Why something would come out of the blue that doesnt let us get to 22,000. These big levels, although meansless in the grand scheme of things do tend to acts like a ceiling or magnet and weve blown through a lot of levels recently so, you know, flip a coin if we do it today, tomorrow. But i dont think that that has anything really to do with what the way forward says a lot of the technicians that i talk to are talkingabout augus being seasonally not a great time, its actually the worst month for markets over the last 30 years its in average decline of a little bit less than 1 . But that is the backdrop but that doesnt always hold. The trend is certainly your friend as they say were going to close in on this it r 22,000 milestone. May hit it within the next 59 minutes or so of this program. But what are investor supposed do, is that the sign of Better Things even yet to come or as howard m marks would say, maybe time to reduce the risk. Greenspan talking about a bond bubble even though he says he does not see one in stocks right whether its marks or singer or fink, those are all people and there is a core rugs of others who have said there is a problem out there, things are getting extended and yet six years, its been six years since weve seen earnings like this i mean, so that is what is driving this its obviously not the agenda because the agenda is dead on arrival right now. Its obviously these strong earnings and the fact that people believe that this can continue and will continue. And youve got low Interest Rates, still very, very low inflation, and i think the issue is that there are some people who are levering up to get more exposure here in the market. But most of them are really pros and its probably way out there on the bell shaped kifcurve. I think most are scared to lever up so youre roughunning this b portfolio, tiaa, what do you do as you view this market closing in on this milestone it is really fundamentals that are driving the markets higher they are running 10 growth, that is 4 better than expectations its also sales growth sales is up about 6 not as good as last quarter, but still pretty respectable are you nervous to put money into work . No. Some sectors look expensive, i dont want to Chase Technology here, but i dont mind the fact that financials have actually caught a bid, that energy has sort ever kind of stabilized i think that consumer stap hile will benefit from the weak dollar are you calling the nasdaq expensive . I do think its expensive there are pockets of it. I certainly have some tech exposure, but ive actually been reducing my exposure net net joe, does that make sense to you . You come into august and i think yesterday afternoon talking to a lot of folks on trading desks was okay, we had weakness at the end of the day and a lot of the growth momentum naz todsdaq type names and retu selling pressure you come in this morning and what are we selling . Were selling oil, were selling Energy Related assets. And were not correcting were doing what weve been doing all year which is rotating so okay, out with the oil which has been this favor over the last week or so, financials still strong, getting a little bit of buying interest coming back into the joshs invidia, seeing a bit of a buying interest coming in even to a name like amazon so its a rotation and as long as that exists, i think that suggests continued favorable conditions there are negative diverge e divergenc divergences. Biotechs have been a horse leading the market now you see xbi sitting on 77 support. Now below. If you are a short term trader or someone that looks to the Biotech Sector for sentiment, not great. Transports are another obvious weak spots everyone is talking about sitting on the 200 day could they break below its possible. I think they are down eight of the last 11 days russell weakness so its not like we are in this free for all with every single stock going up every day joe nails it you haveflowing into energy and maybe coming out of biotech. Is this going to be a meaningful rotation . The bigger rotation let me punctuate that the biggest rotation that Everyone Needs to be focusing on and thinking about is that this is no longer an s p rally on its own. You have a major breakout in the international averages, in individual Country Markets throughout europe, in developed asia, period huge regions of the world that have been left in the dust are now outperforming the u. S. Market, breaking out to multiyear and in some case alltime highs and if you are just thinking about the 500 biggest stocks in the United States on their own, you are missing the biggest picture. Lets bring two more market voices into the conversation bob is in princeton for us and david voenburgrosenberg a le cautious guys, welcome. Dave, you wouldnt buy stocks . Not at these valuation levels no matter what benchmark you want to use, the pricing in the stock market far surpassed what earnings are doing in the past century, only 5 time in the past has the u. S. Stock market been as expensive as it is right now and of course valuations are the timing device. But i do believe its a constraints on future returns. So, yeah, im decisively cautious bob, why is he wrong . I think that momentum in earnings, the fundamental improvement in the u. S. , and Global Economy that others have talked about, the mass amount of skepticism out there, the cash on the sidelines earning close to zero, all tells me that while david may be right at some point because valuations are not cheap, in the meantime the drivers are fundamental and pushing us higher. And david, its not like we havent heard this from other very smart market watchers you point out this long memo from howard marks who says id rather be early and out of the game than too late that sounds like what you are saying here, although you must know that stocks could continue to go higher for some time well, there is no such thing as a sure thing, you about one of the earlier comments was how the pros are driving the market higher the question is do the pros driving the market higher, do these pros have a pulse or are they machines or row bottbots we know insiders have been booking profits in their own stock. And the mutual fund data, that there has been net redemptions for ten weeks in a row over 40 billion from household america so the question really is, yeah, who exactly is doing the buying right now. Who in this greater fools theory would be buying stocks outright at thesemuffle levltipe levels we talk incessantly about the u. S. Market. Its 30 of the Global Market cap. I think prudence says book your profits late cycle and move to other areas that are better valuations and Stronger Economic fundamentals i hear about the strong u. S. Economic fundamentals. But we will average a year with gdp growth below 2 . Were heading into an environment where the central bank and u. S. Will be less fr t friendly maybe emerging asia should be the concentration instead of the u. S. Market. This is josh brown. So i agree with part of that and we are overweight International Names relative to u. S. Names and i do think that there are cheaper stocks and more exciting opportunities elsewhere. But i want to go back to what understand earlier xhrks is twha the u. S. Has only been this overvalued twice i think and i guess youre going by cyclically adjusted pe ratio. The problem with that statement is inher rent in the way you phrased it we only have two observations. So i dont view that as scientific to point to those two instances and say both times we had a stock market crash so surely well have another. And then the second thing and i think this is probably obvious but who stating, the average tape ratio for u. S. Stocks is Something Like 16 throughout history. But over the last 25 years, its been elevated above that average 95 of the time. So why are we using that as barometer for even a three year outlook let alone a one year outlook . Well, actually, i didnt mention the two other times which i think jeremy and james have i think you can go there i was just looking at classic forward and trailing pe ratios, good Old Fashioned way that is the most expensive stock market in 16 years and even on that basis, weve only been this expensive in the past 5 of the time i was never by the way calling for a crash or a significant correction it all comes down to the balance of probabilities what are your expected risk address ju adjusted returns so im not talking a doomsday scenario, im talking about how you approach prudent investing and one particular refugee i dont know of trefugee of the wd the scrubbed down operating earnings, youre takingi dont know refugee of the world. The scrubbed down operating earnings, youre taking a look at national. Caller earnings, pretax, after tax, profits peaked in late 2014. They are actually down 5 since that time in dollar billions of terms. And the stock market is up 20 so this view that the earnings situation is great didnt look at the whole gamut of earnings and we just got some data today, ism is still at a pretty good level, Construction Spending down 1. 3 , the flat growth in two of the past three months in real Consumer Spending and yet the people that believe that the u. S. Economic fundamentals are strong, i mean i rub my eyes sometimes and yet the fed is tightening policy and a real squishy growth environment. And with core inflation far below target, what does that set us up for with a 12 month view not 12 day maybe a way to look at that is fundamentals are Strong Enough to maybe keep the fed at two rate hikes this year and to keep inflation from getting out of control and maybe the market is not saying, oh, its so strong, its saying may, good enough, this is what weve gotten used to why not move to the areas of the world, the Central Banks that govern regions. I mentioned emerging asia where real Interest Rates are high and those Central Banks actually have tremendously weight to provide liquidity. Lid qquidity is the tent for th financial markets. Why fixate on the u. S. Its not about the rate hikes or rate hike, its about the fed will start to experiment with this Balance Sheet in the other direction. We know what qe did to the u. S. Stock market for the past number of years what is qt going to do to the market that is a source of uncertainty and risk that does not deserve the multiples in the u. S. We have all right dave, bob, thanks. Are we ignoring some of the risks that are out there you get completely different pictures painted by the two gentlemen just with us. I get it. I get that there are some risks out there. Im not saying everything is perfect. But i have a list of ten names in front of me that i would buy d today. Lets go down the list. Alexion, trades at 19 times forward estimates. Great quarter. At t, kind of a boring name, trading at 12 times forward estimates. Blew it away, stock up 6 . United healthcare, that was a really good quarter. Stock actually sat that day, still has more momentum. Oracle, great number so i get why there is concern kind of on a macro, things are not perfect, but things are not that bad and companies are reporting good earnings and you have to be a stock picker. Well put that whole list on our web page i promise all of you that we will do that one area of the market that may be signaling a warning to investors is as josh said the transports coming off their worst month in a year. Bob pisani is live on the floor of the New York Stock Exchange tracking the numbers and youve been raising the flag on this. I am. And there is a notable diversion occurring. Lets show you what is going on. In july the dow industrials were up 3 , transports down 4 . This is after the transport hit new highs in the middle of the month. I think sectors within transports are having specific problems for example the railroads are down today and for several week on concerns about volume and pricing. The rails also still have significant exposure to energy that is also weighing on them as well so look at the auto sales today. Ford, general motors, xrisl mot reported below expectations. That is not good for the railroads overall. And airlines have had capacity issues and margins are at cyclical highs right now you could always throw in pricing issues you see this little war between united and frontier and other airlines that is an issue truckers and shippers have had lingering concerns about capacity growth, there has been weaker pricing poor state of retail is not helping. Two other issues, the dow transports went up over 15 in less than a month after the election after the november election, the i shares transportation etf saw assets increase almost 60 , everyone piled into the transports that slowed down in april and has been drifting lower ever since. A sign investors are not as bigs on trump play and prices were too high finally the transports are mostly a u. S. Play there has been bigger opportunities overseas and that is why the Global Industrial players, boeing and caterpillars have been should strong. So a lot of reasons why we might be seeing weakness in the transports bob, thanks does this not matter transports have had an awful quarter, a rough august so far but you have em up 5 , s p up 2 so far in the quarter. And you had crude oil rally nearly 6 . So that had an impact on transports so is it a warning signal historically yes, it has been. Do i believe so . Not today. When you listen to the smart guys that we talked about iks and th, and they are nervous about where we are, i think that they are nervous because they cant be as regular investors can. Its too much money to i mean, you know, one of the reasons that when i look at steph, i know the portfolio that they manage, the trillions of dollars that they manage that is tough to be moving in and out of the market. Now, that is why she scales in and all the rest and scales out the same way with that same discipline but i think these guys are nervous because they know that it takes a long time for them to get out of the market. They cant hit a button and be out as much as people want to point to Algorithmic Trading and High Frequency and all the rest. These guys are not hitting that button and i would add its a grade trade, very asymmetric trade to say im cautious, but not actually do anything with your allocation and then caveat the hell out of what youre saying, im not calling the top, not saying this conditions go on for a while, im not saying its not impossible that this time is different. As long as the headline is im cautious or be nervous or whatever you said, ands reason why that has such a great asymmetric risk reward is because if the market continues, that is fine a, youre still long so your clients are happy, still getting paid and b, no one remembers anyway about you if you are right, youre the guy that called your shot i told you be cautious and nobody remembers any of the calf yo kafr y kafr y catch y caveats. Well keep an eye on the dow. Youre about 12 points or so away from 22,000 under armour is under pressure they announced a 2 cut for the Global Workforce the retail analyst with Morgan Stanley is joining us. Jay, good to have you on youve been all over this story for the last many, many months im wondering what you make of todays news and the stock drop that came with it. I think todays news tells us under armour continues to be in a state of transition. They are working on operations, fixing the product, correcting some of the tactical mistakes that they have made. And justment to guidance is the reason that the stock is down, but the bear case is that under armour is a dying brand. We disagree with that and if they can come through this transition period, the stock could eventually start to outperform we are still optimistic that under arremour can right the sh. And why is it weak . Because under armour has been undergoing a fashion transition. Performance apparel was a hot category for a changing and there is a lot of excess inventory. So those factors and obviously the transition to online spending has slowed growth in the wholesale channel where und und under armour is strong but i think it can recover at what point does the stock become attractive . Is there is a number in your head where you put out a 50 pager that it builds a positive case rather than the negative one that you have built on prior occasions . Well, i think what we will look for is signs that the transition is happening. We need signs that they are controlling inventory, their accounts receivable gets under control, that we see new products coming to market that are working, overall inventory levels start to normalize. If we see those things, the call on the stock will be about fundamentalsinfrequenting not so much on price, but con fir nation made it is coming back on its feet and can grow again. Fir nation made it is coming back on its feet and can grow again. Ill let you run, but well talk to you begin soon so what do you do here with yet another significant pullback for this stock also taking into consideration that adidas, a stock that you have talked about on numerous occasions just recently raised their outlook, people seem to be more positive on nike as well about. Yeah, adidas still just hitting the ball hard. And unfortunately, under armour is just as jay said still too focused on just the performance side i know as a consumer, that is what i go for when i go to the under armour site. Im not going through to look at shoes. Just the performance wear. And i needless and less of it because most of us bought it and you see an awful lot of it in discounts stores so thats what i worry about with an thur arrest mounder armr if the share holder brace wasnt so in love with jeff plank as a person and this was another ceo, would people be talking about replacing management the problem is i know hes a cult guy. They might, but the problem with the stock is that its traded 41 times earnings the investment cycle is not changing they have to continue to invest less in performance and more in lifestyle. And i think nike is way ahead of the game and adidas even more. So its hard to get around that even though i do thinked a damage plank is a good leader. I just think it will take some time even jay said it could be a tumor quarters, two, three more quarters to right the ship here is what else is coming up about. Next up, a big move in the semi conductors. When you one top analyst says enough is enough his bold call on the sector next before the break, all three major indices seeing declines in august since 2010 according to our data partners. As for sectors, the bigger losers are financials, Energy Stocks and the industrials for more ken show oig, go to cnbc. Com ken show oig. The halftime rort epoig is back in two minutes hey gary, what are you doing . Oh hey john, im connecting our brains so we can share our amazing trading knowledge. Thats a great idea, but why dont you just go to thinkorswims chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders . I know. Your brain told my brain before you told my face. Mmm, blueberry . Tap into the knowledge of other traders on thinkorswim. Only at td ameritrade. Did you know slow internet can actually hold your business back . Say goodbye to slow downloads, slow backups, slow everything. Comcast business offers blazing fast and reliable internet thats up to 16 times faster than slow internet from the phone company. Say hello to faster downloads with internet speeds up to 250 megabits per second. Get fast internet and add phone and tv now for only 34. 90 more per month. Call today. Comcast business. Built for business. We continue to watch for dow 22,000 and as we were having this conversation earlier, and doc, you mentioned it, this is all without any push from washington yeah. Without any significant push. And no impediments eastern just the crazy mousse kalg chairs that are going on at the white house and so forth they havent thrown up anything as far as they have shaved off regulation im not giving that the credit for this much of the rally as we look at the green across the board and the thought that stocks can continue to keep climbing, are we assuming that were going to get tax reform sooner rather than later or not and does that have any factor in whether stocks go from here . I think some people are believing that the next six weeks you will get a tax reform package placed somewhere to be voted on, whether that is true or not remains to be scene but i dont think that is priced into the market 37 i think t i think they believe it is a 2018 story i think the bigger story is confidence returning Business Confidence returns in november or december is that priced in or out im not sure which way weve gone with that Small Business sentiment, consumer sentiment, the economic numbers, gdp at 2 pn. 6 for seco quarter, all are indications that at least from an economic standpoint the market justified in being where it is the heros of what has gotten the market where disis three things end of Political Uncertainty even if half the country didnt like who won, the other half did and we had an answer the Oil Price Recovery from the low to where we are now even though its flat lined and the dollar and if you dont understand that those are the three reasons why earnings have been able to recover and confidence has returned and the employment story ticked back up again, if dont understand that and youre thinking like its the trump trade, you probably are losing money. Isnt the inherent danger being out because if you are doing all of this without any significant part of the trump agenda, which people still have high hopes for, and we could assume that some part of it is going to happen over the remaining years cant do less is the danger being on the sidelines . Doing automatic thll this witho even if we just get repatriation about the biotechs and health care lagging, that will happen a huge bid those companies have huge amounts of cash overseas so does tech but i do think what you are seeing in one other sker to in terms of kind of the trump stuff, i think that it is the financials i think that deregulation is certainly having an impact on the financials not tax yet. And not certainly more fiscal stimulus, but i do think that is a very big deal for these companies and they sound more confident as a result. Financials one of the Leadership Groups here for sure. But i also think over the next six weeks if we leave that this will continue to be the low volatility environment and that the market is not at a cross road whering it either get pair ebolaicly higher or it will finally give you the correction, i think its a mistake you have jackson hole coming, and then in september you are going to see the debt kreelg debate come around and then possibly this tax reform package so i think the next six weeks, this market will shake, it will move, it will rattle and roll. Thats the key question is which way. Lets talk about one part of technology that seems to be up for debate, semg any ci conducts wells fargo says it could be time to turn more cautious they say that chip recovery is reaching a plateau do you agree micron has had some real issues in the last week or so. But its had such a furious run. I mean, its a great stock im still in i think advanced micro devices, amd Western Digital has shown some signs here and there and i know that is more of a storage play, i get it, but nonetheless on the either storage or chip side, it seems that they are looking for a pause. I read the note they are calling the end of the cycle, but they are not saying like oh, no, get out of all your chips. No, they say we reiterate outperform on intel and qualcomm and so what they are suggesting is that you want to own the cheaper Chip Companies and i would argue history people have done very well in this sector, they have latched on to the companies that have the most growth and even if are you paying a higher multiple which obviously no one wants do, probably its a better trade than saying what are the cheapest chip stocks going into the independent of a chip cycle. It makes no sense to me. So they throw in shade at invidia for being expensive. Of. It makes no sense to me. So they throw in shade at invidia for being expensive. I would say with that and not jump into like what are the cheapest names they are cheap for a reason. I agree texas vumtinstruments is a low moving stock that continues to move higher. Lamb research another research tara dine. I think the semis are still fine and back to the question i asked about confidence if were going to see Enterprise Capital spending continue, then the semis will continue to benefit from that and again, is there any sign that that will dissipate, i dont think so. Lamb research was up 50 and i was happy with that. So i did take progrfits its a special situation story it has growth on the end markets, but it also has cheap valuation at 14 times forward estimates. And i think they have a great Balance Sheet, they have done a great job in m a so its a special situation. I think a lot of these other names have had a nice run. I dont think its a problem taking some profits about. All right we want to stay with this conversation and bring in pete gentleman inpete najarian in ni. And i have to talk about micron technology. All that activity bumped up again. It bumped right up to the highs, that 32, 32. 5 area and then it failed once again. Pulled back towards 28 im going to stick with this weve seen paper after paper falling. What were seeing today is a more broad call. When you look at everything, Applied Materials, we talk about some of the growth areas and you are talking about some of the individual names this is another one of these manufacturers out there has had a nice pullback from 48 to 44. Today somebody is in there selling 12,000 of the down side puts in Applied Materials at the september 42 strike. What does that mean . It means somebody wants to put their flag in the sand and says ill own this stock if we start to break down a little bit further. And if not, im going to be able to take this a little bit higher implied volatilities and i will 00 be able to take that money and put it in my pocket. So interesting to see this trade come in, somebody saying you know what, enough is enough. I think the pullback is in and maybe we have to move to the up side and that wells fargo analyst, hes still looking at plenty of outperforms across that sector so it would seem applying terms makes some sense on this kind of a pullback yeah, i was going to get your opinion anyway, so glad you gave it to us do you agree with the intels, qualcomms, microns, mike yoe semi yeah, i do. And i also agree with the idea that i never pick these stocks because they are cheap i look for the stocks that have great fundamentals and they have growth if they have those two, im already on my way and especially if i like the management so i think intel is doing the right thing. Its a slow mover. If you want the explosive side, why not have the bar bell where you have both. The slower grower and the fast grower you get that pe levels, its much hire obviously in one, lower in the other i think there are great opportunities out there. It didnt mean you have to be adjust one name. All right good stuff see you back here tomorrow to petes point about advanced micro, earnings middle of august. So about two weeks out what i was seeing today is kss, a lot of put buying in this name today. Out of the money put buying somebody thinking that maybe kohls continues a cheap way to play for the best that the stock makes another correction rather than shoring the stock. They are buying puts and that stock down nearly 17 year to date we told you about stephanie links ten stocks to buy and we put it on the website. Go to cnbc. Com halftime, you can get the entire list. Just ahead, apple big earnings after the close and mosaic, pfizer, lumberly we d ly liquidators, we will tackle those. For your heart. Your joints. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally found in jellyfish, prevagen is now the number one selling brain Health Supplement in drug stores nationwide. Prevagen. The name to remember. Im sue herera here is what is happening. Vice president pence and his wife, kafrren, taking a cathedr tour afterwards they exchanged pleasantries with the catholic patriarch of georgia and lit cand candles. He also met with the georgian Prime Minister three suspected smugglers were arrested in italy according to police, they drove three rubber dingies with 344 migrants on board. A new study from the university of wisconsin says the mosquitoborne zika virus is extremely unlikely to spread by kissing or sharing you ten stills they say they may be components in saliva that prevent the virus from spreading and while disney world and lyft have teamed up to offer a Ride Sharing Service they theme park, the new Transportation Service is called the minnie van. That is the news update this hour ill send it over to Brian Sullivan the minnie van . That name is just goofy. I know it is. Goofy got it. I know. On deck, with health care likely in the rearview irror, can congress and the president get their real goal accomplished, that is tax reform well dive into the first moves inside the beltway plus call this the real luf boat, at least for investors Royal Caribbean up again today soaring this year. The ceo will talk about his outlook for the next six month and good news rolls on as we continue our make it in america series highlighting companies succession 234ri manufactufullye a company that has survived pridti dfentre esenal administrations back right after this. At fidelity, trades are now just 4. 95. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. Were back with the blitz. Mosaic earnings missed top and bottom and it has been sinking for the last three years if you are looking for a specific name in the space, can look at dar. And lets talk pfizer stock lower on earnings. The ceo telling meg tirrell that they are reluctant to make significant decisions before tax reform is done yeah, i think that makes sense. This is a stock that trades like a bond for all intents and purposes it has a beautiful uptrend going back maybe 15, 16 months although its been range bond t bound last couple months a little ahead on earnings typical quarter. I think they are here for Financial Engineering or transaction which may or may not happen i dont see why you got out of it big beat for lumber up 32 yeah, there was some pretty nice unusual activity ahead of this one so whoever made that trade, congratulations. They were expected to lose 8 cent, instead they post a gain of 16 cents. That is fantastic. Beat on sales. Gross margins up around 37 . It was under 30 in the prior. So this is just a blowout quarter for them and trading 8. 5 million shares so everybody seems to be sounding the all clear here. And cummins, a name you have mentioned many times and i still own it and im looking to add to it it was a mixed quarter they missed on earnings. They had higher warranty costs people wanted more operating leverage and i get that. I was in that camp as well the stock has outperformed the industrials by 500 basis points since last quarter, so i dont think the story is broken. Just waiting for the dust to settle oil on pace for its worst day in a month well head to e tus ts xtthfurepi because, when you really, really want to be there, but you cant. At cognizant, were helping todays leading Media Companies create more immersive ways to experience entertainment with new Digital Systems and technologies. Get ready, because were helping leading companies see it and see it throughwith digital. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. And at 4. 95, you can trade with a clear advantage. And the wolf huffed like you do sometimes, grandpa . Well, when you have copd, it can be hard to breathe. 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Welcome back a look at wti crude oil, opening over 50 a barrel, but now falling over 3 . Oil now on pace for its worst day in four weeks. Jeff, this leg lower, just a pause here or does it have something do with the dollar string were s strength were seeing . I think its a little pause but we had a five day winning streak and now the dollar that you talk about, i attribute all the movement to the Dollar Dollar at 13 month low and right now janet yellen is creating this environment to spur inflation, but as we see the dollar trend, yes, youre right, we will see it fall back so there is a pause in cruel oil, but a lot of data we have too d to digest. And you didnt think we were going to hold and we havent so what are the levels to watch . You said five days. Its been a five week straight shot to the tune of about 19 at the highs. I think if it fails, settles below 49, that will mean this move was stretched and its time to head lower. I have 40 as my objective on the down side. I dont think we will go straight there of course, but i think that weve gone to the up side of this range and now its time we pivot. All right thanks online we have your crude oil trade ideas plus were joined by joe zidle, he will explain why he is telling investors to ignore all the washington drama. Thats all athtoofhe urt e p t 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. Okay welcome back apple reporting earnings today after the bell what do you guys make of this . I cant remember a quarter that seems to be so much of an after thought with everybody thinking forward only i wonder if theyll i wonder if theyll answer any analysts questions about future launches, the launch we all, you know, want to hear about i dont know i dont know that theres a long history on apple Conference Calls of them revealing their hand they like to have big launches for these types of things. So it might be a really, really anti climatic call. People want to know whether theres going to be some kind of delay because of unit delays or supply delays. That they might give you, i dont know they havent given us a date, so why would they admit to a delay . I think were dismissing im sorry. Traditionally, it would come out in september and now many notes passed around the streets suggesting it could be october. Because if they dont miss christmas as long as they dont miss christmas, thats probably like the key. How about the amount of cash they have now on their Balance Sheet and what they would do with it . Its insane theyve got terranova money right now. Theres an awful lot of call input activity today but its still it got bigger since the opening, the premiums, that is, got bigger. But not substantially. So, i mean, its still only pricing in i think at 3. 7 move. Which is really tiny for apple so theyre telling you its more or less an after thought, these earnings and people will look ahead right after. And you can make the case that this company has 12 in earnings power, right . With this launch and if it goes successful. And the timing is just the timing so youve got a big cash repatriation story, too. So back to the point of if we get that, theyre a big beneficiary. By the way, i never understood people getting bearish on shortages like, maybe it screws up the timing of in which quarter are the earnings earned. But when you hear the term shortage, traditionally in business, thats a good thing. Thats like we will eventually satiate the demand thats out there. So and as you know, we say, oh, its an after thought. Apple earnings are never an after thought. No, no. Im saying given the size of the company. Not for us. Thats like our oscars. We have them four times a year. Theres your dow 22,000, right . If its good. Well have the live coverage, trust me on that, of both the numbers and the call and the headline that we would expect from josh lipton when all of that happens. Were going to take a quick break. Were going to come back and were going to do final trades, next missed the blitz, the call of the day or unusual activity with the najarian brothers no problem just go to cnbc. Com halftime to see the moves. The trades who is winning and who is losing plus, breaking news and analysis of all of the top stories. Cnbc. Com halftimereport. 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. Whats Critical Thinking like . A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley your bbut as you get older,ing. It naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Welcome back were going to do final trade in just a moment. But first, steph, you have a trade update yeah. Sentiment is so now negative on starbucks, and you sold it. I did it wasnt the best call, for sure you know, the stock is trading at 25 times, and it seems like their samestore sales is decelerating to 3 or 4 . You need a 6 comp. To be able to lever that to a 20 earnings indicatinger they did a 5 comp. A 5 comp. But said things were really not good starting in the next fiscal quarter. What has to happen is, the next quarter theyll report whatever thats going to be then they lower, reset expectations and thats when i think the stock can kind of bottom and kind of move higher. So im not giving up on it completely but i just think that there are other consumer areas i want to play between now and the next quarter. Do i have anybody a buyer on the other side of that . Or do we have similar concerns all the way around the board here today its a mess very sloppy. Theres no trend youre just flipping the coin. Yep, all right. Starbucks, down 5 over the last year not like this thing has been a complete disaster. No. Certainly havent given you any indication of even an exclusive interview on cnbc with the new ceo with jim and the gang in the morning, didnt seem to allay any sort of and the last time they left, lost some of the magic. Had to come back to save it. They had easy compares. Thats why i was excited well see what happens. Weve got about 40 seconds left lets do finals. You know what looks great, visa like a machine, right absolutely. A great trade. Steph. Air products. Great quarter. Raised guidance. Ill see you visa and ill raise you mastercard which is what im in both look phenomenal i agree with you. Tmobile. Ive been in sprint for a long time this is a different reason to be in tmobile. And it is tied to the apple, the launch of the iphone 8 so i like tmobile here. All right about 25 points or so away from dow. Will we get there in the next hour who knows. Thats why you have to watch power lunch. And it starts right now. Thanks, scott yeah, will we get there . That is topping your menu. Earlier today, the dow coming just ten points away from that 22,000 mark for the First Time Ever and we are now up nearly 20 since President Trump was elected. But we are headed into the two historically worst months for stocks so with august heat, will it wilt your investment on the west wing front, with health care likely behind it, will the administration be able to get to its biggest goal, tax reform and it is day two of our special series, make it in america. And today youll meet a Minnesota Company that has survived and thrived, getting back to this man