Bell influential investor at giardini says odds are increasing for the s p to hit 2600 this year. He says the feds explicit patience is increasing the odds for stocks rise to stop his most optimistic forecast represents a 24 increase from yesterdays close to stop tesla is updating its model s sedan this month adding more safety and connect to the features. An alert will tell drivers of they are running out of charge x italy. But there is also an ability for cars used your themselves in highway. At t will have to shell out what he Million Dollars in a Patent Infringement case because its lawyers did not read a court document. They miss their deadline to appeal a case for 26 million. To wait me accused at t of using its technology for tracking what you watch on streaming Video Services will stop we have less than an hour before the close of trading. Lets go to to scarlet fu who is looking at all the action. Not as exciting as yesterday. Scarlet investors are still interpreting and reinterpreting the feds action from yesterday. Whether it is semantics to drop the word patient. We are getting a reversal of yesterdays kneejerk reaction. Within the dow, you have 23 members falling, including apple, the newly added constituent. Within the s p 500, only the health care and Technology Industries are higher which is why the nasdaq is outperforming the other indexes. Still just below the level at 4998, so revisiting that milestone. Starbucks was one of the constituents a record high. Crude oil down for a seventh time in eight days. It had touched 42 a barrel every day this week, so we are seeing that bear market in our faces. If we move on to the u. S. Dollar coming back after its worst day in six years, the plunge in the dollar yesterday, a lot of people talking about a Short Covering rally in the euro. We are getting the stronger dollar trend reasserting itself here. And i wanted to mention copper the best day since february 3, a sixth week not the sixweek high, but the best day in six or seven weeks for copper prices with a gain of 3. 5 . Alix Oil Bear Market in your face thats the quote from you. We will check back in later on in the show. All markets are digesting a World Without a patient that. The dollar clawing its way back from its biggest slide since 2009. We see tremendous volatility in the currency markets, the stronger dollar hurting exports in the u. S. And weighing on inflation two things janet yellen acknowledged yesterday at her News Conference. Joining me to discuss it is the chief economist for Bloomberg Economics and the cio for merck investments. I was mentioning the call for 2600 on the s p and you are totally shaking her head. I guess it grabs the headlines. A fed exit what that would achieve is at risk premium will rise again. The s p was rising on the backbone of volatility, so if theres anything affecting volatility, be that a lack of clarity lack of clarity Everything Else has to on lower asset prices, lower equities and lower bond prices. There is no way we are going to get there and was we have a speculative low out. Alix what do you think . I think it may be a tall order to get that far as well. The stocks like it any time are going to move more slowly and thats the reaction we saw in the market will stop that being said the reason for the fed being more patient is not strong economic fundamentals. That argues stocks will have less upside potential. Concerns over the dollar, the dollar weighing on the economy on exports and the domestic economy, that is going to hurt earnings from s p companies, a lot of those earnings come from abroad and the headwinds here. Alix how much more momentum do you think the dollar has . Momentum is the one trait that works in any market. But people play with leverage. Those things can wildly unwind, so we have not taken away risk, we had just masked it. As far as the dollar is concerned, a lot of bullishness is priced in. Everyone is thinking europe is going down the drain and the u. S. Will have a great future. The reality is in the middle of that and that has to be repriced. That might happen as leverage is coming off the table. In the meantime, we will see people piling in on these trades. Alix you and i have talked about predicting the dollar as the question no one can answer but everybody tries. If you take the ratio between two year treasury yields and germany yield and compare it to the eurodollar, you see that you have it rising and the yield spread not quite there yet. What does that mean for dollar momentum . The correlation in that chart is about 80 correlation. Has been a useful model in recent years and that tells us despite what happened yesterday, the fundamentals have not changed. The fed is going to be mover going to be moving sooner than the ecb. The dollar will have a bias toward strengthening. Whether we get through parity or for much beyond parity is not clear in the immediate term but sometime this year the fed is going to become more aggressive. Mario draghi is not likely to back off on tv. That is the irony. If janet yellen is not likely to push the dollar higher then thats going to increase the burden for bank of japan and the European Central bank. We have seen the decline in the euro, thats not something Central Banks want. If you listen to the central bank, they have backed off from some of the rhetoric. They think it has gone a little too fast too far. Everybody powers in with leverage and the Central Banks have taken risk away. That has to have a bad ending somewhere. Alix what country or currencies . It doesnt have to be the currency market. Volatility is compressed and people are piling into risky assets. The problem is where do you hide because everything is floating higher. Alix where do you hide . Treasuries and the dollar. I wouldnt count on it. The equity market rises in the dollar, so if it tanks dont count on the dollar. Alix a word of warning. Thank you. Coming up next greece is on the agenda as european leaders gather in brussels. The strain of keeping greece afloat is starting to expose many cracks. And officials are ready to intervene in the swiss franc if needed. Alix welcome back. Here are the top stories we are watching ahead of the close. European stocks climbing to their highest levels since 2000 after yesterdays that statement. Energy Companies Leading the game but investors watching talks between greece and its creditors happening in brussels. Petrobras is working with several companies to sell stakes in three units. Its part of it Investment Plan according to people with knowledge of the data. They are engulfed in brazils a guest ever corruption scandal. Cities citigroup shareholders will vote on whether to postpone pay for several years. Under the proposal, executives would sacrifice money even if they are not deemed responsible for legal violations. German chancellor Angela Merkel is vowing to keep the euro intact, telling berlin lawmakers of a euro fails, europe fails to stop she is meeting with mario draghi today, but is cautioning dont expect a solution in the coming days will stop for more on the greek debt saga, Rebecca Christie is at our brussels bureau. And the president and cio of merck investment whats the rhetoric on the ground right now . Greece is not on the official agenda. Instead after they finish the first day of talks on things like energy union and relations with russia related to the ongoing conflict in ukraine there will be a site meeting between mario draghi, Angela Merkel, the french president and other high level officials. There will be a chance to air some of the issues and, if everything goes well, possibly pave the way for more talks ahead. Alix who is the m most important present most important person the greek president has to meet with . Last night, they passed a subsidy package and said forget about everything. We dont care what you guys are doing it. Alix this is significant because official creditors that dont try to pass any package that would give subsidies to anyone until we could work this out and they approved it anyway. No one died. Obviously, but they are getting away with everything. You only put in place conditions if there are consequences for not meeting them. If i were germany, i would not be trying to find a way to appease them. Angela merkel does seem to have come down a little bit. She is taking a softer tone. They have to find a middle ground where both parties can claim some victory. The mandate of the election in greece is that they in some way have to have a reduction of the strict rules put in place. On the other hand, germany does not just want to be handing out money for free without some conditions will stop i think they need to buy some time for the euro area to continue to recover so we are not in the midst of high unemployment and stagnant growth. Alix buying time has been the problem. Greece has 2 billion euros due tomorrow. Is there the urgency you would expect on the ground . Not for tomorrow. The greek government says it will fulfill its debt obligations coming due tomorrow. Looking ahead, they will have to find a way to make some space to figure out payment plans for things. One thing i saw before i came into the studio was a poll done by a Greek Television station that sounded that may be the new government should postpone making good on campaign pledges in order to build trust with europe. Alix what do you think about that . Recent case first. The one thing europe is lacking is a central figure. Theres ahead of the eurogroup but his powers are limited. If you look at merkel or you look at the greeks, they are talking to their own constituents. Everything that comes through the media is through sunday coming through the eyes of their constituents. Angela merkel is the one person trying to facilitate things and keep kindergarten in check. You know who else is . Mario draghi. He holds the purse suite heals a person strings. Is he the most important person . I think is actually Angela Merkel driving the counterbalance affect here. Greece has to do something to show they are making a goodfaith effort to be to meet the compromise. We were passing stimulus measures, that flies in the opposite direction. The important number to follow is greek public sentiment to remain in the eurozone. A lot of people say fine, go ahead with the exit. A majority of greeks want to stay in the eurozone. They are probably more likely to abandon the current greek government and abandon plans to stay in the eurozone. In 2012, it was mario draghi who introduced the program. If you lose control of your edge it, we will help you. What he did not assess properly is the backlash locally. Its not a popular policy. That is a political question and given europe is politically not integrated, thats not easy to solve. So, yes, hes giving them money but ultimately it will be up to merkel. Alix are people nice to each other in brussels . It depends how tired they are how many meetings they have had and what sort of meetings they are in will stop alix meetings they are in. Alix do they like talking . They have not spoken to each other as far as we are aware. I think the tone, maybe you can see from some of the comments you saw the belgian Prime Minister saying im angry not to be in this meeting. This is our money to. And from luxembourg you had the Prime Minister saying we need to stop making this so personal. Alix thank you so much. The rhetoric will continue. Great to have you. Just a reminder that we will be bringing you the eu News Conference with the next hour live from brussels. Coming up on street smart the snb saying the swiss franc is still overvalued and officials are ready to intervene again. Are there more swiss surprises in store . Alix this with National Bank is keeping rates at record low. Thomas jordan said the currency remains overvalued and officials are ready to intervene if needed. Overtime im convinced this is not overvalued its not really attractive at the moment. Alix the snb shot markets when it did that. Still here to discuss that is axel from merk investments. What kind of credibility to have right now . Zero. He got the job because his predecessor had to leave because his wife was caught currency trading. He was never on board with that. Got cold feet. In the press conference, he was asked some economic question on Monetary Policy and he did not have an answer. After a minute and a half he gave a textbook answer. The biggest risky has is a political backlash at home. I dont think you will have his job a year from now. The commitment to weaken the frank is going to hurt all of his supporters and thats what they really rely on any economy. The power of the central bank is a have a bazooka. It doesnt matter. The bank of israel has had a negative net worth for 20 years. It doesnt matter how much money they lose, except that the public does care and image does matter. The image of the swiss National Bank has not been good in the policies have not been clear. Alix i should say a lower frank is good or exports. Do you believe in currency wars . Its not whether i believe in it. We are in the middle of a currency war right now. People have taken a step back because they are hoping for the fed to do the job for them. Janet yellen does not quite know what to do with the currency. She doesnt really know what the dollar does they dont really have a model. She should ask mario draghi. Clearly in the u. S. , it does not matter quite as much. Alix we have currency wars when does it end . Where were where are we in five to 10 years . We have moved further and further away from the gold dandridge. That cash is losing its function as a store value. We have kicked the can down the road just about everywhere. That means we will go further down the road and have further instability. The folks who are losing out are the mom and pop savers and thats what we see. The folks to saving their money in a inc. Account, they are losing. Hedge funds that are sophisticated have a great time because they know how to deal with this environment. Alix hes a realistic to expect the fed to divert from all its brothers and sisters all over the world . Theyre trying and they have compressed risk premium. Asset prices have gone up on the back of low volatility is the fed tries to engineer and exit. That ties the hands of the fed but it does mean they will try. Shes focused on labor economics. Alix and no safe place to be. Thank you for joining us. A quick programming note we will be bringing you the News Conference from eu leaders in brussels live in the next hour so stay tuned. Coming up next, oil prices at an incredible six year low and theres a looming threat that could push prices even lower. Alix here are the top stories we are watching ahead of the bell. Time is running out for greece. European leaders urging the greek president france and germany preparing on the sidelines from brussels. We expect to hear from you leaders the next hour. We will bring you that Conference Live when it happens. Chicago fed president Charles Evans saying fed rates should remain near zero permit substantial uncertainty about inflation and an limit. He says the biggest risk we face is prematurely engineering restrictive monetary conditions. Amazon is expanding its same day prime Delivery Service to baltimore and miami. They expansion will continue to other cities throughout the year adding pressure to brickandmortar retailers and raising shipping for online merchants. We are just under 30 minutes from the close of trade. Lets go to scarlet fu who is looking at some of the big movers. Scarlet we have to start with facebook. Facebook on its way to closing at a record high. Above its closing high of 80 one dollars 40 five cents. No specific catalyst for the game, but says its rolling out a tool to let friends go through the messenger app. Facebook could be a contender here. Lets move on to tesla falling in fairly heavy volume. Investors apparently not impressed with elon musks Software Update that as more safety and connectivity features. The Software Update is supposed to end range anxiety. Finally, cumulus, a radio broadcaster is plunging as much as percent today, trading at the lowest in more than two years. No specific news on this company. There was some concern the company would not have used of a Revolving Bank loan but then he had he expects they will have it once again in the Third Quarter once they close on some land sales. Cumulus media a big hit, down 40 this year. I was looking at some of the trades and there have been walk trades around the 2 00 p. M. Hour. That probably accelerated the sale as well. Alix oil prices at an incredible six year low and there could be more pain to come. Now it ran is turning to flood the market with as much as a Million Barrels of oil a day if sanctions lifted. Joining me to discuss this is the principle of berkshire advisory and Resource Group and advisor at notre dame. One Million Barrels a day coming from iran if sanctions are lifted. Is it possible that you mark we will see. I would say 500,000 or 600,000 is possible. But they are adding more crude oil to the market that is already saturated. This is adding fuel to the fire and prices are already near sixyear lows. The market does not need further Iranian Crude Oil on the market at this time. But the way politics will play itself out, time will tell. Alix iran will want to sell no matter the price because they want the revenue. Also joining me is julian tell me where it ran would get this they have not had the money to invest in production, so where are they going to get the oil . What initially, it will come from oil they have already produced. We have identified supertankers mort off the coast of the run