Four trading sessions with yesterdays strong gains. Now the major u. S. Averages all turned positive for the week. The nasdaq now positive for the year. Check this out. The dow and nasdaq are now on pace for their best week in a month and a half. Stocks are now out of correction territory sitting less than 10 from record highs from mondays intraday low. The dow is now up 8 . If you had caught it at the bottom this would be a great week for you. The s p has risen nearly 7 . The nasdaq is 12 higher. We should give kudos to our friend that had those dates. He said this was the week. Remember he had the exact dates . You were out. I was probably out. I think i was out. I wasnt here. Assuming this holds up. We dont know. Like yesterday i was checking from time to time and i was in a place that i didnt have wifi. It was that fake out. Up 2. 5 and then all the way down to less than. 5 and then back up. Youre thinking i bought into this and now its going to go down and ends up going up 360. Its crazy that stocks are up for this week. They were down over 100. Down less than 100 on dow futures. We saw a turn in commodities overnight. Lets check out whats happening in china. Thats been such a story for the u. S. Market as well and joe it was another day of saving face in china. The shanghai composite closing about 5 higher. Gains fed up in the final hour of trading but the Government Support measures from beijing. Theyll start investing 313 billion as soon as possible and reports that it also bought stocks a head of the big parade. Two days in a row. For victory of world war ii. Shanghai and shanghai. It looks like they went in and the plunge Protection Team came in. I saw yesterday that yellen is going to go in september to bury the greenspan put and bernanke put to say see theres no put. Ill doing this based on Monetary Policy. Theyre looking to buy our stocks that would help. But the question is would that be a good thing with the markets . Its moral hazard. Thats thinking that the fed is always going to be there so you dont factor in the risk that should be there in a free mar t market. You love the puts. Of course we all love the put but i feel very strongly that Monetary Policy is there to create price stability and the fed also has a dual mandate. Dual . Yeah. I think its crazy. I mean, i think the best you can do with Monetary Policy is perhaps either pull Economic Growth forward or delay it some or slow things down. Its not there independent, people in the economy create growth. If Monetary Policy created growth there would be no reason for Free Enterprise system. You could have the fed print money and have politician spend it and it would be over but it doesnt really work that way. Lets check out the trading action, early action in europe here as well. Obviously this has been a global stocks story this week and german stocks were down. Down a little bit more earlier. Theyre still down a little over. 5 . They have been over the hardest hit in europe. Some pockets of green, ftse 100 had a good export number. That stock market has gone green and so has greece ahead of another big election theyre facing on september 20th. Lets check on the broader markets this morning because everything seems to be connected. Big day for oil yesterday. 42. 62. Remember we touched 37 or 38 at one point. So now 42. 62. The ten year, it has, you know, went under 2 . Now back to 215 and were still waiting to see what happens. Did anything come out of jackson hole other than fly fishing . The big one was dudley and the next one is going to be fisher when he speex tomorrow. Hes going to be the whole game. He clearly does have her ear. Everybody says that. I didnt want to elevate esther george. Janet yellen isnt going to do it the right way im ready to put her in right now. Kansas city. Thats it. Okay. Up 260 at 1125. We have Corporate News to tell you about. An 8. 5 stake in freeport. Shares are undervalued and he plans to speak with the company and may seek a board seat. Should we segway to trump. He wants him to be his treasury se retear and then had to call carl to apologize . Theres a whole sort of donald trump carl vortex thing. He wants him to be the chief negotiator with china and japan. Need leverage in the negotiations. Carl usually have leverage. The u. S. Has a lot of leverage versus japan and versus china i think. Is it just me or does anyone like a year ago if you said donald trump is almost president. Hes picking carl icahn wouldnt you have thought this was an onion piece. Look at this . Really. Do you see what im saying in your and i know you dont believe a lot of this is ever going to come to fruition. I actually increasingly think it might and i dont know what to make of that. What are the chances that President Trump appoints him. Tell me the real odds on that. Its whether congress can approve it . The whole scenario. If trump actually became president do i think he would actually try to nominate carl icahn i actually do but you have to believe that he can i dont know. You tell me . Do you think its a good idea to have a corporate raider as secretary treasurer. Now theyre called activists. Same thing. But he would have to be approved by congress. That could be tricky probably. Yeah. Get gordon. Yeah. Because greenmailers got a higher price than the rest of the Share Holders and they dont do it that way. Maybe he would be good with china. Anyway, back to the news, the fda whats so strange is that is actual real news. Thats like news. The fda approving the cholesterol lowering drug, a similar drug from regeneron got the green light from regulators last month. How do you pronounce that . I dont know. Repatha. Thats as good as anything. You did the syllables. You broke it down. Its a hooked on phonics thing for me. I want to buy a vowel. The chairman of chinas unigroup visiting the u. S. To meet with Micron TechnologyBoard Members and try to revive the bid for the chip maker. They rebuffed an informal 23 billion offer back in july pointing to a likelihood that u. S. Regulators would block the deal on National Security concerns. Well see if they can fix that. Ubers china arm closing a 1 billion fundraising round. Dealing with strong domestic competition. Theyre one of the rival chinese car hailing apps and raised 2 billion last month. Uber has taken over the United States and parts of europe and china theres copy cat folks that have done it and doing it better than they are. Whats the latest on uber toward ipo. I have not heard. I have not heard. You tell me what you think the latest is with the ipo market. Theyre raising so much money on the private market. Is the window shut . You have square coming later this fall. Is airbnb coming . We have a guess on later to talk about it but certainly youre looking at the Market Action this week wondering has that window closed up. Now to the Market Action in aids i cant today. Sri joins us now from singapore. We saw china rally in the last hour as we have been seeing. What else are you watching . We did, yes. Next week will be absolutely critical because we get quite a lot of data from china. Get the release by the National Bureau of statistics of the factory pmi for the month of august. Also the private forecasters numbers. This is the final pmi figure for the month of august so if they are sluggish. If they point to consistently weaker growth in the chinese economy that could test Market Sentiment right now which seems to be that much better. Settled higher sirca 5 on the mainland. Would say that this weekend, youve been discussing that, jackson hole is going to be very important for emerging Market Equities on our side of the world because if the feds number two does strike a dovish tone, possibly even 216 deferred that could give emotions battled assets something of a reprieve but that is still hanging over the markets so well wait and see what next week brings us in terms of the data and in terms ofexpectations. Back to you. Sri looks good. With a big collar. With the spread. You go with the spread . I dont go as spread. Sometimes i have. Its a young mans thing. In the states investors pulled out 17. 8 billion. The data shows a flight to funds that holds safer assets. Money market funds a tracted more than 15 billion. Good morning to both of you. Do we think the bottom is in and we dont have to worry anymore or this is going to be a volatile ride. Is everybody out next week . A lot of Public Schools are. I wonder whats going to happen to volume in term of who is minding the store and who is not. My view is that risk reward is very positive. However i dont think the volatility is over. We dont know what the fed is going to do and the second is that i think chinas devaluations was a game changer. It certainly made us we have been very bullish on this thesis that theres no other alternative. I still think thats the operating assumption but i also think that china, theres two types of economists. Those that dont know and those that dont know they dont know. I think we realize with china we know we dont know and i think thats going to take until those are resolved its going to be hard for the market to make up a big bounce from here. Okay. Now thats what i love about the question is that each guy that you ask theres a different way at getting a nonanswer answer. So its an answer. Is the bottom in . Is the bottom in, no. I understand that. You dont want to talk about a bottom, whether its in or not . But i want to understand how he thinks the stock market and this volatility is going to effect the fed and oh, right. Oh. All right. Thats a reasonable way to follow up that question, right . Interviewing 101. Everybody argues that the fed is some people argue that the fed is data dependent and others say no theyre watching the market tick by tick. Both of those things are determined and so that means that theyre watching both of these things so theyre watching how the market reacts to it. Theres a wealth effect social wrated with what happens in the market and those things influence prices and employment in the longterm. I get that the fed is a big deal now but we should talk about energy after the move in oil yesterday. A 10 rally for oil. Wti had the best day since 2009. Did that lift stocks or did stocks lift energy . Did something change with the commodities trade . No, in my opinion that has thats has to do with oversold conditions and technical issues with regard to people being short and trying to cover their shorts. We did a survey exactly one year ago on oil and the average expectation for right now with 99 and the range was 75 to 150. Just to give you an idea. Thats where oil prices were a year ago. Obviously its a big i still think its a big tail wind for Economic Growth in the u. S. And the developed world. But to answer your question real quickly right now the two biggest uncertainties are whats happening in china and oil prices. To the extent those things go up and copper also, those are very positive catalysts for the equity market. What about the economy in general. It continues to make progress. Everything is excited about that 3. 7 number in the second quarter. Im not as excited because i looked at gross domestic income and it grew a lot slower but what i do and many others do is they take the advantage between gross domestic income and real gdp. Youre doing u. S. I want to understand where you think china is going to be a year from now. Quickly china continues to slow down. Within a years time well probably see 6. 5 growth but thats not bad. Even though right now everyone is fix sated on 7 growth. Tsa not bad. Theyre throwing tons of monetary stimulus and Monetary Policy influences an economy and its coming to fruition. Its 8 in terms of growth for china. We see rebound. Theyre juicing it up. Absolutely. As the year progresses they want to see a lot of growth but at some point that stimulus has to slow down and the longterm secular decline is not going to stop. Thank you for being with us. Jason is going to stick around for the rest of the hour. Coming up, 1 billion people logging on to facebook in a single day. Its a big milestone for the company. Well tell you what Mark Zuckerberg first told becky ten years ago but first heres a look back at other dates. Other things that happened on this date. Behold, these are two wind turbines. Can you spot the difference . The wind farm on the right was created using digital models and real world locationbased specs that taught it how to follow the wind. So while the ones on the left are waiting, the ones on the right are pulling power out of thin air. Pretty impressive, huh . Now, two things that are exactly the same have have never been more different. Ge software. Get connected. Get insights. Get optimized. Its me . Alright emma, i know its not your favorite but its time for your medicine, okay . You ready . One, two, three. [ both ] emma, emma bobemma bananafanafofemma feefifofemma emma very good sweety, how do you feel . Good. Yeah . You did a really good job, okay . [ female announcer ] to nurses everywhere, thank you, from johnson johnson. Welcome back. If youre just waking up this morning equity futures down 88. Read them off. 8. 86 on the s p and the nasdaq is down over 20. 21 points. Donald trump and Hillary Clinton are the leaders in a new president ial poll. This story from washington. Hillary clinton took on donald trump and his fellow republicans. If you look at their policies most of the other candidates are just trump without the pizaz or the hair. A new poll shows clinton is leading the democratic field with 45 but thats down ten points in the last month that she has been plagued by questions about her email server. Vice President Biden scored third in the poll but faired better than clinton in match ups with the leading republicans but biden is still mourning the death of his son and hasnt decided whether hell run and is telling top democrats. If i were to announce to run i have to be able to commit to all of you that i would be able to give it my whole heart and my whole soul and right now both are pretty well banked up. Meanwhile on the republican side. Were not going to take it anymore. Were just not going to take it anymore. Donald trump is telling voters what they want to hear. I dont wear a toupee. Its my hair. He asked one supporter to settle that long standing question. Yes, i believe it is. Thank you. He heads the gop pack with 28 . Up 8 from last month with ben carson climbing and jeb bush falling behind. Okay. Its horrible when people keep accusing do you know who accusing people of wearing a hairpiece . Balanced people. Misery loves company and they just cant stand it that somebody has descent hair. Ive tried that and had people pull it. I dont want to mess it up. Its real. Wow. Yeah. Its hair spray. Im sorry. Yeah. Heal thy self physician but we have done the. If any of that hair went on fire it would be bad. Have we not done the hair blower. We did. The leaf blower. We did the leaf blower challenge. People want to believe that youre dishonest and that youre trying to hide that your balanced and theyre nasty when they say it. You can say anything else. You and donald have something in common. Your hair color shade is the same. I like his hair. I think hes a handsome man and its real and its not a comb overeither. That made the front page today. Its always about the hair. Dont i know it. Were going to get on to your side part. Your mini comb over. Facebook hitting a big milestone for the first time. 1 billion people signing on for one day. This is what he predicted in 2004 in an interview with becky quick. When we first launched we were hoping for 400 or 500 people. Harvard didnt have a facebook. Thats the gap we were trying to fill. Now were at 100,000 people. Facebook now has 1. 5 billion monthly active users. Shares, take a look, 89. 25. He was so young then. He was like 20 years old. We will have to hes so old now sarah. Im just saying ten years ago. How old is he now . 30, i think. His wife is pregnant. Hes growing up. I think whats amazing about that statistic a billion a day hes still very young. Yes. But just in contrast to twitter which is 315, 316 million active users and that means once a month. So it shows why theres been such a disparity. The distinction. Oil watching that coming off the biggest one day gain since march in 2009. Prices this morning were under pressure. They have turned higher. Wti crude not by much. Joining us now is kevin, Clearview Energy partners managing director. You were on last time i was in this seat a few weeks ago and you said you were expecting another downturn. We saw that. Yesterdays big rally Short Covering or signal that the trend is reversing . Well as a balanced man thats never levied an accusation against someone with beautiful you hair like joe kernen we havent seen the down side yet. The market got scared. Short covering makes sense in august. And lets not forget that the north american producer keeps producing. I think the cash is going to get cutoff in october. Were not so sure. Theyll keep financed and keep producing. More of your supply side risk going into the 4th quarter. Why does it have to be supply . Why cant the demand upside better u. S. Economy and even better outlook for the chinese economy, the two biggest Oil Importers have an impact and boost the price . Why does it have to come from supply . Demand is the reason why were seeing such a lag in such skepticism about the market but what is the limit of demand growth . Its price sensitive in places like the u. S. Where theyre doing all they can do. Half a billion barrels of gasoline demand year on year in 2014 versus 15. Thats the most price sensitive response in a very long time. What are are the limits . Theres so many people and so many cars and so many roads in the world. For china its an industrial demand story. A true recovery. The 8s and 7s take us into a demand scenario. Im not sure the market believes it yet. All right. Thank you very much for your take on oil this morning. Thanks for having me. Coming up when we return, Hurricane Katrina is the costliest disaster in u. S. History. This weekend marks ten years