We now given them the tools to go out and win theyre coming back. I believe i brought hundreds of billions of dollars with me. They would never have come in fact, in the opposing party had won the election, you would have had tremendous new rules and regulations put on everything and other things would have happened and instead of going up almost 50 , your stock market would have fwoen down 50 i really believe that. The dhangs to our business tax is expected to raise average Household Income by 4,000 roughly three million workers have already received tax cut bonuses and raises totaling thousands and thousands of dollar per worker. Thats just over the past six weeks alone because of our tax cuts apple is investing 350 billion in the United States theyre bringing 240 billion back they will pay a tax of 38 billion dollars. Theyre going to invest 350 billion therefor billion. When i first heard the number i say you mean million ive been saying you got to build plants here. Two days ago exxon mobile, in addition to many others Just Announced they are investing 50 billion in the United States the good news just keeps on rolling in and its going to i want to thank senator tim scott for opportunity zones. Our tax plans encourages this investment where is tim what a good guy tim is thank you, tim we want every american to know the dignity of work, the prides of paycheck and the satisfaction of a job really well done. We can reform our prison system to help those who have served their time get a Second Chance at life. Ive watched this and seen it and studied it people get out of prison and they made a mistake. Not all, some are very bad but many are very good they come home and they cant get a job. Its sad they cant they cant get a job the economy is so strong now and so good and so Many Companies are moving in that i really believe that problem, its a big problem, is going to solve itself were working on it. Invest in we development. We want every american to reach their full god given potential vocational schools today you have Community Colleges and you have when i was growing up, we had vocational schools when i was going to school, i remember i was in high school and there were people in class one person in particular, he wasnt like the greatest student. He just wasnt yet, i saw him one day and he was able to fix car engine blind folded everybody else was saying thats amazing how talented he is he had a different kind of talent we should have vocational schools. You learn mechanical, you learn brick laying and a carpentry we dont have that very much anymore. I think the word vocational is a better word than community college. Were working very hard on vocational schools when they move in, were giving them incentives to train people themselves in wisconsin we have a Great Company moving in. They make the apple iphones. Theyll have people to do this because its a whole new skill we can reduce the price of prescription drugs and ensure that terminally ill patients have a right to try. On board, right to try those drugs, they sit in there for 12, 13, 14 years a persons terminally ill, they have two months left and under the old system, they dont want to give him an experimental medicine because they are afraid theyll be hurt. Theyre not going to be around for too much they will sign a waiver. Were going to give them the hope of finding something. You have people and ive known people like this they travel all over the world to try and find a cure we have great experimental drugs but it will be years before they come onto the market its called right to dry and i hope you folks can approve it and i hope you agree with it i think its so important. Its so important. Its got heading it up the other thing you get is you learn pretty quickly how effective it is. Doesnt work we can fix bad trade deals and negotiate new ones that are fair the most important word to me on trade is reciprocal. Companies will send in a motorbike, we charge them nothing. Theyll send their motorbikes or something into us, zero. We send it to them 100 . Thats not fair trade. Thats not fair. I like the word reciprocal theyre going to do it to us, were going to do it to them whats going to happen is your numbers will either come down or were going to make a lot of money. We can rebuild our crumbling infrastructure and we will roadways that take 12, 13, 14 years to get approved. We used to build them in three months now it takes years and years of approvals. Were going to bring that down to one year. Two years is our goal. We can get it done under budget. We want to get it done ahead of schedule you dont have too many of them. Under budget and ahead of schedule we can deliver for our police, our veterans and brave Service Members and finally after decades of waiting, we can finally pass Immigration Reform that protects our country, defends or borders and modernizes our immigration rules to serve the needs of American Workers and of American Families so important one of the strengths of the Republican Party is that were a big tent with many diverse views but the one thing we can all agree on and thats in every decision we make it our highest priority to serve and to protect the American People. They respect our people in our country. We dont want visa lottery pick a lottery ticket. Pick a lottery we dont want that we have a chance to pass into law the Immigration Reforms that the American People have been demanding for decades and many of you have been working on for your entire careers. We have a great opportunity as a Republican Party, as the Republican Party, we have a great opportunity. We have a raet chance of doing that 18 will be very interesting. We have to do one or the other either they will have to come on board because they talk a good game with daca but they dont produce. Either they come on board or were going to have to really work to get the kind of numbers that we need to pass in a much easier fashion legislation with the tax bill we got what we wanted because we had a unanimous vote we can have it just the way everybody in this room wants it. We can fulfill our duty to the country and incredible voters, we have really fulfilled a solemn promise i put forward an immigration frame work based on many months of meeting and working with tom cotton and working with john coryn and david perdue, incredible people. We have to protect our borders the real democrats want to have their borders protected. It includes democrats, independents, republicans. Americans want an immigration system that works for everybody. They want safety by the way, they also want a Strong Military. We have to be very powerful on military our military has been depleted over the last long period of time even beyond obama. Its been depleted weve got to build up. This should not be a party thing. This should be common sense. Without our military we night not be here talking. We have to havea Strong Military i think were very much on our way from the one stand point were going for funding which we need and i think well get it. We have a lot of fighting on that from the other side we cant even think about it we need a strong and powerful military were going to have far more powerful than we were ever before its not dreamers. Dont fall into that trap. Its just much different than dreamers i said the other night, we have dreamers too we have dreamers in this country too. We cant forget our dreamers i have a lot of dreamers here. Daca, we want to take care of daca i hope we will we need the support of the democrats in other words to do it they might not want to do it they talk like they do, but i dont think they do. Were going the find out very soon we want something very tough and strong in terms of border. We need to end chain my graigran and we need to cancel the terrible visa lottery. Those are the four pillars that i talked about the other night we call them the white house frame work a plan that will finally bring our immigration system into the 21st century the republican position on immigration is the center, mainstream view of the American People with some extra strength at the border and security at the border added in. What were asking for and what the American People are pleading for is sanity and common sense in our immigration system. We want immigration rules that protect our communities, defend our security and admit people who will love our country and contribute to our society. I know that the senate is planning to bring an immigration bill on the floor, to the floor in coming weeks. Im asking that the frame work we submitted with great flexibility working with both parties that something very positive will come out of it for our country, for everybody i think that can happen a general path to citizenship or something thats not fair this has been going on for many years. It doesnt make sense to have nothing because this is something that people want we will be demonstrating that we are very, very serious one of the reasons i gave a number that was a very generous number was because i wanted to see whether or not they were interested in approving that if they dont approve something within that sphere, that means very simply theyre not looking to approve it at all they want to use it for an election issue but its now an election issue that will go to our benbenefit, not their benef. Make no mistake, i will not rest until we have delivered for the citizens of our country. We have done an awfully good job of protecting our second amendment. That was in yes during the campaign you remember and we have done a very, very good job. For the last 12 months, ive kept one promise after another and were just Getting Started so often ill see and six, seven months ago they were saying he didnt fulfill his promise or this or that ive said ive only been here for four months. They would finally get something passed i was there four months. They were saying he didnt fulfill a promise. 000 we have fulfilled far more promises than we promised. We have seriously fulfilled promise. I called promised plus one of the things were doing thats so important that mitch has worked so hard and done and everybody is the justices. The judges all over the country. Were filling up the courts with really talented people who understand and read the constitution for what it says. Its really not talked about that much. It is a tremendous impact. Its having already a tremendous impact we have incredible people lined up just lined up that are getting ready to go into the courts. In many ways i think its going to be one of the most important things, if not the most important thing that were doing. Defense is always the most got to be the most, john what were doing with the courts is going to go down as one of the greatest achievements. I want to thank you for that thank you. [ applause ] not only are we protecting america at home, were protecting our interests abroad. Its time to finally end the dangerous defense sequester. It would be wonderful if we could go back to a budget. In order to defeat terrorists were asking congress to ensure we continue to have all necessary power and everything we need to defeat and detain the terrorists, we cant treat terrorists like common criminals. They are unlawful, enemy combatants [ applause ] when you see what they do and what they do and the way they do it, we cant treat them the way we do the ordinary criminal. As you saw on tuesday ive signed an order keeping open our very secure detention facilities at guantanamo bay. Its another promise kept and theres one more very important promise were keeping. No longer are we making apoll apologies for america. We dont apologize anymore were proud of our history were confident in our values and were grateful to our heroes we are determined to create a Brighter Future for all of our people as friends, neighbors, citizens, americans. When americans are united nothing, nothing at all, nothing can stop us. We win. Tfgs rebuilt in less than a year working 24 hours around the clock. We built the hoover dam in record time. We built the golden gate bridge. We linked our nation together with railroads and highways. Put satellites into space and plant it our Great American flag on the face of the moon weve healed the sick. Cured disease and cared for the poor like no other nation. This is the foundation on which we build our very glorious future together we are indeed making America Great again. Thank you and god bless you all. Thank you very much. Thank you. [ applause ] i think what you heard was a combination of both tell prompter trump and campaign trump. He had some issues on immigration and opposition to the tax plan he also hammered home the legislative priorities for 2018 including work force development, military funding, immigration. Maybe even tax cuts phase 2. Its driving the day is whether the white house will release that confidential memo that outline surveillance abuses that allow the Obama Administration to collect intelligence around a key Trump Campaign advisor. Republicans out here say they support releasing this memo. This does sort of underscore the tricky path to the midterms here it is going to be about the pitfalls and fall out from the russia investigation well see what lawmakers say as we develop through the day thank you very much john, this was state of the union unplugged. It was. Im talking to republican lawmakers. He was fluid and joking with lawmakers. He was calling them out by name, engagie ining in banter back and four forth. He didnt deal with this looming question of whether he will direct the release of this fbi memo about the fbi and the Justice Department that his own fbi director says he shouldnt potential danger as he figures out whether he can curtail the actions of the fbi and robert muler and whether hell get rid of mueller he was full of good humor and laughs he did seem very comfortable. I think his best line is we fulfilled more promises than weve promised, as he sees it. Ae pa apart from the looming matter of the memo, whether he will testify in front of mr. Mueller, lets turn to some of the issues that are staring this congress, this president in the eye. One is a continuing resolution that has to amphetamihas to getn care of next friday. By march 5th, the daca extension expires. Theres the four pillar immigration plan that hes laid out thats controversial you do not see any democrats applauding and third, you have a debt ceiling thats right. Next weeks vote will put to the test the president s claims which i think are pretty transparent not correct. That the republicans are more unified than they have been in years. They have to extend government funding or will have another shutdown you have in addition to resistance from democrats over immigration, youve got defense hawk republicans who want more spending youve got deficit hawk members who want lower deficits. Dont want to have another continuing resolution which is always the least common denominator solution theres a genuine potential we will not achieve a long term budget agreement next week and will have a shutdown and more back and forth not only between the parties but within the Republican Party then in our permanent electoral status, were always looking to the next election, theres the 2018 midterms coming i forgot how many total gop member who is said they arent going to run the number of chairman stepping aside may be in double digits. 35 republican member who is are not seeking reelection in the house. That raises the odds the democrats can win open seats that are easier to win than incumbent seats. This is a difficult election climate for republicans. Many more republicans are stepping away and that tells you something about where things are headed thank you lets check the markets now. On another wild ride, we seen the kind of volatility we havent seen in a while as we kick off this new trading month. The dow down 135 points higher you can put the numbers together there, folks 135 down to 136 up 270 270 georgetown university. I didnt go to harvard i still know it. Boeing rallying again its up 5 this week facebook hitting record highs despite initial fears about its laye es latest earnings and the outlook people may be spending less time on facebook. Paypal moving down earnings did beat the street estimates. Ebay will no longer use paypal as its primary payments processor. Bitcoin falling about 11 now. Collapsing through its 100 ta moving average let eets get to the New York Stock Exchange yesterday we had a cell program come through in the middle of the day. Today we had a very notable buy program. Right about 11 30, literally at time of european close, all of a sudden boom. We went up 15 points in about 20 minutes. This happened right across the board. Im talking about a notable volume pick up around 11 30. Also take a look at even the european stocks. Take a look at the iefa. This is european, etfs same situation they went up on higher volume. It wasnt everybody. Qqq, normally that would move along with other big moves in the market didnt happen in any particular way. Notably dropped a whole point during this time were down into 12 and change. See there. Moving to the down side. Finally, i want show you the twoday chart. Yesterday late in the day sell program dropped the market today same thing buy program lifted the market. Back to you. Thanks a lot. Lots of people say it was rebalancing that caused some of the tu mumult people have seen. As i walked up here, you see what the atlanta fed said. I think the market took a leg up on the back of that as well. Now the question become s the fed behind it. The fed is really behind the curve. Which could be bad for stocks if they increase the number of rates. The back end of the curve is not moving nearly fast enough to catch up whats going on in the front. The last time we seen this, i think its ten or so years ago, that gives me pause. It will give us something to worry about. Ul ado all i do is worry my best tv work ever. We got at least another half hour with you. Coming up, kevin talking about an all star panel here getting the measuring tape out for the stock draft winners trophy there he is. Hes got a place in his home for it hes counting his chickens only two days left his number one pick apple reports tonight. Everything you need to know before that report mr. Wonderful will join us on power lunch. Buffing it up. You know whats awesome . Gigspeed internet. You know whats not awesome . When only certain people can get it. Lets fix that. Lets give this guy gig really . And these kids, and these guys, him, ah. Oh hello. That lady, these houses yes, yes and yes. And dont forget about them. Uh huh, sure. Still yes xfinity delivers gig speed to more homes than anyone. Now you can get it, too. Welcome to the party. Police say a male and female student are victims of a shooting in a classroom at a los angeles middle school. Both victims are 15 years old. The male is in critical condition. The female in fair condition the shooter is a female student who has been arrested. A weapon is recovered. Syria may be developing new, more action. Cape town, south africa imposing new water restrictions to avoid running dry Authorities Say they most have to turn off most city taps in tril in residents dont save enough water thats a scenario thats raised concerns about security. Here at home Major League Baseball taking steps to ensure fans are safer at the ballpark all Major League Stadiums will expand the protective netting beyond the minimum recommendation issued in 2015. The netting will extend to far ends of both dugouts thats news update this hour back to you. Josh we know reports have been flying here fast and furious not all are so good especially about that new iphone x where apple is said to slash production targets because of weaker than expected demand during the holidays. Theres some push back here. Apple supplier telling route ii these production cuts are overstated the production cuts hes seeing from apple suppliers dont appear out of whack with what he considers historical seasonality. That could help give revenue a boost. Right now the streets will be looking for 65 billion. That would imply a jump of 24 our next guest has a lot riding on apples earnings the 2017 stock draft trophy hangs in the balance its a beautiful piece of hardware did apple overprice the iphone thats the debate that will go no matter how you cut it, people will be disappointed in how many unit were sold theres no margins like that anywhere in the world. My premise is if we get soft numbers, i dont think its going to hurt the bottom line or the cash flow. Its going to be the Forward Guidance that will determine if the stock trades down after tomorrow you look at the price points of any category, within 18 points they are down 40, 50 because theres so much competition. Apple created a brand that people are willing to pay for over and over. I think what people will miss is you have to look at the 8 and the 10 the eight took some of the demand away from the ten sounds like youre aexplaining this away. I want to win this friging context. If i have to support this stock through friday, im going to. I still go with my margins story. One of your main competitors makes his point as well. Interesting but its about the revenue mix. What i mean by that its Service Revenue continues to trend higher you can get Service Revenues to high teens or low 20 . Wont then apple get a better multiple, a premium multiple compared to the hardware company. I made that asujs when it was near 10 i assume we get expansion on al l when were in that 8. 5 and it blew through one quarter people are still pricing a discounted apple as consumer electronic stock even as they sit there in disbelief watching these margins be maintained quarter to quarter they are saying look at this incredibly high margin business we created and look at it grow apple has done the same thing but people hate consumer electroni electronics. Lets turn to boeing. When you picked boeing, did you have any sense that it was going to turn into the kind of stock Market Performance that it has you can be modest or you can be bold if i win on monday, im going to disclose how i did this people are going to be really surprised. How you chose boeing . Why . Its going to start a huge debate im going to tease it. Its foing going to cause a big problem for people who make a living picking stocks. Im going to prove to the market on monday that i have found a better way ill tell you exactly right now. Its cash flow thing its all about cash. He knows im right i teased your tease and im correct. Youre 100 right with that. I want to cause a storm on monday i want to throw the gauntlet out on monday. Its almost like man city in the premier leg right nague rigw im going to crush them like the cockroaches they are that is mean spirited this is not from wwe. Youre from canada. You are from canada meaning youre a hockey fan, as am i theres a super stigs in hockey that you dont touch the prince of wales trophy before you get to the stanley cup you were all over there massaging. I was just shining it up because i want it to lock really great on my desk when it aprorrs there. It aint over until its over its going to be interesting. If i win i will disclose how i did it i think well be debating this for a while. How much curling are you going to watch on cnbc oh, canada im not a big curling fan its too cold. I curled before and ended up on my heinie. Its hard to do. I tried it and the whole thing with the broom, its like nuts well have some fun with that im excited. The patriots getting ready for their 8th super bowl tom brady and Bill Belichick trying to win their sixth. No one, no team of coach and quarterback have ever won that many up next, susie will talk with us about the rare ooonnene interview she did with Bill Belichick. Thats coming up your brain changes as you get older. But prevagen helps your brain with an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Ronoh really . Gs going on at schwab. Thank you clients . Well jd power did just rank them highest in Investor Satisfaction with full Service Brokerage firms. Again. And online equity trades are only 4. 95. I mean you cant have low cost and be full service. Its impossible. Its like having your cake and eating it too. Ask your broker if they offer awardwinning full service and low costs. How am i going to explain this . If you dont like their answer, ask again at schwab. Schwab, a modern approach to wealth management. Welcome back big day in many markets especially the fixed income. Look at two days of twos yes yields are poking up toward 2. 17 two day of tens. We traded close again. 70 base sis points doesnt look good. It continues to lose handles on terms of the down side hyg, obviously its trading at the lowest level in 2018 now its trading at the lowest level back to november getting close to testing levels we saw in march when the market was a bit more nervous and rates were moving. Finally, you dont want to change that dial the coach coming up. Belichick that is. Lets go to Courtney Regan were going to take a look at shares of guess here the stock is trading at session lows after model kate upton saying its disappointed a brand is still empowering the creative director using the hashtag me too. Shares are at lows after too. Upton was just asked at an area airport about that tweet she says she looks forward to telling her story. We dont have further details at this point we have reached out to both guests and kate upton. Back over to you guys. She has been a model for guess for a number of years before coming out today or yesterday with that tweet. Thats right, thats right. Exactly. Thats all the tweet said. We dont know anything else. She said she looks forward to telling her story just a moment ago so shares are at session lows along the back of that. Courtney reagan, thank you. The countdown is on for super bowl lii susie welch is here to share insights from Bill Belichick, he let down his guard in a very candid conversation how he views the game day battle versus where they start ed. Theres a sign over there that says every battle is won before it is fought. You say thats one of the few signs you have in the patriots headquarter. Art of war, its all about preparation. Go pats how lucky are we to have this guy . Do you know when youre well enough prepared . When Everybody Knows what to do you try to make sure that everybody is on the same page. If its too complicated it wont work if its too simple that might not work, either because its too obvious so you try to find the fine line in the middle where its challenging enough for our opponents but something you can execute. It comes down to execution. If you had to tribe the principles of your leadership style or approach, what would they be . Do your job, be attentive, Pay Attention to details and put the team first its one day at a time we dont talk about last year, we dont talk about next week, we dont talk about next year. We talk about today and the next game and thats all we can control. Lets talk about mistakes any stick out . After every game i look at the mistakes that were made in that game by me, by the Coaching Staff and we need to address those and correct those, good players cant overcome bad coaching, its impossible. But on a personal level, lets say you know the one thing that ive learned is youve got to count on your most dependable people might not be your most talented person, but your most dependable people. Where are all the rings in a safe thats an achievement that was competitively earned and that ring symbolizes achievement and accomplishment very proud. Its interesting that he said and ive seen this quote that you just got out of him before that its not necessarily the star its the most dependable performer that matters most. That was without a doubt the most shocking line from the entire interview that he talked about dependable people. And i was talking to him about the game coming up and he said this is not a game that tom brady is going to win, every Single Player matters. Any Single Player can change the course of the game thats why anybody, even the ones on the sidelines have to go into the stadium prepared to be the person who wins the game for us. Every player matters. Susan, my question real quick. Theres been talk about a rift between tom brady, Bill Belichick and the owner. Do you get any sense that thats true i think that, like any organization they have their differences. They issued a statement that said were all getting along very well. A lot of it was purely concoction theyre fascinating, the brady Bill Belichick kraft, aguero on the sidelines, thats bradys special guru coach, thats a fascinating relationship to people so a lot of speculation is made. Theyre fine and one of the things about bill and one of the reasons he wins is he finds that stuff distracting and boring he puts in the a drawer and doesnt think or talk about it i think everybody thinks and talks about it more than he does so if exists, he doesnt Pay Attention to it. He emphasizes everybody doing your job period, simple as that heres your job, you know what youre supposed to do. Hes also an unsparingly an unsparing evaluator of talent. He will get rid of the stars of this team like last years key running back i believe this year is play iing on the eagles. Legarrette blount. He has no sentimentality around people. It comes through i remember one time jack loved a particular player and we were socially seeing bill and his wonderful girlfriend linda and jack pushed him like why did you let go of that guy he was great, great spirit. And bill said he dropped the ball too much. He was like absolutely, as you would imagine, unsentimental evaluator of people, doesnt let anything get in the way of their performance and hes got the super bowl brings to prove that works. I would imagine he manages his team ahead of a big game like any other day seems like that kind of coach. He has a methodology for winning. Hes following that methodology which is just a fixation, a superhuman fixation on preparation, watching the film, coming up with scenarios and coming up with strategies for each one of those scenarios. The game is won or lost before he hits the field. Hes been to enough super bowls that he must have a real plan for how to deal with the super bowl distractions and filter those out and process. It has a different rhythm theres a long half time, its not a regular game but hes a plan for that. Doesnt leave anything to chance. Fascinating conversation. Well see susie next hour for more of her conversation with Bill Belichick including his thoughts on coaching tom brady. And a huge intraday turnaround for the dow a more than the 250 point swing from the lows to the highs the dow up 47 points the uber bull Jeremy Siegel will join us in the next hour he must think these gains are good and the numberone rated apple analyst will join us what hes looking for from the companys report later today second hour of power lunch begins right after this. Most etk a benchmark. Flexshares etfs are built around the Way Investors think. With objectives like building capital for the future, managing Portfolio Risk and liquidity and generating income. Thats real etf innovation. Flexshares. Built by investors, for investors. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. Hi, everybody, welcome to the second hour of power lunch, im tyler meth son, lets tell you whats on the menu the grand plan, President Trump meeting with house and Senate Republicans at the green briar in West Virginia to lay out the strategy for the rest of the year well talk about it, break it down for you aaa earnings after the bell. That would mean apple, amazon, alphabet theyre all getting ready to report it doesnt get bigger than that and we will get you ready ahead of the numbers hes been a long time bull, one of the biggest on the markets, making calls on the dow way ahead of most. Where jamie siegel see this is rally going and what rising rates could mean for your capital. Power lunch starts right now welcome to power lunch, im melissa lee, volatile session to kick off the new month. Dow is down 135 points earlier in the session, then up triple digits weve lost most of those gain this is hour the dow and s p is in the green. The nasdaq is down by a fraction of a percent apple, amazon and alphabet, mixed session ahead of earnings reports, amazon feeling the most pressure of the three, down 1. 5 shares of guess tanking double digits, kate upton criticizing the firms cofounder saying its disappointing such an iconic womens brand is still empowering Paul Marciano as their creative director. And Contessa Brewer joins us for the second hour. President trump has just republican lawmakers at their retreat in West Virginia ylan mui is there with the latest reporter this is a victory lap for the president as he palled around with lawmakers out here in West Virginia. Hes had a wideranging speech, it touched on issues including immigration, military funding, tax reform and the message that republicans are really trying to send here is that america is winning again. No longer are we making apologies for america. We dont apologize jim [ applause ] were proud of our history were confident in our values and were grateful to our heroes. Even though the president and republicans are talking about big policy goals for the year, they are facing a flurry of immediate deadlines, first and foremost being keeping the government open beyond february 8. The lawmakers that weve talked to so far here say there will not be a Government Shutdown and that they are carving out time during this retreat to talk about some longterm spending levels for the government. Theres also an immigration deadline approaching the white house took a hard line in its speech today. President trump saying he wants four pillars in any immigration deal, not just the border walls and daca but also limiting family sponsorships and ending the visa lottery however in the senate, Top Republican senator john thune telling reporters the deal has to be narrower if its going to pass the chamber theres also a new debt ceiling deadline thats been moved up to midmarch because of lower tax receipts due to the new tax law. Now paul ryan and Mitch Mcconnell are slated to talk to reporters here in about a half hour we will see if they are able to put more meat on the bones and provide answers to those outstanding questions. Does it look like immigration is Still Standing in the way of coming up with a longterm budget plan. Republicans say democrats have agreed to put that aside to get a shortterm deal done if theres no broader plan on immigration by the end of next week, Mitch Mcconnell will let regular order proceed but it still remains to be seen how that bill would play out and if that bill would pass. Will the president s apoorns at the retreat force republicans to hammer out on debt ceiling, fripgs which people want to see happen lets bring in ben white, chief economic correspondent at politico jim, wasthis a missed opportunity . Here you have a bunch of republicans, most of whom had been supporting the president and he gets up there and talks about making America Great again and how hes been doing so far rather than encouraging them to get down to business and keep the government up and running. Well, i think he was trying to encourage them in a different way. Lo look, the president has low Approval Ratings theres a lot of concern about republicans losing the house so one thing is president was dying is say buck up it will be fine, the guy who sue at the state of the union who did pretty well, here he is again maybe i wont be the crazy trump we saw in 2017, you can count on me to not be a head wind so quit retiring, stay in congress, fight, we can hold the house. Perhaps politics makes strange bedfellows after all when were talking about what happens in this shortterm funding budget bill, youve got the Freedom Caucus chair saying he cant vote for another budget bill unless there are concessions made on immigration. Well, democrats want the same thing. Obviously democrats want a deal that includes protections for dreamers, they dont want to agree to the thing President Trump talked about today which is limits on Legal Immigration, particularly family migration and the lottery. Democrats wont agree to that and republicans dont like the idea of lower Legal Immigration because its bad for the economy but this was a pep rally for republicans to say your president is going to stay on message on the economy, tax cuts republicans think they have a good story to tell if they can get trump to focus on that and not the tweets and the russia investigation and the rest of it but theres still a long way to go from here everybody is all over the map. They probably figure out a way to go from february 8 which is when we get a shutdown, to march 22, but that doesnt address the debt limit they can throw the debt limit into that and raise the debt limit as part of that you have something that would be beneficial. Do you agree with that that theres basically no way that by friday of next week they will have a deal that balls together a continuing resolution and breakthrough on daca i dont see t. I dont see that happening. As ben indicated, even the republicans themselves have not coalesced around a position such as reducing overall immigration rates. There are plenty of republicans who would tolerate a wall, who want stronger border security, would like to have more higherskilled people who dont want to reduce immigration so theyre not set on what they believe. Theyre not sure what the president wants so you still have a lot of volatility and youll see it kicked down the road further. All of this happening in the meanwhile on the backdrop of the investigation by Robert Mueller and now scathing letters september to paul ryan saying that you should remove nunes from the intelligence committee. What do you make of this and how this affects trying to do the business of running the government its certainly a major distraction from all of that republicans are very much focused on when this memo is going to come out, what it will say, democrats want to be able to react to this and say youre getting an incomplete picture of what happened at the fbi as it perhaps sought these wiretaps on carter page or whomever else all of that is highly partisan, highly volatile and takes away from the bandwidth to talk about infrastructure, to talk about getting a debt limit deal so washington is almost exclusively focused on russia and the nunes memo an criticism of ryan and republicans for not stepping in and saying wait a minute, this is a partisan document that could threaten National Security and however much it might help the president s case on the russia probe, we cant be in the business of dumping out partisan memos that give an incomplete picture of what the fbi is up to and the big attack on the fbi, typically you dont see the president at war with his own Justice Department we need to step back and look at how unusual that is. Ben, thank you very much. Thanks for weighing in. Tripledigit moves on the dow. Volatility is, it seems at least this week, picking up but thats not stopping a record amount of money from flowing into the market hi, bob. Weve been talking about these huge inflows in etfs and the numbers keep getting bigger. We averaged about 40 billion in inflows per month. Look at this, close to 75 billion for january. Weve never seen numbers like this a lot of it is going into u. S. Equity but ive been emphasizing the international equity, european markets have been strong, even small amounts into fixed income adds well its the plain vanilla index etfs we talk about like s p 500, theres eafe, thats european funds. That accounts for 40 of all of the flows practically. Bond funds have had small outflows in high yield and as well as investment great but thats a small number, lets call it mostly on the flat side. As for today, look at the spy, biggest etf of them all, roller coaster buy program. And you can see weve been drifting down in the last hour Home Builders and retailers have been drifting and they have just moved into positive territory. Thank you very much we have guy on set with us. Many fames but thats top of the list. I would hope so were setting up a big night for earnings but interestingly we got what may be good indications of what the earnings could be for tonight, ebay was a solid beat, the stock is up 15 and then we also microsoft last night was interesting. I thought the numbers for microsoft were great and that stock somewhat tepid response, the knee jerk on facebook was we started the show with facebook about 4 trading 178 by the Conference Call the stock was 195 so the reversal on facebook was fascinating what concerns me today, though is youre seeing have l till voy very interesting moves were seeing but the bond market is frightening right now and the yield spreads between now, twos and tens and tens and 30s are somewhat alarming in minute and bob just mentioned the money coming into the market passive money has done a great job of dampening volatility. Because its stickier. When passive money becomes active money, it wont be that way on the way up. Not suggesting anything, but the last couple days have been fascinating and look what apple has done since they announced they were repatriating that money. Obviously a samarawickrama nepal set of a couple weeks but that was supposed to be a huge catalyst for apple Going Forward and at least in the last three weeks hadnt meant so much. Maybe thats a great setoff. And mr. Wonderful is rooting for that well see what will happen ill be with you at 5 00 is that three hours from now cant wait. See you then. Been fun. Td ameritrade kicking off inyearoi orlando florida. Make santelli joins with us Jeremy Siegel. Take it away. Thank you very much and thanks to you, professor siegel, we always like to get a status check from you about the bull market i know a couple months ago this bull market maybe it started to outrun you a little bit. You thagt maybe this year would be a breather for the upside since you were on in december the dough is up almost 3,000 points so it is front loading a lot of news or does the tax bill make a difference i think we have a lot of front loading going on tax cuts allow firms to expense and that drops to the bottom line away. But that does mean that all the depreciation that that used to be taken off in years wont be taken off. I think will jump im not bear iish. We had a lot of momentum players on this. I said in december i thought 0 to 10 return on s p and despite that early run, im going to stick to my december forecast. So you have 7. 5 of the 10 in three weeks so now you think theres a little giveback phase . It might run to 15 down to 5. I mean, i think you know, we havent had a correction in a long time and when you havent had momentum players you get a correction where people say okay, i made my money, the game is over. You know, its hard. We all know in the short run trying to predict when the mutuals are going to be where they are but i think overall the market is not going to be up as much in 2018 as we saw in 17. But youre not suggesting this is a final thrust for the bull market . I think Interest Rates are going to go up but not that much the opportunities, pe ratios are higher but they deserve to be. And i think people will be interested in income producing stocks because bonds are going to be falling in price and where is the income from the stock market and theres still stocks giving 2. 5 i think those will be popular. Youve pointed out that the what looked like high valuations on equities in the u. S. To a large degree justified for several reasons but one of which is the low level of Interest Rates so youre saying if the tenyear yield continues to march higher in the way its been doing for a few months, that wont be a concern . Well, i called for the tenyear to be 3. 25 and that will keep the lid on the stock market historically 3. 25 is something we parade for in the old days, may god, could it be so low . Thats still a low Interest Rates but with the dividend yield falling to, what, one and three quarters on s p . I think well end up with a ten year twice its going to get people saying hey, i dont have to rush into stocks the way i did before as a result that is what will put the pause on the market because it wont be earnings for news that will come out great this year. Overseas markets better a little cheaper. Europe is still around 15, 16. Asia, japan thats the p snerks. Yeah, asia is still cheap, emerging markets are in the midteens. Dont avoid your global portfolio, i think three to five years hence they could produce better returns than even the u. S. Thank you very much back to you. Heres whats coming up on power lunch for the rest of this thursday afternoon. Are fears about sluggish iphone ten sales justified . The streets number one analysts will tell us what hes looking for in apples earnings later today. Apple not the only big tech on deck amazon alphabet reporting after the bell its a aaa earnings afternoon. And the battle to be super bowl champ isnt just on the field. The real action may be in the owners boxes. Inside the battle of the billionaires all that and more coming up on power lunch. Think again. Its time to shake up your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp apple set to report earnings after the bell this afternoon. Shares of apple up about 30 over the past year but that says nothing of whats happened lately the stock has taken a hit over fears about iphone x sales, so what should investors watch for in the results this afternoon . We have with us the Senior Analyst at bernstein, hes the number one i. T. Hardware analyst according to Institutional Investor great to see you there are a lot of numbers that youre watching, that were all watching a lot of moving parts including a falling tax rate give me the numbers that you will be paying most attention to this afternoon and as they produce guidance Going Forward. Sure thing. Investors are going to be focused on apples revenue guidance for the march quarter expectations, as you can see with the stock coming down, are likely in the 62 billion range. Thats going to be the most important number how many iphones did apple sell in the december quarter . Expectations are around 77 to 79 million phones, what the average selling price of those phones are and expectations are around 750 and what the new tax rate is Going Forward i think most people believe apples tax rate is going to go below 20 which will help earnin earnings. You have a 195 billion price share on the stock if it comes down if it comes down into the low or mid60s, how will the stock react . I think the stock has underperformed the market by 12 so clearly the market is anticipating that results could be disappointing so i think the number to beat in terms of revenue guidance is probably in that 60 billion to 62 billion range. Even though you would have a downward revision in revenues, i think the market has largely digested that and if revenues come in at 26 billion or 64 billion, lets say, for guidance, youre still going to be looking at eps for the year that could be flat to up depinding in depending on where iphone asps are. Your focus on the total sales number, does it not matter what path apple takes to hit that number does it not matter what the asps are . I guess what im getting at is if they miss on iphone x demand, is that going to outweigh meeting that revenue number . Apple doesnt comment on specific i phone skus so they wont say how many they sold or expect to sell and thats why the average selling price is an important indicator for that even then it will be difficult to pinpoint how many iphone xs so people will be looking to total revenue which will be some reflection of units and mix and they will will looking at the gross margin number which for this quart investors are looking for 38. 5 and if the guidance is for that to be better next quarter that would be positive and c and conversely so. If youre constantly trying to come up with a must have product, the camera on the iphone x is astonishing but if people arent buying it as they expected, is this a price point problem . Have they priced it too high thats the big investor debate with investors ive spoken to over the last several weeks there is a real bell beull bear attention here so apple has had this tremendous innovative product, much answ anticipation around it but iphone units wont grow for the year thats what the bears would question the bulls would say look, iphone revenues are going to grow 15 or more because prices went up this is a 140 billion business that will grow 15 that doesnt sound like a flop, it sounds like apple chose to take the businessin a differen direction which is to take price not volume and thats the begait going on in the stock today. Always great to see you, thank you for your time. Its not all about apple amazon and alphabet on deck, too. Well get you set up. Plus, as the patriots prep for the super bowl, susie welch joins us for an indepth conversation with Bill Belichick, his management ste,yl his legacy you dont want to miss this. Power lunch back in two. Shares of hershey among the worst performers the candy maker posted profits and sales and both fell below analyst expectations sales growth compared to last year tougher because sales gained last year on new product launches like the Companies Layer of crunch candy bars more on that and more. Power lunch will be back in just two minutes or municipal strategies. What people really invest in is what they hope to get out of life. But helping them get there means you cant approach investing from just one point of view. Because its only when you collaborate and crosspollinate many points of view that Something Wonderful can happen. Those people might just get what they want out of life. Or they could get even more. Today, smart planning is helping the new new york rise higher than ever. As the world leader in unmanned aerial systems, were attracting the worlds best talent to central new york. And turning the airport into a firstclass transportation hub. All while growing urban areas into vibrant places to live and work. Across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov. Hello, everyone, im sue herera, heres your cnbc news at this hour. The university of pennsylvania announcing it will remove steve wynns name from a commons area and Scholarship Fund at the school in addition, it will revoke his Honorary Degree. The move follows sexual abuse allegations. It will also revoke an on rare degree give on the bill cosby. Polands senate backed a bill regulated holocaust speech that has sparked a diplomatic dispute with israel. The bill calls for up to three years in prison for any attempt to attribute nazi germany crimes to the polish state or its people the bill requires approval from the polish president who does support it, hour, the polish Prime Minister has vowed to never limit discussion of the holocaust and says he understands israels emotions on the issue. A record 245 guns were confiscated at security checkpoints at atlantas International Airport last year. Tsa Officials Say that 222 of those guns were loaded dallasfort Worth Airport had the secondmost with houston coming in third. Starbucks is launching its own credit card in hopes of increasing its business. The chain is struggling with slowing growth in the u. S. And it hopes to lure those who arent already signed up for its rewards program. Thats the news update this hour, ill send it to you, contessa. Thank you, sue. Now heres a news alert. In a blog post published moments ago, airbnbs ceo says the cfo is leaving the company and ruling out an ipo in 2018. Airbnb promoting its top female executive, belinda johnson, as the first c. O. O. In the tenyear history. A source tells me that the two wants the same position but it came down to a difference in opinion. Now the leadership shakeup comes after a record that tension was building between ceo and founder chesky and l. T. As hes called over opposing visions for the future of the startup. During his tenure, airbnb has become profitable and he was widely seen as the guy to bring the Company Public but in the blog post, chesky throwing cold water on an ipo speculation acknowledging i know people will ask what these changes mean for a potential ipo. He addresses it directly saying we are not going public in 2018. Still, airbnb adding public expertise to his board announcing ken chenault joining the board and a source tells me airbnb started its search for a new cfo. Guys, back to you. The oil market is closing for the day. Lets get to jackie de angelis at the modty desk. Crude oil got a lift today after a weekening dollar this morning and the stock market is also seeing green, back over 65 a barrel 65. 70 is where we close today thats now the new sweet spot. Goldman sachs was out with a note saying the rebalance happened quicker than expected and for that reason taking its price targets up for three months, 57 from 62 if brent goes up, wti does as well big oil earnings, shell and conoco strong quarters benef benefittibenefi benefitting higher crude prices. Thank you jackie shares of amazon down more than 1 ahead of its earnings after the bell the stock has been on fire this ye year alphabet set to report that that stock is up 11 . Here to break that down is the Senior Analyst at evercore isi. Nice to be here. We had some reads into these two, namely facebook as a read through to alphabet. What can we glean, if anything, from facebooks results for alphabets results tonight if theres anything to glean, thing a sal ration in add pricing for facebook investors was particularly good so it may indicate Strong Demand and a healthy demand for advertising overall. If you look at the alibaba results being strong and the acceleration i by a put up, we look to see if there are late l laterals for amazon so it sets up well for amazons retail segment. Were excited about google results. The key will be trends and mobile search, youtube people will be asking about use of cash, will they lean into the byeback and so people will be looking at how much theyre paying over to apple in terms of distribution but i think that you look at the success in the internet sector in earnings so far, netflix, ebay, i think the Strong Revenue numbers at least for facebook, we got the forward engagement concerns and it puts a halo around the group and you look at amazon and say ecommerce all data points show strength and now the advertising business and thats a new one where we expect big sequential growth there and Cloud Computing so the other lateral will be microsoft putting up a huge azure number is that the pie number in terms of Cloud Computing microsoft sounds like its upping the ante when it comes to Cloud Services its add magazine learning and Data Analysis to get some of those aws users, do you think amazon would comment on that whats your take on how that could aws . On the one hand, microsoft via office 365 has established relationships with its cloud clients. But the one thing i would point out is that although microsoft azure is growing at a rapid rate and teamtechnically acceleratin its a smaller base. So aws is a bigger base of revenue and theyre adding on a year over year basis many more dollars of incremental growth so to say azure is taking share of aws, i wouldnt put it that way. This market in terms of moving data from on premise to the cloud is big enough to support multiple winner. You think were going to get more detail about the joint venture between j. P. Morgan, berkshire and amazon how do you view this when it comes to amazon . Is this a distraction . They said this is not to make money. Right theyre about Revenue Growth and data theres motivation for jeff bezos to include cost for his own employees but hes a leader in his industry so if he can aggregate consumers of health care and create demand on the consumers side, that creates leverage to drive down the costs and bezos is about going after big fat profit margin s marginss going to find the inefficiencies, exploit them with data. Aws obviously has a vested interest in that so you have a lot of Different Things going on there. Its unclear exactly how involved in the Health Care Supply chain bezos wants to get. I dont think being an insurer or owning a ppm is what people think will happen just yet but you look at how we chipped away ifba and aws they learned about the market and did it well in house at amazon and then when you look at aws did it so well for his own company that he created for service externally so i would not bet against him, hes got the inherent advantage of not having to show me or us profits and earnings on this and i think he learns about it, they learn, they get smarter and chips away so its a longterm thing. I dont think well get a lot of details tonight but well ask about it and try. Anthony, thanks a lot. If you havent heard, the patriots and Eagles Square off in minneapolis this weekend. It isnt the first time these two teams and their owners have met in the super bowl. Straight ahead, well look at the battle of the nfl owners plus susie welch joins us right here right now shes sitting right next to me with more of her oneone on interview with the legendary coach of the patriots, Bill Belichick. Stay with us for power lunch. daniel jacob for every hour that youre idling in your car, youre sending about half a gallon of gasoline up in the air. That amounts to about 10 pounds of Carbon Dioxide every week. malo hutson growth is good, but when it starts impacting our quality of air and quality of life, thats a problem. So forwardthinking cities like sacramento are investing in streets that are smarter and greener. The solution was right under our feet. Asphalt. Or to be more precise, intelligent asphalt. By embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to analyze the flow of traffic. Then that data runs across our network, and we use it to optimize the timing of lights, so that travel times are shorter. Who knew asphalt could help save the environment . All right, all eyes will be on the field when the patriots square off against the eagles on sunday but up in the owners boxes, two billionaires from boston are vying for super bowl supremacy i like the battle of the billionaires better. Battle of the billionaires is good. Alliteration. Alliteration is always better the story between these two owners is surprisingly connected. Robert kraft and jeff lurie grew up in boston patriots season Ticket Holders from the beginning of the franchise. Another similarity, kraft and lurie grew up into Family Businesses and took them further by themselves. Kraft started at a Packaging Company run by his fatherinlaw, he took control of that and started numerous other paper and packaging goods firm firms. Luries company produced the women inside job that won an oscar for best documentary lurie and kraft each tried to buy the patriots, partly to prevent them from being moved to st. Louis. Kraft spent 172 million, the highest price ever paid, lurie lost that deal but then he spent 195 million to buy the eagles, that set a new all time record price. Both investments have turned out all right, forbes estimates the patriots are worth 3. 7 billion, the eagles worth about 2. 7 billion and individually forbes says kraft is worth about 6 billion and lurie is worth 2 billion so you could say kraft won that battle but certainly good trades for both men over the last 20 years. Fascinating stuff. Cnbc contributor susie welch joins us with part two of her interview with new England Patriots head coach Bill Belichick. She asks him about his relationship with tom brady, arguably the greatest quarterback in history and one of the greatest sports dynasties of all time. Youve had a long and unbelievable partnership with tom brady. What are your thoughts on tom brady . A special player to coach, works very hard, hes very smart, hes earned everything hes achieved hes not a great natural athlete. But he may be the smartest of all time. Absolutely. I want to play a Word Association game im going say word and your immediate snap reaction, okay . Sure. Im scared. The media. Its how a team connects to its fans. Winning. The goal. Its what we do. Theres no medal for trying, this isnt like eighth grade where everybody gets a trophy. Were in a professional sport and its competitive to win. Thats what we do. Football. For me more sport than business but its a business. I respect the game for the game and the sport, none of us god into football to be a professional Football Player none of us got into football to be a professional cope to manage a cap or a team, all of us that got into football got into football because we love to play the game when we were eight, nine, ten years old. Its a brilliant game. Im not sure we keep making it better when we change it. Last one. Legacy. For another day. Dont think about it . No. Just another day at the office for you look, im aware of it but i cant sit and think about it this year will be part of it. How much longer do you think he wants to do this . After i interviewed him last year i said are you going to quit now youll go out as the greatest coach ever, what a time to retire because hes at retirement age and he looked at me like i had not two heads but three heads and said he said are you kidding me . And he gets to it a bit in the tape we just saw he loves the game. Hes been looking at tape since he was six years old, his father was a coach. Hes obsessed by the beauty of the game so i would say to him again if they win on sunday what a good time to retire but he wont. Theres been speculation about whether he could be enticed to, say, the new york giants do you think he has interest in moving to another team i dont think hed rule it out. Hes an unsentimental person, thats why hes good with you can say that again. I think hes excited by the game and if he saw growth and opportunity he would consider it its not like he has to live and die in boston. I dont think thats in him. What duds he do after he wins a super bowl he goes to florida. And really enjoys himself, he plays golf and hits a very long drive and he does let down but its not long lived then he turns around and is all business aga again. Put on your Harvard Business school hat if you were doing a case study of his management of the patriots, what would the takeaways be preparation, this obsession with leaving nothing to hance, this obsession with plotting out every single contingency and its i think a lot of managers and leaders talk about preparation. He bringing it to a level that puts us to shame theres a love factor. He love what is he does and finally his lack of attachment to stars he likes the dependable players and counts on them and gives them more respect than your average manager. Your average manager loves the stars. If we can switch gears just a moment, we had news crossing about a tweet sent out by kate upton, a model whos done work for guess basically implying that one of guess cofounders, Paul Marciano, may have done something improper she did a hashtag me too. If youre a company in that position, whats your reaction ill look at the stock ticker and see it go down, down, down the way ive been watched in this is not if a person is guilty as charged, but if they know and suspect the brand is going to take a hit, it will be a long hit and they start voting. Susie, youre a board member of the Humane Society which is grappling with Sexual Harassment allegations against the ceo. What happens whats the responsibility of the boards in these cases . Well, about the Humane Society because im a member of the board im not in a position to talk about it because due process is now occurring going up to 20,000 feet, the boards are are a senior manager in a way, boards are of heightened importance at this point because its usually Senior Management thats implicated so, it does call on the board. But really the only thing a board can do to prevent this, and we want to prevent these kinds of situations Going Forward, is to make sure theres a healthy, transparent culture and everybody is made aware of the fact were in a new context, new environment, where women are empowered to talk about situations that, you know, in the old days when i was sort of coming up, you just took for granted and thats the way business was done. Thats not happening anymore and boards need to be on top of that. Thank you my pleasure. Good as always to have you here. Lets go to eamon javers with breaking news. Reporter the white house says likely tomorrow the white house will Tell Congress its okay with Congress Releasing that controversial nunez memo by republicans to be transmitted to the white house. Theres been question whether or not the president would allow that member me to be released but reporters traveling with the president say a Senior Administration official came into the press cabin of the airplane and said, we think it will be tomorrow well Tell Congress the president is okay with it. I doubt there will be any redactions its in Congress Hands after that this would come over strenuous objections from the fbi saying it has grave concerns about the release of this memo ive been talking to senior Law Enforcement and intelligent officials today about what to look for in this memo if its released tomorrow. A couple things they say to highlight here are whether or not nunez is saying that the entirety of the application for surveillance on carter page was made on the basis of that controversial dossier. If that is the case, they say its probably indicates they are hiding or not revealing other sources of information they had so, theres some real complications here with releasing the memo, but the white house now saying they expect the president will likely do that as early as tomorrow ill take it. Thank you, eamon javers. Capping five straight mains r,ooasns, but has oil surged too fa t ft . More on that whats Critical Thinking like . A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley you know whats not awesome . Gigspeed internet. When only certain people can get it. Lets fix that. Lets give this guy gig really . And these kids, and these guys, him, ah. Oh hello. That lady, these houses yes, yes and yes. And dont forget about them. Uh huh, sure. Still yes xfinity delivers gig speed to more homes than anyone. Now you can get it, too. Welcome to the party. Time now for trading nation. Lets take a look at crude oil up 9 year to date phil, lets start with you its up 1. 7 , wti, thats today. Where does it go real quick, im bearish on crude oil. The production is up over 10 million barrels, the highest since 1970 the net speculative long position highest since 1976. I think it has nowhere to go but down. Matt, do the charts line up with that . I agree its very overbought on a nearterm basis look at the xle gtf. Thats the high from 2016 and high from last week. If on the next rally you can break above that level in any significant way, it will be bullish for the group. Watch that level thats the key to watch in the next few weeks. Thanks. Matt and phil. For more trading nation head to our website tradingnation. Cnbc. Com check, please, is next. Announcer the latest from tradingnation. Krons. C tradingnation. Cnbc. Com and a word from our sponsor. As your stock moves higher, your risk reward ratio may fall out of balance so, consider raising your exit point to under a significant support level. Allowing you to ride the trend as long as possible. You always pay your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Check please. A huge night for earnings reports from apple, amazon, alphab alphabet, well be on all those Conference Calls tonight on fast money. A lot of big numbers. Were also taking a look at university of pennsylvania, separating itself from alumniist steve wynn they are revoking his name from a scholarship he funded and also revoking his Honorary Degree as theyre doing now with bill cosby as well. The stock, though, up today, it looks like, 3. 6 wow so, you got apple, alphabet, amazon and the atlanta fed raising its First Quarter gdp. Somethings going on in atlanta. Theyre drinking some mint juleps down there. Steve liesman a little ske skeptical. Thank you for watching power lunch. Closing bell starts right now. Hi, everybody. Welcome to the closing bell. Im kelly evans on another busy day at the New York Stock Exchange. Irts been a highly volatile day on wall street it was up 1. 75 points at session highs. Coming up, well talk about whats driving these moves it is higher at the moment by 39 points. It is the busiest day of earnings season. Our reporters are standing by with everything investors need to know as we gear up for this afterhours. Aditi is watchin