Tiffanys now kind of hanging in there though. And delta is looking to make those tsa lines shorter this summer. Phil lebeau is live in atlanta with details. And hes going wait on a tsa line for us. Team player. And the one stock in berk shers beneficial she doesnt agree with. Shires beneficial she doesnt agree with. What could it be . Well find it. Steve leisman looks at the improving Economic Data weve seen. And jackie deing angeles is following stuff. And more. Two development that is the market has taken notice. First decline in the worst fears of the Global Economic melt down and u. S. Recession and Global FinancialSystemic Risk and that is because of the improvement in the Economic Outlook of the data here. Lets look at whats happened for to the outlook for gdp in the Second Quarter. First quarter a meager 1 . We started with an outlook for 2 . And ill show you whats happened. Retail and inventory data. That bumped it up by. 4 to 2. 4. The home sales data existing in new homes has confirmed that level of gdp growth and then we got the trade deficit data showing better exports and better imports coming up 2. 6 . A better than expected trade deficit this morning. And here are some of the other data. Retail sales shows a consumer growing 3 purkt. About a point higher b. And then the chinese and u. S. Manufacturing pmi. Both were part of the concern about recession. They were down below 50. Now just barely above it. So at least they have stabilized. You dont want to talk about strength there just not getting much worse. Job growth has eased off. The Market Service sector data showed weaker this morning. Tomorrow a durable goods number that should give us a read on whether weak Business Investment will continue but the data is Strong Enough for the market to rally and for fed officials to begin talking about the june or squlul rate hike. Before we move on let me ask you do you think if the fed were to vote today knowing what we know today would they raise rates . I think they wouldnt. I think want a little more clarity on whats going to happen with brexit. They have to get a little closer. Now if you give me brexit i have to talk about that and i have to talk about the job support. My number there is 150,000 is enough for fed to go there. And some sense that brexit is not a slam dunk the other way. Spoken like a true fed official. Yeah. Getting good at it. Off to make a call yet. Off i dont have to make a call yet. Jackie deangeles. A surge in oil. The highest settle weve seen since last october. Near session highs today at 2 30 when we closed. So were getting close to that 50 mark. As the key technical. Psychological level. We keep testing and traders always say that is the pattern before we cross and hold. Todays move was based on the inventory numbers that we got from the department of energy. Not only did we see a draw of 4. 2 Million Barrels in crude oil but we also saw u. S. Production continue to go down. Slightly but still eleven weeks in a row these numbers are continuing to decline. So certainly supportive. The dollar index in red territory today. That helps crude as well. Finally the anticipation of the summer driving season is certainly in the trade too. 2. 30 is the average at the pump and that is going to send about 38 Million People this weekend on the roads. Second highest travel volume on memorial day weekend since they have started tracking it. The gas prices are up about 16 cents in the last month alone. Crude prices up 50 in the last three months but the gas price is down 44 cents from last year. So on a relative basis consumers are still saving money. And if the cheapest gas in about a decade doesnt get you on the road this weekend, phil, i dont know what will. Thank you jackie very much. So financials and tech as we mentioned have been lagging the market this year. But now they are picking up some steam. First off i do like ice cream, and i will be filling up in new jersey before the long weekend. So lets talk about the reason why some of these traders are at least feeling a little bullish about the action leading up to today. Because the market leadership of this month of may has dom from place you would like to see it coming from. The biggest sectors in the market. Month to date gains in tech. North of 4 so far as we now stand. If things can stay positive it would be the second month out of the last three weve seen gains for tech. The biggest percentage gainers in the tech this month to date about fun and games. Computer graphics chip maker nvidia the best percentage gainer. One of the biggest out there apple whos stock has rebounded 6 just as far in may. The financials up 2 as the group this month. This could be the Third Straight month of gains. The last time we saw that was the three months end of december of 2014. Among the top performers are stocks like intercontinental exchange. Now together tech and financials, we keep saying it make up 36 of the overall s p 500. So there is a reason why at least some traders feel a little bit good about the action in tech and financials leading up to this particular moment guys. Back over to you. Thanks very much. To the whole dpang with their reports today. Closing bell exchange. Mark mattson. Keith bliss of post nine with us here at the new York City Stock Exchange and reck santelli. I would be selling into the strength and we have a lot of clients that have said thats what they are going to be doing. This bears all the hallmarks of an overreaction in the market to things going on with greece and overreaction in the market that weve seen when shorts tend to get squeezed. We still see a lot of negative things in the market. We still see more money flows flowing in the short etfs than in the longs. And you will see the dow and s p 500 will be driven by the tech and financial names but it is not broad based so until the russel and the nasdaq can get back above the april highs i dont care i dont think we turn the corner and change direction on this. Until the s p gets up to 21 huns 00 i think you sell under the strength and take your Profit Office that. Where do you see a catalyst across the space of, you know, to keep going and maybe even lead the markets higher yet . One of the problems with predicting the future is it is almost impossible do. Especially when you are trying to do it in the shortterm. So what i always tell investors is stop trying to predict the shortterm because it is almost impossible. Focus on the next 20 years. Investors have been doing exactly the opposite. Theres a hundred billion dollars out of equities in the last since november 2015. Instead innervavestors need to y buying now. If you since 2008 you have made a 300 percent rate of return on your money. Stop trying to predict it in the shortterm and stressed stocks and financials 2 sector for the next 30 years. So mark is buying really really green bananas right now. Rick, do you buy the notion that markets are getting accustomed to the idea that maybe the fed will be raising rates next month . I wish i could say i was but im just not convinced. The new line in thinking and steve encapsulates. Many investors are talking. Maybe well get a pop for q 2. Okay. Atlanta gdp has it now at 2. 5. Say it comes out 3. 5. Lets look at the previous four quarters and see what the average is. I did that. Its is 1. 85. 2015 was under 2 . 2014 was 2. 5 perfect. 2013 was a bit below 2. 5 . There were quarters in 2014 that were close to 5 . My point is we have a very sustainable almost 2 economy. Nothing has changed. For years. We seem to get awful excited when you get o that quarter that pops. But even steve and his research has shown you get weak one yourks get strong ones. The weak ones are too weak and the strong too strong you average it out. The numbers dont lie. I dont see whats changed. They should have tightened in 2013 or 2014 at 2. 5 but they decided to do it in 2015 below 2 and no matter how you massage the numbers i dont think you are going to debeat 2 in 2016. Maybe we have a chicken little scenario with the fed. Although they are more than on solid ground after all this time to normalize. At least up to 1. 24 or 1. 5. The Market Survey this morning was not great. The Services Reading came down. The expectations were weak. Well get the official Services Manufacturing readings first week of next month. What happens if this data spate lately has been as good as it gets and begins to soften from here . Well all the information is already in the price. If something bad unexpected happens the price will go down and then you buy more. So many people are trying to predict the fed. Stop trying to predict the fed. We havent had a great fed head since alexander hamilton. Since 1983 they have had seven major increase. Stop trying to play chicken with the fed because nobody thoughs that. If if you wait until you know exactly what the fed is going to do before you own equities you will never be in. So we talked about financials a moment ago mark but what do your holdings look like here . We own financials not just here in the United States but financially too. Not just because they are a great sector we think but because they are distressed. Buy distressed stocks with high bok to market value and when things get better you make higher profits than owning growth stocks. But as you said, green bananas. Heck yes green bananas. It takes patience and courage to buy something everyone else is running away from. So keith, mark is looking way out there. Im only looking next 45 minutes, maybe next two days here. And i would ordinarily ask about the s p but you are more focused as you said on like the russell and the nasdaq. What numbers are you looking for . What levels are you watching there with those two indices . Well until the russell in particular and ive really started to focus on that more in the last few months because it is a much better predictor about shortterm movements in the market which is what a lot of clients worry about when the trading in and out. But until the 1156 im not getting too excited. There is no catalyst for me that is going proipel the market higher. And then we have to get above the 1163 level. It tried so many times in 2015 to get above that and just could not do that. How do we know if this is just a short squeeze . You look at volumes and the way this propels out. We know a lot of traders and investors are putting tight stops behind their short positions because they got taken out on a stretcher, you know, the last five years every time they tried to short the market and got bitten by the fed pushing it up. So the stops are tight. When you see the market propel very high like yesterday, 1. 5 to 2 on light volume that has all the hallmarks of a short squeeze. Some of this today is people getting out of way. Almost like a seller strike when you see sometimes a buyer strike. Thanks. Have a good day. The dow was up 182 at the peek. Were up 149 right now. And for the longterm investor, Whitney Tilson is a blifr in Warren Buffett. Apple announcing plans for a siri based version of echo. With alexa as its voice. Well discuss whether this move means apple has officially gone from innovator to imitator. And phil lebeau at the worlds Busiest Airport with looks at easing enormous security lines. It is an interesting approach and well see you in a little bit. But for me, somebody who is flying back to chicago this afternoon. This awaits. The lines. Oh the lines when the closing bell returns. Real is touching a ray. Amazing is moving like one. Real is making new friends. Amazing is getting this close. Real is an animal rescue. Amazing is over twentyseven thousand of them. There is only one place where real and amazing live. Seaworld. Real. Amazing man 1 i came as fast as i man 2 this isnt public yet. Man 1 what isnt . Man 2 weve been attacked. Man 1 the network . Man 2 shhhh. Man 1 when did this happen . Man 2 over the last six months. Man 1 how did we miss it . Man 2 we caught it, just not in time. Man 1 who . How . Man 2 not sure, probably offshore, foreign, pros. Man 1 what did they get . Man 2 what didnt they get. Man 1 i need to call mike. Man 2 dont use your phone. Its not just security, its defense. Bae systems. Welcome back. Even with the rally alibaba is falling. On news of the sec looking into their accounting practices. They have requested documents related to policies for consolidated earnings and party attractions among other things. Alibaba is cooperating with the investigation. The stock is down almost 8. 5 today. Noted Value InvestorWhitney Tilson is a big follower of Warren Buffetts but in a latest interview tilson told me there is one investment in the portfolio where he completely disagrees with the oracle of omaha. He loves his work. Hes wired for this and has been doing it for 70 plus years and keeps Getting Better with anyone. At some point that will change and a hasnt happened yet in my opinion. If Warren Buffett dies nothing happens to cash and vems and nothing to operating earnings. My valuation doesnt factor in one penny of Warren Buffett pulling another rabbit out of the hat before hes done. Berkshire recently invested in apple. Did your head kploed explode . And are you comfortable with them looking at an investment like apple . Yeah. My head didnt explode. It was ant a Warren Buffett exempt. My guess is it was todd combs. They manage their portfolios completely independent of buffett. The did not have to approve that apple investment im quite certain of it. And a billion dollar investment sounds like a lot but sort of a rounding error for them. And they just say forget it were not trying to understand the tech business. Were staying away. Whats caused more agita than a billion dollars in apple is 12 billion dollars in ibm. That was the one stock in the overall berkshire portfolio i respectfully disagree with. I have said it is a value trap and said so publicly. And it has been so far. But again, look, i dont to respect Warren Buffett and to have Berkshire Hathaway has the largest position in my portfolio i dont have to agree with every single Investment Decision and every single Stock Holding in the book. So in the case of apple, apple is an insanely great company. The stock looks fairly cheap. Forced to go long or short i would two long it. Or force to go long or short ibm i would go short it. And that is a much more massive position. So i worry about that a little more but still in the scheme of the size of Berkshire Hathaway, berkshire has lost 3, 4 billion. Thats real money but it is sort of a rounding error at berkshire. So there you have it. Not a position that many i think at this point probably disagree with. Well yes. But how many times in the past has Warren Buffett held on to a Warren Buffett is famous for betting the jockey. He bets the management of the company. And that is come up with meg bitman and Hewlett Packard and has gone from one company into kind of three. Yesterday we were saying is that an example of the right way to go about steering the ship as the big stayed company in the space . Obviously there is not a right answer at the moment but berkshire is the biggest position in case capital and its interesting to in the context of this investment and in apple as whitneys discussing there how they make their Investment Decisions, how independent some of those managers are inside the Berkshire Hathaway structure. I find that very interesting. Z like when you are a good coach. You win the games you get the credit. You lose them you take the blame. I might just have to Golden State Warriors on my mind frankly today. But i cant even watch. Check in with whitney more on cnbc. C cnbc. Com pro. Nothing against the Oklahoma City thunder. They are a wonderful team. But what happened to the warriors . Breaking use on takata. The japanese air bag maker have hired lazar to come one some form of Restructuring Plan to meet their swelling liabilities after the largest recall in u. S. Automotive isis history. Takata in the u. S. Alone recalling 70 million air bags. And they only have about 5 million in cash and they need to raise a lot more because the liabilities could be in the billions. Back to you. Thank you. A little more than 30 minutes left and the markets hanging on the a gain of 162 points which is notable because we ha one yesterday. So the step of one up, one down at least for today is broke. So much respect for phil lebeau. I always have. But much more today as he awaits patiently in the security line at atlantas airport. Up next an update and a close look at the new Technology Delta is trying to use to shorten screening times at airports as phil just continues to make his way across the line. Plus weve seen a retail rout this earnings season. Coming up a top analyst tells us whether there is a buying opportunity ahead of the all important holiday shoppic season. Im here at the Td Ameritrade trader offices. Steve, other than making me move stuff, what are you working on . Let me show you. Okay. Our thinkorswim Trading Platform aggregates all the options data you need in one place and lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim. Td ameritrade. Rally day on wall street. The dow up 163 points. Was up 1823 and in fact un