Few hours ago. Plus bill miller at delivering alpha talking about his best investment ideas. He will join our show live for more ideas and will bring you highlights of interviews with others. Live from delivering alpha in new york city. Lets start with the price of oil reversing gains. Jackie deangeles has details. Good afternoon. 3 sell off today and closing at 44. 90. Three significant factors impacting oil prices. The first would be the monthly report taking demand forecasts down not just for this year but next year, as well. The wall street thesis for this rebound that is supposed to happen depends on demand staying at least flat or ticking up. So thats not really a good sign. The equity plunged today and also a little bit of strength in the dollar not good signs for crude oil. Inventories tomorrow. Remember last week we saw a draw down of 14 million barrels. Some are looking for a pretty substantial build. Those are the ones who think last weeks action was a one off event. The build factor being priced into oil prices today. As you can see the effect that it ha. One reason that will hold the algeria meeting. Its the wildcard. Back to you. Thank you. Keeping an eye on those crude prices below 45 a barrel. Tracking his broader sell off again here. This is all about worries about the fed possibly raising rates. We have a risk off day. We have a double whammy hitting oil stocks. We have general risk off day. Exxon getting hit. It has been a stalwart recently but breaking down. It is at the lowest level since april. 85 you see right there. You want to see a risk off day . You heard the ten year yield dropped off. Normally this would be a big help to bank stocks. They would move up on that m. How much is this debate with the fed freaking out . It has gone 11 to 18. Look at that at 18. Here are the speeches for october and november. Its where the cash is right now. Thats a huge increase in the vix. We have flattening in the vix. We havent seen that in a very long time. Back to you. Bob, thank you. Lets get to the key point in the last couple of sessions going back to friday stocks and bonds both selling off. I sat down with paul singer earlier today at delivering alpha and spoke about the possibility for sell off in tandem to continue. Its been so long in the making that the bond prices are so high, Interest Rates are so low that its impossible to ascertain what change in thinking will generate a group think with a different vector, thinking that bonds are not the safe haven that both stocks and bonds can go down. I think go down together. Lets talk about that and what he said in our closing bell exchange. Michael far joins us from d. C. Keith is here at post nine and jack beruzian. Typically stocks go down and that means bonds go up because it is taking money out of one asset class and putting it in another. Pretty significant on the short term move basis. On the longer term we have to get back to a version on relationships we have come to understand over the last five, ten years. They have definitely gotten out of whack. Mr. Singer is right on that. On a short term basis you are seeing both go down because markets are so temperamental. Part of that is what mr. Singer is saying is that any little match or fuse will set them off in the wrong direction. You take a look at Oil Prices Going down, equities going down, bonds going down. That is a classic concern story and that is what we are seeing. The movements have been so dramatic. On friday we had markets. The vix overbought. Today we had them getting back to neutral. Today they are vastly oversold. I think short term this is a very Good Opportunity to start nibbling around the edges. What are you doing in this environment . Holding my breath and seeing which way this is going to shake out. We started last week and the market declined on the fed news. I never believed it. I wrote that we are not going to have a rate hike before the end of the year. I continue to hold that position. I think that the uncertainty at the beginning of the week is probably more political. I think that the expectations for a Clinton Presidency might have been upset some over the weekend and i think that you are seeing some traders begin to vote with their feet. Particularly with mr. Trumps criticism of fed chairman yellen. Wall street has a lot to digest coming into the beginning of this week. There was a bit of a debate on friday about the selloff that day whether it was about the fed or about north korea. Now we think maybe the election. Were at 173 on the ten year. What is that all about . Combination of all of the above. One of the sound bytes is when singer said nothing is working when he was talking about Central Banks. I think that was so insightful. Right now that seems to be one of these opinions that is creeping into the mentality of the investing public. Over the course of the last couple of months we have gone through the low volatile environment. We saw people chasing returns, chasing yield and started getting into stocks, treating them like bonds. Now they are getting the volatility back and when michael far said is right. They start to smell the election and all of those uncertainties. Before you know it we have a big move in the markets. I think friday was the beginning of something. Friday might be the start of what in hind sight we will look at as the beginning of a move down. It started around this level last year. We made a high of 2135. We are right there again now. Lets see if im right y. Have a feeling. I have a feeling these next couple of months can be very dangerous. People have been telling us for some time if Interest Rates move higher it could help the stock market. If the ten year moves up to 2 do you expect stocks would find their footing or is this the kind of environment we have been laying out where unfortunately they would be selling off in that environment . Only if move to 2 is based on economic fundamentals. One thought i didnt complete was one reason that you are seeing the market go down while the ten year yield is going up is that it is a Global Growth concern story but also a concern that Central Banks are tapped out and just cant do more. That is what jack was alluding to. That is where you are getting the storm happening today. I will go back and say for the longer term i think we will see weakness in this. September is always a volatile month. On the shorter term i think there are excellent opportunities to step in here. Next week when they say they are not raising rates and going to give us dovish language then you see the market rally again. We have a lot to get to. Thank you all. Good to see you. From the macro to microsays he is shorting alibaba. Take a listen. People have compared amazon to alibaba and it couldnt be further from the truth. Amazon is a Free Cash Flow machine beginning in 2002 and has been. This is the exact opposite of it. It is just burning cash in a dramatic rate. Alibaba is lower today. David favor just finished a delivering alpha discussion with alibaba executive vice chairman who has words i can imagine. Well, its an interesting opportunity to hear sort of both sides. The executive vice chairman of alibaba right there at the founding of the company back in 1999 and disputes a lot of what he would say and points out that despite that drop today of 1 the stock has been a very strong performer over the course of this year, helped in part by the numbers a few weeks back where it delivered top line growth. Specific to the questions and criticism this is what he had to say. The problem is he doesnt seem to try to understand the business and try to appreciate the power of the Digital Economy in china. And you can lay a lot of claims and accusations on our business. On the Logistics Business we made full disclosure on the profits, loss, revenues, assets, liabilities of the business. Investors can do their own math. Whether you consolidated or not. Speaking specifically about the 48 or so percent of the Delivery Business that alibaba owns. It doesnt control. Mr. Tsai went on explaining they dont want to have control of a company that has around 2 million employees as does the delivery of what is 40 million packages a day in china by, of course, what is the Largest OnlineCommerce Platform in the world. Its not just about jim chanos. A lot of people are short alibaba for a number of reasons about accounting and structure and how you can trade shares and have ownership. I thought it was interesting the way tsai was saying fundamentally our top line just keeps growing. And it does. There is no real questioning that although they are actually eliminating any sort of real focus on merchandise value. To your point the top line last quarter accelerated and that is the overall theme that you get from alibaba executives like mr. Tsai is we are playing to the growth of the Chinese Consumer as the economy changes that will only continue and we have the wind at our backs. There are no shortages of potential critics in terms of actual numbers and some Free Cash Flow numbers. The biggest ipo in history. And just in the last year up 54 . Much to the chagrin of jim chanos. We have 48 minutes. This is an interesting last hour of trade. The dow down almost 300 points. We are heading to the lows of the session. I will watch to see how we do as we hit lows that were set on friday and whether we bounce off them or continue below that. We will ask a couple of levels these guys are watching. Also coverage from delivering alpha conference we have bill miller speaking with us exclusively from the sidelines. We will hear where he finds opportunities in these volatile markets. More fallout from wells fargo fake accounts scandal. Wells fargo plans to get rid of sales incentives that they had offered employees all these years. The Senate Banking committee is going to be holding a hearing on the sales tactics next week. We will speak with the senator leading the charge on that investigation, robert men endez of new jersey will join us next on closing bell. I wanted something rewarding and higher paying. After college, i settled for the first job i could find. I wanted to move up to management. I needed to prove i could lead a team. So i joined coursera. Coursera offers Affordable Online courses from the worlds best universities. Advance your career in fields like business, computer science, data science and more. For just a few hundred dollars, i learned skills to start a new career as a data scientist. After a few courses in business management, i got a promotion. Join coursera. Org for free, and start your future today. 44 minutes left in the trading session. As you see only apple is trading higher. How happy must an apple shareholder be. That is after news over the weekend. They must have felt good reading that. The tech giant is not releasing sales figures for iphone 7 but some carriers are. T mobile says opening day presales set a single day record for any smart phone in the companys history. Sprint reported that preorders for iphone 7 and 7 plus are up more than 375 in the first three days over the last year when the previous iphone was released. There was not a lot of buzz about this iphone as everybody is getting ready for the next one, the tenth anniversary next year. So far so good apparently. It is really interesting because it is pent up demand. Apple shares doing nicely in the session that is otherwise a difficult one. Wells fargo shares going the other way falling after the company dropped the sales goals tying to the account scandal. More than 35 million shares traded hands with shares down almost 4 . Sources say shares down around 4 as the company eliminated product sales. Speaking at the conference cfo tried to calm investors saying this would not impact earnings mptd. The sales goals were not leading strong performers to be the best performers. Sales goals we believe were causing lower performers to be willing to take extra staff. That is my take is performance management. He added despite significant press coverage they had very low volumes of customer reaction and that full fine has already been accounted for in the numbers thus with respect to this matter this is all that there is to know. It is a completed matter. Despite the best hopes share price suggests the 4 slide resulting in jp morgan surpassing wells fargo as biggest u. S. Bank by market capitalization while there continues to be no admission of guilt included in the punishment of the cfpb. Thank you very much. Today the Senate BankingCommittee Informed ceo it wants him to appear at hearing one week from today. On that note joining us now is senator robert menendez, member of Senate Banking committee. Welcome. Good to be with you. What are you most trying to find out from this hearing . This investigation . What we are trying to find out is how could the wells fargo wagon roll over 2 million customers have a widespread number of employees over 5,000 opening up accounts that were never asked for, banking and credit card accounts and have no sense that there is any responsibility of the upper levels of the company. And how did that go on in wells fargo . What lesson should we learn . How do we have safe guards to not let this happen again . And how perverse is this throughout the industry . We had Robert Cordray on yesterday. They fine them 100 million. It is the biggest fine that that office has ever imposed but yet 100 million to wells fargo is very little when you consider the scope of this. Do you think they were fined enough . Look, i respect what the Consumer Financial protection board has done here, largest fine ever. I am a big advocate for them because we need a cop on the beat. I was an advocate for them when we wrote doddfrank. I have to believe in context here 100 million the cost of doing business. Obviously, there was a culture here as is exhibited by the fact that the ceo today said they are going to end their incentives which obviously were perverse that drove these individuals to do what they did that allow or created the environment in which this could take place. So you have to say to yourself 100 million if that is the cost of doing business then it is not a deterrent. And the purpose of a fine is not simply to collect money. The purpose of a fine is to have an industrywide message that this is not acceptable and have a meaningful consequence so they change their culture change and practice. I dont think the 185 million total cost is really going to change that. Thats one of the things i want to ask the ceo of wells fargo. We dont need the story. We need the truth. It is also a question of whether the bank itself should be fined in a way that makes it more meaningful or whether you are looking for individuals to be held accountable. This goes back to the financial crisis. In this case there is an individual who has not been specifically named but in press reports is said to have responsibility and maybe taking home in excess of 100 million while this has been happening. Is this about isolating the individuals who might have been more responsible for this than just trying to have the bank which is so enormous be the one that is bearing the brunt of the outrage . For me it is not just bearing the brunt of the outrage. It is ending such practices and sending an industry wide message that such practices are not acceptable. That can be done by significant fines. It seems to me and we dont know this, if there is any criminal action performed by anybody in the process of this if there was a coordinatedeft to do this and systemic effort to do this then that needs to be prosecuted because big banks should not be too big to be prosecuted and to be jailed in terms of individual responsibility. I dont know yet because we dont have all the facts but when you have the person who headed this division ultimately walk away with 124 million and you are not talking about clawback something is wrong. What more can be done to regulate the industry so Something Like this doesnt happen . Already doddfrank you havent been able to enact all of doddfrank. It is still unfolding as we speak. Is there Something Else that you can do to try and keep that kind of behavior from happening again . Well, look, we need to strengthen the Consumer Financial protection board. I know my republican colleagues want to slay it, kill its budget and authority. Here is a perfect example of why you need a cop on the beat. You need to as you learn the lessons think about what regulatory and or legislative kaf guards you can create. I would hope that the industry would come forward and say we learned from this and as a result of this we are not going to do perverse incentives so that they can come forward and be part of the solution and then it is the punishment side of this. If, in fact, you are caught here the punishment has to be significant enough that you dont think it is the cost of doing business otherwise we will see actions like these take place time and time again. That is something we have to consider. Thank you, sir. You are watching that Senate BankingCommittee Hearing next tuesday. Big interview tonight wells fargo chairman john stumpf will be on mad money. Ill bet members of the Senate Banking committee will not want to miss. 35 minutes left in the trading session here. The dow is down 245 points. Sounding a stark warning about the sell off. He will join us to elaborate on that next. Highlights from the delivering alpha conference, best ideas panel. Were drowni. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. 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