Situation. This is private industry that is out there. This is private industry drilling or fracking that helped that. There are some people saying that probably two months from now well see an even more supply that is coming online at that point well be filled up in terms of the storage we have and that excess capacity would go straight to the open market. Some people predicting that could put extreme pressure on prices. Did we roll over the contract . It was down at 42. Youre right. Thats a may contract. Expiring may 15. Thats down about 2. 5 percent. I like the idea. Were a cartel. Weve been, you know pillaging and plundering the world for 25 years but now were out of control. Will you other nonoutput guys come with us . Thats their way of saying its never going to happen. They know the United States is its not fair. Its not fair if the nonopec members arent cut uing. United states is a bigger producer than saudi arabia at this point. I love seeing them. Pay back big time. Hopefully it gets even more. Is this you . As for stocks if youre waking up this morning, here is how things stand as far as the futures are looking after the great day we had on what a crazy week. Up down. We dont know what to think. Going to get a little bit back and see whether we improve between now and 9 30. When we start down like that it seems like somehow it gets to triple for awhile. Yeah. Triple digits all though triple digits isnt much. Its a little different than what weve been used to. In the last six months or so weve seen a lot of triple digits. Lets figure it out. Less than a percent. Right. Yeah. All right and youll tell us about one of our frequent guests . One of our frequent guests is the st. Louis fed president jim bullard. He has a warning for investors today. He said markets are facing a mismatch with the future of u. S. Monetary policy and have the potential for major volatility. Remember the tamper tantrum of may of 2013 . Bullard said we could see another one pointing out in his words we have some potential for that today because the fed fund future path the market based one is a lot lower and shallow than the feds summary of Economic Projections. Bullard knows last week fed statement could have if youre reading between the lines on this. This is from someone in the room at the time maybe they will go ahead and hike in june. Theyre telling us just because theyre patient doesnt mean theyre inpatient but maybe it doesnt take a june rate hike off the table. I dont know at this point. I dont think they know. When they say data dependent. I think they mean that. We talked about the potential for another tantrum last week. Because the marvegts actsing like it. When you rise more than 200 points on idea you think its going to be locker off. And down 300 points. Right. Anyway. Here are the big stories other than that that were watching. Fed vice chair will give a speech to the Economic Club of new york this afternoon. Its set to begin a bit after 12 00 p. M. Eastern. And then it is titled Monetary Policy lessons in the way ahead. Wow. Im sorry im going to miss that. February existing home sales will be released at 10 00 a. M. Eastern. Polled forecasters are looking for sales to rise by 1. 7 . And in political news this was out all weekend. Ted cruz officially is going to seek his partys nomination for the white house. The freshman senator from texas tweeting just after midnight are im running for president and i hope to earn your support. Cruz plans to deliver formal markets from liberty university. Someone told me liberty is a pretty hard core in terms of just being a little bit further right. I think its virginia right. How the main stream media will contractharacterize liberty university. Take a look at europe which isnt responding to the session we had on friday. Its looking like everybody is seeing a little bit under the weather. Greece down 750 now. I thought there was some interesting comments going on in that saga. It is like a saga. They will run out of money by the end of money if theyre not given some of the the headline in the ft. Yeah i saw it before the ft. Its impossible. Theres no way we can do this. Im sorry by the end of april. Not by the end of may. This is truly a greek tragedy were watching what plays out. Well see what happens. Every week its different. Here is what is happening in asia. This is the best action weve seen in a really smart Market Strategies coming up i think, is pretty bullish on japan. Looking over at my right now. Weve been bullish on japan. We dont know who you are yet. What was oh you wanted to tease it out. Was that tv show what is my line . You didnt know who it was. Thats right. Who is directing . You cant follow along . Was that that difficult when i said i thought you were going to him, too. I dont know who you are, meaning please show us so you know you need to give them a heads up. Hit the button hit the button now. Go ahead. No. Theres the tenyear right now. 1. 1. 92. What is going on there . Rates are going up. Unless youre talking to mark grant who said theyre going down to 5 1. 5 and maybe negative. I should have taken off last week or the week before because now it seems expensive over there. 119 on the yen and then gold at 1180. It had a intermediauate term selloff and it bottomed. The dow and the s p ended three consecutive weeks of losses on a turbulent friday. The nasdaq did close before 5,000. Jason, you think that the consensus is europe does well. But not necessarily that japan does well. Is that why you like japan . I think thats exactly right. Most of our Clients International institutional clients are bold up on europe for the obvious reasons, which is the fact that the ecb is very much in the game. I think japan the problem with japan is people have gotten burned over the last 25 years, that people are like listen im going to make some other mistake. Im not going to make that mistake again. Having said that i think abe is doing a lot of things that are different. The japan 400 that is based on return on equity. Youre seeing corporate actions, corporate activism having some impact. They start to bring independent investors on to boards. Theres so much opportunity in japan. And, listen im not blind to the fact that its different. Its not going to be u. S. Style capitalism. The companies are cash rich. Theres a lot of potential. Especially if youre looking for yield anywhere you can get it. Japanese stocks are just seem to be almost a gymive me. They are longterm structure changes. You think youll see the payoff in just like the idea of getting women back into the work force. Thats not something you snap your fingers and it happens. I would say the same is europe. And japan has one advantage over europe to the extent youre dealing with one culture. You can try to move the ball in one direction. Europe, as we know you have at a minimum 17 Different Countries and a multitude of different ethnicities. And its not if it doesnt make people uncomfortable because its based on weakening the currency. Im cognizant of the fact its not the best reason to buy the stocks, but i think compared to the u. S. Japan and europe are cheaper, and theyre now, u. S. Is at the point where it may start tightening a little bit. Where as those countries are going to be easy for Monetary Policy point of view. Did you watch friday . I did. We had him on our conference on thursday. Yeah. I think my question about it he basically, i mean, some people say either they love the fed or hate the fed. No one or at least no one gives the fed as much credit as he does in terms of bernanke. Calls them heros. They saved us from a liquidity trap. Now my question was is that true . From qe they did that or 25 years ago or 20 years ago if either yellen or bernanke had been there, could someone have saved japan from 20 years . No. I think if i have a criticism, for all due respect who am i to criticize bernanke and yellen . The biggest problem i have you have given policy makers a free pass. At least drogmario dragi i would like to see a little bit more of that from chairman bernanke. As a result it put europe behind the curve. Its true but now youre getting all the countries. Lets say eurozone japan. They desperately need structure changes, and in some ways i view i think chairman bernanke was exactly the right chairman at the right time by the same token, there are limits to what Monetary Policy. I know a little bit about your political what would you have wanted policy makers to do . Number one the country elected president obama twice and also elected the congress that put the two die metically opposed to everything. Would you wanted to two policy makers to act on the president s solutions. Would you want the congress to do anything more than its done . It blocked at a minimum maybe maybe i have the biggest problem with the president himself. One thing that hasnt been tried globally is a supply side solution. Which is to say, listen the problem is youre not doing things to create Capital Formation. Youre not doing things here. Supply creates its own demand. If i do things that are good for right. Everyone benefits here. No one wants to try. And to me that would be a much better okay. Thats what when people say policy makers there can be your solution im talking about yeah but the fiscal policy that when people listen to you they might think you want infrastructure and, you know some of those. I dont know. All the other stuff. But if you look at the other you have very easy Monetary Policy. You have a regulatory policy that couldnt be any tighter. You have a situation where from one industry to the next and decide. Yeah. You have access reserves in the Monetary System at an all time high. The velocity of money continues to go down. Youre feeding the heck out of it. Trying to clean that up. Its not theres something in congress between adding tons to the Monetary System and then bringing jamie diamond down to washington every two or three weeks and wondering why theres no bank lending. Those two things dont go together. I wish a lot of politicians would stop trying to get scalps from something that happened six or seven years ago. We have to look forward. Thats the politicians. Its regulators as well. Listen. And the nature of regulations, you know its to fry to diffuse a bomb that has gone off. Theres going to be something. I guarantee us that the thing that gets us next is something that is not going to be focussed on by doddfrank. It will be a new modernization theyre not focussed on. Its the nature of the way regulatory systems. We call it a way around the world. Right. Its an adaptation if you will. But take your pick. Doddfrank, health care regulations, energy regulations. I know, the left would say, really, are things so bad and the president took another victory lap on the Huffington Post i think, the dire Economic Projections that people were warning back then didnt happen. Were like free and clear about worrying about entitlement. Weve had the most tepid recovery in history. Both sides argue counter factual. One side said were the best in the world. One side said were below plan. The wage growth is below zero. Were not flush right now. It could be doing much better. That would be my point to the other side. Im right of center. Its an alltime low. Its true that weve net the economy is doing okay. The irony is that the policies helped the wrong people. They have not helped the people they were designed to help. Which is murphys law and its ironic that the policies have helped the people that right. We talk about middle class economic s economics. And probably the stuff left would characterize as a payout to the rich tax cuts Corporate Tax reform probably would finally help the people that they were designed to help. But the other stuff that doesnt really help. Even, you know, paul m maccaulay is a friend of mine. Hes of the view its a trickle down approach but through Financial Assets saying for you create enough wealth in the system that all of that benefit will wind up into the hands of the people who are in the middle class. Right. And i would rather have trickle down through Capital Formation than financial asset reflags would be my approach. Im just humble businessman here in new york but thats the way i would look at it. Right. Jason, thank you. Thank you for having me in. I appreciate it. Next time well play the quiz show. Okay. Whats my line . I love that. I used to like that too. That was bold. That was old. I have to admit i dont know. It was good. They had three people and you didnt know who it was. I thought that was the dating game. Bachelor number one. The millennials think that i love that price is right. Drew carey has been the guy. Bob barber. Who . If you dont know bob barker you have missed out a lot. He certainly did. On that note. When we come back this morning a live report from washington on ted cruz and his official campaign for the presidency. Plus starbucks ends the race together campaign but said that the effort is not over. We will tell you what howard shumgts is saying to his employees today. Here is a look at this day back in history. E financial noise financial noise financial noise financial noise welcome back to squaksquawk box. Starbucks employees are no longer being encouraged to write race together on the cups. The companys efrts to promote Race Relations is in his words, far from over it set off a ton of criticism on social media. Starbucks said the part of the program that involved messages on the drinks cup was scheduled to end yesterday. Its going how they wanted. It was quoted in the New York Post saying someone brings up race to me before i had my morning coffee, my head is going to explode. I dont know what to tell howard at this point. I feel bad for him. You know what i mean . I think theyre slowly backing away from this one. Well see. Were going say we have more to say at a later date. Lets talk about hollywood news from over the weekend. Insurgent winning the Weekend Box Office with 54 million in ticket sales. The opening is short of the first film from a year ago. I think its the second of three in the series. And todays top political story Ted Cruz Making it official declareing himself a candidate for the white house. Richard jordan joins us from washington. Good morning, richard. Good morning. Ted cruz is the first to make it official. Many others are expected to join soon. For now its a oneman race. The president has effectively admitted reporter senator ted cruz is ready to run. Posted a video on twitter overnight and a message saying im running for president and i hope to earn your support. Today the texas republican is expected to say the words in what will be his first president ial Campaign Rally appealing to his conservative base. Cruz announces his bid in lynch burg, virginia at an evangelical christian school. Cruz a senator for just over two years is a tea party favorite. He is a valued member of the Senate Armed Services committee, he and i are friendly and i think hes a very viable candidate. This weekend california governor jerry brown went after cruz for dismissing the threat of Global Warming suggesting hes on the wrong side of that debate. Its shocking and i think that man has rendered himself unfit to be running for office. Reporter in a nbc news 40 of republican primary voters said they could see themselves supporting cruz as the partys nominee. Cruz is often a target for democrats saying hes too far to the right. If elected he would be the first hispanic president. His father was born in cuba. Great. Thank you. Coming up march madness a busy weekend of basketball in my house. All though, you know thursday night xavier plays arizona like 1050. You stayed up . Are you staying up . No way i cant. Unless i call in sick. Well have the winners and losers next. And then first, a look at last weeks s p 500 winners and losers. trader vo watching. Waiting. For that moment, when right place meets right time. And when i find it, i go for it. announcer vo at scottrade, we share your passion for trading. Thats why we give you the edge, with innovative charting and trading features, plus powerful mobile apps. And now, get up to a twothousanddollar cash bonus when you roll over your 401k or ira accounts. 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