Weve been seeing. Right now the dow is indicated down 58 points. S p off by 6. 5, the nasdaq down by 12. The dow once again yesterday set a new record high. You hate when i say new record high. New fresh record alltime high. It has been six records in a row for the dow. The s p 500 and the nasdaq breaking sevenday winning streaks. You are looking at the dow on pace for the best week in more than two months this week. Nasdaq and s p are poised for their fourth straight weekly win in a row. Overnight in asia, look and youll see the nikkei was down by almost 0. 6 . Weakness in the hang seng and shanghai composite. In the dax down 0. 4 . The cac off 0. 8 . The ftse is flat. And if you check out crude oil prices this morning, right now pull back of 38 cents for wti. Trading just below 53. Among the top corporate stories. Toshiba shares plummeting again, and s p could cut their Credit Rating by several notches if the Firm Receives federal aide. The credit is rated as junk right now at triple c plus. Any further downgrade would mean toshiba would be charged more for credit. Apple will focus on its lower priced iphone se model. Its taiwanese partner is setting up a plant in bangalore. Apple is tenth in the Smartphone Market in india but leads the premium market with a 62 share. The company has been in talks with the government on issues like tax concessions. Competition in smartphone plans heating up again. At t announcing changes to the unlimited data plan. The company will offer unlimited data to customers without requiring them to have directv or uverse tv service. That matches verizons latest plan offering four lines for 180 bucks with no tv contracts. Eamon javers have a s a wrapf the political headlines. Theres an even split, hinged and unhinged. Which category are you in . Which category am i in . We dont need to get personal. But people are using the word hinged. Some people came to the commentators normally you assume someone is hinged until they demonstrate otherwise. But the performance itself had people i think a lot of journalists watching got completely unhinged. But thats what i say, theres two kind of people. Cat and dog people. Blackberry versus iphone people. For those of us who have both. You werent in the room, were you, eamon . I was not. I was on the north lawn. Ive been in the room earlier this week. Were you cutting the grass or something . Were you landscaping . A little trim. Edging . Our live Camera Position is out on the north lawn. I had to be there to react to it. Did people like cnn people walk out pale as a ghost or mad . I dont think anybody has seen a president ial News Conference like that yesterday. The president feels like attacking the press is core to his appeal, to his Political Base. He went after the press yesterday, no question about it. Said this was all fake news, and that hes being treated unfairly. It was like a president ial airing of grievances yesterday. I watched i saw it, i paused it. I went out, got some stuff to eat, came back, watched the rest. Thought we need a snack for this . Popcorn, some goobers, rai n raisinettes. I enjoyed a lot of it, i have to say. But ive had grievances for i was thinking about how long i thought that things were not exactly fair. Living vicariously . Yeah. Goes back to reagan. Really does. You can see with each succeeding presidency you hate reagan, love clint clinton, hate both bushes, its the way of the world, to see someone break throulhrough thos shackles. Boy, shep is not sure what to do at this point. Chuck todd, hes in a safe place right now somewhere. Well, i think weve got a bite teed up here. One of the key moments in talking about the press. I want to try to move this along a bit. I think this bite is ready. Control room tell me if its not. This is an interesting moment. The president complained about leaks, said it was outrageous that things had been leaked from his presidency, but insisted the leaks were accurate, but the news based on the news, the reports about the leaks themselves were somehow fake. If we have this bite, go ahead and play it. The leaks are real. The news is fake because so much of the news is fake. Not entirely clear how the news based on the leaks could be fake if the leaks are real. The president extraordinarily upset about leaks coming out of his administration. This is a president who in many ways campaigned on leaks, and said i love wikileaks several times throughout the Campaign Last year. Now that he is the victim of leaking, he has a totally different opinion about it. This president is frustrated with leaks, people inside his administration, people who he said might be holdovers from the Obama Administration, and the media yesterday. Eamon, the thing that is a little bit frightening or disconcerting, still concerns russia. And that is that the president as many times as he was asked about contacts between people in his administration and russia, he always finds a way of not directly answering whether he knows for sure. If that does come out later that theres i dont know, theres something that wasnt if there was dissembling or something that could be a problem. He had a couple of opportunities to answer that yesterday. He kind of answers it. I didnt have any contact, or not that im aware of that leaves a lot to of wiggle room. Which is why the reporters come back and ask the question again and again, and is frustrating if you want to hear about other things. Its an hour and 17 minutes, but you feel like youre not getting the news you want out of it. Look at the news last night. Robert harward, retired vice admiral, former navy s. E. A. L. Turning down the president s apparent offer to be National Security adviser to replace mike flynn, who the president fired earlier in the week. Harward cited family and financial concerns there. But there are also reports that he was concerned about the way the white house is being run, concerned that he might not be able to appoint the people that he wanted in key positions inside the National Security council. Thats another point of potential concern for the white house. Watch that space in terms of highprofile people that the administration would like to bring on board, resisting coming in ive talked to some in washington who are the types of people that the president might want to bring on board for these key positions. Hes looking for a Communications Director still. Hasnt made an offer to anybody on that. There are people in town who would be qualified, idealogically simp idealogically sympatico who dont want to go into the white house because of the confusion. I thought i saw the Communications Director maybe that was fake news i saw. I thought they decided. On the other hand, you look at washington right now, would you want to take any position in an administration i can understand how harward maybe just said, you know what . Life is good. Got my family. Making money. Hes an executive at lockheed martin. Getting paid a lot more than he did in the military. Do i want to go into that vortex, not just trump and the chaos there, but i do want to have the responsibility of that job weighing me i dont know. I would say ive been surprised at a lot of billionaires who came to washington to run the commerce department. The Small Business administration. These are people who dont need this kind of a headache. But they dont need the money either. Harward worked 40 years in the navy and is finally out in the private sector and can finally make some money, too. I think if andrew were here, he would say those billionaires will really make some money now. Now youre channeling. Watch wilbur and the oil markets. The president fired his National Security adviser and said the National Security adviser had been unfairly treated by the media. Its not clear why you would fire somebody i thought he was i thought that was pretty compelling, he said i would have told him he didnt violate that law. He said i would have told him to talk to the russians. To speak to the russians. But when asked by Vice President pence, thats when he said thats fully i thought he gave a he said he went back over that again and again and again. That thats what mike flynn was supposed to be doing. If done it, i would told him to do it. The weird thing is if thats what he was supposed to be doing, why did flynn lie or mislead the Vice President of the United States about that, and theres a question about whether he misled the fbi which would be a legal problem for mike flynn, potentially. If the president said this is fine behavior and he would have ordered it, why would flynn feel like he had to mislead the Vice President on it. I dont know. Flynn was a lightning rod before from both sides of the aisle. Any way, all right, eamon. Dont go anywhere. Well see you next hour. Something could happen today. The president has already been tweeting this morning. I have to monitor that. With all the other stuff, thats the headline. Well do something about march. Early to midmarch on obama care, and obama care comes before tax reform. As you know, joe, healthcare reform in this country has been a quagmire for president s it takes longer than they think. Its more politically fraught than they think. Weve seen president clinton trying to do healthcare reform and that ended up in a quagmirement its a dangerous area to go first. Are republicans that tried to do it how many times and didnt have the president ial signature. Now they want to do it. And then you had bertolini from aetna saying this is a death spiral. Says it is a death spiral. So if the democrats try to say this is trump care, this is your fault, i dont know. The republicans themselves have said they own it at this point. When they were talking and they released more leaks, they were coming from the republicans that were thats what theyre worried about. Theyre worried about the 20 Million People who loses coverage. If one person loses coverage, youll see that person on a fivepart series on how he lost his insurance. But this thing is not viable the way it is. They have to do something, the question is what do they do and does it square with what they promised on the campaign trail and how politically palatable is it right now. Eamon, thank you. You bet. The s p 500 and the nasdaq both snapping a sevenday winning streak as stocks pulled back from the records. But the dow did manage to eke out a small gain to hit another alltime high. Joining us is Julian Manuel from ubs. And eric knutsen. Welcome to both of you. Great to be here. Julian, lets talk about once again, yesterday, if you look at the headlines, wall street journal, new york teams, every one of them has the press conference as the lead. Yet the markets came off the lows of the day and managed to stabilize. What does this tell you . It is this diverge yence we had. It was 100 days ago that mr. Trump was elected. You have Political Risks, high here and internationally, and economic perceptions of risk growth which have boosted the markets. Up 10 in the s p, up 17 in the small caps. When we look forward to the next 100 days, it seems like there will be a pretty big turning point on february 28th when the president addresses the joint session of congress. Theres an expectation that at least the outlines of a tax reform package are going to be known. And thats really something that, to us, you will need to see a package that can be negotiated Going Forward in an effective way to keep the markets going higher. That press conference was mustsee tv. I have never sat around and watched press conferences like i did yesterday. It was absorbing. Adjectives failed me. It was. To eamons point, i thought the markets would sell off when he started laying down the time frame on how long it would take before we see obamacare repeal, and then the taxes after that. The markets seemed to shake it off. This divergence between economic certainty or volatility and Political Uncertainty and volatility has been remarkibabl. We have been overweight u. S. Equities, switching from treasuries to t. I. P. S. , high yields to bank loans, the one expectation that we have not had that has not been fulfilled is an increase in volatility. We could see a 10 handle on the vix. That tells me the market is looking at this and its okay, the reason were at these valuations, they think its fair valuati valuations, based on earnings. You have had enough fundamental information to provide that level of business confidence, Small Business confidence, consumer confidence. We have expected some pullback. We think there will be better opportunities in the next six months. Are you telling people to wait to i vest or buy any way . We have been adding to our positions, but weve been now watching and waiting for a little while, expecting some volatility. We want to buy at better levels, we think 12 months from now earnings will be high. Is this a fear of missing out mentality here that is gripping the markets . Because from what youre saying, it sounds like theres going to be a pullback, better opportunities, yet were still adding. Were still in this market fully. Were not changing our position. Sounds to me like you havent been buying very much for the last month. You missed this entire most recent move. Youre still pretending that youre adding to it. You can say weve been adding. But you havent been. Not for the last month. We were overweight going into the stretch. So you were out early. You were out early. You missed the last move. No weve been overweight. But we have been looking to looking to add at other levels. In terms of being not no in terms of adding a lot of people the last month have in fact, a lot of people thought the first month that we saw after the election, that that was going to be it. We had people in here, goolsbee and others saying its up for the first month. Now what has it done . Then this has been another leg. 100 points every day. Yeah. Theres a lot of potential Technical Support to this. You look at how much money flowed into bonds versus stocks. Bond funds versus stock funds. Well have Katie Stockton on later in the show. You are going to be here . Have you taped the show . Shes in this half hour. You should stick around. She would have told you this would keep going, then you based on the technical level. Shell probably tell you it will keep going to be . Im looking for a pullback here. I heard you. You were looking a month ago for a pullback. Well keep looking for opportunities. Keeps going up. Looking at the other side of it, i feel like a lot of investors are saying were in the market, we dont want to miss the move. We havent been doing much but were in there. Does that tell you people are so positioned in equities, if there is a whiff of a reason to sell off, that the selloff will be sharp and short . The potential is there. Feels like the positioning is extreme. The Options Market is telling you it is. Upside call options are historically expensive, which talks to the fear of missing out. From our point of view we would rather be selective here. Eight years into the bull market, much more focused on valuation. That gets you to financials. That story has been bearish for ten years. Which we think works even if the broad market stays here or corrects. Health care has been bashed. We think theres a lot of room there despite the tweeting and noise. The lead on cnbc. Com competitor today is that not yesterday, but the day before the vix spiked for no reason. The market was up 100 points on wednesday, right . It was shortcovering. Supposedly shortcovering by a firm. You see . Shes the right person. Im asking you. On fast money you saw that. In general. Yeah. We saw it. So you think the traders were saying it was shortcovering. Other people were saying the Political Risk is finally coming home to roost. Its 100 points. Thats a half percent. It goes up 100 . But the volatility went up. From the 10 and change to 11 and change. The vix went up. It was up 3. 5 . But its been historically low. Really low. Thats all that positioning. They wrote an article on market watch that that was the sign that were getting topy and that the Political Risk is coming in. You have to write a story every day. You do. Thats the problem. Thats the problem. It is. Like manufacture news the next week its called the news hole. But the next week you dont recall what you wrote. Its a new week, hamster wheel. Julian, thank you very much. Thank god, if you were putting money to work, you would actually see what you said before. Coming up, if youre still a blackberry user, you are part of an exclusive club. New numbers on Smartphone Market share after the prak. Welcome back. You know, there are people who aspire to be part of the 1 . I want to tell you guys, im part of the zero percent when it comes to some measurements. Blackberry ownership has declined to the point where it is now officially 0. 04 . It is 0. 04. How do you get those things . Corporate keeps trying to take it away. They dont want to support it. I didnt realize, by the Fourth Quarter of 2016, there are more than 432 million smartphones sold. Of those, 207,900 were blackberry devices. Im officially part of the zero percent. Thats weird. Number one, i thought you were talking about money . Yeah. And where you are since you are so successful. You would round down to zero. The other thing is that i wish, but no. I will get flack for this. As opposed to what you say the rest of the day . 0. 04 happens to be happens to be the atmospheric level of co2. I stepped into this. Thats 400 parts per million. Its officially zero. Its trace. Out of 10,000 people, 4 people are using i looked at all these things. Crazy. Its trace. I am trace. Thats illustrative of how low co2 levels go. Its been a few years since i had this phone, too. I cant believe youre carrying both around. Why . Because you are good with your thumbs. Im like a monkey. I can type so fast with my thumbs. I wrote a script this week on this thing for a package. I saw the ceo the ceo is great. I like him a lot. I was so sad when i r