It is worth noting that the january wti contract expires today so you very likely will see higher prices for wti tomorrow. In the meantime gasoline prices dropping four cents over the last two weeks. The lundberg survey puts the nationwide average at 2. 06 a gallon. That is the lowest weve seen in over six years. With more on the oil story and whats happening with the markets in just a moment. But, first, a developing story outside the world of business. At least one person was killed, 26 others injured, this after a car crashed into a crowded sidewalk on the Las Vegas Strip. Police say the vehicle drove up onto the sidewalk in front of the paris hotel and casino, hit a car and then drove back onto the sidewalk and hit more pedestrians. Investigators think the crash may have been intentional but say they are confident this was not an act of any terrorism. A 3yearold was in the car with the driver. The driver did leave the scene but has since been taken into custody. Is being interviewed and tested for drugs and alcohol. A couple of other big stories were watching this morning. Ericsson and apple signing a patent license agreement. No word on how much money will be exchanged. Ericsson shares are soaring. Huge Opening Weekend for star wars. Loved it. Saw it. At least saw you on instagram. Instagraming with you and your husband. Yeah. Talking about the experience. Tthe force awakens bringin in 230 million. Disney film earned 517 million in ticket sales and that smashed multiple Box Office Records. Shares of disney getting a boost in early trading this morning. Going to have a little bit of a debate about the future of disney later on in the program. Then attention drone owners this morning. Mandatory Registration Begins today. Heres the deal. Must must be registered with the faa. If you buy a drone it must be registered before the first flight. Lets get to some of todays stock stories to watch. Check out shares of microsoft. Microsoft shares getting a boost after parrons said it could rise 30 in the next 18 months. A among the cootatalysts they cd the cloud. Martin shkreli speaking out. Front page news. Now hes out on a 5 million bond. He argues he was the target of legal authorities for the notorious drug prices. He thought this was all political. Shkreli was the ceo of the Pharmaceutical Company that bought a sixyearold drug earlier and then hiked the price to 13. 50 a tablet to 750 a tablet overnight. His arrest has nothing to do technically with this but something he had done in a job earlier when he was at a hedge fund. A spokesman for his twitter account says it was hacked. They pleaded his innocence. One that read anyone want free money . Willing to donate hundreds of thousands to charities before i go to prison. Other messages using expletives which we wont share here. So becky hit the main markets. Lets go deeper and get a full look at the holiday shortened week. Perhaps there will be A Santa Claus rally. Dow futures indicating a gain, not a lot but 113 point gain at the open. Still, could have a positive monday. Major indexes in europe all higher led in part by germany. Mixed trade in asia. Japan down. Hong kong and main land china trading higher. Shanghai up nearly 6 . As becky said, all eyes remain on oil. It is in the red to begin the week. Both u. S. Crude and brent crude are indicated down. Keep in mind that the contract does expire today. The spread between u. S. And brent now just about 70 cents. Wow, that continues to narrow. Kind of amazing. No real change in bonds this morning. The benchmark ten year yield yielding 2. 1 . Friday in gold, getting a small bit this morning. Up over half a percent to begin your week. Joining us right now to talk more about the markets, peter bookmar, chief Market Strategist at the lindsey group. Also a cnbc contributor. Steve is a chief u. S. Economist at mazuho securities. Always have trouble saying that. Gentlemen, welcome to both of you. Peter, weve watched volatile markets and watched people be spooked. The markets are down last week even after horrific losses from the week before. Are people worried about the fed or are they worried about the underlying economy . Its a combination because the fed is raising Interest Rates in a sluggish, mediocre Global Economy at the same time asset prices have gotten very expensive. So its sort of a toxic mix with whats going on. And i think what weve seen over the past couple of months is just a dress rehearsal for next year. Steven, are they right to be concerned about not just the Global Economy but whats happening in the u. S. Economy . The equity market has a right to be. They said this is as good as its going to get. This is a problem. As good as its going to get has left us low. We have very, very limited Pricing Power and shes basically telling you not to get a stronger growth environment because theyre going to cap it. The net result is it doesnt look particularly good for valuations. The reason the market is over valued or as youre describing it, the reason weve gotten to these valuations because people looked at it while the fed is in this and said, there is no place to go. There is no all interpret native. Is there an alternative in 2016 . Cash is certainly an alternative. Its not going to make you money, its going to lose you money. I think Going Forward for the next couple of years people have to look at whats been eaten up. Thats emerging markets, commodities. Thats where the value is. Certainly not in the u. S. Market in my opinion. We are on pace for the first down year for the dow in seven years. I mean, unless we make up nearly 4 within next, six, seven trading days, theyre going to be light anyway, were going to have a down year. Does that affect investor psychology . Im sure it is, but theres evidence when the fed is pumping money in for qe at zero rates, when they stop, things go down. Theres always a flip side to the largess. Now were seeing the flip side. Youre positioning yourself shorting the market. No. Thats always been a difficult game in a world where the central bank is looking at prices. Investors should play a little more defensive over the next year rather than having the playbook over the past couple of years of just close your eyes and buy anything. They cant buy indexes next zbleer. The market outside of the headline indices has been in a stealth bear market. At some point its going to hit the bigger cap gains because thats historically what usually happens. I think but the problem is that historically the big cap names are often considered expensive. If this continues, if the bear market continues to spread, people will eventually Pay Attention to the multiples. Lets talk about the areas where weve seen real weekness. The energy pass. Weve seen that spread beyond that. The bank of england, for example, where everyone thought the bank of england was going to raise rates, even the most hawkish member came out and said theres a pause in Wage Inflation taking place. What weve seen historically is when Central Banks do this, they make a policy mistake. Smart people do stupid things. I think this is going to be one of those examples where we have a stupid thing done by somebody smart. A year ago when oil fell universally it seemed theyre going to get this gigantic benefit, consumer, economy. It appears we might get the opposite of that. Where has been this lower oil lift . The money has gone into Physician Services as a result of obamacare. People spent the money in areas that dont give productivity boost. It will be sucked into the health care industry. It doesnt drive the economy. A lot of the jobs that need to be created require additional education. People dont have the money or the time to do that. Thats part of the reason why you have the big disparity between job openings and job hirings. You said you think that this is going to go down as a mistake, the feds done. Does that mean you think theyll reverse themselves in 2016 . I think it will move to prove they did the right thing. By the time theyre all said and done they will realize they made a mistake. Tourche gave up. Draghi back peddled and supported him. Steven, thank you. Peter, great to see you. Yes. Coming up, were going to a little bit later, i saw that. In the meantime, if you missed it last night on 60 minutes, apple ceo tim cook slamming uncle sam saying the current tax code was made for the industrial aid. His experience to talk the tech giant to avoid paying its share. Were going to talk about that next. First, before we do that, take a look back at this day in history. I am the future. I provide for my family. I will use my education to help my community. I will inspire our next generation of leaders. I am a college student, but i am only 1 . Only 1 of College Students are american indian. Donate now, and help our numbers grow. In Global Market news, spanish stocks dropping. Banks being hit the hardest in spain. The ruling party won most of the votes but fell short of a majority, and that means no clear mandate to govern. Julia chatterly joining us live from madrid. Julia . Reporter good morning. Youre absolutely right. Uncertainty reining supreme here in spain. Not only did incumbent fail to win a majority, but we also saw a big showing from the far left, the podemus party. The vote is so fractured between four main parties, no two individual parties can tie up the Majority Coalition government. A lot of people here scratching their heads saying just what kind of government can lead spain forward. I think theres three options. One, that we see a minority government formed. It will be fragile, most likely. But at least he will try and continue with the reforms. The second option, we see a broader Coalition Likely to be far more unstable, i think. And the third, we head to fresh elections. Ive had two political analysts telling me theyre 5050 on seeing fresh elections in 2016. I think given what were seeing in the markets today, the important thing for investors is what happens on the left with the political spectrum with the radical podemus party. The only ones that could tie up with them. They told me they wont do anything to put spains political stability Financial Stability at risk. I think that might be the Silver Lining here and that podemus still stands out on its own even if it did do well in the election. Guys, we have have to wait for the coalition talks. Plenty of water to flow under the river. Back to you. Jewel chatterly, thank you for that. Going domestic. Global company. Apple ceo tim cook was featured on 60 minutes last night. Among the topics discussed, tech giants products. When we launch a product were working on the next one and possibly the next next one. Yes, we always see things that we can do. Joining us to talk on this, Senior Analyst and ed lee who is managing editor. Theres a debate that took place. Well show a bit about the debate over taxes and how they think about those things. You watch that. There was a whole conversation talking about watching, about the watch and whether the watch worked. He wouldnt seem to let on that the watch isnt working. Your sense . I think he did let on a little that some sort of m mia culpa that it hasnt been as much of a success coming out. They have to do that version. Thats the key going into next year. I think this was really sort of a seminole interview because right now their back is against the wall. I think cook for the first time, there are some speed bumps ahead. I think thats why he really wanted to show some innovation, some things to look forward to. He put on a brave face. He was not letting on that there was a problem. Hes never going to do that. Everything is work in progress. Anything can be improved. Thats kind of the party line. One of the things at the very end of i believe the second segment if you remember they showed off a little bit of what the new building yes. It got me thinking. Its an amazing space ship. A two meter hole that you can shoot into sorry. What really got me thinking every time a company has put their name on a big stadium or built a new building it invariably, you know, is the high sign that this is the top. Thats the peak, yeah. I think thats the worry. Thats the worry right now for investors is given smartphone markets, success is definitely, demand is less than stellar. So much is focused on iphone 7 for apple. I think investors right now, is the glass half empty in terms of going 2016 . Theyre really in a prove me situation, cook, ivy, the whole crew. This is why it was a very welltimed interview. Life is relative. Theyre doing pretty well in the grand scheme of things. Maybe the stock is not where it was at one point, but theyre always held to a higher standard. Still 600 billion company. Not exactly struggling. Right. The cars. The cars. Refused to answer about the cars. Do you think that he should say were if they actually are looking at cars in a meaningful way, do you think youre supposed to say, yes . They made progress, flight. The thing is historically with Technology Companies theres always a fear of vapor wear. You talk about a product that youre working on, it never comes to pass. It doesnt look good. Its not good for your company. Not good for consumers. Thats always why theyre going that way. I dont know if theres a thing to talk about here. You dont want to talk about something youre not going to deliver. My macro question watching last night, why . Why did they do it . Weve all dealt with apple. They dont do anything that was not calculated. I was watching it thinking what are know trying to get across here . They have a goal. To stem the stock slide. There is a perception, thats for sure. Well, i mean, look, i think its about innovation, right . That its a company for the innovation. The watch didnt hit quite. Whats next. It could be pressure coming from washington, too, with the tax issue, getting your face out there. They want to show there is a lot of innovation going on in cupertino. Theyre not done. There is a lot of pressure from the tax issues in terms of whats going on in china. Right. Lets get into the tax issue. Lets show you what tim cook also had to say last night about the controversy over taxes. He was pretty vociferous. We pay more taxes in this country than anyone. Well, they know that and you should because of how much money you make. Well, i dont deny that. I have we happily pay it. You also have more money overseas probably than any other american company. We do. As i said before, 2 3 of our business is over there. Why dont you bring that home is the question . Id love to bring it home. Why dont you . Because it would cost me 40 to bring it home and i dont think thats a reasonable thing to do. This is a this is a tax code, charlie, that was made for the industrial age, not the digital age. Its fwbackwards. Its awful for america. It should have been fixed many years ago. I think thats why they did the interview right there. You have to get your spin on it and make people to understand. Instead of being on the defense if washington is coming on you. He called it crap on the air. The idea theyre trying to hide i think this was the significant part of the interview, i agree. In coming out very forcefully about the whole tax issue, i know theres a bill going to congress. We said, look, they have 180 of their 205 billion overseas. Thats where right now theres a lot of pressure and a lot of other Tech Companies, there really needs to be something about repatriation. You have activists telling you to do Something Like that. Its a 40 tax bill. I thought the most fascinating part of the conversation was would you bring the money back . They talked about workers, Chinese Workers. He made the argument, interestingly enough, that there were more skilled, talented workers in china that could do this work than they could in the United States. Specific skills. He wasnt i dont think he was saying skilled. In that type of manufacturing. We talked about the sort of Vocational Training thats required for that kind of work. Tool guys is what you call them. That we dont have that here in the United States. It made me think, even if you bring the money back, are you actually going to bring those jobs back . He basically said straight up and down without saying it directly, were not bringing those jobs back down. If they can repay the try eig repatriate the money, theyll invest it here and create it here. If theyre going to create something new, you have to do it here, they need the money here to do that. But i dont think theres theyre not suffering from not having enough money to inbe know vat in the United States. Thats not its not like theyre going to hire more people in the United States. You want to build a whole new car system you need money. Look at all of the people going to be in the new 5 billion building. Its about buy back. Thank you. Its about the buy back. Were back to engineering, my friend. Different kind of engineering. Down to 100 billion buy back. Thats the magic number that allow investors. Theyre going to generate another 30, 40 billion. Its partially that. Also, theres more pressure to do mna, do something with the cash. Right. This was a twofaceted interview in terms of the tax piece and also the innovation. China is going to be the biggest geographic region by 2017. I think hes going to get some blow back about what he said in manufacturing. We couldnt put 1 Million People in a manufacturing facility here in the United States. They simply dont exist. There is probably a middle ground. When i heard him say that, i agree because of the sheer scale of Chinese Workers there are. Maybe, i dont know, you could have 100,000 people here. We dont have the supply chain. Next to each other, physically, you need the investment. Theyre going to hire more engineers, more designers. That end of the mfrg, that end of the vocational sector. Well