Tdd 18003452550 can you believe it . Tdd 18003452550 i love it when you talk chart patterns. Tdd 18003452550 trade up to 6 months commissionfree tdd 18003452550 with a 50,000 deposit. Tdd 18003452550 call 18776568765 tdd 18003452550 and open an account, tdd 18003452550 now with no trade minimums. All right. Tesla shares pulling back on their comeback just again. Again elon musk telling the New York Times review fake. Closing bell is next. Hi, everybody. Happy monday. Welcome to the closing bell. Im Maria Bartiromo at the new york stock exchange. Trying to avoid starting the week in the red. Tough job. Down 35 points. Six weeks in a row the s p was positive, but not today. 50i78 bill griffith. On todays agent, stocking trying to get back on track after what was the first losing week of the dow. The dow hasnt closed above 14,000 since it was there on february 1st. A warning of two potential road be blocks for the market and the economy. Huge automatic spending cuts set to kick in and an increase in the price of gasoline. The president s top economic adviser spurling here on both issues. By the way probably the biggest story of the day. Is your bourbon being watered down . A big scandal involving makers mark is unfolding. I know youre a wild turkey drinker, but makers mark, well have the latest on the story they are watering down their bourbon. What . Yeah, what . Lets check as we approach the final stretch. The Dow Jones Industrial average down 35 points. Off of the worst levels which happened at about 10 00 a. M. This morning. Nasdaq composite similar pattern. Also off of the worst. S p 500 looks like this. As you can see there, flat on the session. Down about two points. With less than an hour to go in the trading day, the dow cannot seem to pick up the pieces after snapping that fiveweek winning streak last week. Is that reason enough for investors to take money off the table right now . Lets talk about that today. Dani back with us here. And we got Rick Santelli in chicago with us as well. Time to take profits . You know, people are saying a the the market right now is taking a breather. I think its holding its breath. Weve been in a narrow trading range and weve got a couple things happening this week that are very disconcerning to investors. Like . Tomorrow we have the president s state of the union address. We want to hear whats going to happen with sequestration and the debt ceiling. Then on wednesday morning, we also have core retail sales. Thats going to give an indication of what the Consumer Trend might be. Is the consumer in the same field of flowers and unicorns and daisies that the u. S. Equity investor is in . I think thats probably what were going to see. Already were not seeing a lot of alternatives for folks money other than stocks because of the low rate environment. Andrew, how are you investing right now . Well, were probably going to go ahead and move in this market. Looks like the pullback is more likely 1650 back to these levels. So more than likely now is probably the time to ease into the market. Youve got tremendous momentum and breath here. Youre fighting the tape, as they say. This is probably the time to deploy. Meanwhile, Rick Santelli, the race to the bottom of the currency markets was interrupted today. Horror of horrors. Japanese officials saying they dont want the currency to go much lower. And the euro moving higher as well today. Once you put that machine in motion, i dont know if you can stop it. And bill, i find it so telling you have so much more outrage about a makers mark liquidity injection than the feds liquidity injections. Whats your point . Thats a story for another day. Because thats not good for either. A 20year chart of the dollar index looks like its going to be going at these levels for awhile. They look like theyre going to stay low for awhile. But a 20year chart of the dow is a technicians dream. Double top or no double top, in for a penny, in for a pound. It totally explains investors behavior. Theyre waiting around to see if it is a double top or it punches through. Its interesting. Looking at the charts, people are trying to figure out if weve come too far too fast. Youre looking at taking some money off the table just because of fundamentals. In a sense. But i also think theres some great places where you should stay put. There are some great yielding companies out there. For example, ge pays 3. 4 yield. The stock is down. Intels another good example. 4. 3 . Their dividends more than doubled since 2007. Absolutely stay with them. And you may even when this market does back off which it will. Were going to hit a a wall at some point. Weve got to deploy more capital. The question weve been asking here, andrew, is the catalyst if were going to get the double top that rick was pointing out on the chart there, were wondering what the catalyst could be that would send this market lower. Dani has talked about what shes looking for this week. What are potential benchmarks youre waiting to happen . Well, youve been through earning season, the lions share of it. Going into the rest of this year, youre going to look at earnings margins. How much are they going to deteriorate. And it looks like theyre kind of hanging in there. So that part of the worry isnt there yet. The second worry is going to be any policy coming out of the state of the union tomorrow. Anything that would tell the markets something adverse for assets. Thats going to be a problem. Then finally youre looking at emerging markets, international markets. Hows the heart beat there. Whats going on . Is it 100 proof . The growth in the markets abroad and not being watered down. So thats those are the things youre watching for. I am seeing a theme here today. Rick santelli, if currencies are destined to continue lower especially the euro, wouldnt that be good for the u. S. Stock market . You know what . If its a byproduct that the dollar ends up better off because of what i perceive to be an escalating relationship between currencies like the pound, the euro, and the yen, then im happy. Ive always thought like ben like mr. Ruben, a strong dollar policy is in e u. S. s best interest. I think its a good thing. For us anyway. Yeah. Andrew, what about you . In terms of currencies away from stocks, any interest . Yeah. We still have a nice position in gold. We do like commodities for the long haul. We do believe part of the strategy is reflating our ways out of these problems. And we also still like the mlks Master Limited partnerships. Thats a tremendous growth space. We still like those investments at this time. All right. Well leave it there. Thanks, everybody. We appreciate it. Well see you soon. Weve got Big Technology names in the news today. Lets check on those stocks. Lets go to josh lipton. Hey, maria. A roundup today in big tech today. Google slipping today as the Company Reported its former chief executive is selling some 42 of its google stake would could net him 2. 5 million. And apple up after reports that the iphone maker is exteermting with the design of a device similar to a wristwatch. Tim cooke will be speaking tomorrow at the Goldman Sachs tech conference in san francisco. And blackberry dropped. The company formally known as research in motion reportedly losing a big customer. Home depot transitioning some 10,000 employees to iphone. And well staff with mr. Softy today. Microsoft surface pro is in short supply. Microsoft said there was Strong Customer desire. And it was sold out almost immediately. Stores only received a few of the tablets. Back to you. Thank you is much. Controversy today around elon musks tesla. Musk saying the New York Times claim saying the battery is bad in cold weather is bogus. Hes on the phone right now. Good to have you on. Thanks for joining us. Thanks for having me. Weve seen the article. What are you saying against this article . That they have the wrong information . Yeah. I mean, essentially the we think the article is something of a setup. Its pretty unreasonable. I dont want to paint the whole New York Times as being problematic, but i do think that this writer and this particular article really is misleading. What could you tell us about the battery then to offset whats being printed today . Well, when we downloaded our vehicle logs after the test drive, he had not charged up to the maximum charge in the car. Essentially its like starting off a drive with a tank thats not full. And then instead of driving to the next charger location, there was an extended detour through manhattan. And and it also showed that at times he was driving very fast. In some cases ten miles or more above the speed limit. When you drive really fast, the range decreases. When you factor in those three things, its to be expected that youre not going to make it from one charge to the next. And we warned him you cant do these things. Right. With all due respect, mr. Musk, who doesnt drive a tesla faster than the speed limit, but thats another issue. Im intrigued by the word setup you used there in your first answer. Do you feel this blogger who had this story being set up . Was he setting it up . I mean, was this is deliberate fabrication in your view of how this was portrayed . You never know for sure in these things, but i would say that its more likely than not. We explicitly said to do this trip he needs to make sure hes fully charged when he starts up, that he doesnt take detours, and that he drives at a reasonable speed. Im not talking about some ridiculously low speed. Im talking about, you know, at least not too far above the speed limit. And none of those three things were done. So if somebodys explicitly asked to take reasonable actions in a test drive and then blatantly doesnt, what conclusion is one supposed to reach . But it seems like these two things, going faster than the speed limit, taking a different route as what the plan is, it seems that that is opening a sort of a can of worms right there to say if you make any detour to what you expected, the batterys not working. So it seems vulnerable. No. Just by those three things youre pointing out. No. I mean, its just like if you had a gas tank car. If you only filled up part way and instead of driving to your destination you meandered through Downtown Manhattan and the traffic and everything and then raced to where you were originally to go and you ran out of gas, people would just think youre a fool. Sure. Im intrigued im intrigued that youre responding as you are. This suggests to me that you feel that i mean, obviously were looking at your stock which was down today perhaps on this New York Times article. But do you feel this could do damage to the tesla brand . Well, i do. And the thing is, this article obviously the New York Times has huge distribution and comes with a great deal of authority. And i think for the most part that its warranted. But there are times when it is not. There are times when the New York Times has, well, published articles that are less than accurate. And its well known situations like that. And i think unfortunately this is one of those cases. I dont want to paint i dont think all articles in the New York Times are misleading. I think most of them are quite accurate and they take great pains to be accurate. Right. But if theyre making a claim about the tesla that it is not in fact including some of these other issues that youre pointing out, i think its important that you do point them out. In terms of the charge, how do you know he didnt charge to me mark . Because whenever we do media test drives we do detailed logging. This is not turned on unless we get written permission. Were sensitive to privacy and we dont do this with any customer cars unless they give us written permission with a signature. We understand. But for media test drives, after we had a really bad experience a few years ago with top gear where top gear pretended that our car ran out of charge and had to be pushed home and then we looked at the vehicle logs and it turned out that it had Something Like 50 miles of range left. They basically just faked it. After that really negative experience sure. Youre going to check on things. Exactly. Were going to verify it. Got it. Elon musk, good to have you on the program. Thanks so much. Thanks for having me. Youre probably wondering, cnbc did reach out to the New York Times journalist. If he will be on today, well have his side of the story. It seems there are things that were missing before the piece. Love to hear johns side of the story. Weve got 45 minutes before the closing bell. Down just 20 points on the industrial average. Coming up, its not your grandfathers Exchange Traded fund. Are creative etfs worth the gamble . And jake bogle is also with us. And hes not a fan of the more creative etfs. Stay tuned to that warning from the father of the etf fund. Whats worse if you prove it is a mistake you have about 0 chance of having it corrected. Well talk to an attorney and the attorney general taking on the credit agencies. Plus bad news for your mint julep. Your old fashioned. Your manhattan. They may be watered down with less alcohol in them. Horror. But still costing the same . Is that legal . This developing story is getting a lot of buzz and we are on top of it coming up. Yeah. The buzz. [ male announcer ] this is not my home. There. I said it. They dont have pictures of my kids. They dont have my yoga mat. 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As the industry continues to grow, its opening access to more exotic and riskier markets that were otherwise difficult to access for the individual investor out there. And its these types of etfs to give jack bogle pause. Steve sachs runs the types of etfs jack is concerned about. Gentlemen, good to have you on the program. Thanks for joining us. Thanks for having me. Jack, to you first. You like some etfs, but not all etfs. I like some etfs, maria, with some with particular purposes. If you want to buy and hold the u. S. Stock market or bond market or international markets, buying and holding it here at vanguard, were indifferent on the etf or the Traditional Index Fund we have. Performance will be identical in this. And theyre matching indexes. So if as long as you dont succumb, theyre not quite the same because investors move money around a bit too much here. Steve, ive been doing this long enough that ive seen some fads come and go. I can think of the closed in country funds that were so hot in the early 1990s. And i cant find one these days. I guess theyre still out there somewhere. Make the case that an etf is not the current fad. That it will eventually fade away. Well, bill, you know, its a good question. But youve got to remember that the etf is just the wrapper. Within that wrapper is the strategy that youre trying to employ in your portfolio. And we have 10,000 mutual funds in the country. The fact its just the strategy. And forget about the fact of the wrapper. You need a understand the wrapper. No doubt about it. And you certainly need to educate yourself as an informser. But what you need to focus on first is am i deploying the right strategy for my portfolio . Lets talk about those strategies. I think there are plenty of etfs out there that are plain vanilla. When you say wrapper youre calling them basically a type of etf. If you want to buy dividend payers, emerging markets, whatever. Talk about the etfs that are leveraged. What are they and you offer some leveraged etfs, right . Yeah, we do actually. Pro shares is the leading alternative etf company. Within the alternative landscape and buckets, we view levered geared as we call it a bucket of the alternative landscape. Its like any other Portfolio Management tool. The use of leveraged first and foremost from our product perspective is used as a Risk Management tool. Give an example. Investors use our geared etfs to manage the risks within their portfolio. If youre long equities and you want to reduce your exposure, say the market has moved like in the last couple months. Using an inversed level but why would i want to use something that sounds complicated . Other than i just dont buy an etf or sell my etfs . Absolutely. But again, you got to think about it in terms of the portfolio youre managing, what type of investor you are. Maybe you cant reduce your equity exposure. Maybe theres Tax Implications for you doing that or from your longterm investment perspective youre trying to manage risk in the shortterm or immediate term. Bob, youve been covering this for awhile. Youve seen a proliferation of all kinds of etfs now. Theyre not just plain vanilla, are they . Yeah. I think the question is whether these types of whatever you want to call them more exotic tieps of etfs that jacks concerned with. Im concerned with them too. Volatility etfs are appropriate for individual investors. Steve, why dont you tell us who uses leveraged and inverse etfs. What kind of investor uses your products and what percentage of your products are used by Retail Investors and do you think its appropriate for them to use these . Absolutely, bob. Generally speaking as i mentioned before institutional investors, professional investors, people who are managing money for other people. So people who are professionals in the investment game and the investment strategy, you know, arena. The fact of the matter is we do have individual investors that use our products. We think generally speaking that class of investor is a highly sophisticated and highly educated investor. Make no