish, dont you see the re i mean, the ability to miss a pretty sizeable move from the election of donald trump until now, the prospects of the economy and the agenda and the presidency didnt force you at all to evolve your point of view on what the rewards of being in u. S. Stocks could be . Well, actually, i was interviewed on cnbc dan just before the election. We both said, well, if he gets elected its bad for the market. On his election the market tumbled. I argued, no, for the economy and for stocks trump is good. Actually, i was relatively positive by my standards. Were you more exposed or did you just miss it . No, i was exposed. On that i thought its good for the u. S. And since as it was pointed out i think by you, everything trades around the p s p, i increased my position in european stocks. European stocks have way outperformed the u. Sms. They have gone against the luminaries that said the dollar will go up. If the market went down 20 would you become more invested in stocks . Securities. So nothing would make you more bullish on the u. S. Stock market . Not really because i think that what you will earn in u. S. Stocks you will lose on the currency. So have you given up on the premise that donald trump, President Trump is good for the economy and stocks . Lets talk about another subject. I think hes its too early to tell. I was supporting him. I would have voted for him because i think that mrs. Clinton would have been unacceptable for a moral person like i am, but i think that he turns out to be an interventionist and i am against all interventions. Im for a free market, thats why im also so much against Central Banks. I think theyve turned into central handlers. Theyre no longer watching money at the store of value, theyve intervened. Actually, if they were at a private bank or a public bank, theyd be all in jail as manipulators of markets. Can we just go back to one point you made which is you go and see them. I dont know, on alcatraz. Well, thats close, but if the market were to drop 20 as you mentioned yes. Since 1970 the markets only fallen 20 . Immediately preceding your session so you must feel theres going to be a recession in the united states. Yes. Yes. If you look at for example corporate earnings, s p earnings up 14 in the first quarter. It looks like were going to have a Second Quarter thats strong. The rate may be accelerating despite the fact that rates are slow. Yes. I find it hard to believe that were going to see a recession so i find it hard to believe there will be a 20 drop in the market. Maybe 5 . The market drops 5 to 10 for every year. It hasnt since 2016. Its a good point. What i hear him saying, tell me if im wrong. I want to distill your thesis down to tradeable outcomes. Youre telling me to buy europe unhedged, in other words, in the local currencies, so its franks, euros, british pounds, i hear that. And youre telling me to buy gold. Those are two trades that come out of your thesis whether the market krektsz or not. And emerging markets. I hedge emerging markets. Unhedge. Couple of your etfs. I got that. 14 . You would buy the eem right here and now . I wouldnt because i invest in individual securities and i buy individual stocks. Whether its in europe or in asia, i very seldom use etfs. Marc, its safe to say you are not in love with the u. S. Dollar under any metric Going Forward . Not in love with the u. S. Dollar under any metric Going Forward. That hurt your investment position because no. No. Even if you buy local currency we have to give him last word. Give you the last word. I think the euro has rallied very strongly and sentiment has turned very quickly relatively negative so we can get new euro correction. I think a fair value of the euro u. S. Dollar is around 1. 20 to 1. 40. It was over valued when it was over 1. 50 against the u. S. Dollar. Some would think that the euro is still too low at 1. 12. I think it will go to 1. 20, 1. 25 easily because they have a current account surplus and if they reduce the accommodation by the ecb and if the economy improves somewhat, capital will move into europe. Dont forget, the european money is in google, amazon, netflix, all of those stocks. The real estate in portugal, spain, italy, the countryside is low. They give you a castle, but we have to fix it. This is for us financial people, more difficult. With your talent here at cnbc youve given us a lot to chew on. I appreciate you coming in and being here in person. Marc faber joining us. Heres what else is coming up on halftime. Ahead, Michael Koors gets a Bleak Outlook and trades on those and more are ahead in the blitz. Plus, with streaming wars heating up, our Julia Boorstin sat down for an exclusive interview with netflix Ceo Reed Hastings, the Halftime Report with scott wapner and the traders is back in two minutes. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. New biwhat are we gonna do . Ys. With a clear advantage. How about we pump more into promotions . Nah. What else . What if we hire more sales reps . Nah. What else . What if we digitize the whole supply chain . So people can customize their bike before they buy it. That worked better than expected. Ill dial it back. Yeah, dial it back. Just a little. Live business, powered by sap. When you run live, you run simple. Netflix Ceo Reed Hastings speaking with Julia Boorstin at the code conference. Julia joining us now with the highlights. There were many. In what was a rare appearance, julia, for reed hastings. Reporter yeah. It was a great, wide ranging interview. Hastings has grown netflix to over 100 million users around the world. Now it faces more competition than ever. I asked hastings whether or not hes concerned about amazon. Take a listen. Theyre so scary. Everything amazon does is so amazing. How are they doing so many different business areas so well. Theyre repealing the laws of business of limited capability. Were continuing to watch them and be amazed by them. Theyre helping to grow the industry. Reporter hastings has acknowledged that theyre driving up content costs overall. Hastings made a point of saying theyre not going to try to out amazon amazon. They have no intention to invest in live news. Hastings pointed to where growth is coming from overseas. We have a lot of room to grow in asia. Youre licensing to china. Are you still trying to launch there or is that off the table in. I think thats off the table for the next couple of years. Reporter now as for Net Neutrality which hastings has been a big advocate for, he says the changes that the Trump Administration is trying to make to Net Neutrality laws would be unfortunate, thats the term he used, but he said they would have a bigger impact on smaller startups and not much of an impact on netflix. You can find more on cnbc. Com and more on stage at code. Com. Julia boorstin, what do you think of this . Mark mahaney came on. He called it the biggest threat, that its the biggest threat because of what they can do with your prime service. Youre in and out of this stock. Not netflix. Im in amazon. Ive over written it with calls. Still like amazon better of the two. Doesnt mean anything against reed and netflix. Right now i heard theres not saturation and or will they hit it in the near term, no. Growth is still there with netflix and obviously even mahanes concerns arent hurting the stock. Two stocks that are scrutinized for their valuation. Which is the better buy today . The better buy is amazon because of the absence of a competitive threat that is really visible to anyone. You can talk about walmart being out there but i dont see that as the possibility for that. Anyone whether it be amazon, apple. Hulu. Can step in and be the competitor. I think its amazon because the cost of capital is zero. Investors dont care if they ever make money ever again, thats clear. As long as they keep telling everybody were going to dominate the world in every aspect of every business we do. Give us capital for free. Every once in a while you get a drawdown, cost of entry into the market. Cost of content. The content is changing and also the returns on investing in content itself are pretty crappy. If you look at all of the returns on talking movies in color since the beginning of time, its only 7 including hits like titanic and all the other dogs. They are getting into a business that has a crappy return long term. Developing content isnt there for me. That doesnt make it any safer, it makes it worse. Lets continue that. Amazon or netflix . Amazon. I like the fact that they continue to grow as kevin said without regard for profitability. The market seems to endorse that. The market likes the bigger is better quality. Theyre not in a business, the entertainment business as their dominant business although they are as a subsidiary of amazon where theyre at the whims of the public constantly. Netflix was doing a great job in the subscription business and thats what they were doing and developing their viewership across the globe and now they want to make all of that content. Theyre producing more, i believe, than all of the Major Networks combined. Enormously expensive. Very low profitability. I would worry about that as an investor. I own netflix. To kevins point, there are many more metrics to measure netflix on than amazon. Amazon is othver all thesis. Netflix is a business that gets measured on the factors that you mentioned. Amazon, netflix can crush them at any point in time. Youre the biggest scrutinizer of valuation there is. Right. Right. Netflix has a more reasonable valuation than amazon does but it doesnt matter for those stories. Thats one of the reasons why i dont own them. If i had not owned netflix, i wouldnt have made any money in the stocks. Thats always been the story. At some point amazons got to worry about antitrust concerns and crushing any business. Maybe not in this administration because theyre not getting anything done but maybe in the next administration it will be an issue. I think amazon is great. I think netflix has a runway for now. You cant compare the content. Be quick on this answer. I gave you amazon before. I stuck with amazon. I believe the absence of the competitive threat is the singular most dynamic. The bank trade. Those stocks down today. The kbe index on pace for its fifth negative day. The comments that should have every Bank Investor worried are next. Think again. This is the new new york. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov hello, everybody. Im sue herera. Heres your cnbc news update at this hour. The massive car bombing that rocked a highly secured Diplomatic Area of kabul left a gaping crater. The attack killed 90 people, injured 400 more. The blast happened at rush hour. Philippines resident duterte responding to chelsea clinton. She called him a murder rouse thug with no regard for human rights. His reaction . Well, lei was not joking. I was being sarcastic. I tell chelsea be careful because you live in a glass house. The Worlds Largest book at least according to the guinness book of World Records is on display in abu dhabi. The 431 page book titled this is muhammad is 16 feet long, 26. 44 feet wide and it weighs 3300 pounds. It also costs nearly 3 million. That is the news update this hour. Brians back with whats coming up on power lunch, right . Not a book that big. Well try to fill some space. Top of the hour the nasdaq aiming for seven straight months of gains. Is big calf tech the place to be . Big red flag on subprime auto loans. Is it 2008 in that space all over again . Where is googles next leg of gro growth, where is that going to come . Speaking from the code conference right after this. [pony neighing] what . Hey gary. Oh. Whats with the dogsized horse . Im crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. Isnt that right warren . Well, you could get support from thinkorswims inapp chat. It lets you chat and share your screen directly with a live person right from the app, so you dont need a comfort pony. Oh, so what about my motivational meerkat . Inapp chat on thinkorswim. Only at td ameritrade. Briathe customer app willw if be live monday. Can we at least analyze customer traffic . Can we push the offer online . Brian, i just had a quick question. Brian . Brian. Legacy technology can handcuff any company. But yes is here. Youre saying the new app will go live monday . yeah. With help from hpe, we can finally work the way we want to. With the right mix of hybrid it, everything computes. May have noticed whats happening in Big Bank Stocks today. Biggest drag on the markets. It could be because of the comments jpmorgans marianne lake made at a Deutsche Bank conference talking about lower market revenues because of lower volatility and low rates. Revenues being down 15 year over year. The biggest overhang being the flatter yield curve. Are these not cautionary comments to anybody thinking about buying . 100 cautionary. The truth is return on assets in this sector, regional, money sector, whole sector have the worse in again ner races. Single digits is the reason you should own this. Ive taken it and finally some vindication. You all owe me an apology today. Ive got pleasant dwnty of m the bank because of my profits. Isnt this a warning sign about owning these stocks . If the 10 year yield wasnt enough of them . Its troubling about loan growth. Theyre trading positions in and out. This is not just loan growth, this is market revenue shes talking about. Markets. Yeah. Yeah. Thats an issue. Well get through it. Look, i think the banks are a longer term play. I agree theyre not the most profitable center but theyre small positions. I think the risk right now is much less than the up side over time. If i had a place for my money, id put it. Citi trades from 69 to 52. Watching the program is not going to sit there. Theyre at the table and all they do is knock it out of the park. Their credit card charges are up 6 . Theyre not visa. Imagine what vees and master card. Those would be my two plays. The stocks got ahead of themselves. The big run up after trump. Everybody was enthusiastic. It hasnt happened yet. They have to come back a little. That doesnt mean they wont start to outperform again. When and why . Why . Because i think they are a group that is going to see loan growth. If you look at credit quality in the united states, its extremely strong right now. Youve had all of the bankruptcies. Best credit flats how long . Some of the worst credit rates also. Have come up. You have a lot of consumers with more cash because of refinancing. Theyve taken a cash out option. I think thats going to be good for spending and loan growth. You want to do that so it will drag down your performance . This is a dog in the making. Right. Recently. Thank you very much. Well get more thoughts from kevin oleary and the gang right after this quick break. You think traffics bad now, the futures going to be a nightmare does nobody like the future . Cmon, the future. He obviously doesnt know intel is helping power Autonomous Cars and the 5g network they connect to. With this, wont happen in the future. Thanks, jim. Theres some napkins in the glovebox. Okay, but why would i need a napkin . You could have just told me a bump was coming. We know the future. Because were building it. Y mutual stood with us when a fire destroyed the living room. We were able to replace everything in it. Liberty did what . Liberty mutual paid to replace all of our property that was damaged. And we didnt have to touch our savings. Yeah, our insurance wont do that. Well, there goes my boat. You can leave worry behind when liberty stands with you™. Liberty stands with you™. Liberty mutual insurance. Thereit comes to technology, about my Small Business so when i need someone that understands my unique needs. My dell Small Business advisor has gotten to know our business so well that is feels like hes a part of our team. With one phone call, he sets me up with tailored products and services. And when my advisor is focused on my tech, i can focus on my Small Business. Welcome back to the Halftime Report. Im jackie deangelis. Crude oil sliding over 2. 5 today. Earlier in the session breaking below 48 a barrel. This coming as libyan crude output appears to be picking up. Thats what people are worried about. Would you be shorting todays move after 2. 5 . You know, jackie, i would. Also along with that report was the compliance rate among opec members is slipping, also, and u. S. Production climbing and the biggest thing is gasoline demand, jackie. Down about 2 to 3 this summer so far. If that doesnt pick up youre going to see oil trade 45 before 55. Scott, what are the levels . Do you agree with gris on that . I do. A shout out to gris. Hes been talking about libya for a week. Crude oil is now, as you can see from the chart, back in range. This is an opportunity for traders to buy the bottom and sell the top because absent a catalyst the breakdown will be gradual not violent. For more few toweuture tomor futuresnow. Cnbc. Com. This is where i trade andrs. Manage my portfolio. Since i added futures, i have access to the oil markets and gold markets. Okay. Im plugged into equities trade confirmed and i have Global Access 24 7. Meaning i can do what i need to do, then i can focus on what i want to do. Visit learnfuturestoday. Com to see what adding futures can do for you. Wheres jack . Hes on holiday. What do you need . I need the temperature for pipe five. Ask the new guy. The new guy . Jack trained him. Jacks guidance would be to maintain the temperature at negative 160 degrees celsius. That doesnt sound like jack. Actually, jack would say, hey mate, just cool it to minus 160 and were set. Good on ya. Oh yeah. Thats jack. Good on ya. The power of the nasdaq market. The power of 100 of the worlds top companies. The power of an etf. The power of qqq. The thinking we put in, clients get out. Power your clients portfolio at powershares. Com qqq. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. Thithis is the new new york. E . Read think again. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov i want to call your attention to shares of exact sciences up right now 9 , up even better than that earlier today. United health announcing earlier it would cover the companys colon cancer test. You may recall the conversation with andrew left of ci it tron, short that stock, the ceo coming on to debate. A note today saying that they view this announcement from unh as a negleative. They say a lower negotiated price will drive down the average selling prices. They say commercial costs will be different and also puts up, andrew does, 250,000 he will donate to the American Cancer Society if the negotiated test results in anything greater than price of 350 for tests. Well keep you up to date on the story but taking an interesting turn will. Some quick final trades. Just a name. Europe unhedge favors right. Allergan. Bond. I think they trade down. Thanks for being here. Power starts now. Heres whats on the menu. Your money is very close to doing something it has only done three times since 1971. And that is only the beginning. What that is and what it says about the market coming up. Plus, auto loan alarm bells, why the term subprime is starting to rear its ugly head again. And President Trump expected to pull america out of the paris climate agreement despite calls from some of americas top ceos to stay in. Is the u. S. Better off in or out . Im brian sullivan. Power lunch starts right now