Today at its lows. Look at the intraday movement. Down more than 200 points this morning. Then back. Volatility, kel, we talked about it yesterday, is back and back in a big way. Thats right. The vix above 17. Thats one gauge of whats happening. Plenty of people are going to be trying to figure out whether whats happened in january stays in january or means anything for the rest of the year. How about the nasdaq . The nasdaq actually a short time ago went positive. Yes. And it was down 1. 5 . It was an ugly trading session to start things off. Overnight we had again, some movements on emerging market currencies. A lot of focus on the yen. Its the new year in china, so that concern has gone away for the time being, but at 8 00 p. M. Tonight, just a couple hours, well get more data, an update on how the worlds second biggest economy is doing. An hour to go in the month and literally anything can happen in that time. Joining us diane garnic steve east chris burtleson, rob morgan from fulcrum securities our own Rick Santelli is with us as well. Diane, its good to talk to you. What do you make of this volatility . Is this the way its going to be . I am so happy to have january behind us and over. You know this has been one of the most difficult months. Its been, gosh almost a year and a half since weve had a period this difficult. Is that thats a good thing though right . For the health of the market this thing wasnt going to go straight up forever. Look its really important to remember 49 of the companies have reported already. If you think about whats happening, companies are not only giving downward guidance theyre also quietly reporting increases in cash on hand. That means its the sixth consecutive quarter where we have an increase in cash. That has to be good on a go forward basis. What are Companies Going to do . They can do stock buybacks. They could do mergers and acquisitions or increased dividends. Absolutely i think now is a really good time to look at the equity market because this cash has got to get put to work and its going to get put to work soon. Chris a lot of people in this market are just hanging on and hoping it doesnt get too much worzse, but for those people who moved out at the end of last year, do you think were at an entry point yet . I dont think so yet. Lets see how this trades now that the juice from the fed is being removed. Over the next six to nine months well see how well stocks behave without the fed tailwind. Rob morgan in deciding whether to put money in or not, theres huge outflows this week in not only u. S. Equity funds but emerging market equity funds. What are we to make of that . What does that mean longer term . I would tend to agree with diane, scott. I think that, you know, it wasnt the market wasnt going to go up straight up through the rest of this year like it did almost all last year. We knew wed get some kind of pullback and i think stocks are attractively priced here. Technically there hasnt been a tremendous amount of damage done, and the Retail Investor diane was talking about the fact that corporations have cash on hand. The Retail Investor still hasnt gotten back in the market in a big way. I think this is going to be a very healthy consolidation, pull back for the market and i feel pretty confident Going Forward for the rest of the year with stocks. Chris, you mentioned six to nine months while we figure out how the world looks as the fed tries to do less qe, but what do you do in the meantime . Do you look for individual ports in the storm . Do you look towards municipal bonds, other kinds of fixed income . I think you buy shortterm high yield instruments, minc those that will give you four or five or 6 yields and youre comfortable waiting because i think this year well be back end loaded. Its a Midterm Election year. I have looked at them back to 1950. Usually theres a lot of happy talk but it doesnt start until the third and Fourth Quarter. Rick i realize this is like throwing chum to a great white shark but im going to do it anyway. There are those who are wondering if you look whats happening overseas you wonder whether the Central Banks around the world are out of bullets. You know i dont look at it as out of bullets. I look at it more like no central bank should look at their supply of bullets in an unlimited fashion. And, you know, we understand meaning market participants, that Central Banks have to try to affect the equation when times get dicey, but the longevity of this particular chapter and the fact that the unintended consequences or even more importantly the very much consequences that we see down the road often get ignored. To that end and i want to jump ahead on the charts i had a couple tens, there was a lot of talk this morning about 1929 and current market conditions. Tom demark has been looking at the following two charts for a long time and, of course im going to put a boilerplate. Im not saying its going to happen this way but it is quite eerie. The first chart is the dow between 38 and28 and 30. The second chart is the s p from 1929. One thing i can tell you as an old trader and technician, Human Behavior is repetitive. Thats why Technical Analysis in many ways does work. Its being objective and trying to read what it says thats the issue. To that point what do you think has turned markets around a little bit. I say that as the dow looks like its heading back towards a triple digit loss. We did see big equity outflows last month. The biggest since mid 2012. Is that a mistake . Well i dont think its necessarily a mistake given whats happened to the markets. As to what turned the markets around today, who really knows. Its been very volatile. An interesting story in the wall street journal about the bundesbank withdrawing its opposition to unstirlerilized qe in europe. That may have been what helped turn the market today. This is a great point, especially because im sure the fed would like a little bit of help from other global Central Banks and people have overlooked, chris final word to you, the extent to which other Central Banks have been tightening. If its ultimately because the macropicture is stronger then people would be crazy not to ride out the volatility, correct . Absolutely. I think what everybody thinks alike, watch out. Its a situation where everyone can be leaning the wrong way. Just because the economy is good doesnt mean that the markets are going to be good. Who knows what it is. Asian contagion, terrorist event at sochi, but something could happen that could throw this off kilter right away. Everybody down here has been talking for two days about the reallocation and with the underperformance of equities and the overperformance of treasuries, the buying we see in stocks and the selling weve seen in treasuries today, it does fit. Oh absolutely. Absolutely it does rick. Thank you very much guys to all of you. Of course, we want to turn now to market veteran bob dalp. Bob, thank you for calling in. After were registering some significant losses in january, is now the buying opportunity . Were getting there. Im not sure the selling squall is over, kelly. I think that we still have to deal with the fact that we have the liquidity issues we have the fed moving from multi years of pedal to the floor. Theyre beginning to ease up on that. Earnings have not picked up a whole lot. We have to deal with some pretty soft economic numbers as a result of the cold and the snow and the ice. So right now, you know, is not the most pleasant time. I think well end the year higher than where we are. Youve been maintaining that thought. Overreaction do you think to whats going on overseas in the emerging markets. I dont think so. The equity market is only 4ish percent off an alltime high. I dont think its an overreaction. We have some issues, no question about it. What are you watching now, bob . A lot of people over the weekend are going to be trying to gauge when theyre not watching the super bowl trying to gauge whether there are signs of panic. In other words, even if the fundamentals are strong you cant ignore what markets are doing. Whats on your dashboard at this point . You have to watch all the credit spreads that give indication about stress in the system. And to date theres a little bit but not a lot in my view. I think we continue to watch the developments for the economy. My view is the developed markets, almost all of them will have a Stronger Economic year this year last last and the emerging markets will have some deceleration given the issues were talking about and some of them are still struggling with inflation. So overall the globe will have stronger growth. Part of the curse is stronger growth meaning a little less liquidity left for the financial markets. At the same time, bob, as long as bonds continue to rise stocks are going to have a problem, arent they . Yeah. I think its a little bit the other way around but i agree that thats the direction were going. When we get the selling squalls, stocks go down. Big stocks go down less. Bonds tend to go up in price. Commodities tend to struggle. The dollar tends to go up. Were in that trade at the moment. I think thats the counter trend trade, but its not over. If i would have told you when the year started that the tenyear yield would be where it was where it is today, you would have said youre crazy, its not going to happen. Thats probably right. Its come down quite a bit. But if you look at a longer term chart, were registering higher highs and higher lows in yields as the world slowly but surely heals with these bumps along the way and i think the rates will continue to irregularly move higher. Bob doll thank you for your time this afternoon. Have a good weekend. You, too. You the same. Enjoy the super bowl. 50 minutes to go before this week ends on the street. Dow is it down 102 points on this final trading day in january. Could be the first down january for the market in a few years, since 2010. Exactly. You know what they say about january. As goes january, so isnt there a super bowl indicator as well . There probably is. We have more top Money Managers standing by to tell you whether this is a buying opportunity or not. Is there more trouble ahead for the bulls . That discussion coming up. And we want to any whether you are ready to buy this dip. Tweet us cnbcclosingbell. Your thoughts on the subject later on. Also investors are pulling money from emerging markets at a record rate. So where is it all flowing to . Jonathan steinberg, he is the head of the giant Exchange TradedFunds Company wisdomtree weighs in. Youre watching cnbc, first in business worldwide. Mine was earned in korea in 1953. Afghanistan, in 2009. Orbiting the moon in 1971. [ male announcer ] once its earned, usaa Auto Insurance is often handed down from generation to generation. Because it offers a superior level of protection. And because usaas commitment t your thoughts on the subject business worldwide. And former military members and their families is without equal. Begin your legacy. Get an Auto Insurance quote. Usaa. We know what it means to serve. Welcome back. More earnings on wall street and more selling in the stock market. Although were well off the lows of the day, just to remind you were down just 100 points on the dow. Seema mody rounds up all the earnings and the affect theyre having on stock today. Were going to begin with mattel. The toymaker posting weaker than expected Fourth Quarter earnings. Sales tell fell 10 in north america. International sales were flat. Sales of its barbie and fisherprice preschool items slid 13 and thats what seems to be worrying the street. Mastercard fell after they posted weaker than expected Fourth Quarter earnings and revenue. They said its net revenue for the year would come in at the lower end of forecasts. On the flip side tyson foods better than expected First Quarter results boosted by higher chicken and beef sales. They reaffirmed sales and meat production for 2014. It did warn that a virus will cut pork production by 2 to 4 . But we end with manitowoc. Posting better than expected Fourth Quarter earnings. Just an fyi, we hit the halfway mark in earnings and nearly 70 have beat street expectations. Thats much higher than the historical average of 63 , so just some perspective as we enter into the second half of earnings season. Scott . Seema, thanks very much. Speaking of things that are coming up after 17 weeks and 256 games played in the regular season, the big one is finally here. Super bowl xlviii the Denver BroncosSeattle Seahawks kicking off sunday evening at Metlife Stadium in new jersey. The broncos have already won two and theyre looking for a third. Seattle, on the other hand still in search of its first super bowl win. Joining us now is the seahawks president , peter mclaughlin. Welcome. Its great to have you on the show today. Thank you, scott. Cant help but notice the sound of whats likely a helicopter above your head today. And there was a scare early on today which appears at this point to have at least be a hoax which we certainly hope is the case. What have you noticed about the increase in the security presence here . Well the nfl always does a great job working with local law enforcement, and i think were going to be in great shape for the game. I dont think we have any issues to be concerned about. You havent noticed anything that has maybe tied up your time a little bit . Do you notice the increased security presence in a city like new york . You know not so much. I think theres been a Greater Police presence on the streets. I have noticed that. But weve had the good fortune of having a lot of Police Escorts as we get around town with the team as we go to practice, and the state troopers in new jersey and the Police Forces in both new jersey and new york have done a fantastic job. Peter, i imagine like a super bowl win it would be such a big deal for the franchise. What would it mean for you . What happens if you walk away on sunday with the trophy . Well certainly winning a super bowl is the pinnacle for us, and something we really want to strive for on sunday and thats what were here to do. It would mean a great deal for the city of seattle, for our players, our coaching staff. We have an amazing fan base in the 12th man, and it would be a dream come true for all of us. Peter, were sitting at the stock exchange. We talk about risk all day long. Hiring pete carroll i think you could say as a head coach at the time he was hired could have been perceived as a risk. Great college coach. Mixed results in the pros. Why has this worked so well . Pete is a great coach. Hes a great motivator. Hes very positive. He deals very well with people and his players. He works extremely well with our general manager, John Schneider. Has a great talent for player acquisition and together they have built a fantastic football team. What do you think about the changing nature of televising some of these events. Theres talk about going outside of the traditional carriers. Youre involved with the seahawks and other major sports franchises in the area. As an owner, how are the economics changing here for you and whats it going to look like in a couple years . Well, you know a great deal of our revenue comes from the national tv contracts, and weve got great partnerships with nbc and cbs and fox and espn and, you know its a great sport to watch at home. Thats why the networks do such a great job of broadcasting the game but its also a great sport to watch in person. To have a live game in new york is fantastic. We follow paul allen and, you know, his time in microsoft obviously closely. Whats he like to work for . Hes just a great boss. He lets you do your job. He hires good people. Like i said John Schneider and pete carroll and i work extremely well together. Paul gives us the resources and freedom to do our jobs. Hes a great leader. He asks very good probing questions. He is engaged, but he lets us do our job. Peter, just curious, do you think that there that athletes should be allowed with all the attention about Peyton Manning yelling omaha, should they be allowed to capitalize on those kinds of things those moments, those words that may come up in the game or should we try to make sure theres a wall and a thick wall between endorsement and sponsorship and what happens on the field . Well i think when signals like omaha are being spoken its to confuse the defense and its all about focusing on the Football Game itself, and, you know, thats what were really focused on now is whats going to happen on the field sunday. But, you know, certainly sponsorship is an important part of the game. You know you need revenue in order to pay our players, need revenue to build our stadiums and provide amenities for our fans. Theres room for both in all of sports. Were going to let you run. Were in the midst of a pretty good market selloff here down on the street today. We wish you all the success and best of luck on sunday. Thanks. And well be watching. And we do have sell off as scott referenced. As we head with 40 minutes into the close, the dow is off 120 points. Thats not quite as bad as the levels we saw this morning. Were certainly going to be watching as the s p 500 heads back down towards 1785. Here is a question for you, should investors be buying after this disappointing january . Well hear exclusively from wisdomtree ceo Jonathan Steinberg about what Exchange TradedFund Investors have been doing so far or how theyve been doing so far this year. Thats next. Later, did walmart just give us a big reason to worry about the countrys economy . What are they saying about Consumer Trends . Some interesting nuggets. Well be right back. In todays market, a lot can happen in a second. With fidelitys guaranteed onesec