To one particular factor. So many things going on. Earnings season has begun. Oil prices were lower again. We got down below 250 on the 30year 30year. Below 1. 9 on the 10year yield. The president met with congressional leaders. Theres talk they were talking about trying to think about military action against Islamic State militants. So all kinds of things going on simultaneously. Not only all of those factors bill already mentioned, throw on top of that whether the European Central bank might see a block offing blocking of its quantitative easing. Well talk about more on all of that with our panel in a second here. Again, to tell you where we stand going into the final hour, the dow is off 118 points. The s p is giving up 16. Look at that were almost right back at that 2,000 level on the s p. The nasdaq meanwhile down about 27 on this tuesday. Turn around tuesday if you will. Weve had two turn around tuesdays today all in one. Joining us in our the closing bell exchange, theres amy wu from rbc capital markets. Ken, and Peter Anderson from Congress Wealth manage and our own Rick Santelli. Amy wu youre the lucky person to try to make sense of this day. Whats going on . Whats the message of the market with this incredible volatility do you think . Volatility is certainly back in vogue. I have heard a lot of reasons being thrown around. Im going to throw one more reason into the mix for the turnaround later in the day and thats we saw a large overwriting program in the market on the options side across a large swath of large market Cap Companies creating even more demand to sell and in the hedging prodescess meaning what . A customer coming in selling call options on a large swath of individual companies, all very large market cap across different sectors. Meaning the broker on the other side has stock for sale and that possibly being one of the reasons for the turnaround we saw later on this afternoon. Interesting way to look at it. Ken, whats your verdict on whats happening here or are you simply happy for the return of volatility if this is all about creating opportunities for you to get into some of these names here . Yes. Go ahead, ken. Go ahead. I think this is a buying opportunity. I think with wages going to be increasing here as the demand for employees increases and also with these gas prices as low as they are the consumer will have dollars in their pocket to spend. The economy will improve, and with it profits and, therefore, the market is going to go up. So this volatility i think is an opportunity. I think thlt yearis year well see the dow at 19,500 before its all said and done. Youre buying this weakness is what youre saying. Yes. I think this is an opportunity. I was just going to say in response, its a narrative weve heard over and over and over from guests on this program. So why isnt it the case . Is it just going to be that the market has to keep catching up to your pearls of wisdom here or why do you think it is that were still behaving risk off depit all those positive factors you mentioned . I think a lot of uncertainty right now. We havent gotten the data on the economy in the Fourth Quarter, the earnings havent come out yet. So right now we have uncertainty over what europe is going to do. Ill tell you one thing that is concerning me is that the tenyear right now is under 2 . You know i think the economy is improving, but i dont think that its real. I think its driven by debt and by quantitative easing and all the rest of that. So i think theres a lot of uncertainty about the underpinnings of the economy but weve had that for a year now. I think we will see the market pick up and like i said i still see this as a buying opportunity but be careful the last pashtrt of this year. I think things are going to get really ugly. Peter anderson hang on a second. This is a good segway to Rick Santelli with the yields this morning. I thought of you when i saw the 30year at 2. 47. We got to 1. 88 on the 10 ahead of the 10year auction which i guess turnded out to be kind of mediocre. Once again this weakness in the morning and the yields come back in the afternoon. Whats going on here . I like to keep it simple. Theres more cross currents than a strong coho could deal with at this point but i think in the end the way i would look at it just listen to 30year. Listen to 10year. The fact this they keep knocking at the door 10s, 1. 86. 30s alltime low of 2. 45. To me theres only one chapter that is the epilogue to tina there is no alternative, which is of course stocks and that is falling prices. This is a selffulfilling prophecy. We pump things up in risk on and ultimately it will lead to risk off and it just seems like such a futile loop for central bankers to keep doing more of whats going to create the downward spiral of no traction because everybody is going to be undercutting everybody. Just look at the war on the currency side. I cant stress enough if you want to keep it real simple anytime of a settlement in 30s under 2. 45 and if its under 1. 86 in 10s, i think Holding Stocks long in that environment would be kind of risky. Interesting. I could not agree more. Go ahead, peter. Well i like to keep it simple, too, so i dont know if i can simplify it anymore but lets put it this way. Kelly, you know you were saying all the signals seem to be flashing that this is a good thing, but yet the market isnt responding that way. So i think it comes down to this. Our heads are saying not signals, peter. Everybody who comes on this program tells us its the good thing and the market seems to be saying the opposite. Thats what im saying. I think we have to look a little more deeply into this. The with unthing that irks me about this all is on paper low prices look great, right . But i think its the sudden change in those prices that has the market concerned. Normally you would expect this to go down gracefully. But were not going down gracefully at all in the energy prices. And that begs a lot of questions. What is fundamentally happening in the Energy Market . And i would test you to say that nobody really knows right now, and i think thats why we have such volatility. Once we get an equal lib bri yum price with oil, then were off to the races, but right now as it stands i would say nobody knows where the equilibrium price of oil is. Opec has said 20. Theyll go down to 20 bucks a barrel before they would take any action. Thats scaring the rest of us i think. So theres been the debate peter, about the impact of oil on not only the economy but the markets. Is oil good for the markets at this point. Is there a correlation or are they in opposite. What you seem to be suggesting is its the rate of decline for oil thats unsettling and youre waiting for that to settle down. Is that what youre saying . Thats right, bill. You know lower prices are good but too much of a good thing becomes bad, right . Except at dessert time. Exactly right. This is not oil on my dessert though. I would like to be able to do that but we cant do that yet. Its not that cheap enough. Lets bring Kenny Polcari in off the floor here. What do you account for the disconnect. We just had tom revising his gasoline price forecast. For 2015 just relative to 2014 because of the falling price at the pump. Were talking about a difference of 120 billion benefiting people who buy gasoline. Thats how much theyre saving this year and yet again the market here showing very little sign of encouragement from that. You know what . But i think its getting a little bit overdone. I think this whole oil story continues to build on itself. You get the negative comments coming out of the big investment banks about oil going lower and it creates a lot of kind of nervousness and anxiety. Quite honestly im on the side of the fence that i think Lower Oil Prices are a massive boom. That being said, peter made a great point, until you get some stability, the market will continue to be unsettled. I think you have to wait until that happens. Kenny, speak to me about the rally this morning. Art cashin said to me a little while ago, he said he thought it was built on sand. Was that Short Covering that just ended or what was going on . I think it was a little bit of that because i think it was certainly some Short Covering. It was certainly some positive news coming out of europe. The market wants to find a base and move higher but it didnt have the momentum didnt have the commitment as we saw. We were up 280 points and all of a sudden it just failed and when it started to break down tactically, it came back through the 50day moving average and, boom, there was nothing to hold it. Like i said even in my note this morning, i think were going to test the 2,000 range in the s p. Hang on everybody. We want to get some clarification on one of the stories we just mentioned at the top of the hour that could have had an impact on the market today. Those reports out of washington that some say may have dragged the market down. John harwood, it has to do with the meeting the president had with congressional leaders and what was said about possible military action against the Islamic State. Can you clarify that . Yes, bill. It was a completely routine and expected statement that the president and the white house put out in their read out after this meeting with congressional leaders. The administration is going to send, as has been previously discussed and expected language to the hill for an authorization to use military force against the Islamic State. These operations are already under way but it was agreed by both members of congress as well as the administration that the existing authorization of force that was enacted during the Bush Administration after 9 11 was not adequate for this situation, which, of course involves some operations in syria including training syrian troops. Now, this is not boots on the ground, and the administration i mean there are some troops on the ground already, but the administration doesnt anticipate at this moment a departure a new ground war into syria and iraq. So if that is what was dragging the market down earlier, that concern was misplaced. Just to be clear this, does give them the leeway should they choose to exercise it to put additional boots on the ground, if you will in iraq in order to push back the Islamic State. Yes, its the authorization to use force. You can make a slippery slope argument and say, well if you have trainers there and if you have support personnel there who are calling in bombing runs for u. S. Targets against the Islamic State in syria, yes, thats possible, but the administration has been very clear that that is not their intention and i dont think anybody anticipate that is to happen anytime soon. Thanks very much for that clarification. Rick santelli why would that necessarily boots on the ground is what we were hearing on the floor here. That was what was causing some of the selling this afternoon. Why would that necessarily spook this market if in fact thats what was going on . Ill tell what you, bill, im not going to even comment on it because i think in the world i live in, that has zero chance of being the driving force in the marketplace today in my opinion and i talked to a lot of people and im not saying its not an important issue. Whether theyre on hover boards or wearing shoes in the end the American People understand what direction this is going. But to ricks point, and i agree i dont think that has anything to do with the selloff because when the tone is negative theyre going to take any negative story and pile it on and say thats the reason. Nothing to do with the selloff in the market. Fair enough. Watching from here amy, what are going to be the catalysts for the next move . I think there are a number of catalysts in energy specifically id really watch out for nigerian elections and then id watch out for what the deadline is on iran in march and after that obviously the june 5th opec meeting. I think that plus the earnings in energy in the next couple weeks are really going to be further volatility increasing despite the levels we see right now. You said the next opec meeting is june 5th . Were going to be going through this for six months . Oh dear. Oh dear thats for sure. Ken, what are we supposed to do in the meantime . I know you want to buy here. Are you going to buy energy for example . Or what are you doing . I think that right now theres a lot of uncertainty driven by all that weve talked about so far on the show and i think that uncertainty is going to dissipate. When it does, the broad market is going to rise. I think like i said the wage pressures are there. Were going to see the consumer with more money in their 30k9 because of that. 70 of our economy is consumer driven. Our economy is going to get better and thats going to drive the profits. So i think a rising tide is going to raise all ships. Ken, are you getting a raise . Am i getting a raise . Yeah. She asked you first. When the market goes up, i do, yes. Okay. She loves asking questions like that. You know listen at some point though weve had such destruction in the energy names, when these earnings come out, thats when theyre going to find the bottom. Are they going to send them down another 50 zbh . We have to go. Got about 45 minutes to go. The dow is off 87 points this after being up 282 points the highs of the session. Now were seeing declines of half a percent across the board. Speaking of losing altitude google has been suffering lately down nearly 20 from its 52week high. That would make it bear market territory for google but why . Thats a question well take a close look at coming up. Also vertex pharmaceutical ceo joining us from the Jpmorgan Health care conference in San Francisco. Wait until you hear about the biotechs new pipeline of drags and how he plans to keep growing vertex shares. Were back in two. Sunday dinners at my house. Its a full day for me, and i love it. But when i started having back pain my sister had to come help. I dont like asking for help. I took tylenol but i had to take six pills to get through the day. So my daughter brought over some aleve. Its just two pills, all day and now, im back aleve. Two pills. All day strong, all day long. And now introducing aleve pm for a better am. Thats a question well take a ive been called a control freak. I like to think of myself as more of a control. Enthusiast. Mmm, a perfect 177degrees. And thats why this road warrior rents from national. I can bypass the counter and go straight to my car. And i dont have to talk to any humans, unless i want to. And i dont. And national lets me choose any car in the aisle. Control. Its so, whats the word . Sexy. Go national. Go like a pro. Ameriprise asked people a simple question in retirement, will you have enough money to live life on your terms . I sure hope so. With healthcare costs, who knows. Umm. Everyone has retirement questions. So ameriprise created the exclusive confident retirement approach. Now you and your ameripise advisor. Can get the real answers you need. Start building your confident retirement today. All right. Where do we begin . The tremendous day of volatility. 280 point gain on the dow this morning just evaporated. We were down about 140 at the low. Now down 65 points and some of that could be attributable to the price of oil coming back today, maybe John Harwoods report on what was or was not said clarifying the meeting the president had with congressional leaders on thor sizing military action against the Islamic State. All of that factoring in right now. You can see a rare positive move for wti crude. Were up about 27 cents. Meanwhile, it is the second day of the Jpmorgan Health care conference in San Francisco and weve been talking to some of the biggest names in the industry. Its been great out there. Bricking here is meg terrell. Meg . Bill, thank you so much. Were joined by vertexs ceo dr. Jeff leiden. Good to be here. You put out some information on sunday night explaining just the future of expanding your Cystic Fibrosis drugs to more cf patients. Tell us about how many patients you can treat with these drugs. Were really on a journey with cf patients. Today our medicines are approved for 3,000 patients around the world out of a total of 75,000. What were really excited about is we expect to get approval for our next combination of medicines and that will allow us to expand from 3,000 to as many as 25,000 over the next year. Big question people have for you and you dont have approval yet but upon approval which i think is expected is pricing. And with orphan drugs you can often price 300,000. I think some people expect that the combination you have that could potentially come late they are year could be less than that. Can you give us any guidguidance . Its way too early to talk about pricing. We havent even seen the label were going to get or the approval. We are focused on getting the approval on time so we can get this medication to patients and making sure every patient who needs the medicine will have access to it. This is a big Business Development conference as well as making presentation to your investors. What can we expect from you guys in terms of partnerships . Is that the way forward in terms of getting expanding the number of patients youre reaching . Our goal in cf is to get as many patients as we can treated with the best regimens possible and were really proud of the fact that weve been able to develop a whole series of medicines inside of vertex for those patients. But, of course we dont do all the innovation. There are other people working on this as well. Were talking to them and if we saw a medicine that could be added to our regimen and produce more benefit for patients wed be interested in bringing that to the company. Do you a bias for buying versus partnering . I dont think it really our bias is get the best regimen out there for patients and the flavor of the transaction whether its a buy or a license with a partner is less important than making sure we are providing the best regimens to as many patients as we can. I asked you about drug pricing but lets talk more broadly because this does seem to be one of the biggest issues weighing on valuations in the drug industry right now. A lot of folks think orphan drugs are insulated fr