A little chop in the market today as we watch political turmoil in greece. Oil moving higher, back above 55. Some supply concerns bubbling over in libya. In the tenyear, settled back to 222. That is about a oneweek low. Our road map begins with global fears returning to the market. Greeces failure to elect a president has europe in the red and u. S. Futures pointing slightly lower. Forget the Movie Theater on demand. Nearly five times the size of the physical box office. What it means for the future of movie releases. Move over yuber. Chinese market is now the worlds most valuable tech startup. Equity futures edging lower. Global uncertainty returning to the market following seven Straight Days of gains. European shares back to work leading the decline as the Greek Parliament fails to elect a president. That does set up some nationwide elections in january potentially derailing the countrys bailout agreement. Greek stocks were down double digits. We are going to talk more about the sarisa party, if they have their way and get through these snap elections will demand renegotiations with lenders. Not the kind of note you expected to end 2014 on. It is sort of deja vu with the political turmoil. The greek assets are getting beat up. Take a look at the euro. Already, it had been weakening. About 11 in the second half of this year. It is a good barometer to see whether it is spilling over. It is very important to point out here that this doesnt necessarily lead to greece actually exiting the euro. They are leading in the polls but their margin of victory is decreasing over time. They may not have enough mps to form a government. They might win, be the Biggest Party but they may not be the leaders moving forward. They would like to renegotiate the greek debt, particularly the debt thats held by the public institutions, not the private sector. Here is the rub. If you expect the European Central bank to go through and stop public q. E. Buying, can it do that if there is an election pending in greece . There might be a party that may not pay back the money that you are buying in the market. Thats a huge issue. Demanding a hair cut, to put it more accurately. If you cant buy the greek bonds, can they buy the rest of the bonds around europe given that they have to appear to be systematic in what they are doing. That may be the bigger issue. January 22nd is the big meeting they were set to debate it. They have been raising hope going into this. Thats one reason why european stocks have been able to rally. It is going to be a big question mark into 2015 whether mario can deliver. You have the head of this being the spoiler. If you are hoping for a q. E. In europe, thats one reason german bonds are yielding 56 basis points today. 56 basis points on the tenyear boon. That is a record low. I would also point out on that story and the int nation storlry, russias economy officially entering into contraction. The first time we have seen that in several years. The ruble again has been falling against the u. S. Dollar. Three trading days to the end of the year. What can we expect . Lets bring in brian belski and francisco blanche. A couple of heavy hitters here this morning. Francisco, let me talk about oil. After five weeks, we are higher on oil because of a disruption in libya. I appreciate that libya is not the be all and end all but could it be a psychological turning point for the oil market . It depends how long it goes on for. Clearly, libya has a lot of issues domestically. There are two governments trying to have precise control of the operations at the same time. Well see how long this disruption goes on for. It could be a turning point. I do think libya is a very important supplier. The return of libya was what started the route downwards in the first place. I think we see libya for the majority of 2016. It could provide a lot of support here. It is one to watch here. Remind us what the excess supply is that we need to take off the market. It approaches 2 Million Barrels a day. Libya doesnt do that. We estimate a little over 1 Million Barrels today, somewhere in that range. 1 Million Barrels a day. Particularly the big supply surplus is going to come in the Second Quarter of the year. It is going to come when the man comes out visavis supply. Thats when the market stops. Brian, besides the equity market, we should remind ourselves that we hit a fresh record high on the s p on friday. For the week overall, 10 of the 12 sectors were positive for the week. It is still the Energy Sector that clearly lacks. Would you be a buyer here . No, we would not. We still think three things have to occur within the Energy Sector. It has to act Like Technology stocks from a fundamental perspective, goes through massive structural change where the sector, the companies and the ceos themselves actually start to think about underpromising and overdelivering. Thats number one. From an apathy and psychological base circumstance with he need to see investors stop try tog bottom fish these stocks, specially given the fact that still we think it remains a supply issue and Global Demand remains very, very slow. The third thing that needs to occur, we need to have a better feel for whats going to happen with respect to Global Equities and growth overall. We think that message will remain quite cloudy over the next year or two. What does that mean for the broader stock market, brian . It has been a swift, steady, persistent rally, specially going into the end of the year here . Are stocks fairly valued . Are they getting a little expensive, even for you, the bulls . Happy new year, sarah. What i would say is this. Our target is 2050 for year end 2014. Thats where we are at. Our target for 2015 is 2250. However, we do think 2015 will bring a lot more volatility and periods of volatility like we probably will see the next day or two with respect to a lot of question marks, in terms of global growth, what the fed is going to do, a lot more back and forth trading relative to what we saw in 2014. We are still mildly bullish here on a nearterm basis. Longer longer term, we are quite bullish on the outlook on u. S. Stocks on a fundamental perspective. Francisco, let me ask you about diesel. The front page article of usa today is concerned about the fact that diesel prices have not fallin as rapidly as gas prices across the country. I wonder if you could shed any light on that . Clearly, there air a lot of people that are making their living through transportation that are not getting the same sort of tax cut others are enjoyed . There are two effects. The pass through to the retail market, which is specifically a little lower than the wholesale market. The wholesale market are trading a month and a half forward as opposed to current problems. Thats a one to one factor. Second factor is that, of course the succession across the market. It depends on which market you are looking at. The third piece perhaps is the margins are expanding as crude oil prices fell. We think diesel is going to struggle the next year from a margin perspective. We see a lot of diesel coming into the market over the next 12 months or so. Francisco, one last question on copper. 4 1 2 year low. A lot is a china play. A lot of the macro guys want to use it as an indicator. Your thoughts . My thoughts is that growth for next year is going to come out pretty strong. We are actually predicting acceleration in global gdp to 3. 7 . I think also that the drop in price is going to act as a catalyst. We saw the ims talking about a. 3 to. 8 revision globally to growth estimates. If we grow anywhere above 4 next year. Thats going to be a pretty good outcome for copper. I think copper is going to do okay. The one thing to think about in copper is that supply is going to be Pretty Healthy in 2015. The rest of the metals, we are pretty constructive on. To recap on oil, where do you think we will be on nymex . Oil probably comes back to around 80 by the end of year. We think we will see a rebound around 20 throughout the course of 2015. Brian, whats your yearend target on the equity market at about 8 gain . Yes, we are, 2250 for 2015. A little more volatile but still positive for u. S. Stocks. Good to see you, folks. Thanks for your time. Francisco blanch and brian bimex. The search continues for missing airasia flight enroute to singapore. Katy kur joins us. Good morning. Reporter good morning, carl. It certainly appears to be another tragedy. They are still looking. It is still a search and rescue operation. They are looking around an island in the flight path. No official sign of the plane. There was an unconfirmed sign, report of debris earlier today pretty far from the last known location of the plane. There was also a report that an oil slick had been found. This is the java sea, very highly traffic. A lot of oil tankers going through. That was tested and found to be not asoc dwrated with thesociated with the plane. Oftentimes, spotting of debris or oil slicks turn out to be nothing. They like to spot everything they can. That way, they can rule out all the potentialalities. Weather is an issue. Tomorrow it is going to start raining pretty heavily. It is monsoon season in southeast asia. That could potentially mess with the search and rescue. It is suspended as of now. It will resume foamtomorrow morning. There air lot of anxious relatives in indonesia hoping the plane somehow crashed on land and there are survivors. Indonesian Officials Say from their calculations it looks like the plane did land, did crash in the sea and right now it is under water in the java sea. They are going to search every inch until they find something. It is better than what the search is for mh370, searching the indian ocean, a deserted area of body of water. This is much smaller. They are hoping they are going to find something sooner than later, carl. Katy tur in singapore, what an incredible, unfortunate year it has been for carriers in that part of the world. It made how much . The interview online sales top the theater chains. More on hollywoods blockbuster weekend. Apple is celling a lot of iphones for the holidays. How their takeaway is coming up. Barring a lastminute disaster this week, the s p will log a third year of double digit gains. We have not done that since the mid 1990s. Were back in just a minute. Courage. Which is why usaa is honored to help our members with everything from investing for retirement to saving for college. Our commitment to current and former military members and their families is without equal. Start investing with as little as fifty dollars. Sony has said it had been purchased or rented online more than 2 million times. That number really surprised people online specially when you compare it to what it did in overall theatres, a fraction of what it cost sony to make. Hard to make money. 2 million households, three people a household. Two people a household would have been a lot more in actual theater tickets. Sure. It could be an 80 million film. I did watch it. I liked it a lot. I thought it was hilarious. You have to go in as a seth rogan fan. You know it is going to be that stupid. Someone handed me a bootleg copy of it. I continue to be amazed at sony shares on the nikkei are not only up 24 this year, they are in the top 10 of all nikkei of the 225 on the nikkei. They have had a monster year. They have been on a roll thanks to the weakening yen. Also, this model releasing simultaneously in physical theaters an online. They have never done that. You have to wonder whether it is a new model. People couldnt find a Movie Theater. It was an active sign. You had a month of worldwide publicity. To pay for that kind of marketing would have been cost prohibitive. Now, it is on apple. Finally saying it is on itunes. Did you enjoy it . I did. I laughed out loud. Art cashin with us next as we get ready to ring in a new week. We will take a look at futures on our way out. After seven Straight Days of gains for the dow jones industrials, with he could open negative. Not huge moves in the last three trading days of 2014. More squawk on the street from the New York Stock Exchange straight ahead. Why do i take metamucil everyday . Because it helps me skip the bad stuff. Im good. Thats what i like to call the meta effect. 4in1 multihealth metamucil now clinically proven to help you feel less hungry between meals. Experience the meta effect with our new multihealth wellness line. I love my Meta Health Bars. Because when nutritious tastes this delicious i dont miss the other stuff. New Meta Health Bars help promote heart health. Experience the meta effect with our new multihealth wellness line. Less than ten minutes before the opening bell. Our captain is here, director of floor operations. Greece and a little bit of russia. The crb index is like a fiveyear low. So it is a little tough. Weve got a great run here, seven days in a row up. The seasonals for next year are exceptional. Going back to 1885 a year ending in five has been down only once. Say that again. Back to 1885. A year ending in a 5 has been negative once. What is it about the five . The middle of the decade. Before you get overwhelmed with that, if you this i it through, it has only happened 13 times. So it is 1 out of 13. Good point. It is the year before a president ial election. That has almost equally an upward bias, somewhere between 15 and 25 , which would be one heck of a run. So well see. The First Quarter of business is, if we are down today, we will try and make sure we are not down tomorrow. All year the s p has not had three days in a row to the down side. We have only these three days to make it work. That has never happened before, even back to 1885. Last january was no good. Any reason to think this january might be an echo of that . No, but if i would worry about january, my guess would be to start worrying around the time of the expiration, around the middle of the month. Last january and the other weak januarys have tended to manifest whatever weakness they have middle of the month. Most of us are students of the stock market. You spent a lot of time with that. Is that something more people should be aware of . Most people think the market will go in valueations. I believe valuations are critically important. If you look at weakness in, for example, september and october, that made great sense when we were an agare yan society. It meant moving money out to buy crops and seeds. We have far more smokestacks than haystacks. The pattern is a historical pattern. It shouldnt be dismissed as being simple. There seems to be a reason for that. Art, i want to call your attention tottenyear note yield. It is just about he low 2. 22. Persistently low yield. Does that give you any caution about your bullish outlook for stocks in 2015 . The year in which the market is expecting an interest hike from the feds . I am agreed that you wanted to Pay Attention to that as you and particularly simon know, i have said in the past that i had doubts about whether they would be able to raise rates or not. It does indicate there are some pressures. Even though it is not a direct cause and effect. The weakness in the crb index and the weakness in copper hints that there may be deflationary pressure out there. Are we in danger of breaking all the historical norms. We think the european Historical Bank is going to come in for the First Time Ever across europe. Doesnt it connect the treasury market as well. Are we at levels we shouldnt be at but we can stay at. Certainly, you are at levels that most historical precedents suggest you shouldnt be. People begin to make wrong correlations too. I hear a great many people talk about, whenever the fed has gun to raise rates, the stock market did this. They were in completely different times. You werent coming off from a prolonged zero. You didnt have the financial crisis that you have. I will keep my eye on my historical patterns ingrained in human nature. I will respect the fact that this time, it could actually be different. Finally, a reminder of how solid q4s have been. Dow has added 1,000 points. The last time we did that was q4 of last year. I have been pounding the desk about seasonals. It looks like the santa claus rally is in motion. What we want to see is it go into at least the first three days of next year. That would be the traditional pattern. As long as dollar yen continues to march higher. That coralrelation is intact. Well see you tomorrow ringing the opening bell. Looking forward to that, art cashin. The opening bell is about 4 30 minutes away. Well, a mortgage shouldnt be a problem your credit is in pretty good shape. Pretty good . I know i have a 798 fico score thanks to the tools and help on experian. Com. Kaboom. Well, i just have a few other questions. Chuck, the only other question you need to ask is, what else can you do for me . Ill just take a water. Get your credit swagger on. Become a member of experian credit tracker and find out your fico score powered by experian. Fico scores are used in 90 of credit decisions. I take prilosec otc each morning for my frequent heartburn. Because it gives me. Zero heartburn prilosec otc. The number 1 doctorrecommended frequent heartburn medicine for 9 straight years. One pill each morning. 24 hours. Zero heartburn. So ally bank really has no hidden fees on savings accounts . Thats right. Its just that im worried about you know hidden things. Ok, whys that . No hidden fees from the bank where no branches equals great rates. You are watching cnbcs squawk on the street. Opening bell in a minute and a half. A lot going on for the holiday week. The s p is riding a pretty nice streak here has officially locked in a year in which it will not fall for four consecutive days. That has never been done. Up 13 for the year. The dow is riding seven straight something it has not done since a tenday streak in march of 2013. Ill give you another one. 52 record highs in terms of closing for the s p 500. We get another one this week it will only add to that more than 20 of the time. A record high. It is scary when it falls. That was scary. Also on that note we can watch russell, 2000 the Small Cap Index, which also managed to close at a record high on friday. That was one that had been lagging and still for the year is only up a little more than 4 . For buying some of those small cap biotech stocks over the weekend. A