Exchange on the planet, terry duffy, cme group, executive chair and president in a fox business exclusive. Hes going to articulate what plans they are putting into place right now for wednesday. Also breaking at this hour, the Obama Administration appears yeah, thats what were hearing right now to be doing an about face on the people applying for visas to enter the United States. It comes just hours after the president worked to reassure the brick hes doing everything public hes doing everything he can against isis. He met with his National Security advisers, now the word is they will start checking social media posts for people who want to enter this country. The president also said the u. S. And allies are making progress against the Islamic State in both iraq and syria, attacking the leaders, training forces, fundraising and propaganda operations. Is it enough to extinguish the terror group . A situation report from former florida congressman Lieutenant Colonel allen west. Senator ted cruz cruising along, moving up in the polls, threatening donald trump but also now worrying, apparently, the Hillary Clinton campaign. Could tomorrow nights gop debate be a defining moment for the texas senator . Carl cameron is going to give us a live report. Apple, folks, is part of what you see the weakness that the dow is showing as at least two analysts say were cutting apples price target right before christmas . Really . Were less than an hour before the closing bell, so lets start the countdown. Liz the big short, the movie is not out yet, but the markets are showing their shorts. Among them, it is a rotten day for apple. Right now with the russell and the dow down though, the markets are actually looking pretty good, showing some positive moves, but apple is down a percent. It is one of the biggest drags on the s p 500. Whats going on . Well, Morgan Stanley cutting its price target on the stock after projecting smartphone sales will fall 6 . Barclays is cutting its price target on apple too just 11 days before christmas. So mean. U. S. Dollar, heres another part of the big short, its actually lower against the euro and lower against, of all things, the the Canadian Dollar which has been unbelievably weak. Weve got oil settling at 36. 31. It touched a low of 34. 53 earlier this morning, but then black gold managed to climb out of the swamp and snap the longest losing streak in nine months. A couple things at work here, you have the iranians saying, too bad, we are upping our exports to six month highs. The volatility index rising for a second day. Remember, it was a big day for this one on friday where it jumped doubledigit percentages. This fear gauge is jumping about 5. 25 , touching the highest in two and a half months down, rather, the c. O. B. Is down 5. 25 . Youll recall the surge on friday in the vix was the largest gain since august. President obama updating the nation on the fight against terror today at the pentagon after getting an update from his National Security team on how the battle with isis is progressing. Look, hes been criticized for not being verbal enough about it, so he came out today and said the u. S. Has been increasing its pace of airstrikes. The u. S. Led coalition, he says, has launched 9,000 of them. 9,000 of whats on your screen right now. So as of today thats where the number stands. President obama also saying the u. S. Is disrupting isis financing, but theres still more to do. We have to be smart, targeting isil surgically with precision. At the same time, our partners on the ground are rooting isil out town by town, neighborhood by neighborhood, block by block. That is what this campaign is doing. Liz Jennifer Griffin live at the pentagon. You were at the presser with the president and the latest on his administrations analysis of that threat to the u. S. And from isis. What do you think was really newsworthy here . Reporter well, what was interesting, im told, liz, the reason the president came to the pentagon to meet with 35 members of his National Security team is that he is starting to get the feeling, im told, he is not getting the whole story about isis from white house staff. He wanted to hear from his military chiefs directly. Hes about to go on vacation, and he needed to reassure the American Public that his military is not slowing down over the holidays. We are hitting isil harder than ever. Coalition aircraft, our fighters, bombers and drones have been increasing the pace of airstrikes, nearly 9,000 as of today. Last month in november we dropped more bombs on isil targets than any other month since this campaign started. Reporter notable that the emphasis of the strategy as articulated moments ago by the president is still relying on airstrikes. The president did say that the special forces he ordered to syria in late october are now on the ground in syria trying to find a partner. He said isis has lost 40 of their Populated Areas in iraq. Thats a new figure we hadnt heard before. The president also gave a litany of isis leaders that the military has successfully killed in the past year. Since this spring weve removed one of their top leaders, isils second in command, junaid hussein, their top online recruiter, and in recent weeks finance chief abu saleh, a senior extortionist and. Reporter the president s message to other isis leaders was, quote, youre next. Liz . Liz youre next. We shall see. Jennifer, thank you for that update. And weve got more breaking news at this hour. Reports are surfacing that the department of Homeland Security is pretty much right now working on a plan to scrutinize social media posts as now part of its visa application process for certain people seeking to gain entry into this country. So before then there was word that, you know what . That the immigration officers were not looking into this kind of thing, and now we know, of course, that one of the top, top suspects in the San Bernardino had absolutely posted about isis and how much she loved it and was supportive of it. No word yet on how soon this new plan could be implemented, but it comes in the wake, of course, what we discovered with the san bern deep know, california San Bernardino, california, shooting this month. Lets bring in allen west. I personally think it would very much help officials because thats where isis is going, Lieutenant Colonel, right . To facebook, to twitter. Yeah, youre absolutely right. And its a pleasure to be with you, liz, and merry christmas. Liz thank you. You know, when i think about the debate thats been going back and forth about the violation of the Constitutional Rights of american citizens when it comes to the metadata collection, here we had someone that was a Foreign National trying to enter into the United States of america, and we had an exclusion against that persons social media being looked at. You know, when you think about what the Hacker Group Anonymous is doing against isis right now, you see them far more successful and far more vigilant than our own administration is against militant islamic terrorists and jihadists. So i am very concerned about this exclusionary rule that the department of Homeland Security had. And furthermore, we know about a dhs whistleblower who said he was tracking syed farooks mosque and also the sect that he belonged to, but yet he was told to drop his investigation for racial profiling. Liz well, clearly now we have to rethink what we are doing. So it looks like the administration is saying, okay, now we should be checking peoples social media posts. The president just a couple of hours ago was at the pentagon, correct in you heard that. He said were taking back territory, weve destroyed strongholds, but nows the next now whats the next issue that should be attacked, Lieutenant Colonel . Its very simple. You continue to hear the president talk about what hes not going to do and how hes making excuses about it liz well, hold on, let me be fair. Today he came out and said what they are doing with this u. S. Led coalition. Okay. Well, let me explain it to you. When you talk about 9,000 airstrikes, remember this started back in august of 2014. When i was a young captain in desert shield, desert storm, we were running 23,000 airstrikes a day. If you have a serious, dedicated air campaign, why is it that last month, november, was the most intense month against isis . That should have been in the early stages, just the same as you saw in 2001 when we sent the in a special forces team with the northern alliance, and they defeated about a 60,000man taliban force in about 90 days. So why are we still monkeying around from august 2014 with isis . Liz do you think that were too, you know, american hearts are too good . I really hate to say this, but it makes you wonder if we have too stringent rules of engagement of course. Liz where a lot of these sorties exit out, they dont fit the parameters, so the planes return without having dropped their payloads. Of course. We know based upon some of the reports 7075 of the ordinance is not dropped due to the restrictive rules of engagement. We know the Obama Administration was not bombing the convoys of oil tankers liz yep. Big mistake. They were concerned about drivers they felt were the middlemen, and that was a big mistake. Huge mistake. Yes, maam. Liz colonel allen west, its great to have you on the program. Happy holidays to you. Its the first time on our program. Hes a very familiar face at fox. All three major indices now negative at moment. I told you at the start we have indecisiveness reigning right now in advance of the fed. Look at the nasdaq, down about five points. When we started, it had been up, and we do have that dow just on the flatline at the moment, up twothirds of one single point. Star wars fans, no indecisiveness there, they are lined up and ready to go. Look at this aerial shot. Some of those people will have waited outside for as many as 12 days for the premiere on thursday night. Bundle up. Disneys counting on you and the force to bring in big bucks. And the fed may also awaken this week. Seven years at zero could all change in just two days, and the major exchanges that take your trades and move them through could see Trading Volumes of epic, historic proportions. Are they ready . Coming up, a fox business exclusive with cme Group Executive chair and president terry duffy on the preps they are taking to keep the Worlds LargestFutures Exchange glitchfree. Hes next. Opinions. Theres no shortage in this world. Who do you trust . Whose analysis is accurate . How do you make sense of it all . A simple, unbiased stock score consolidated from the opinions of independent analysts. Is that too much to ask . Nope. Equity summary score, powered by starmine, will help you execute your ideas with speed and conviction. And its only on fidelity. Com. Open an account and find more of the expertise you need to be a better investor. When i went on to ancestry, i just put in the name yes, we are twins. Of my parents and my grandparents. I was getting all these leaves and i was going back generation after generation. You start to see documents and you see signatures of people that youve never met. I mean, you dont know these people, but you feel like you do. You get connected to them. I wish that i could get into a time machine and go back 100 years, 200 years and just meet these people. Being on ancestry just made me feel like i belonged somewhere. Discover your story. Start searching for free now at ancestry. Com. The only way to get better is to challenge yourself, and thats what were doing at xfinity. We are challenging ourselves to improve every aspect of your experience. And this includes our commitment to being on time. Every time. Thats why if were ever late for an appointment, well credit your account 20. Its our promise to you. Were doing everything we can to give you the best experience possible. Because we should fit into your life. Not the other way around. Liz breaking news with 45 minutes before closing bell rings, now a total opposite of what we just saw 16 minutes ago. 16 minutes ago we were starting to turn green across the board, now everythings blue and red. Right now black and blue. Down about 11 points for the dow, the russell down 9, s p down about 3 points. We do have good news for fans of sharpie markers and yankee candles. Rubbermaid has announced the acquisition, 21 a share representing a near 24 premium over the Closing Price on friday. So as we look at the stock right now, we can see that rubbermaid is lower. This is normal where you see the acquirer down, but theyre up about 2. 75 . It may very well be super bowl for the trading industry. Were hess than 48 hour less than 48 hours away from the fed hike decision. The futures pits are placing an 83 chance of a rate hike for the first time in nearly a decade. Folks, nine and a half years was the last time we saw an Interest Rate tightening, and back then we went you ready for this, austin . From 5 to 5. 25 . We were at 5 back then in 2006. What will this mean for Trading Volumes . And for importantly, the people interested to make everything move smoothly . Particularly at the Worlds LargestFutures Exchange. There he is, if youve been even sleeping, terry, id be so nervous. [laughter] executive chair and president of the cme. What have you guys been doing to prepare for what we know especially if there is, indeed, a rate tightening will be possibly an em pickly his to have epically historic day. Weve been doing a lot over the years and its not just since the feds meeting this week and theres an 83 probability were going to have a rate hike. Were prepared for when the rates were at normalized rates, when they were at 5 whether theyre going to zero. So were always prepared for up or down in high volumes activity when you have this type of conversation around a rate hike. I think the biggest surprise, liz, is if the fed doesnt do anything on wednesday, because that will have a bigger signal to the equity markets that the economy is nowhere near what they thought it was. I think they have no choice. I think that the markets have come a long way, and they need to make sure they move the rates. Now, the biggest questions going to be, liz, what happens in 2016 . Because does the marketplace take over for the principal reserve and start Federal Reserve or and start to add additional tightening anticipating more fed hikes. So thats where were going to see a lot of activity, in my opinion, going into 2016. Liz okay. Im just looking at november for you guys. You had an unbelievable Trading Volume month. You had about 13. 7 million contracts per day. I just want our viewers to wrap themselves around this, thats 247 million contracts, 87 of them electronic. So, terry, im thinking to myself you guys have extra i. T. People coming in, you ready to make sure this is all going to run on time and smoothly . Liz, we have billions of dollars invested into our i. T. Systems. The biggest component of the cme division of our employees is in our i. T. Division. Again, we have the most sophisticated systems in the world. Theres nothing guaranteed as we saw what happened with the New York Stock Exchange several months ago. Things happen when it comes to technology, but at the same time we invest in our system, we test our systems, and we are prepared this year alone we had one single day, liz, we did 40 million contracts. We do over quadrillion dollars of trade each and every year electronically. Hopefully, were prepared. I believe we are, and our systems are robust. Liz theyre robust. Thats a good word. I remember talking to Warren Buffett about two years ago when we thought we might see an Interest Rate tightening, and he said, liz, all i know is that every trader in the world will have their finger on the button, we just dont which direction theyll be trading in. You guys handle commodities, futures, options, all kinds of things. Is there one particular area where you think if we see a small tightening, well be swamped with trades . I think they all are going to be active, liz, because as you know, every asset class has a borrowing component associated with it. Once you start to see tightening whether youre Trading Energy futures, agricultural products, equities or foreign exchange, they all have some kind of borrowing cost associated with them. You can see up and down movements in multiple different Asset Classes and people trying, and i think theyve already decided which way they want to go on these. All of our Asset Classes should be quite active on wednesday. Liz well, lets see if you can pull out the stanley cup win from the futures trading haha, right. Liz my kings are going to take it again this year, im sorry. You know, liz, with all due respect, coach againville is the third leading coach in history. How about patrick kane . Liz, the los angeles kings, with all due respect, cannot compare to joel againville and the chicago blackhawks. Liz listen, im going back to the team in the late 670s 60s. Terry, good luck on wednesday. Its going to be a rock and roll day, right . Be huge. I think it will be a fairly exciting day either way, liz, and theres a lot of people around the world that are going to be keeping a very close watch on markets not only come wednesday, but i believe all of 2016. Liz terry duffy, cme Group Executive chairman and president. We have a reminder, fox business live coverage of the fed decision begins at 2 p. M. Eastern foll