get a hard default. >> all right. it's de ja vu all over again. back to you. >> we're seeing the dollar move and our road map this morning higher. starts with the pressure in the we're seeing energy and metals across the board soft in today's futures that we are seeing. session. fears about global growth, let's go to bertha coombs. pervading the markets as equity bertha? >> it looks like the s&p is holding 1350. mutual funds are seeing the that may be a critical level second outflows in february. that may help overall across $5.4 billion in outflows this year. and qe 3 a sure thing. commodities. the story, today we are focusing on economic growth and the morgan stanley says it sees concerns about the greek debt worries, especially with news that it looks like the u.n. future easing. security council will resume perhaps one of the most talks about iran. important days in the republican nomination. so that pressure pushed off to super tuesday. ten states holding to the polls. the back burner for the time being. and too soft to watch? as melissa has been mentioning, it's in the copper pits and gold pits. the metals are getting crushed qualcomm boosts dividend merck. for the third straight day. yesterday silver led things down. but as gold crashed through 1675, a real support, we've seen did we see it peak at dow the precious metals taking it on 13,000? opening lower as a concern of global grow weighs on markets. the chin. take a look at palladium. in february alone, mutual funds that is the worst performer at experienced a $5.4 billion this hour. david, back to you. >> i want to reference something outflow. one may not anticipate that in a that i said yesterday. market that has been as strong as ours has, mr. cramer. i've got could correct the score now, i know money goes into yesterday from leap wireless. it was down sharply yesterday. etfs. but nonetheless, if you told me we reported the fact that there the numbers from last year, i was a new registration of shares would have anticipated that mutual funds would be taking in from mhr, the largest single money month after month after month. >> right. shareholder there, holds about i think it's important to point out the etf numbers. 30% of leap shares. the presumption was that they were going to be selling. but it was simply a renewal of i was looking at some of the corporate issuance the other day. the rate of return that you get shelf registration that existed on this corporate issuance and people move into corporates is a he there is no intention to so minuscule that it's almost sell. he's chairman of the that inconceivable with oil at 126, company. down again, though. >> >> i wish that companies or with food rising, with a hidden inflation that could burst out, the s.e.c. would point out when a shelf is filed, what the that anyone who thinks they are intention is because i've been going to do anything other than caught up myself in a couple of lose money -- >> you're talking about corporate bonds, of course. stories that i've told, beware and the duration risk there, giving a ten-year at less than of this filing and it's not 2% and many people think if you go out lower than a couple of meant to be filed and i feel like i've hurt the stock because years, it's certainly going to i've done my homework but the be higher and yet that seems to be where money is going. later today, i'll speak with jim homework betrays us. casey about the high yield and that wasn't the intention. market. >> my fault there, racing unbelievable the dynamics in through yesterday. that market and what is going reading the filing but not right on. more money than they have supply right now coming into funds and at the beginning. wanted to correct that. and then let's take a look at yet equity mutual funds not the web m.d. winner. >> what does this mean for the we've taken a look at this asset management business? if we're seeing it return company in the past. through the etfs, one would they embarked on a buy back. believe, one would think that they are going to have a harder it has commenced slower than time. >> and yet there's been a series of upgrades. this right around here. you can see that stock after a blackrock upgraded. this is really precisely when huge fall up over 1% bucking you would think that you would not want to own these stocks. what is a negative trend at this >> right. >> as david mentioned, jpmorgan, i run the cash part of the point. >> and you have advertisers, drug advertisers pulling back street that i found a long time and -- >> so many generics now. >> in 2012, a wonderful year for ago, and the shows, what jpmorgan shows me in two and so many drugs where it doesn't three-year paper is .46 is the pay to put money behind it. lipitor, it was such an a average. .46 is not enough to be able to powerful drug. sustain anyone in this country and yet that's what people want. you really want to put a lot of advertising? i know that there's -- that you're struggling with that. it's counterintuitive to me. this has been the knockoffs. >> right. and we should say there's still plenty of money on the side lines. think think they could be hurt it does give you the notion that perhaps a retail investor is not by johnson & johnson. again, i'm a diplomat in the name of thomas jefferson. participating in the s&p 500 and >> yes, you are. there is still that incremental buying that could happen in the that's what i always think of coming months. when i think of you, jefferson. it will come around to this rally. >> it will be interesting to >> at that time i think i was a see. we'll having a first-class selloff and it's one of those selloffs that may justify retail staying away. one of the things that has not little more like dr. strange love. happened in this period is >> all right. let's send it over to melissa. you'll get -- we have about 20% >> thanks, david fresh on the run without a break at all but opening at nyse, the recent you'll get breaks and it does not breathe retail coming in. launch. hedge funds are short. index etf, fund under nky is up retail just basically said, i more than 8% year to date. think since the flash crash, it's not an asset clash that i you're no stranger to this land because you've actually designed a lot of the etfs and i'm sure want to be a part of. merck has a good yield. people say, you know what, i investors are including the don't care about that yield. spider gold in. >> right. that could be taken away in a our primary business has been to heartbeat. develop ets to allow companies so i continue to believe that the individual thinks that with a larger distribution bring them to market and the spider gold product that you referred stocks are suckers game that they don't want to take advantage of any break and it's unfortunate because stocks have to. this was an opportunity that we been fabulous. >> they have. and, again, we should point out, couldn't pass upbringing the nikkei brand to the u.s. and etfs, which is a product that has only been with us in a mitsubishi asset management. robust way for a number of years are taking in money. that ends up being an equity it's been a tremendous product, no doubt about it. opportunity for us. >> i want to talk about the but it is fascinating. space in general, we were talking about numbers in terms of outflows from u.s. to equity i wonder after 11 years of the s&p doing nothing, you've just lost a generation of investors. mutual funds. particularly after '07, '08, and $5.4 billion year to date and it would imply that money is coming '09. back to the markets and not and then there was a question as necessarily traditional mutual to how much money do people really have. fund for stock investing. >> great question. they are going to the etfs. is that what you're finding when you see tremendous demand for we had the yelp ceo sitting here the other day and i keep thinking about that interview your services, to launch etfs? because almost every one of >> yeah. i think what we're seeing is the younger generation much more these dot-coms had its high and comfortable having access to their money in realtime. etf is an exchange. it's about an access opportunity yet many people say, i didn't get any yelp. and the ability to get the under should i come in now? they lose money then on yelp. they lose money on buying a hot stock. there was a really interesting lying opportunities in a general manner. >> i'm sure there are plenty question put to matt the other people out there, younger people, who invested ten years day. the headline was, shouldn't a person's savings for retirement ago and they have not made a put all of the money on apple single dime so they don't feel stock? and i read that and said, oh, no. i don't want to see that kind of the same as someone who has been headline. also, it was very interesting. in the game for more than that. >> right. put all of the money on apple i think you need to look at the stock market more broadly than stock. when i used to go to the equity opportunity. if you look at the amount of racetrack, you talked about inflows into bond funds, for putting money on a horse, not in instance, or the commodity products out there today, the a horse. >> there was a staggering stat. investors have a broader range of asset classes to chose from if long-only manager did not hold apple in the last month, i in the past. >> and one last question, in terms of demand for designing would have lopped off 7/10 of new etfs, what areas, asset class would that be in the most? would that be currencies or 1%. that would have been the easiest commodities? way to perhaps improve returns and attract inflows. >> we see a tremendous amount of >> we saw a similar reversal not interest in activelily managed etfs, nontransparent or people that long ago and the stock came right back. obviously we have this new ipad. who want the same transparency as mutual funds today. that's what we're looking to bring to the etf world. it's ipad hd, which might >> okay. thank you. appreciate it. coming up, we'll talk live resurrect the stock or will the downturn continue. this is a stock that retail does with dendreon. feel it's in as opposed to the hedge fund? this morning's bright spot on wall street as we see the dow is >> we're seeing the apple premarket trade. certainly that will weigh down 1.4% or so. heavily on the s&p and nasdaq stay tuned. optionsxpress, where you can trade your favorite products, where it's 18% of the nasdaq 100. we're also seeing pressure on the bank stock. goldman sachs, morgan stanley are down about 2% apiece. and there's still questions about the economy. i know you're bullish with the economy. >> right. >> morgan stanley saying don't write off qe 3. he expects qe 3 to happen come the april or june fed meetings. there are three reasons for it. one of them is political timing. the fed will be off the side lines and the second half of the year when the presidential campaign speeds up. they are expecting a slowdown in the gdp in the current quarter. >> i watch brent go up. this meeting with netanyahu and obama, i think it's fair to say a lot of people -- our producer put a great idea in my mind. people that know what is going on, talk. those that don't are blathering. and brent going up every day says, please be careful if we can get out of this with a real confrontation. it's one thing to talk about $4 oil and i think we're fine. i think we're fine at 4.50. north of $5, we're not fine. >> of course, it moves up as we get closer and closer do spring and then the summer. let me be the first to say it -- >> i go to downtown and i go -- >> that's a lot of miles. think about it, jim. how much more money you spend per gallon of gasoline for all those miles that you drive? >> look, i went to fill it up and, you know, now it's $94 and i'm thinking $94 it was $75 not that long ago. am i be moaning that? >> why are we seeing a decline in brent as well as t.i., in your view? was it the meeting between obama and netanyahu, was that bearish oil? i mean -- >> i think it comes down to demand of structure. >> right. >> at a certain point, if you go back and look at 2008, the first stocks that rolled over were oih, which is a little ironic given the fact that they have a long cycle. and i've been seeing that for five days now. i keep thinking that's got to reverse but i think that's seeing destruction. >> so you think at 126, that's all in one account. keep watch on the markets. or use our exclusive tools to help find ideas. demand of instruction? >> i think the stocks in 2008 it's powerful, easy-to-use technology for trading stocks, options, and futures. began to roll over at 120 and they foretold 147. keep trading whether you're at home, in the office, i'd hate to see that happen again because obviously you need or on the go. that underpinning of some optionsxpress, the broker smart traders deserve. strength. and you're right. i am bullish in the u.s. economy. but the wrong things have been open an account today at optionsxpress.com. said in the last five days, brazil in terms of trying to slow their economy. china, slowing their economy. i think we're beacon. but the beacon will get extinguished. i think the president knows that. >> so qe 3 is on the table? >> one of the things that i felt was missing last week when bernanke testified was he basically said, the big new change is that oil is too high. there are people talking about the petraeus reserve. the reason you you have that is because of turmoil in the middle east. the reason you have high prices, it seems counterintuitive. and we are watching the >> it does. market sell off. it's interesting to contrast the dow is down by 1% here. what morgan stanley is saying transports, perhaps the most with dow president fisher, troubling. markets compare themselves to leaving the likes of unp down by wean them from their dependency on qe 3. 4%. >> and that's what the market if you believe in the dow took from the absence of any theory -- >> and jim and i also noticed comments from bernanke or the that the banks are particularly hints that -- weak. bank of america, 3.2%. >> was that dr. kevorkian? >> yeah. that's got to be greece, to some >> if oil goes up big, it is -- extent. >> lock, stock, and barrel. greece is taking hold as a theme look, if we ignore oil when it goes to 147, we're ignoring what happened 3 1/2 years ago. again and the market is not set >> and yesterday goldman sachs up for that. let's take a look at the hopeful jim o'neill said the same thing. >> i thought that was situation for health. interesting. two years ago, the first he put it out. therapeutic cancer vaccine to be on "squawk box," everyone is talking about oil. approved by the fda. the natural gas, other than boone pickens, have not heard it's placed a plethora of politicians go for natural gas. challenges. what does this biotech need to do to turn around? it was, this is fanciful. brand-new president and ceo, mr. as if electric cars are not fanciful? >> that was one good thing that johnson, welcome to mad -- oh, came along with the bailout, the willingness of the automatic makers to increase mileage greatly, something we did not do welcome to "squawk on the in this country for decades, street." how are you, sir? much to our chagrin. all right. >> good morning, jim. i'm doing great. election day. >> don't interview many ceoos on yeah. today is super tuesday. this show but i do on my evening voters in 11 states heading to the polls to cast ballots in show. we have meta static cancer-reducer, which is very primaries and caucuses. more than 400 delegates up for grabs. the big prize is ohio where a shocking. this is rather remarkable with number of polls show that mitt romney and santorum are in a anything that has gotten us this dead heat although romney seems far and analysts are saying that they are surprised that the to have a deficit in terms of uptake isn't as great as it should be. is that because of the price the polls. we'll get a presumptive nominee, tag, $90,000 plus or because of education? what is going to get this i guess, and that may have an vaccine where the analysts thought it would be at this impact on the market if that is point? >> well, i think there's a the case. >> don't you think the gop is going to lose the house? and this is something that is couple of things, jim. when you look at this, if you thought ten years ago that you would have had a product that perk lati actually would help one's own percolating. body fight cancer, that would be you've got these people, gingrich has adelson. thought to be far-fetched but santorum has foster freeze, the that's where we are today. great money manager. and any time you bring in they used to not have money to something that innovative and this complex, you're going to continue. >> citizens united is the decision of the supreme court let bumps along the road and that's part of being a pioneer. who decided this super pac idea, the good news is, we have a good reimbursement in place which was a challenge early on and what that they can keep them in business. the team and i are focused on is it's incredible. growing the top-line sales and reducing the cost of goods. >> and it creates a discord. by the way, in terms of oil, ohio is a battle ground state for oil. >> you gave up some hope in because both marcella shale and terms of -- you mentioned the last time you spoke that utica, which is oil, is absolutely key for the attempt to be more self-sufficient. scripts, prescriptions, have neither candidate talking about accelerated since january 12. has that continued, sir in. it. >> right. >> yeah, it has continued and of course, ohio will be one of even last week we saw them strengthen. those key battle ground states. we shall see. we entered the year after the holidays which isn't that unusual. we felt good about the momentum >> does it change the market sentiment if romney is the of our business right now. nominee after super tuesday? if we know it is romney, does it we maintained our hesitancy to make a difference in the market? >> i think it does. >> why? >> because i think any clarity with the republicans makes you think that the republican party is not in disarray. provide clarity beyond quarter a lot of pieces this weekend saying maybe this epiphany that the democrats had with george one, they regard a negative signal and contradiction to mcgovern, the extreme left awareness of your product. what do you say to that kind of captured the democratic party criticism? >> i think they are trying it's and that caused the clinton revolution, the extreme right -- >> ron dale did not help. very challenging. what i'm confident is that the >> so liberal. >> there are a lot of people product is going to continue to writing off -- we had that grow. on the first day that i was named in the job, i did a call discussion today. with investors and met with the presidency writing it off. i think the campaign will not be over and these candidates will dozens of physicians. what we need to do to ensure not resign. i think santorum, until the day that it is the foundation of we get to the convention, because he is not about winning. care and i had a great meeting. he's about agenda. i walked away from there with a >> don't forget ron paul who renewed sense of confidence. also has committed to staying in i think giving guidance is the race and has a number of supporters as well. >> they don't seem to be -- no always very good. >> sir, your treatment costs one seems to care. $93,000 for about three they have checks. they have money. so they don't quit. not like the old days. let's talk stocks now. treatments. a couple of mega caps. there is competitors such as itiga. mercury seeing guidance and $5,000 for a month's worth of earnings below estimates. pills. that's an awful lot of money, qualcomm is announcing a $4 isn't it? >> well, w