About how far weve come in a market for the s p 500 that has just about tripled. The dow jones not nearly as much, but still a huge move higher. The charts, this is in real tile. The dow industrials, yes, up 160 since that march 9th closing low. The s p 500, 193 , so yes, nearly a triple 676, that was the closing low price on the 9th, 666, the number of the beast, day low the day before. Nasdaq composite setting it up 267 . If you take a look at the next layer of the onion, where we saw the biggest winners and losers overall from a sector perspective, the retail stocks, consumer stocks, up 377 , and of course, we know over the last couple of years, with the sharp drop in Oil Prices Energy stocks have been the big lagguard, up but since marlowes in 2009. Put it in perspective, stock winners and losers. Delta airlines, 1,000 gain since then. Netflix yes, it was around, up 1667 . General growth properties, once a 38 sent stock, was thought to be going bankrupt. Up nearly 10,000 then. As for the lagguards again, its only at 42 since the lows. Eneterge, they didnt go for the defensive name and then trans ocean, down 77 since that. So again, just to put this in perspective guys, i remember the days when we saw stocks like under armor hit 3 a share, or starbucks hit 4 a share. Look where we are now. The vast majority of stocks to have bought that day would have been the trade of a lifetime. If we listened to mark haines, i know i didnt go career long at that point. Which is youre here. Were all still working. That was seven years ago today. What do you do now. Lets bring in ron and jeff of kkm financial. Ron, good to have you here. You know, intuitively, you want to say you go up every year, at win point, you cant go up every year, so you tend, just based on the numbers, you tend to get bearish, no . You get moves that, you know, if you net them out over 50 years, there is an average gain for the stock market. But listen, the easy money has been made. Ci citi group was so worried to buy it. Ge. My stomach turns at the thought of it. Everybodys did. Thats why it was the trade of a lifetime. That much fear, the stepping in at that juncture, as mark suggested. Not as much fear now. Not as many tail winds, and we may be well, with respect to where the fed is versus where they were. I was raising my eyebrows at the lack of fear in the market. Jeff, i dont know if you want to weigh in here, but in terms of fear in the market, isnt that youre seeing the bid to gold, isnt that why gold is in a bull market since the start of the year, utilities up, i mean, there is a certain level of fear still in the market as evidenced by wanting to be long defensive trades. Melissa, absolutely right. Once it was unleashed last august. Remember, folks, volatility goeks up and down. But to your point, melissa, we saw it above 26, just a couple of weeks ago. This bipolar market has gone completely the other way and seeing complacency back in. Im cautiously bullish, but a variety of reasons. It has to do a lot with the ecb. Mario came in disappointed. Will he be super mario tomorrow, i think he will. Is now the time to buy stocks. Also, good times to sell stocks. Is this one of those times . I think its a good time to buy some stocks. Were looking into the financial sector, absolutely crushed. Look at bank of america. Down 21 year to date. Hot money move this sector down. So i think there is a lot of opportunity, and i like it, yes, 40 lower from a year ago today, but i like these discounts, bargains, because you will see the financial prevail. On my long commute listening to fast money, you had a great guest. Joe, you called him the godfather. Granno. And he made the comment about buying private Equity Companies i believe. He would agree with jeff. Theoretically it would be a good time to pick through and value here. I would rather by private equity than private Equity Companies. Weve seen that time and time again, hedge funds that have gone public, deals out perform their stocks. True. But thats rare. I disagree, ron. Look at kqi, the last five years, even with the drop down, theyre up 16 . You have to let the pros go in there, the uncertainty out of washington, let them come in here and do the job for you is my thought. Youre rolling your eyes at financials over all. Mean reversion, this is one of those instances, no. Even if some of them are selling at 60 or 70 times book values, if interest goes up, its going to flatten, net, more difficult for banks to perform well. Listen, i think, you know, if anything, you go contrary on some trades, but longterm investor, youre buying all the names you love at cheaper prices. This is a traders market. Long short, swing trading, whatever makes sense. Thanks, guys, thanks jeff. The u. S. Government just borrowed some money. Lets get to ron. Ten years worth of money, right. Its kind of backtoback. We had 20 billion 9 year 11 securities. 20 billion in total. I gave the auction a d as in dog. Actually half a grade lower than yesterday. A time when there is fails in the repo market. The yield at action, depending on how sharp your pencil was, thats about a full basis point tail. It was around 188 trading in the one issue market. 249 on bid to cover since august of 13. Lowest since january 15, not that long ago. And on the directs, 11. 1, dealers take about 32. 4 of the action. And you know, whether its Central Banks, meaning or many that are looking to find some tens, looking secondary market. I cant answer the question why the demand has been running so poorly, but very important to Pay Attention to, especially tomorrow, with a dozen 30 years on the block. Brian, back to you. Rick, thank you, sir. Crude oil doing really well right now. Up 3. 5 . Were going to head back to the one town that maybe tells the oil story better than any other in america. It is not in texas. It is williston, North Carolina. We first visited there in october 2013, it has fallen, last year of december 2014, where it was by the way, minus 20 degrees during our first morning hit. It is expected to be 60 on thursday and friday. 80 degrees swinging temperature. Listen, were going there for one reason. A, we met a lot of nice people, see how theyre doing. But also, try to understand a little bit more about what is going on in america. I think the thing thats surprising, despite the fact that weve seen prices come down so much, Oil Production is still very high, and i want to go to wells and find out why are you still taking so much oil out of the ground. I want to go to the man camps and see if theyre equally staffed as during the boom. I dont want to give away everything, but i will say this. Some of them are not staffed at all. These were i met a guy ghost towns basically. December 14, whatever it was, met a guy who paid 600 a month for an unheated, unplumped gar range. Towed go to the bathroom outside. No heat, 600 a month. I have a feeling thats changed. Really nice people. Theyre sort of the epicenter. Boom and the bust, yeah. Looking forward to it. On deck, after a big drop, could this be the one group that really helps your money take off . Do you want to invest in transports . Plus, new polling indicates that a majority of americans have some pretty negative feelings in both parties 2016, shaping up to be no doubt the ugliest president ial race. What could possibly left to be said. You might be surprised. Debate coming up, watching cnbc. Were back after this. Anything worth pursuing hard work and a plan. At baird, we approach your Wealth Management strategy the same way to create a Financial Plan built to last from generation to generation. Well listen. Well talk. Well plan. Baird. Im in charge of it all. Business expenses, so ive been snapping photos of my receipts and keeping track of them in quickbooks. Now im on top of my expenses, and my bees. Best 68,000 employees ever. Thats how we own it. Welcome back to power lunch, transports have been out over the past month, but dow up 7. 3 . Can transports continue to trend higher or head south again. The bull is gene peroni, our bear fast money trader, brian kelly and managing. Gene, ill start with you. Do we need a bottom to be bullish transports . Well, i think that its important youre seeing a significant bottom, maybe a trading bottom, maybe something more significant. But with that, the transports have been coming along quite nicely on february 8th, we began to see them out perform the industrials on a year to year basis. Not a theory just yet because of last years sour performance. We have some pretty constructive elements here. Theyre providing a bullish under pinning for the market. What may be the beginning of a tradeable commodity space, what other factors are there . You could make the same case from the bounce in the financials, with the stabilization of oil, because of energy exposure. Plenty of other sectors have found what appears to be a bottom, how do you separate the real bounces, the investable bounces from just sort of a flash in the pan . Well, when the dow theory was created, it was called the rails, not the dow transports. Now the transports have a number of different subcategories. You want to Pay Attention to the rails, which have come up nicely from their lows and oil come up nicely. When we look at the stocks, though, in the transport index that are above moving average, the Number One Group is the airline group. That underscores maybe more Business Activity and also, probably more consumer confidence. Right. We see the truckers and Companies Like ups doing better. I think the the transports are indicating there is not going to be a recession. The economy is doing somewhat better than the overall market has been depicting. Brian, i want to get your take. I know youre bear on transports. You dont believe there is a bottom necessarily in km commodities. I would separate airlines from the transports. I mean, we were just talking about the fact that the rails might be separate. So but in general, talking about the transports, ill use the data that we saw today. Wholesale invento wholesale inventories tick up, thats due to the restocking, last quarter, we had a d stocking, inventories were down. Now weve restocked. But what concerned me about that number today is the inventory to sales ratio. That is increasing, and were at a level that we have not seen since 2008. So thats telling me that sales are not going, increasing as fast as inventory. So when i look forward, youre going to see inventory sitting on the shelf, discounts coming, that means youre going to put less things on trucks, on trains, and on planes. Is it a sell across the board in your view, brian. I mean, for me, top down macro guy, im going sell is the way to play this. Gene, im curious in the way that you invest in the transports, what will cause you to sort of pull in your bull horns on this sector so to speak . I mean, right now, oil has made a tremendous progress in the past month. If we see a pull back to what level, will you start getting more concerned about your bullish stance . Well, i think on the trading basis, if it broke below 30, that would be a psychological to grapple with. The Double Bottom we hit in west texas 26s probably a reliable bottom for the longer term. More upside than downside. All right, guys. Good discussion. Thank you, gene and brian. Still ahead on the seventh anniversary, what could keep the bull alive. Much more power lunch straight ahead. Youre an at t Small Business expert . Sure am. My staff could use your help staying in touch with customers. At t can help you stay connected. Am i seeing double . No maam. Our at t buy one get one free makes it easier for your staff to send appointment reminders to your customers. And share promotions on social media . You know it now im seeing dollar signs. You should probably get your eyes checked. Good one babe. Optometry humor. Right now get up to 650 in credits to help you switch to at t. Where selfproclaimed ofinancial superstars , pitch you investment opportunities. Ive got a fantastic deal for you gold with the right pool of investors, theres a lot of money to be made. But first, investors must ask the right questions and use the smartcheck challenge to make the right decisions. Youre not even registered; im done with you i can. I can. Savvy investors check their financial pros background by visiting smartcheck. Gov welcome back to power lunch. We are on the hunt for value on the seven anniversary of the bull run. So where should you be looking . Joining us, bob phillips at Spectrum Management group and. Guys, good to have you here. What do you think happens after the seven years of a bull market . Where do we go from here . Higher, lower, bob, or he thinks to think were going to be stuck in a trading range. I think were going to go high, but right now were in the trading range. The s p turned negative last fall, and it is still in the negative trend. Were in a range between 1820 on the downside and about 2022 on the high side. Without significant break out of that 2022 level, were going to browns around. This year is going to be extremely earnings dependant. What do you do in that situation, you have to be a stock picker if youre going to make money in a flat market . You do, michelle. Our clients are Business Owners and professionals that are strategically trying to build their financial future. Its been a difficult environment the last several years. We focus on High Quality Companies with good cash flow, growing cash flow and strong Balance Sheets. And if we can bring those to the table, you still have price volatility, but you get some Downside Protection and you are gating a decent dividend hopefully. Specific names in a secretary, but ross, let me go to you first. What do you think happens from here. Higher, lower, stuck in a range . Well, considering the election process that were going through right now, its going to be really hard for stocks to really get that bull wind behind it. But i look at this as a corrective year. We have a massive shift in wealth and flows of capital due to the decline in oil prices, which ultimately is very positive for this country. So we love what is happening right now, because were able to position in the companies that we really like, thinking out to 2017, as longterm investors, we really like the opportunities in the market today. So when you look out past the election, we see the bull market resuming and being very strong, because the underlying u. S. Economy continues to do well. Regardless of who wins . Well, i think there is positives and negatives to both potential people, as winners, because i think donald trump is full of it. I dont think he is really this right wing. He is really a democratic. So well see what happens if he wins. I think the second thing is i think hillary is the better choice for the economy and the markets longer term. Okay, so bob, let me go back to you. Cisco and t. J. Max were the stocks we were showing people that you like. How do they fit into your criteria, strong Balance Sheet and good cash flow. They meet the criterias, michelle. Cisco in particular, you know, its trading about 12 times forward earnings, a cash flow generating machine. Paying 3 dividend. Been aggressively buying back their stock the last several years. Theyre right in the middle, so there is a longterm trend that favors them, i think substantially. So i think its a company that you can look at and five years the dividend will be higher. T. J. Max, one of the largest discount ter discounte discounters, and what we like about them, going back to 1996, they have not saturated the market with stores. They have more stores to build out. Theyre building their online presence. Quality company, quality Balance Sheet. Extremely well run. You can count on higher stock prices as time goes on. Okay. Their market. Ross, i see a lot of check on your list here. Facebook and netflix and also, apple, which you qualify as a value play at this point. Yeah, its probably the greatest value stock ive ever seen with 200 plus billion on the books and also seven pe. So many people counting the company out. Apple has its challenges in front of it, but i think theyre going provide some solutions this next week as well. But facebook is killing it right now. Its a wonderful company, and a great business. Theyre growing on every level and a real lot of ad spending going on with the political process going on. We think theyre wonderfully positioned as well. You know, there is a lot of opportunities in the markets right now if you think longer term. Of course, there is risks with every security, but you know, youve got to think longterm. I think there is value out there. Over the longterm, it usually works out. Bob and ross, thanks so much. Go to power lunch. Cnbc. Com at you see there on the full screen. More on the run for the white house and some poisonous politics. Most negative president ial campaign ever . How low can it go . Well be right back. My mom loves giving me advice. She even gives me advice. About my toothpaste and mouthwash. But shes a dentist so. I kind of have to listen. She said jen, go pro with crest prohealth advanced. Advance to healthier gums. And stronger teeth from day one. Using crest toothpaste and mouthwash makes my. Whole mouth feel awesome. And my teeth are stronger too. Crestpro health advanced. Is superior to colgate total. In these 5 areas dentists check. This check up . So good. Go pro with crest prohealth advanced. Moms right. Again navigating todays business landscape. Cisco and papal cfos global challenges and their strategies for the future. Squawk box, tomorrow. Update by comcast business, built for business. Hello everybody. Welcome back to power lunch, here is your cnbc news update this hour. The director of the board of health in massachusetts says one employee at the closed chipotle restaurant had a confirmed case of noro virus and two more employees may have it. The restaurant has been cleaned and expected to open tomorrow. Speaking at the start of an antidoping conference in london, former antidoping president dick pound criticizing Maria Sharapova criticisms. She has to know whatever he or she is taking is not on the list. It was willful negligence to miss that. According to a new report by credit card. Com, most people asked for a late fee waiver or Interest Rate dedeks greduction. Analysts say the credit card market is so competitive, sho s issuers usually do say yes. Spom band in indonesia were positioned perfectly,