He was still doing concerts and theres a place in new york city called b. B. Kings. Have you ever seen him in concert . I have a couple of times. Lucille and born and raised in mississippi which was one of his alabama lumbars too and whats weird is mike nice tie, i think albert king was born in another great blues guitarist that played with the guitar the way Jimmy Hendrix did, learned to play it this way even though they din change the strings. And he was from there. How weird is that. And both named king. But not related. Sure. Very weird. That was very sad to hear that. I love great guitar player and great guy. Always seemed like he was in a good mood. I never met the man. You mentioned 330 day ace year and never stopped working. On the road for decades. He saw how it made his audiences feel too. It might have been called the blues. But it made you feel good. Made me feel good anyway. Now to wall street news. Lets get you up to speed on the markets. U. S. Equity future at this hour right now they imply a positive open after yesterdays gains. Dow higher by 36 points. S p higher by five more points. Here are the big stories were watching today, joe. Heres a couple. We probably have avon in here somewhere but first well start with the economical lan calendar. The may Empire State Survey comes out. And then Capacity Utilization and consumer sentiment. Macys shareholders are gathering in cincinnati where the retailer is holding its annual meeting and this afternoon baker hughes gives traders a read on the number of drilling riggs actively exploring for developing oil or natural gas in north america. The United States as well as canada. Were going to do a story about the interview with crowd funding for backyard drills. If you want to drill oil in your backyard. Thats coming up. In Corporate News there appears to be a stumbling block in the expected conclusion into a probe of rigging into some of the worlds biggest banks. They want assurances from regulators that they will not be barred before agreeing to plead guilty to criminal charges. This is said to be causing a delay in a settlement. They are expected to plead guilty to rigging rates to benefit transactions. The wall street journal reports the Justice Department voided a 2012 settlement with ubs over the issue with more than a year of talks. Among some stocks to watch, El Pollo Loco posted better return in revenues. Theyll fall short of estimates. Is there any cool way to say that . El pollo loco. The crazy chicken is what it means. I could have come up with that. A mixed quarter at nordstroms. Earnings and revenue topped estimates and they were driven by demand from memory chips. Party city reporting Quarterly Results for the first time as a publicly traded company. Earnings topping estimates and bigger demand for licensed birthday products and balloons. Shares of king digital getting crushed. Beating the street on the top an bottom line but warning of seasonally softer growth in the mid year period. Green mountain under pressure. The fourth coming keurig kold will be betweenat too high a price. Is it iced coffee. Gold . Cold with a k. Oh i read it wrong. The idea is they wanted to displace soda stream. It is cold. Its colded stuff but not necessarily iced coffee. At least youre here. Thank goodness. Cocacola has a little investment in them and thats been they have to expand the market. So its like soda stream. At least part of that. Your counter top cold drink. Right. So its not iced coffee. Theyre going to compete in the selfcarbonation market. Okay. Good. If you werent here that seems way more expensive. But nobody has any idea what to do with it. Lets check on the markets and see where the futures are and at this point it looks likely that the s p will as we say, quitely trade at another new high and the dow is not far from trading at a new high. We have been talking about it. Not much going on for 2015 so far. Well talk to mike about that in a second and i have got some other people as well. Lets look at europe. A quick look at whats happening over there and we can see that germany and france and ftse all trading higher but greece is lower. Im surprised youre not more animated about this story. About mario draghi telling people there are trade offs to quantitative easing. Sometimes capital goes to places it wouldnt go and leads to inequality. Were talking about wealthy people that own stocks. I think theres a wink and a nod in this country because we know that thats what happens because the whole reason for qe was to get the animal spirits conjured up by making the stock market go up. Youre moving people out the risk curve but i dont think the fed think with demand as week as it was following the financial crisis they dont think they pushed it out as risky as it could get. It happened in emerging markets where theres all kinds of stuff but do you think theyre worried its gone in places it couldnt go. I dont think they think its there. Its one of the reasons theyre looking for the opportunity and the evidence thats going to let them move and the longer it lasts the worst they use pig latin when they talk about it. We have 70 something of economists think september is the day they go up. Its a point they dont ever want to acknowledge in their trade offs. Theyre talking about risk to Financial Stability and thats code for people reaching for yield. Stuff that could blow up. So you shouldnt have said anything its average trade. They dont really no they dont obviously want to light the spark that has people calling fire. How do you say income inequality . The fed would say they dont have other instrument ifs they want to stimulate the economy and jobs. Hopefully the economy doesnt need stimulating because they dont have them. All right. Where were we. Asia is another part of the world where they trade stocks. Where theres quantitative easing going on. Theres quantitative easing everywhere i think. Thats the one thing that might save us is that everybody finally lets take a look at oil which has not been you know and the rig count did go down and russia and saudi arabia both said they had won in terms of putting these guys out of business. They can open it up immediately, right . Right. And then the market acts. Basically opec admitted its no longer cartel. Theyre going to let the market push prices lower to drown out the other players and then they come back in but then theres more supply. The price goes down. To cry victory is actually i think crazy. They have to admit that the cartel just doesnt work. Doesnt work. Because 60 if you had told someone they could find a level at 60 its like oh no going to fill it up and not driving for awhile hoping it comes back down. Lets look at the ten year. We should probably just have the bund in there all the time. We should always look at it. Thats lower than it was this week. Got all the way up to 2. 3. The dollar taking a quick look which is correlated to all of the stuff that were talking about and even more important stop. It got to 114 at one point. Like that. Finally gold. Take a quick look and well move on because gold has been like watching paint grow for awhile. The s p thats like rocket surgery. Its not rocket surgery. There was a bear. I have to tell the story. Im sorry. Monday and tuesday where i live out in new jersey bear sighting. Big bear. Not a little bear. Big black bear. Get your pets inside. During the show hes getting warning phone calls from the municipality. This morning my normal driver wasnt there and my other driver doesnt pull up to the drive way and i get in the car and he said you have bears here and i said yeah it was on tuesday. Hasnt been seen since tuesday. He goes no you have bears. I went around to get you some water out of the back of my suv and huge black bear 20 feet away and a cub crossed the street at 4 45 in the morning. Oh my god. Anyway i dont know what that means about fill. A bear has been spotted in new jersey. We have coyote sightings in my neighborhood. I heard about coyotes. Theyre the size of a cocker spaniel. This is a bear. You can smell a bear too. Anyway, we have phil orlando. Im trying to give you a tip. You see a coyote it means nothing. You see a bear. You have to think about it. I dont know. Tell me. Chief equity strategist is here. You not at barons. 2. 5 years ago i left. Hes online. Thats where the future is. Quite records. I dont feel flush in terms of gains for 2015. Is this the way you continue to go higher. This is a market that everyone hates. Were very impressed with the fact that given all the head winds in the first four months of the year the weather, the currency, the oil, the port strike, whatever the stock market basically goes sideways up about 2 or so and what we think the market did they were smart enough to look through a lot of the issues that hurt Economic Activity and corporate earnings earlier in the year and from this point forward we think the markets will start to discount better news in the second half of the year. So were sticking with this 2350 forecast which is pretty aggressive which implies roughly a 15 return over the last 8 months of the year. The market is going to give us that and be this very quite and grinding action into the end of the year. I have a question for both of you. Its only 2. 2 . Do we look at it on an absolute level or are there on these levels. If it goes 75 basis points in a week look at that move in the bund. But its sharp. How should we look at it . Is it threatening. Because of where the absolute levels of rates are, its not threatening to the real economy. Its not about raising the cost of money. We werent saying the only reason the economy is recovering is because bunds are around zero but the concern is theres too many people trapped and on the wrong side and obviously it it up ends whatever Capital Markets activity was in place. Long european bonds was about as consensus as dollar going to parity. What to do and you should do it. Why should the overall stock markets, every sector of it sell off when theres dislocation. They lose a lot of money. Once in 100 years lets back off. You think thats the effect you have. Its not really systemic to the system. You dont know until it slows down and stabilizes. I guarentee phil orlando doesnt care what the german bund does do you . We do. From a macro standpoint our bond guys have been focused not on the fundamentals but what the bund is doing and thats been the relationship. Throw away currency inflation, Economic Growth all of that. Its been the relationship between the benchmark tens and the bunds. A year ago you knew that the german bund was not a cake. With a t. No we absolutely knew that. Because we have people. It has a swirl on top. It has a t on the end. You knew there was Something Different from the cake. Absolutely. We saw the treasury doing what it wasnt supposed to be doing based upon economic fundamentals here and the only conclusion we could draw was none of that mattered and it was the japanese yields and german yields driving our yields. Youre saying the u. S. Economy was getting stronger so in theory the u. S. Longterm rates should have been rising but they werent and they were held down by german bunds. It was tightening. We unwound the taper. Theoretically our treasury yields should have been rising. Why are bunds rising so sharply now and has it finally stopped and settled down. Theres an expectation of what qe and draghi are doing is starting to get traction. Getting better Economic News out of europe and as you roll into the second half of the year that growth should accelerate. We highlighted that he pointed out that theres Downside Risks to quantitative easing but ultimately he also said despite all the better Economic Data out of europe were going full throttle on quantitative easing. Does that have any concerns or lead to higher equities . No its like you have your point youre going to make and then you have to acknowledge what the other side is and the risk. So i do think thats whats going on. When we did qe our yields went up actually in that strange way when qe was in place once you had the expectation built up they started it and yields went up. What we did three, four five years ago thats what theyre trying to do now. To a significant degree they want to lift inflation and Economic Growth and theyll do what they have to do to use draghis term in order to achieve that. When the fed did it the markets there was a lot of juice still left in the markets. You had wide credit spreads and you could compress and rates were not already rock bottom. When the ecb started you already had developed country european yields so low it was hard to know exactly how much you were going to flush the economy. We had analysts on and investors on that say im out of the u. S. Equity market and im going to follow to your point the play book that happened here in the u. S. But im going long europe because of quantitative easing. Weve seen this movie before. We know how it ends. From our molddeling standpoint we went over last fourth quarter. Were going to stick with it until it looks like the valuation and balance has been exploited. Thanks. Youre not going to do anything with the bear sighting. Im not going to maybe its the signaling of bear market in bonds. Thats good. Nice. There was a bear and the guy called up the dispatcher. I had to confirm. That there was a bear and a cub. Either a cub or boo boo. Wasnt he an adult. He was just a small bear. A small adult bear. So anyway mike youll stay with us. Ill hang around. Its encouraging when bears are out at all time highs. Roaming around. This is a totally suburban neighborhood. I have a german sheppard. But hes saying its a con contrarian signal. Is it anything for kids to worry about . Thats funny. Run up a tree. Youll be safe there, right . Thanks phil. Were safe here in new york city. I live in manhattan. Someone might come by with an ice pick but youre safe from the bears. The stock mystery of the week. Shares of avon surging on an offer that no one can confirm and the sec investigation that followed, next. First as we head to break heres a look back at this date in history. 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Meeting with representatives from six middle east allies this week. Theyre upset about a possible deal that the United States is brokering with iran. Nbc news correspondent Edward Lawrence joins us with the details. A pretty good photo op i thought and normal people dont know if those are the heads of the state necessarily or whether theyre surrogates. So to me it looked like a pretty high level meeting. It was a very high level meeting. These were Foreign Ministers from the six arab allies. The president described this conversation as very candid. He said it focused around antiterrorism measures and a nuclear deal with iran. President obama emerged from a marathon work session with representatives of six middle east countries assuring them a United States deal with iran is in their best interest. The president outlined the frame work for a deal to lift sanctions against iran in exchange for irans pledge not to seek a nuclear bomb. We welcome an iran that takes concrete practical steps to resolve its differences with its neighbors. The president reaffirmed a commitment those countries fear a u. S. Deal will only strengthen iran creating more problems in the middle east. We welcome any deal that stops iran from having Nuclear Capability and this is what we have been assured by the u. S. And other countries that all pathways to a bomb will be closed to iran. President obama has another battle brewing over iran. On this vote. The house voted any deal must be approved by congress. It gives the lawmakers the chance to review it and possibly reject it. Edward lawrence nbc news washington. The bill actually now goes back to the president to sign or veto. Reporting live in washington. Joe, back to you. They indicated the president is going to sign it. Did they not . He did indicate he was going to sign the bill. Should be interesting once a final deal with iran is set in place because now youre going to have to deal with nebraskas of congress. Edward even though it was absolutely maybe a good photo op in your package you said representative of these gulf nations and it was supposed to be leaders of these gulf nations. This did not go off as the president wanted it to. The big snub was the king of saudi arabia. He was supposed to be there and at the last minute pulled his rsvp. They were high level meetings but they were supposed to be at the highest level. You can see how the concern in the middle east among our allies is there about this deal with iran. All right. Edward, thank you. In other news the wreckage of a u. S. Marine helicopter that went missing during a mission in nepal has been found. Thats interesting. Because as of last night it was a 50 mile by 10 mile quarter of the toughest terrain on earth that they were looking for. Officials say it was not far from where the chopper was carrying six americans and two Service Members delivering aid. Must have been the last 12 hours they came across it. Lets chat with mike. Stock, rapid fire. Avon products. What a mess. Should we be talk about avon or sec or mystery company. So many issues. The backdrop is the stock has been beaten up so badly. Seems like its seeing some rescue or workout or Something Like that. How it got to be an official sec filing will be the subject now. About their controls. The machines read the headlines and they had to halt it several times due to imbalances. Shake shack. Its