It topped speeds of 200 miles per hour. Not sure where you would be driving 200 miles per hour. West side highway anyone . Robert will be joining us with the story in the next half hour. Joe mentioned that today is the last day of the First Quarter. We had a really big rally yesterday although volume was light but the dow and s p back in positive territory for the quarter and noticeably the s p is trying for the ninth straight quarterly gain. That will be the longest quarterly winning streak since the mid to late 1990s. Check out the futures and it doesnt look like theyre cooperating. Theyre down by triple digits. Its a decline of 103 points. S p is looking like its indicatinged to open down by 13 points and the nasdaq is down by 22. Its triple digit moves. Heres the other big stories were watching. Today is the deadline for the u. S. And five other nations to reach an agreement over the nuclear program. Theyre back underway in switzerland and look to be going down to the wire. Well have more on this story in a few minutes. On the economical lan der, three releases of note. The home price intex and chicago pmi and consumer confidence. Go daddy expected to price its ipo tonight. The company perhaps best known for its sexy super bowl ads is looking to sell 22 million class a shares between 17 and 19 each. In Corporate News ibm is investing 3 billion in an internet of things unit. The division will work to gather large amounts of Data Collected by smartphones and tablets. Connected vehicles and appliances. Theyll then use the data to help Companies Better manage their businesses. The tech giant is teaming up with Companies Like twitter and the owner of the Weather Channel and is that us . Yes it is us. We still own it right . Yeah. From one of the guys over there. We cant say us. Were not part of it. And vail resorts is buying the largest Mountain Resort in australia. The price tag only 136 million but the deal is notable because this is sails First International ai was situation. And shares of Tech Resources are underthere this morning. Look at that thing. Theres no r for you to role there. It sounds like a greek kid i went to Elementary School with. Greek to me. Denying their in merger talks. Shares rallied on a report of early stocks. Turn up the can you see how theyre so dark. Totally dim. Do you see how the other ones you can see the word. Were talking about the teleprompter. Should i wait for break for this . But who turns that down. This was bad too. Anyway controversy still brug over the new indiana state religious freedom law and today a similar bill is headed for a vote at the arkansas house. If passed the arkansas governor has promised to sign it. Meantime indiana governor mike pence is defending his states move. He penned in todays wall street journal and argues the law has been grossly misconstructed as a license to discriminate. The governor writes in part i believe in the golden rule that you should do unto others as you would have them do unto you. If i saw a restaurant couple refuse to serve a gay couple i wouldnt eat there. It says the states new lawkon tans no tan law contains no reference to Sexual Orientation and mirrors a law from 1993. What we talked about is the timing is so different. National attitudes toward gay and lesbians being able to marry has changed very drastically and rapidly. Not only that indiana recently allowed, i guess the state Supreme Court wouldnt disallow marriage and you see this all comes right after that. I think the difference is that indiana does not have an antidiscrimination law. You can read what he says you know people that are interpreting the law say theyre not really sure whether a flower shop or a wedding cake maker could discriminate. You know i guess it probably would allow them. If it would then theyre going to tweak it. So theyre working now with the legislation. If thats really not your intention. If your intention is just to protect people that want to have carriages because their religion doesnt allow them to drive. Fine protect that but make sure that youre protecting people being discriminated against. We will see a change. Tweak it because there is a difference between the federal law and this one. Theres enough of a difference to where this is the one that people are upset about. Right. It doesnt explicitly say these things. It is open to interpretation and a court could use that as a defense for why you would allow discrimination. Can you believe they would pass a law in which they intended to discriminate against. It doesnt matter if they intended to or not. Would it allow a certain Intolerant Group or business or whomever to discriminate . Because we dont need any discrimination anymore. We just dont. Is it zero tolerance for discrimination based on this so fix it and the journal goes to Great Lengths to set up this other argument that you know liberals give tolerance to everyone except for based on religion. So they have gone off on the other side. I think if you end up changing the language you can do both in this case. Lets get a check on the markets this morning. The dow is indicated down by triple digits. Decline of 105 points. S p futures down by just over 15. This comes after a big update for the markets. Dow yesterday was up 1. 5 . Gain of 263 points. S p up by one and a quarter percent. Nasdaq with a gain of 1. 15 . This morning in the early trading in europe you can see there looks like theres red arrows for the major indices. The dax down by half a percent. In asia overnight the markets there following our lead from the day before. At least the hang seng was up slightly. The nikkei closed down by and shanghai by 1 too. In terms of what has been happening in the oil patch, check it out, wti is down another 2. 4 . 47. 51 for wti. Mt. Bond market the ten year note at this point is yielding under 2 . 1. 954 and in currencies this morning the dollar is up against the euro which is back at 10738. Its down against the yen at 11999. Gold prices right now down by about 2. 81. It is the last trading day. Lets find out if theres some opportunities in the Second Quarter and beyond. Joining us is michael. What do you make of yesterday . Always hard to find cause and effect but they said the Health Care Mergers of which there were three got the animal spirits going and caused the big run up. Is that it . For sure. U. S. In the later stage in the market so you have more m and a activity and we think thats been great for returns. Particularly Health Care Sector. Had years markets have been much more maco effected relative to last year. Here in the u. S. And overseas. You had Central Bank Activity and here in the u. S. Those issues have been head winds. They have been interrupting the upward trajectory of the market and making returns lumpy for their First Quarter. Those issues have been tail winds and bolstering returns over there and supporting them. We think theres opportunities on both side of the pond here. Later stage in the u. S. And looking at m and a activity but when you look at europe you see a lot of good opportunities because of the programs theyre introducing. We just dont know at this point how much its about 50 50 how much of the Market Action is due to the fed. If the market is effected. How much of it justifies our valuations. Pu see the market have a lot of trepidation when theyre going to start the easing that would indicate some of the gains are because of what theyre doing. If people are stepping back from the market because the fed isnt going to be there anymore the market doesnt deserve to be where it is anyway. If you retain earnings power and the steep yield curve here in the u. S. Youll get it. What does that mean if you retain earnings power . If you continue to have descent industry. Theres a lot of xs. Theres a lot of xs. All my exs live in texas but these are right here. Yeah. Did you see the piece . Well have kevin on for two hours to talk about it. Scared me again although he is saying that for awhile. The fed needs to be more aggressive. That at 5. 5 you, in the past, that has been enough to cause some Wage Inflation and for the fed to say we dont like 1 inflation, we would rather get it up to 2, to try to in gender higher inflation is a little strange because it always comes back sooner or later when you get back down to 5 . I think tightening show is about to start here. Theyre getting people in their seats. Theyre, you know the lights are going on and off and tightening doesnt necessarily mean markets do badly. It really depends on where rates get to and how fast. What if theyre tightening at the same time were watching gdp swoon again and growth rates up less than 1 for the First Quarter potentially. Im not sure they ruled out any action. Well hope theyll be sensitive today at a here and approximate they see the dollar being too strong or if they see too many of these economic numbers be too low im not sure theyre going to be in a hurry. Theres pressure on them to act for sure and its coming but im not sure its going to come as soon as folks expect. Particularly if we get the weakening. You suggested earlier that people should be more invested in european stock and when i think about that i think am i also going to have to hedge against the dollar . Is this dollar move going to take away any of the returns i get over there . And hedging is so expensive for an individual. How do you measure the risk and offset . We think the euro probably moves a little lower. It obviously had a very large move already so hedging some of your International Exposure probably makes sense. There are vehicles to hedge now that you can use that are not that expensive. Hedging is a function of Interest Rate expense. Interest rate expense in europe. Pretty low. They actually theoretically could pay you to hedge. Right. So we think hedging is probably an important part of the International Exposure. You dont want to go overboard because you had a big move in currency already and if you hedge it all out and the euro strengthens which no one is expecting. But could happen. When nobody expects it thats exactly what happens. Thats when it does. We do think theres vehicles to hedge and a portion of your International Exposure should be hedged because as they were saying earlier so far if you werent hedged most of your overseas returns so far have been negated by the currency. It would be amazing if we did if were all wrong on inflation because were looking at the rest of the world and were so sure that its sort of going to be quite and the point hes making the fed is talk about raising rates so slowly if for all 2016 theres negative rates and then you get to break even on real rates in 2017. As thats happening and the Unemployment Rate continues to drop, youre its a witchs brew thats going to all of a sudden theres going to be inflation coming out of nowhere and were going to say holy cow we let the genie out of the bottle trying to in gender wage growth with people and here we are. When things heetd up too much too quickly. Potentially, yeah. I would say in the u. S. Were close to full employment. They want to dip below 5. The issue is you have close to full employment but i would say you have also fairly low enjoyment, you know you have a pretty high savings rate and spending is temperature spending is tepid. Most people rolel their eyes. They think youre crazy if youre still beating the inflation drum. I wonder if we have gotten to the point where were too complacent about it. You always have to be vigilant. Thats the worst thing for Financial Assets by far. Yeah theres a good piece of news about complacency and the good piece of news about complacency is if you want to hedge your bets against some Disruptive Force in the market whether its inflation or a current sy problem you can buy protection and when volatility is reflecting complacency and its relatively low you can buy cheap protection in case things go south. Thank you. What are you right here . Right here. Really . Walk across the street. Yeah. Nice. Welcome to the neighborhood. Thank you. All right. More on the developing situation with the iran negotiations. Joining us is david gordon. Good to have you here. Great to be here. Are you making any estimated guesses here about whether or not theyre actually going to get a deal done today when it comes to the negotiations going on with the five nations. Were going to get agreement to continue. Whether its going to be a deal or not, unclear. So it looks as approximate the pf plus 1 has blinked a bit in terms of what the deal quote unquote, is going to look like. The u. S. In particular wanted a deal that layed out a frame work in a fairly robust way. The iranians wanted more of a political document that said heres where were going and well work everything out by june. Looks as if were heading toward the ladder rather than the former. Thats going to be a political problem for president obama. Why is that happening . Well i think the main reason is that the iranians and the p 5 plus one have been unable to resolve the final issues that exist among them. Sounds like youre suggesting that the u. S. Is giving into the iranians. Am i reading too much into that . I think youre reading a little too much into it. I think what this is is that the u. S. And the other p5 plus one are in effect extending the deadline to june rather than declaring the talks a failure because there has been a lot of progress in the last few weeks. We have been at this since now 2013. Its starting to feel like a failure failure. Thats what those critical of the administration are going to say. Thats what the saudis are going to say. Thats what israel is going to say. Thats why this form of an extension is going to be a problem if thats where were going and thats what the signals appear to be early this morning. Sounds like Foreign Policy or diplomacy. How difficult has yemen made the sif wags in terms of seeing the jurors rain jurors uranians active in the middle east. Its going to mean its going to be much harder to get even minimal concurrence on this from saudi arabia. From the other gulf states and from israel who are going to say, look what youre seeing here in the face of a negotiation is not an iran moderating its behavior but an iran becoming more assert tif in the region. Again, thats the political problem here that president obama is going to face in trying to sell this deal. So im more pessimistic about the ability to resolve this by june as we go forward here because i dont think that why is the administration so insistent on trying to do this . I think that president obama made this an enormous priority. I think hes correct that could we get a good deal with iran that would be good for the United States. But he layed out a technical deal of what it would look like. If theres a vague and political statement that comes out at the end of the day without clear parameters on what that means its going to be hard for him to defend that as a good deal. David let me tell you what were hearing early on. It sounds like the iranians would like sanctions lifted immediately up front before anything else is promised. It sounds like theyre not interested in significant oversight of their future research and development and theyre saying no way on exporting their uranium they already have. Do those make up for a good deal . No theres no way in june that those three attributes can possibly remain in place and have a comprehensive settlement. Thats the definition. Those three issue where is they are now is the deaf mission of a bad deal not a good deal. What do we get from that . Do you know offhand . No thats the problem here is that without the export of the already enriched uranium and without a phased a phased pattern of iran does x, sanctions are lifted some what iran does y, more lifting of sanctions, that unless youre in that kind of world i dont think you can get to a comprehensive deal and thats why i think theres going to be a lot of skepticism if what it looks as if where were heading now is indeed where were heading over the next several hours. It almost looks like the europeans want a deal so badly to do business with iran and obama wants a deal to have it as his legacy issue of somehow getting some peace deal with iran that were almost ready to give it away. We think its going to happen anyway. I think its going to happen. It looks as if its going to happen today but i think that were now in a scenario of what i called march success, june failure. That i think if you unless the iranians move on the three issues that you raised you think you can get to a comprehensive settlement in june. Right now the question that members of congress and israel and saudi arabia are going to raise, if they wouldnt move in march, why do you believe that theyre likely to move in june. Thats the problem here for president obama. Were not even approach broaching the subject of trying to ask them to change their behavior in terms of sponsoring terrorism. Thats right. Were not even talking about that. So with those three things we cant monitor and we wont export any uranium and they want the sanctions immediately then i dont know what that leaves. What youre going to see today wont be an agreement that says that theres going to be an immediate lifting. That theres not going to be monitoring, that youre going to get much more of a political statement saying that both sides will seek to resolve any issues that remain between them between now and june but again the question is having set this march 31st deadline if you couldnt get here now why do you think theres a realistic chance of getting will by june and essentially these are the same issues that held up in agreement back in november. Well on that note david, good to have you on. Thank you very very much. Feeling more and more like a pointless exercise. Going to happen either way though. Yeah. Still to come this morning, under fire from the sec and now she is getting advice from a man who had his own high profile fight with regulators. Colorful words of wisdom from mark cuba