The expectation of warmer weather across much of the u. S. Means less usage of natural gas, particularly in the Northern Midwest and we were going to get snow tomorrow under an inch. David and we are seeing weakness the Department Store stocks. Macys and nordstroms underperforming in that particular sector. Liz how about some jewelry for the holidays. A rough year, but today it is making a huge push to get consumers to buy diamonds and fine jewelry. President and ceo Harvey Cantor here live to tell us what those deals are including a huge giveaway theyre doing and how we are doing and what kind of a halo effect theyre having on the giveaway. David and economic advisors warning middleclass tax rates to rise and failing to catch could cause consumers to spend 200 million less than they normally would next year. Coming up chairman of the president s council of economic advisors joining us to talk about the fiscal cliff and whether we will go over it. Liz do not miss it. But first what drove the market with todays data download. The nasdaq the only major index. Still a pretty rough day on light volume. The dow and s p ending lower the s p ending lower with isnt a step in the longest winning streak in more than three months. Tech and utilities were the Top Performing sectors while telecom and energy lag behind. We were talking about Natural Gas Prices tumbling 4 today on warmer weather. Forecasters warning of a warm start, but still expected to be much colder than last year. A lot of people betting it would be 4 at this point, if not. Factory activity among the manufacturers falling back into contraction this month on bigger than expected drop as the Federal Reserve said activity index fell three points negative 2. 8. The first of five regional reports covering an area that is not affected by Hurricane Sandy so you can only imagine how it would be in new york. David will be talking with scott bauer in the pit of the cme. Duking it out in our street fight. Lets start with scott at the cme. Consumer sentiment first of all. It is very high, but are the folks who say theyre optimistic in their money where their mouths are . So far they are. But it is really teetering on the brink of something bad happening. I dont mean to be looking into a black hole, but so many macroeconomic things on the table, Holiday Shopping numbers, any one of them that we can get spooked on to set the number on consumer confidence. What we will see tomorrow which will not reflect this weekend, but anything that can spooked consumers, this thing can really take a sharp move down. Now, if nothing happens, the trend is picked up so much momentum that could lead us to the end of the year. If we get by with all of this all the saber monday stuff, we should be okay. Consumer confidence could be the lagging indicator for what is spent in everybodys Holiday Shopping this season. That one to me is very key. Liz did we not see it on black friday and frankly today . Black friday sales at 16 but overall just looked very healthy. Does that indicate consumers have become smarter . Dont know if it is smarter or they just feel better. When is the last time you went out and shop Holiday Shopping and said i actually feel pretty good about this. That is factoring in. And that is driving people to get out and feel good and make their purchases and go forward. I dont want to be the bearer of any kind of bad news, but lets hope that remains that way and that will lead us to a Great Holiday season. David a hopeful note of caution. We will come back to in s p futures close. Thank you very much. Liz it is time for a street fight. Lessons from our bull, chief investment officer. Todays bear is scott president of street one financial. Give us three reasons i feel very confident about this country and i am thinking its awesome to activity that came to black friday but give us three reasons why youre bullish on equities overall. The u. S. Faces little more of a headwind than the world does. It is almost a decade of big overvaluation especially constructive with the rest of the world. Look at europe, other parts of the world are trading particular lowes, also constructing as well. It is a decent environment. David will be talking to alan krueger coming up about that particular subject. You say any deal they make will be a bad deal, how so . Everybody is worried about going over the cliff and all the automatic cuts that go into effect. If they reach a deal it will involve tax hikes, itll look a lot like sequestration. If youre not excited about the market, how can you be excited about cutting a deal . Liz they are buying millions of ipad and galaxy, the samsung is doing incredibly well. Maybe they are not as caught up. So we in california just over the weekend, we were both the fiscal cliff . They said the fiscal blitz . I said it is kind of like a fiscal blitz. It does not mean the stock market itself isnt going to react negatively to any deal that comes out with continued problems in europe. David despite the fact that you are a bull, you only have 8 of your funds in u. S. Stocks. Why . The picture is better from a fundamental standpoint. You hear so many headlines of what is going on in europe and greece. Almost generational lows. A lot of the risk is already been taken out. Pensive markets in the world. Not but 20 or 30 maybe 4 , 5 of u. S. You have to look elsewhere. Liz what are the three areas you like most . Speaker in the u. S. Overweight financials foreign. Were getting higher exposure to a lot of european countries. Some emerging countries outside of europe, thailand turkey, that has had a particularly good momentum. A phenomenal run many index was up 15, 20, 30 . You have the perfect environment for them with high yield environment and they should do very well. Still holding a nice chunk. David a very strange situation, a bull buying outside of the United States and a bear by inside the United States. I refer to amazon. Despite your bearish on the fiscal cliff, you still say amazon is a good buy . Why . Amazon will be the big winner of the Holiday Shopping season while i expect them to significantty outperform an earnings think amazon is the stock ready to pop the way apple did two years ago. David let me pressure you on that. 10 , 20 boost from where we are right now . Speak i think it can go 10, 15 more like 25 . Liz give us another name you like. Speak of the volatility funds that are out there. Lol gx and other indexes. Liz explain how to people how they work. If you think the market is going down, they will be long volatility. They will be nimble enough they can get out of volatility and be on the counter side. The market going up for the market going down, their motley portfolio on a daily basis for how to pick out the roller coaster ride. David that is a great suggestion. Good to see you both. The president s council of economic advisors is out with a new study say consumers spending could fall by 200 billion if connersville to extend middleclass tax cuts. The chairman of the economic advisors will be joining us. Liz they say diamonds are a girls best friend. It also could be a retailers best friend. And the president and ceo of the Company Selling this. And how much this ring i am wearing cost david. David over 100 . Liz if it is, will you still buy it for me . Thank you. And looking for the best deal on an item on this cyber monday . Would if you could compare prices from thousands of merchants offer one single place . You heard of these websites before but price grabber. Com lets you do that with a click of a button. 80 million items can be compared. What you want is on there. The president and ceo will join us to tell us. [ male announcer ] this is steve. He loves risk. But whether hes climbing everest, scuba diving the Great Barrier reef with sharks or jumping into the marke he goes with people he trusts which is why he trades with company that doesnt nickel and dime him with hidden fees. So he can worry about other things like what the market is doing and being ready no matter what happens, which isnt rocket science. Its just common sense, from td ameritrade. Liz we have some breaking news on that website many of you might have jumped on, in trade, the betting website letting you bet on just about anything. If youre an american citizen, you have to get off the site by the end of the year. Making that announcement breaking news right now as the cftc sued the irelandbased in trade and company over illegal trades wanttrade law people to get illegal trades on the price of gold and currency. You are getting this website intrade, u. S. Customers must close their account and withdraw funds from the site by december 31. Before the years end. Citizens have to exit the site intrade. Also following a trend were watching very closely been closer to the fiscal cliff seen tax rates increase. Weight Watchers International latest company to declare their dividend and to pay it early. It will pay it out normally they pay the dividend in january but they will have an acceleration of placement of the regular quarterly dividends for the fiscal quarter usually paid out in january, the same amount as always. 0. 7. 5 per share. Normally shareholders would pay a lower tax bracket if we saw the rising cost of oil. David were about to see a lot of activity. Also expected to see, for example, cases in which people who have been giving out dividends thinking of increasing dividends are buying back their stock instead because the tax penalty for that is a lot less than what it could be. Liz you are seeing the stock altered, shares ending lower. On the floor of the new york stock exchange, some of this obviously they did not go to enough of the movie. Nicole the five day weekend is actually a box office winner. Recordsetting winner. 290 million. You know what did not participate in disappointed analysts with the dreamworks film. Apparently it did not meet the standard, not the threeday standard for the fiveday standard. Bringing in 24 million. Rather than what was estimated by the analysts. With this now cut to below average from average, the new price target 15 down from 20. Not good news for the tooth fairy, santa comes with a cute movie, but certainly did not bring in the movie they money they had hoped for. David retailers kicking on the Holiday Season with a bang. A record amount of shoppers to their stores and online over the weekend. Liz now we have the company that will do the dirty work for you. If im the product you want at the best prices for no extra cost. How does that work . Ceo and president of pricegrabber. I was just on the site looking at all that you do, this basically price competitive. Hows it different from all of that . We compile reviews and product specifications over 80 million different products and help consumers read through the specifications to determine what is the best product for them how can you find the best price . David to provide a look into trends happening with consumers, for example im thinking fewer laptops are being sold read absolutely. One shift remains offline to online. We will see ecommerce of 25 and maybe 20 , 22 of overall Holiday Shopping. It is up about 25 to 30 . Another big piece inside that were seeing a tremendous shift from laptop and desktop devices. Over the weekend laptop and desktops were down, mobile devices are up strongly representing a quarter of our sales. Liz lets talk about tablets. What was the hardest viewed item on your site . The galaxy tablet. Liz that is what i saw on your website. Is a great value. A lot of tablets for the whole family. Liz do you explain this is refurbished or brandnew . If it is refurbished we indicate that. Usually all new products manufacturer guarantee warranty, complete assurance of quality. David to consumers always go for the cheapest . They go for the lowest price less than half the time. We go for a brand to recognize they go for a store they like the image, lots of ways, lots of Different Things just like in the mall read. Liz what will happen between now and midnight of december 24 . And how do you get paid . We are paid when they select that combination. We are paid on the referral. Credit will continue to increase through the month but the secret is mondays and tuesdays are always big. People shop at home, maybe they do some research, maybe they want to squeeze a little bit of time out of the office. Monday is the time. David congratulations. Thank you for coming in. The president s council of economic advisors releasing reports today saying Consumer Spending will take a huge hit with taxes on the middle class increase. Coming up next we will hear directly from the head of the company, alan krueger. Liz im sure there are more than a few of us wouldnt mind diamonds for the holiday or one of these. Look at this. Gorgeous, surrounded by diamonds. The president and ceo Largest Online retailer of diamonds and jewels joining us with the holiday outlook. Music is a universal language. But when i was in an accident. I was worried the Health Care System spoke a language all its own with unitedhealthcare, i got help that fit my life. Information on my phone. Connection to doctors who get where im from. And tools to estimate what my care may cost. So i never missed a beat. Were more than 78,000 people looking out for more than 70 million americans. Thats health in numbers. Unitedhealthcare. [ male announcer ] you are a business pro. Governor of getting it done. You knowow to dance. With a deadline. And you. Rent from national. Because only national lets you choose any car in the aisle. And go. You can even take a fullsize or above, and still pay the midsize price. This is awesome. [ male announcer ] yes, it is, business pro. Yes, it is. Go national. Go like a pro. Liz the countdown to the fiscal cliff 35 days left to reach an agreement or not before a series of automatic tax hikes and spending cuts hit. David the council of economic advisors released by the tax cuts expire would have effect on the Consumer Spending. The member of the cabinet, alan krueger. Thank you for coming in. Thank you for having me. David they came out with a report of how much revenue to collect if in fact all the tax increases took place. They come up with a figure of 82 billion per year. Only 8 of the trillion dollars deficit why risk slowing down the economy, which a lot of people say might happen if you increase taxes why slow the economy for such a collectively small amount of money . First thought dont think it is a small amount of money. We need a balanced approach. David uribe 2 of the deficit unfunded if you do that. To look at the president s budget, what he proposes is raising 1. 6 trillion proposing spending cuts as well, combination of which would put us on a sustainable path in the economy in the long run. What we should avoid doing is having gridlock, not extending the middleclass tax cuts would wish on our report today is if the middleclass tax cuts are not extended that will cause Consumer Spending to fall by 200 billion next year. Thatll be an awfully big hit to the economy. Liz to a for somebody economic council, physically says middleclass tax cuts on Consumer Spending, everybody spends. How do we come to this agreement, we keep hearing left the tax cuts they now Warren Buffett came out with an oped in the New York Times say saying we should make that 500000 or under because two and 50,000 of their family is not rich and if the tax cuts expire as well they may be in trouble. Do you think there is any wiggle room to move at 250,000 number little bit higher . Would have to raise a significant amount of revenue so we are on a sustainable path. We cut taxes at a time when the economy could not afford it. We baltimore on a credit card. It will be required for the u. S. Government on that unsustainable path. But ultimately that is what it will help our economy. David what about the idea of deductions . Even though the deadline is approaching quickly, when i put 25,000 cap on deductions. Covering the overwhelming majority of americans. 25,000 cap on deductions it is 40 more than raise the top marginal rates. From his very first budget the president proposed limit on functions allowing people to upper income groups deduct 28 rate so you and i get the same benefits from charitable donation as Warren Buffett does. Additional revenue is required to come from along the top rates return to where they were in the clinton years which was the time the economy did well. I work in the government at that time. People at the top did quite well, people of the middle in the bottom did quite well. Liz the question becomes what we have to do to make this happen . What is holding it up . A reasonable approach allowing people to have some deductions just not all the deductions. A ton of coin for the government hopefully to use wisely. It is deductions as well as long top rates to return to where they were in the clinton years. That is what the president has supported all along, that is what he campaigned on and if the house of representatives were to pick up the bill the Senate Passed an extend middleclass tax cuts, that would go a long waysway to solving the fiscal cliff issues. David chairman alan krueger please come back and see us again. Thank you for having me. Liz ringing in the holidays with diamonds. Up next, the president and ceo of blue nile. This is his super bowl. Harvey kanter with his outlook on the holidays. What deals they have for shoppers. David closeup, closeup. Having you ship my gifts couldnt be easier. Well, having a ton of locations doesnt hurt. And a santa to boot [ chuckles ] right, baby. Oh, sir. That is a customer. Oh. Sorry about that. [ male announcer ] break from the holiday stress. Fedex office. Okay, that looks great. [ camera flash ] were you profible last month . How much money is in your chking account . Have the browns paid you for their addition yet . Your finances are scattered all over the place. What are your Monthly Expenses . You keep your receipts in plastic baggies . Seriously . [ announcer ] get it done and get it off your mind. Wit