Investors happened around 10 00 eastern time this morning. We had a pretty good rally on the open and then it just fell apart. The dow was up 75 on the open and then down triple digits much the of the day, but were coming back even though we had pretty decent earn from Johnson Johnson and verizon. A lot of the guys are starting to leave to get ahead of what could be nor thanksmore nasty weather. The dow is off about 41 points. Braving the storm and making his way to the New York Stock Exchange is johnson and johnson alex gorsky. A more modest outlook for 2014 is hitting this dow xlonant today today. Apple, a positive report on the company has investors optimistic. Its up 1. 6 now. So is wall street ready to love apples stock again . And is retaking 700 out of the question for this year . Not out of the question. Were at 550 today. Well take a closer look at one of the most owned and certainly one of the most interesting stocks out there, apple. Yeah. And weve got a ton of tech earnings coming after the bell. Cannot wait to see what kind of read we get. Lets look at markets. The dow is off about 46 points or about a third of 1 . Recall the closing high december 31st this index was 16,588. Were at 16,411. The nasdaq also under some pressure. But its the outperformer adding 20 points. Finally a look at the s p 500. Its closing high 1850 on january 15th. Its at 1841 up just two or three points at this hour bill. Lets talk about it kelly. Joining me in the closing bell exchange, david nelson from bell point asset management. Loved him on ozzie and hair yetrriet. Gordon, i am going to start with you. I want play by play on today. What is with the volatility . We have had a 200plus point swing for the dow industrial average today. Whats going on . Some of the technical guys are saying this is a negative reverse, reciprocal inverse play right now. Im not so sure i believe that. The fact of the matter is bill look, this market so far this year and i joke about the january fake but its been interesting. The multiples have expanded. Were at a spot which how much more do we have that we can actually throw money at and see this thing grow. I think youre starting to see the psychology of the personality of this market early is people are getting afraid of things here and we dont have the same optimism that we had last year. Guys are looking to get out a little quicker than they were this time last year. Let me put in english what gordon said to begin with. That reverseal pattern. We hit a high that exceeded fridays high and we were destined it looked like to hit a low exceeding fridays low but i dont know if thats going to happen today but that could are been a key reversal as they say in this market kelly. Thats the technical side. I wonder about some of the fundamentals as we start to work through earnings season. The revenue side of things that allimportant revenue number as people like to say, has looked okay, about in line with whats happened historically. More half of companies are beating, but whats interesting on the earnings side we actually arent seeing great numbers in terms of the size of the beats or even the number of companies beating. Is it too soon to make something out of that . Youre right. Right now the surprise ratio is only about 2. 2 . Thats lower than the trailing four quarter average, about 4 . Were a little lower by how much companies are beating by. We did improve this morning. All Nine Companies that reported beat earnings estimates. Johnson johnson and verizon, delta being another one of those. We did get a boost on the beat rate. Its now at 61 . Now, when i was on last week we were only at about 54 which was historically very low. 61 getting better. Still below the 65 average weve seen over the last 15 years or so. But we are heading up a little bit, and the overall great rate was boosted by the beats. Were looking at 5. 4 for the Fourth Quarter. What do you make of the earnings season so far, good bad, ugly what do you think . I think at this level i think people are getting accustomed to having the bar a little bit higher than we had in prior years. You dont have the margin of safety of lower valuations that we had at the beginning of last year. So i think convection is lacking, and for that reason the market is trying to find a direction one way or the other. I think by the end of the year we still will see an up year but i think the volatility will be choppyier this year than last year. It certainly has been early on this year. Why . What happened on december 31 . What changed . I dont think anything drastically changed except when you sit down with your clients theyre looking at last years performance and saying can we do that again . The answer is unlikely. That lack of conviction is leaving us in a directionless market for now. Art cashin just stopping by mentioning we have 150 million to sell at this hour. David nelson i just wonder it wasnt unexpected for the market to be correcting early in the year. It seemed like everyone was calling for a bit of a pullback. So at what point do the buyers start to turn out in more force . You know i think a lot of traders would tell you everybody is looking at the 50day moving average, and it acts as kind of a magnet. It acted as a magnet last year although we traded above it pretty far for most of the year, but what i think will likely happen is the market may just surprise everybody and head sideways for a while while the 50day moving average catches up. Were not una lot. Were certainly not down a lot. The earnings are mixed. You said it earlier, it depends on the company. Delta had an outstanding quarter. It was a blowout. As a matter of fact, im not even sure, but it might be a record quarter. Johnson johnson was a low quality beat. It was not a great quarter. The guidance was tepid. Im very interested to see what the ceo has to say later in the program. Meantime j j is down 1. 4 today, among the laggards in the dow. Rick santelli. Theyre buying the bonds. Yield down to 2. 82 . Theyre not only buying our bonds. Theyre buying spanish bonds, irish bonds, portuguese bonds. Ill tell what you if you look at any tenyear pretty much since the 31st of december its been down yields. Not the way many in the fixed income market that i discuss markets with would have guessed for 2014 but it is what it is and i think when you try to pair that knowledge with the health of the Banking System like in europe or in a specific country like in spain, it doesnt square. In similar ways it didnt square with equities in the economy. I think the surprise for 2014 is going to be relative value trades in the Interest Rate arena will continue to be sideways to lower yields and its going to be interesting to see how all that pans out against the money available to go with fixed income versus equities. Is this what we used to call the risks off trade . Are they running for cover . I dont think its risk off trade. I think its fundamentals off trade. Sort of relatedly, Jon Hilsenrath writing that the next round of taper something probably a go another 10 billion at the feds next meeting. Its kind of interesting to juxtapose that report with again, what were seeing in terms of the tenyear today, which is yields moving lower, not higher. Is that inconsistent . I dont think so. Look, the way theyve done the tapering, kelly, it seems to me theyve been pretty good about it. Theyre doing it in a measured way and, of course they can always turn around if they feel its necessary. Theyve sort of done a nice job of taking that off the table. If you go back to last year one of the things we saw is that as we got to the end of the year no one wanted to sell stocks because they were looking to cut their losses or anything like that. It was a real squeeze into the end of the year. Were getting to the beginning of this year and theres just sort of a mishmash of data but were starting to see an honest market. Earnings will set the tone so everybody has to do their homework and pay attention. Christine, you feel that for this quarter the telecomes and the financials will outwe are forms but they seem to be at odds. One would be a classic defensive play and the other is very much a growth play. Whats going on there . You know the story with telecom, theres only Six Companies within the sector. So its really not heavily weighted in the entire index. The story with telecom is the fact that Sprint Nextel which was included last quarter is not included this quarter. If you take out sprint from the year ago quarter, telecom would only be up 25 and not the 85 were seeing it right now. Financials doing great. We saw a lot of Great Results from the big banks last week looking at about 15 growth for the sector as a whole due to diversified Financial Services and, of course the Insurance Industry up about 20 year over year. A lot of that again is due to easy comparisons because we had Hurricane Sandy a year ago impacting results for the insurance companies. I have to quickly ask because as you mention, the financial earnings looked good and yet the shares, especially today the morgan and goldmans of the year are really getting hit sharply. Anyone here david, do you want to comment well, sure, you pointed to goldman and goldman has a particular problem. Trading revenues are down for a lot of these firms. That isnt going to happen for some of the company. Im not sure goldman is a great lock going into 2014. I think just the opposite for jpmorgan and bank of america had an outstanding quarter. Theyre far more diversified institutions. I think they will do a lot better than some of the trading houses. All right. Thanks, folks. Get home safely. Please. Walk dont run. Thanks. As we showed you earlier, there is another massive snowstorm hitting the northeast right now and creating some nightmareish commuting conditions and grounding lots of flights. Nbcs danielle lee joins us now. Shes got more on what really has been a surprise storm, danielle. Reporter hi, kelly. Were in the heart of what could be the worst snowstorm that d. C. Has seen in three years. The most snowfall possibly in three years. Conditions have really changed in the last hour and the most significant change is taking place behind me. You may be able to notice that the snow is now sticking to the roadways. That will make travel difficult, especially as people try to head home from work. Because of the storm, federal workers were told to stay home. I have been noticing as i walk around some stores are saying they are closing early to get people off the roads as soon as possible. Here in d. C. Alone, 200 snowplows are out throughout the region. The same is true many schools have been closed. There are up to ten inches possible in parts of the northeast. Right here in d. C. About five inches. Close to 3,000 flights have been canceled. More than 1 thoub,000 others delayed. This snow is expected to last through late tonight, possibly early tomorrow morning. Now, when thats done, were not going to get a lot of relief because after that comes these very cold temperatures that are going to last through at least saturday. The next thing to be worried about tomorrow as everyone is heading to work is a whole lot of ice. Kelly and bill back to you. Thanks very much. Stay safe and warm if you can. Were bearing down on that close. Weve got about 45 minutes left to go and the dow continues to be the dog here weighed down by a couple of components. Ibm, the second biggest component, reports after the bell. The s p 500 and nasdaq is are still slightly positive. The dow definitely doesnt tell the whole story today. He was one of wall streets biggest bears before he turned bullish late last year. Coming up Morgan Stanleys adam parker tells us whether the latest selloff weve had recently, the stutter step start to the year is making him rethink that bullish call. And Johnson Johnson helping to drag down the dow today after a lukewarm earnings outlook. Coming up the companys ceo joins us exclusively for an earnings update and tells us how taxes inside of obamacare are also impacting the bottom line. And are player safety issues bad behavior off the field, sky high ticket prices a triple whammy for the nfl in super agent Lee Steinberg weighs in next. And we want your take on ticket prices for the super bowl. 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With easy stepbystep guidance, were here to help you turn your dream into a reality. Start your Business Today with legalzoom. Well the dow gave up early gains, but as you can see, the other major averages are faring much better. Dominic chu, whats going on today . Bill, how about this . Well start off with alcoa nearly 2 1 2 year highs. The stock upgraded by jpmorgan. Increases the price target to 15 bucks a share. Those shares on the mop dow. Dow chemical is moving higher on the news a hedge fund has take an large state. Delta air lines, better than expected Fourth Quarter profits boosted by lower fuel costs. On the flip side theres fire eye. After jpmorgan down grades the Cyber Security firm to a neutral rating to an overweight. The stock had surged after the beginning of the year when they said they would buy mandient. Starbucks removed from goldmans conviction buy list. Some weakness in a mixed market. Thanks very much. We are less than two weeks away from the first cold weather super bowl. This ought to be fun. It will be played just a few miles from here at Metlife Stadium. The wlpeather we see today is probably making the nfl a little nervous. They are saying we could be in the 50s at that time in two weeks but not today. They have 12 layers of backup plans but the big game isnt the only thing people are talking about when it comes to the nfl. From concurssions to high ticket prices, the image of the nfl continues to suffer. Even president obama allowed hesaid he wouldnt allow his son if he had one to play football. Does the league have a serious image problem . We welcome back Lee Steinberg the original Jerry Mcguire. One of the most renowned sports agents in history. Welcome back lee. Thank you. Is there an image problem . Every time we talk about the nfl theres some problem whether its the concussions the injuries, the thug nature of it all. Whats going on there . If theyre having a problem, the fact that three of the top five rated shows almost every week this season were nighttime nfl football meaning the pregame show on sunday night outranked 87 other forms of entertainment. Concussion is an existential threat to the nfl because i now believe that when an offensive lineman hits a defensive lineman at the inception of every play it produces a low level concussive hit. Every play . Every play. So you could have an offensive lineman coming out of the game with 10,000 sub concussive hits none of which were diagnosed, none of which hes aware of and the aggregate of which is much worse than three knockout blows. Is there anything they can do about that . I have been helping Helmet Company called take. Right now helmets just protect against Skull Fracture but this attenuates the energy coil. We need pharmaceuticals to help heal the brain, better diagnostic techniques on the sidelines to stop return to play, and we have to teach kids not to block and tackle with their head when theyre in pop warner. Or should we just be turning off the television . Its hard not to hear this and think about the extent to which any of us who watch these games and really enjoy it are also feeding in to creating this massive problem. Well, the truth of the matter is i got so disturbed about this when my quarterbacks kept having concussions, wed go to doctors, they didnt have the answers. In 2007 we had a neurologist who said three or morecussions lead to a higher rate of als, premature see not guilty premature senility. This starts to become a franchise issue to borrow a term and were reminded the judge just threw out one potential settlement. What happens now . What should the nfl do here . Well theres great liability, as you said and the nfl can never let that lawsuit go to court because they did surveys, they knew damage was occurring, and they told the players nothing. So when this comes out, that would really besmirched the league. We urgently need to get after reform. Look, if 30 of the mothers in this country tell their boys you can play any sport except tackle football, it wont kill football. Its just the socioeconomics of those people who play it will be very akin to boxing. Speaking of economics, ticket prices. In fact, all prices involving spords sports are going up. At Metlife Stadium for the super bowl one of the suites is being offered up for 1 million. Now, thats an extreme example but it highlights the inflation that exists in sports today. How much higher does this go in terms of salaries and prices and values out there . Its all a function of the television market. We now have 300 networks fighting with each other for the right to show their promos on sunday or in the nights to build up monday through friday. Its all about the bottom line value of the networks. So this is loss leader bidding. When i started back in 1975 each team is its share of the nfl contract got 2 million in tv money. Today its 130 million per team per season. Franchise values 16. 5 million is what seattle and tampa bay cost in 1976. Even in 1995 130 million. Last year the Cleveland Browns so