For independence. And, among other things, i mean, tomorrow is a perfect storm for the market and for market geeks like you and me. You have the scottish results. Right. You have the alibaba ipo. And . You have index rebalancing. Quadruple. A quadruple witching expiration tomorrow. All on the same day. The excitement. It just builds here. I am going to be lurking in the morning while all of this happens. Wont we all . Keep a sharp eye out. We will get reaction to the market and the fed from David Winters, winter green advise others, he is coming up, also continues to be at odds with cocacola and Warren Buffetts berkshire hat away, he joins us exclusively in a little bit. As we said, zero hour for alibaba. The energy really is palpable here on the New York Stock Exchange floor today, more so than normal, eagerly awaitedism po due any time, the pricing will be due any time after the bell tonight. You will hear that news here first and we will prepare you for what should be an eventful first day of trading tomorrow morning right here on the floor of the new orleans stock exchange. Already talk whether theres an alibaba effect in the markets. The dow up 95 points, 17252, pretty much at new intraday highs here. Meanwhile, the nasdaqs up half a percent. Thats the one that has some people thinking perhaps theres money being put to work in the Broader Market that couldnt get a pest of alibaba. That index up half a percent today. The s p, 2009 trading up by fourtenths. And again, pretty close to alltime highs. So much to get to. We have a good group today on our closing bell exchicago. Here we go marg guy patel from wells fargo funds management, john pal is lan zahn any from gfi, peter costa on the floor, uri landsman and rick santelli. Peter costa yes. Why is the market rallying today, something the fed did or did not say yesterday or whats going on . I think its a continuation of what everyone knew was happening, you know, with the they are putting this Interest Rate rise off, they are not gonna admit that they want to raise Interest Rates until some time in, you know, mid2015. I think thats taken a little pressure off the market, people have been looking for a little bit of an Interest Rate rise early, myself included and i think its just, you know, could be more people just focusing on the market itself with the alibaba ipo tomorrow. Dipping into the punch bowl . We did have great news on jobless claims this morning. Bad news on housing starts. Although the revisions were higher. That he is a true. Rick, let me put this to you, what david had to say about the fed effect here against these markets, perhaps no one really care what is they think, referring to the dots a little bit more hawkish, all know janet a dove, all have our back if it goes wrong and know the fed has a terrible record when it comes to economic forecasting. Rick santelli . Yes. Im sorry that was for you, buddy. I wasnt sure. You know, high fast balls. Listen, i cant tell you i cant tell you whats gonna happen when the fed does its exit strategy. I cant tell you whats gonna happen or the day its gonna happen with respect to the end of rates but i think personally that whats going on in the stock market is exactly whats happened every other time,et specials especially the last markets, the rates go up, stocks go up, the new mantra out here does it really matter when they are going to raise rates . I will tell you what, hugely matters when. Harkin back to may of 2013. Matters when youre long and short, dont have a position in the fixed income or equity markets, in a way, all americans have a position in this market and i believe that markets are in such a realtime algorithmic kind of fast trade that it is going to be right up to the end, when the rate rise looks imminent is when you will really see who is swimming with and without bathing suits in the high waters of liquidity from central banks. Yes, we have that to look forward to. M mar guy, what do you make to the fixed income yesterday . Hfrnlt i think it is focused on longterm fundamentals. Inflation is very low. I think right now, steady as she goes, janet has our back. Dr. Yellen did know once again. I think in terms of what rick was saying, i think that you know, it doesnt really matter as much now when the fed hikes rates because the way the yield curve is shaped, you know, we have two trading at 1 and 30s at 3. 3 . In the past, we automatically had a big rate cycle priced into the curve. Now, we cant do that h so, i think at the top, you know, initially, the feds only going to be able to hike to maybe 75 basis points, where the market is now december 2015. I dont think they are going to try to invert the curve right away after they take away this qe, going to go very gradually and because the curve is shaped the way it is at 1 and two years, not gonna want to go over 1 level real quick in order to invert the curve. I dont think thats gonna happen. I think stocks know that the g20 coming up this weekend. I think gonna say once again that you know exhaust ter sit off the table. Prosperity is what we need. We have been saying that for a long time,s officerity versus prosperity, what do you want . You want prosperity, i think drag guy, ecb, full bore, china just eased again, stealthy, i think right now, the market is still flush with liquidity, regardless of what the feds doing, cpi negative and i think just so people know, the what jones is referring to there, a sign the cycle is ending, that or recession could be the next event on the horizon, may be one reason why the fed wouldnt want to encourage that development. Yet the stock market continues to rally and ari landsman, you think today is a very important technical day for the s p. Tell us about it i think if we close at this level somewhere around 2010, you see 2045 probably within the next few days. You know, we the next few days . Yeah. Wow. Yeah. Its an important level. It will have taken out, you know, about a tenday ceiling. While i continue to believe this market offers a little bit more risk to the downside than to the upside, you know, the trend is your friend. Clearly, this is the most accommodative fed ever. It is hard to fight the tape. We will see something in the 1700s the next few months, but also see 2300 by mid2015. So, about 50 up, 50 down, those respect very attractive odds. So im fairly negative longer term. The scenario that youre laying out, putting the 100year flood scenario, all that coming in the next 18 months or something. Said three months. Much sooner than that. I think you could see Something Like 1700, 1750, you know, within the next three, four months. All right. Well, hey, peter, what do you think the market does with alibaba tomorrow . Overall . I mean, obviously, highly anticipated, expected to be the biggest ipo ever it will trade right behind us here. Right. How do you think the whole market responds tomorrow . I think its still a market of stocks a lot of focus and attention on alibaba, where it opens, the timing of it, we have a pool on the floor. You may not want to hear this, a pal on the floor when we think the stocks gonna open. I think that by and large, the average is after 11 00. So, still going to have almost an hour and a half of trading prior to alibaba. This is just our speculation. And we have been hearing 10 30. 10 30, 11 00, think that gives you an hour, hour and a half of trading that has nothing to do with alibaba. I think a lot of focus is going to be on it. Its more about where the moneys going, where the moneys flowing out of and in and i think a lot of money will be flowing into alibaba and out of other stocks. I do think there might be, you know, might be a little bit of a whipsaw tomorrow. The fact we have triple quadruple witching, rebalancing and a lot of cross currents. Trade soft bank tonight, too. Yes. You could trade yahoo right now. Trade yahoo as well. I think plenty of people already have. Yes. Thank you all. Great to see you. Thanks, everybody. Thanks for joining us today. True, as john points out, soft bank will be one indication whats happening, get that price, after u. S. Mark lets close, japan does open a few hours after that. Any case, as we head toward close, the dow is up 103 points, near the session highs, 17260. Again, these are alltime trading highs, same for the s p 500, 2010. The question becomes where do they close the nasdaq, adding 25. A phrase we have heard all day, great scots, todays historic vote on independence could alter the course of europes history as we know and alter the direction of your investments. Our Michelle Carusocabrera is live in he hadden borrow with the latest tally what they are expecting the vote to look like, plus hear from a british official who is so disliked in scotland that last year, he was chased out of a pub. Yeah. Nigel fer raj, almost a global name already in financial markets, we have got him coming up. Also ahead, alibaba, as we said, expected to price its initial Public Offering after todays close. The second we do get the size, the number, were gonna tell you. Thats all coming up hopefully here in about an hour or two. Plus, the pros say that ba ba could add a few billion dollars to yahoo s cash pile. We will find out how ceo might put that to work. And up next, as customers line up for the new iphone, apple ceo tim cook is saying its new mobile operating system will shield text messages, email and photos from the police. Is this a Good Development . We will debate the pros and cons. We will be right back. Wait, wait, wait, its wait, wait, wait. Whoa, does she have special powers when she has the shroud . No. Guys . Its the woven one the woven one. Oh, oh that gives her invincibility. Guys . No, no, no. The scarlet king is lord victors son no dont. I told you you guys are gonna be so surprised when you watch the finale youre so lucky your car has wifi. Yeah. I am. Equinox from chevrolet. The first and only car company to bring builtin 4g lte wifi to cars, trucks and crossovers. E financial noise financial noise financial noise financial noise but what if you could see more of what you wanted to know . With fidelitys new active trader pro investing platform, the information thats important to you is all in one place, so finding more insight is easier. Its your idea powered by active trader pro. Another way fidelity gives you a more powerful investing experience. Call our specialists today to get up and running. Logically day on wall street, whatever reason, the respond to the fed or what, but the dow is up 101 points right now the high of the session, 17,258, record territory, s p, record territory, up 8 1 2 points, 2010, the nasdaq is up half a percent, 4586. A bump of companies, 52week highs on the s p 500, dominic chu rounding up the big numbers. Good afternoon, kelly and bill. Start with conagra, moving high, the market posting betterthanexpected First Quarter profits, conagra shares up 4 1 2 . Also, kohls gaining ground, Citi Upgrades the retailer up to 5 from neutral, citing improved product mix and raised the price target 7 to 17 a share. Kohls up by 1. 5 . Also, sears continuing on the other side to move loser. Credit suisse issuing a negative note suggesting the Department Store should liquidate assets while it still can. It has an underperformed rating, 20 price target on the stock and end with am, which is moving higher, its new iphone 6 models go on sale tomorrow and people are already lining up outside their stores in anticipation of being one of the first to actually get their hands, physically buy the phone itself and hold it. Youre looking at the apple store in new york city, where people, again, already waiting, it just goes to show, bill, kelly, that the cult of apple, no matter what they do, is still alive and well. Back over to you guys. That was the other thing. Does it make it quinn tunnel witching . I dont know. One of those days it all came together on one day. Incredible. Speaking apple, ceo tim cook published a public letter saying apple now encrypts the contents stored on the new operating system, ios 8 devices. If you downloaded it, it means apple will not be able to unlock your phone, even if the government issues a warrant. While it may sound great for individuals, does it pose a broader Security Threat . Joining us now, Edmund Hartnett from bronson Risk Consultants and former nypd deputy chief, also joe loomis from signer spawns. Welcome to you both. Edwin, start with you, general question here is this interfering with legal Police Probes as far as you can tell from what aing has said . On the surface, it seems like its good news for the bad guys and bad news for Law Enforcement, more restrictive, to get a search warrant, robbery warrant than in the past. Bad news for Law Enforcement. You field feel it is shielding the bad guys needlessly. Joe, you dont think so . Give it a month, i think um see circum vision of this type of encryption technology, an example of what happened with the android operating system, where they have the frozen hack in order to break the encryption on that mobile device. I see teams like rocco grillo at protivity, his team is called in by forensic s teams in Law Enforcement to do these type of hajjs to get into the phones under warrant. Now, i truly dont understand. So, if i have a warrant, if im police, why would they currently now need hacking to get information that should be legally obtainable and should it matter what barriers a company uses if the police say that they legally have the right to go after the information . Get tricky because i would think that the court could potentially issue an order and put someone under con tempt, dont provide the password to up lock that device, they could be put under contempt of court and fined by the court, it has happened in the past. Do you want to be fined by the courts and District Courts for disobeying a court order, the worst case scenario, have to circumvent the endescription and break into it kicking the door down in your house, they have a search warrant remark open the door for them or they can kick the door down. What about that, ed, is it a bit disingenuous for a toll claim they have got this cryptic this cure in place now that will keep the police out even if they have got a warrant . There are work arounds and legal ramifications here, too. Certainly r seems like its getting harder and harder, this seems to be more about profit and less about privacy, in my view. Law enforcement right now jumps through all kinds of hoops to get search warrants to get eavesdropping warrants and rightfully so. We should not be able to eavesdrop on people. This just seems to make it even more difficult and apple seems to be kicking the can down the road on this one. Joe, what about that . Well, i think, you know, there are going to be more hoops but i also think that people shouldnt follow fall into the idea set that by being encrypted that its all safe, its a bunker, they can do things they shouldnt do. Because, you know, there are going to be compromises out there, this isnt going to be the catchall, bulletproof environment where i would not be putting things on my phone that potentially Law Enforcement shouldnt see. Who is it that and if you want to weigh in on this as well, who would be held in contempt here . Is it the individual if they dont provide their password . Is it apple if they are basically out there advertising, they are trying to, you know, put up basically trying to make your house impossible to break into without your consent. Its complicated. Is it the carrier . Is it the server . Is it a itself . Very complicated. I think it is being made unnecessarily complicated by apple doing this now. How would you get into an apple phone . Let me just point this out. Im the blackberry devotee here. Blackberry has had this kind of encryption forever and this was a draw for people to want a blackberry. Absolutely. By the same token, does that mean you cannot get a warrant to get information. A blackberry . You can. Thats why Law Enforcement using blackberries today. In my mind, i think people need to understand that there are going to be too manies that can circumvent this type of encryption. Although am doesnt have the keys to the kingdom, it doesnt mean you cant actually circumvent those keys or pick the lock. It just it all sounds so odd to me because, again, if the point just thinking sort of a simple reason why police might want to get information off an iphone, say theres a child kidnapping, they suspect they have the guy that did it and theres information on the guys phone, you know, how does this change their ability to get access to the device . Delay the process of getting the type of evidence and the information required. I would not be surprised if there are going to be specialized groups under classified or top secret clearances working on circum visions to this in order to aid national security. A lot to think through, guys, thank you. Appreciate it this afternoon. Thank you for joining us. The close here, got about 40 minutes left in the trading session. And the dow is up 107 points right now. These right. Coming up next, mobiles operating system has encryption the police wonten able to penetrate. We have been debating that issue. Yes, we have. Think also talking a little alley ba barks arent we . Yes, we will what yahoo ceo Marissa Meyer could do with the billions of dollars reaped from alibabas initial Public Offering tomorrow, a special report coming up from silicon valley. Robert frank running through the winners from alibabas ipo. This time tomorrow, the forbes ritualist will be a little bit longer. You would think. Cute little guy, huh . This guy could take down your entire company. Stay with me. On thursday a hamster video goes online. On friday it goes viral a network choking phenomenon. Why do you care . Hes on the same cloud as your business. The more hits he gets, the slower your business may get. Do you want to share your cloud with a hamster . Today theres a new way to work. And its made with ibm. Sometimes they just drop in. Always obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Welcome back. Looks like it could be another record setting day at