Points at 13,113 and nasdaq at 2 plus point, 2988. The s p struggling, down a tiny fraction now at 1412. It could have been worse if not for the better than expected gdp. Investors still worried about the Corporate Outlook and apples disappointing results last night. The looming fiscal cliff and election and on and on. Here to help us in the closing bell exchange, stephanie link and Steve Leesman and peter sh ii shiff will join us as well. 2 3rs is not enough to sustain, putting the unemployed back to work and taking idle factories and putting them back to work. The consumer seems to be hanging in there. The negatives seem to be a big part of it was defense spending, 0. 7 of the 2 was defense spending, although that was a pay back for 3 4 of declines weve had. This needs to turn around to have a good recovery and have this economy firing on all cylinders, thats not been the case and business seems to be holding back. Stephanie, youre blaming the uncertainty over the election, right . You say thats holding back decisionmaking and holding back hiring plans putting money to work . From the investor point of view the market does not like uncertainty. With this election being so close, i think there is definitely money on the sidelines and at least once we get an answer there, we can start to put the pieces to the puzzle on the fiscal cliff together and get a little more confidence. From the corporate side, ive listened to over 50 Companies Report earnings so far and every single one is saying that spending is being held back because of the political situation and macro uncertainties. From apple, it has become the market bell weather recently. You might expect a bigger move in apple today but it didnt happen. It kind of proves theres been a lot of stories that apple is the market and what happens if something happens to market. Its a big company but its a Large Company segment of the international economy. So the rest of the economy is important here. You can have issues in apple and still have a decent market next year. What do you think of the impact on the Broader Market in terms of apple . Its such a big component of averages and its also. It is also sort of the product thats driving sales right now in terms of retail, right . Yeah, i mean, its an important product and the growth rate of apple, its like a Smaller Technology company that is dependent upon innovation and the next product. They are putting out products quickly now which i guess suggested a tougher economy, but by and large, i think that as we see world liquidity helping and europe bot oming next year, when well see in the middle of the year, the story is a lot more than about the General International economy than apple. I think the market will concentrate on deep cycle cal companies that are coming back. Steve liesman, what do you make of the earnings that seem to suggest a slowdown. I think of zeer ox, starting in september they saw ap appreciable slowdown in demand for their products and weve been so light on revenue from so many Big Companies right now. Why now do you think . Whats going on . What weve been talking about, business is holding back and i will say there is one what do you want to say, ace up the sleeve of the earnings which is retail. We havent seen retail yet. Weve seen a few things like coach. Ill ask stephanie about this if you dont mind because thats more her we did have a good retail sales number. That made me think perhaps the retail numbers, we had decent consumer numbers. Retail comes next week . Next couple of weeks. If you look at the Consumer Confidence numbers and auto and look at aerospace and different things, i think that its there are things to be encouraged about, particularly on the margin side. Thats the one thing ive been pleased with so far in earnings is margins and how tightly managed these companies are doing in terms of managing expenses. If raw material costs come down, thats a good thing as well. If you have a little bit of demand, thats still i have to caution. This split between the business sector and Consumer Sector cannot stand. One has to drag the other up or down. Were not going to remain on two different tracks for very long here. We want to bring in peter schiff. Lets talk about how you want to be invested in this market here. Would you be allocating money to stocks . Globally yes and we till xr money in u. S. Stocks but i think the report is weak. Business investments is flat. You have Government Spending rising sharply due to increased debt. Thats not a growing economy as far as im concerned. Thats a contracting economy. And i still think were underreporting inflation in this. Inflation is a bigger factor than the government admits so in an inflation area government you want to own real things but in Natural Resources and precious metals. What would dry the Inflationary Forces if we keep hearing from companies about a decline in demand or a slowdown in the pace of demand for their products and services. Where does the Inflationary Pressure come from other than the fed Monetary Policy . Thats where it comes from. It comes from the fed fighting the market trying to restructure the u. S. Economy. You have u. S. Forces being applied by market which is what the economy needs but the government is resisting that and fed is resistinging that by creating inflation, qe and already stated it will up the ante significantly. Were going to print over a trillion dollars a year and probably more than that because all of this money creation will not grow the economy. It will create inflation and debase the dollar but thats going to make the underlying problems worse. So in terms of the election, do you think that loosens things up . Whats the catalyst to get us out of it . Were going to go deeper into it unfortunately. Even if romney wins, well continue to repeat the same mistakes. Obama is repeating the mistakes much bush and the fed is still there, ben bernanke has been repeating the mistakes of gre greenspan. Jo think we have change until we have a monetary crisis. That is looming on the horizon sometime soon. Folks, thank you for joining us. Well see what happens here as we head into the final hour of trade. Bob insana was driving the market . The fact that apple isnt having the volatility that people thought. We were lower, 1. 5 to the downside but apple is essentially flat on the day on huge volume. North of 30 million shares, thats what driving things today. Theres a lot of talk about the impact of Hurricane Sandy but not a lot on the stock market. Theres been play on roofing and Water Proofing company up a little bit here. Rpm and wr grace do a lot of Water Proofing but i dont see heavy volume. Insurance companies, understandably, some of the ones with exposures, little weak. Travelers and chubb, not big volume in them. Whitewave foods thinkds silk and land o lakes, opened at 19 and has broke the issuance price or fairly early this morning. Thats a little bit disappointing. For the week s p 500 down 1 , all of the damage today this week was done on tuesday. Were essentially unchanged from the close on tuesday. Back to you. A lot of mid week volatility there. Thank you, bob, well check back as news warrants, were heading to the close. We will see. The dow at this point is up 16 points at this hour. A lot more to come on this busy edition of the closing bell. Coming up, pointed questions, is the government using a manipulated Interest Rate thats costing tax mayors untolled millions . The officials sounding the alarm is here. It could be the worst storm in 100 years, the latest on Hurricane Sandy as it barrels towards the northeast. Find out which companies are best prepared to weather the storm. And crumbling city . What really happened in the between the bank ceo and chairman that led to pandits departu departure, the surprising story is still ahead on closing bell. Welcome back, 45 minutes left in todays trading session. The market is higher, dow industrials trying to avoid a third down day. Weve got a pretty good move on the upside of 38 points and industrial average, disappoint of earnings putting drag on sent. This morning as it has for much of the week. Technology stocks among the gainers, off of earlier lows when the tech index went into correction territory. Financial under pressure with the market up broadly speaking. 45 minutes left. Our next guest told officials fz treasury and fed to stop using libor, the Interest Rate in order to protect the taxpayers who fund the t. A. R. P. Program and using it as a bis sasis to charge interest on loans. T. A. R. P. Started in 2008, the government still owns a piece of nearly 300 banks. The government has been paying back taxpayers by selling shares at banks, often at an discount. The libor can be rigged. Joining us now, christy romero. Who is sounding the alarm. Good to have you on the program. Thanks for joining us. Its my pleasure. Through this. How concerned are you about the risk of using libor in the t. A. R. P. Program . Were concerned at a taxpayers who funded the bailout may have been at risk and may continue to be at risk by the manipulation in the interest known known as libor. You had secretary geithner who does not know and you have bernanke saying he cannot say with confidence that libor is reliable as an Interest Rate today and gens ler saying that libor is not currently reliable. You have the united kingdom, Financial Services authority coming out and making similar concerns and saying that libor is broken. Youve got 6 billion in debt in the bailout where the Interest Rate is tied to libor. And we cannot have Interest Rate in the bailout that is broken, that is unreliable and is potentially subject to manipulation. Theres got to be integrity in the program. What is your biggest fear . Speak to the individual taxpayer who you say is put at risk as a result of using libor in this instance . Whats your biggest fear here . So first of all, theres the issue of the dollars and cents, thats what treasury has said they are going to be looking at the impact. But theres a more crucial issue. The dollars are important but the issue comes down to this, t. A. R. P. Is a program that was designed for Financial Stability and to bring back confidence in the financial markets. So you have secretary of the treasury, youve got the chairman of the Federal Reserve, youve got the chairman of the cftc all raising concerns that the libor manipulation actually undermines confidence in the markets. So we cant have a rate in a program that is designed to instill confidence in the market actually undermine confidence in the markets. Now, the treasury and the fed responded and say they dont control the Interest Rate. What about that . I mean, do you hold them responsible . Whats the next step . Lets demisty fi their arguments against doing this. Treasury and Federal Reserve both agree, they share our concerns about the integrity and reliability of t. A. R. P. The first thing theyve said is that they really cant control these are just contracts and the Interest Rate is set. The fact of the matter is, these are not regular contracts. They were emergency contracts with emergency funding. This is the treasury and Federal Reserve who have considerable leverage and lets talk about the need for this amendment to the contract. Theres a significant emergency need here. This is an extraordinary situation and the counterparties to the contracts are managers who are Investment Advisers who formed a partnership with treasury and barrowers and making a profit on this bailout money. And youve got borrowers who got low cost loans. They she all be supportive of having a situation where we can amend the contract to a rate that ultimately doesnt undermine confidence in the markets. What is that rate . What would you tie it to . What would be the alternative to libor in your view . This is important. One of the things that treasury has said, to change to any rate would harm taxpayers and i dont buy that every other rate out there besides libor harms taxpayers. This is what i think needs to happen. They do not to determine the impact of the manipulation on the Interest Rate. What could they do as a start right now . The first thing they could do, they could say, what is the rate that weve been getting on this debt. And they can say, for right now, lets just fix that rate. Lets just have a fixed rate in the contracts, everyone should agree thats not going to harm taxpayers and not going to harm anyone and until we can decide the impact, lets at least remove this idea that it could undermine confidence in the markets. Right, we got you. If youre just tieing it to the rate that they have been using, youre getting the same situation but its not tied to the controversies around libor. Christy, good to have you on the program. Thanks for joining us. Thank you so much. Christy romero, special Inspector General for the t. A. R. P. Program. We have 40 minutes before the closing bell sounds and market is up 30 points on dow industrials. Hurricane sandy, barreling towards the east coast. Americans prepare and weve got home depot and lowes busier than ever. We look at those two franken storm stocks and the chart next. New reports about how citigroup chairman Michael O Neil pushed out Vikram Pandit coming up next p. Mike rowe here at a ford tell me fiona, whos having a big tire event . Your ford dealer. Who has 11 major brands to choose from . Your ford dealer. Whos offering a rebate . Your ford dealer. Who has the low price tire guarantee. Affording peace of mind to anyone who might be in the market for a new set of tires . Your ford dealer. Im beginning to sense a pattern. Buy four select tires, get a 60 rebate. Use the Ford Service Credit credit card, get 60 more. Thats up to 120. Where did you get that sweater vest . Your ford dealer. Atmix of energies. Ve the world needs a broader thats why were supplying natural gas to generate cleaner electricity. That has around 50 fewer co2 emissions than coal. And its also why, with our partner in brazil, shell is producing ethanol a biofuel made from renewable sugarcane. A minute, mom lets broaden the Worlds Energy mix. Lets go. Oil prices falling fon the second week and Bertha Coombs has more. Slightly higher on that better than gdp number but the big move is coming in the products and gasoline and in heating oil. And the concern there has to do with hurricane san did, whether that massive storm as it barrels its way up the coast has any impact on refiners. Initially of course ahead of the storm people tend to fill up their gas tanks so that could boost demand for supply and gasolines, already tight if we get refinery outage due to sandy, could see gasoline prices heading back up, which i know you dont like to hear. No, i dont. Get ready, shares of big box retailers home depot and lowes are lower today even though both stores busier than ever as Hurricane Sandy barrels the coast. Lets Start Talking numbers now on the technical sigh. J. C. Ohara is with Phoenix Partners group and joe feldman with the advisory group. Thanks for joining us. Lets talk fundamentals. How much of an impact do the Home Improvement retailers usually see with a major weather event and which do you prefer . Usually when you have a big event, you can get anywhere from 40 to 100 basis point increase which is a pretty significant amount depending on how big the storm is. Depending where on the northeast is where you have more penetration for home depot and south you probably have more penetration for lowes, its looking like the storm will hit more the eastern midatlantic and northern. So probably the storm itself helps home depot a little more. You would buy home depot stock then . Yeah, i think stocks look good for short term and longer term. Near term you could worry about comparisons in the Fourth Quarter and First Quarter but the Housing Market has been improving. Theyve done a lot to improve. Lowes longer term though. How do the stocks look . They both look very good. You have to remember, these storms are still predictions, weathermen were created to make analysis guys look good with our predictions. Because they are so wrong. All the time. Lets look at home depot, we have a longterm chart to 2006. We have a nice rounding base formation, stock already broke above the 2007 highs and never looked back. Its extended but never buy this because of a storm but the whole housing play has a good story behind it. You think because it has such an up trend its going to continue. The momentum is behind it, yes. Lowes . If you dont want to buy an expanded chart like home depot, lowes is a better play for you. However, current prices below the 2007 highs. This actually has further upside potential and more room to run on the upside once it gets above the 2007 highs. Youll be watching to see is it goes above thats correct. Appreciate that fundamental and technical look. Weather channel online for you too maria. We have 35 minutes left in the trading session and the bias is still the upside. Up 38 points on the dow. Well go inside the citi shakeup. New details are emerging about the storm inside citi that led to pandits ouster, it was not pretty. Some are concerned what it means for the banks future down the road. The head of one Government Watch dog group livid at president obama and john boehner for sitting on their hands as america hurdles toward the fiscal cliff. Stay tuned. Tdd 18003452550 when im trading, im totally focused. Tdd 18003452550 tdd 18003452550 and the streetsmart edge Trading Platform from Charles Schwab. Tdd 18003452550 gives me tools that help me find opportunities more easily. Tdd 18003452550 i can even access it from the cloud and trade on any computer. Tdd 18003452550 and with schwab mobile, tdd 18003452550 i can focus on trading anyplace, anytime. Tdd 18003452550 until i choose to focus on something else. Tdd 18003452550 trade at Charles Schwab for 8. 95 a trade. Tdd 18003452550 open an account and trade up to tdd 18003452550 6 months commissionfree online equity trading tdd 18003452550 with a 50,000 deposit. Tdd 18003452550 call 18662945412. The resignation of vikram pan dit may not have been as sudden as it seemed at first blush. Kayla takes us inside the citi shakeup. When mike o neil was staped at citys chairman, they got the feeling a shakeup would be coming and the report by the New York Times reports a picture of pandits last date marked by shock after what he believed to be strong earnings. One said he resigned immediately and another resigning at yearend and third being fired without cause. He chose to leave immediately. Coo john havens agreed to leave within minutes. The following day, pan dit said the move was his choice and based on that quarters earnings that he would be leaving citi in good hands. A former bank of America Executive and bank of hawaii, o neil joined the board and became chairman when dick parsons resigned earlier. They were long preparing for pandits recession and took an unusual turn in the ongoing succession plans holding talks with two candidates for the vacanted coo role which has yet to be filled. Its amazing, thanks, if that departure scenario is true, that mikes Michael O Neill is making all decisions and forcing his agenda. Lets talk about that and break it down with citi watchers, chris whalen. Youre a fan of his but not Vikram Pandit. Did we need that corporate intrigue . The chairman of the board is doing his job, frustrated sitting on the board for the past five yeerds watching dick parsons do nothing, i think this is all good. We have an operating in and coo now and its good. And mr. O neill is a serious guy and fixed a troubled institution in hawaii and bank of hawaii is one of the best performers in the united states. But what about the way it was handle d . Its unseemly, sure, thats right. It should have been a decent transition but something was a catalyst and we still dont know the full story. Todd, what do you think of how it was handled . It wasnt handled right. Its clear as day about that. But pandit also had a complicated tenure with the acquisition, 800 million in an all cash deal that just vested recently because it was a fiveyear investing schedule. You have to question what the culture was like at citi during this entire time. Pandit went into a very stressful situation but knew he wasnt going to take on that much risk. You really needed a recovery specialist, turnaround specialist and clearly mike oneill is that person. Meredith whitney was on this week and said no ceo can fix citi. Listen to what she said. I dont know that anybody knows Michael Corbit outside of citi. Anyone can go into that slot and its mike o neills agenda. The expectation is that the ceo is running things yet it looks like its really the chairman. I disagree, i think the roles should be bifurcated because you need somebody for the ceo to be accountable too. If pandit had been ceo and chairman, we never would have gotten rid of him. I disagree with meredith. I think you can fix citi. They are a subprime lender and i would like to see o neill focus on that. Im going to ask a political sounding question, isnt citi better off now than it was four years ago . Todd, you first. Did pan dit really deserve this type of exit . That remains to be scene. We dont know all of the evidence there. But to answer your question, yes, citi is better off now than it is was four years ago. However, Going Forward though you would have suspected that citi would have been much further along. Especially when you compare it to its peers. Going forward, this is a great stock for this company, for shareholders right now. If anybody is looking for the entry point, there are so many positives with vik pandit out of the way. You still have somebody who is a Business Executive and it will be great for shareholders moving forward. How ironic on the day pandit is getting con grat la tri email from people, the best earnings, that that is the day Michael O Neill chooses to get rid of him. Jim cramer was con grat la tri too but the bank wasnt performing that well and stock was still suffering from the bailout. They can fix that. And i think the other guess is absolutely right. Mike oneill is a serious guy. He needs to tell us what the Business Model is Going Forward and i will be more comfortable see your typical investor get involved in the stock. It moves a couple of points a day and got almost no dividends. But thats the question thats the question. Can mike o neill run it . Whats his agenda . Clearly hes in charge here. Any chairman is in charge, thats not the point. Good corporate governance. The point is, can he do it . I think so. If anybody can he can. What he did with bank of hawaii was quite remarkable. Im encouraged. All right, well leave it there. Really appreciate it. We have 25 minutes before the closing bell sounds for the day. Our next guest is falling off the fiscal cliff may be the best thing for the nations debt problem if congress cant strike that grand bargain role. Chief investment strategist listann saunders explains next. Preparing the portfolio ahead of the fiscal cliff, Scott Spurling later on the closing bell. Which stock is outperforming this year, abercrombie, American Eagle or the gap . The dividend pays off after the break. Bob. Oh, hey alex. Just picking up some, brochures, posters copies of my acceptance speech. Great its always good to have a backup plan, in case i get hit by a meteor. Wow, your hair looks great. Didnt realize they did photoshop here. Hey, good call on those mugs. Cant let em see what youre drinking. You know, im glad were both running a nice, clean race. No need to get nasty. Heres your honk if you had an affair with taylor yard sign. Looks good. [ male announcer ] fedex office. Now save 50 on banners. [ male announcer ] fedex office. Wooohooo. Hahaahahaha oh. There you go. Wooohooo. Hahaahahaha im gonna stand up to her no youre not. I know. You know ronny folks who save hundreds of dollars switching to geico sure are happy. How happy are they jimmy . Happier than a witch in a broom factory. Get happy. Get geico. Fifteen minutes could save you fifteen percent or more. Just before the break, we asked, which stock is outperforming this year, aber krom bee, American Eagle or the gap . Now the payoff. The gap. Which is shot up over 85 year to date. Welcome back, the Technology Sector slipping briefly in connection territory. Courtney regan has the story. Thats right, maria, the same thing happened for apple as well. We saw apple trade down below and has recovered much of that closing looking to close down about. 7 as i look over and see it. That will mark the fifth straight week weve actually seen apple decline, something that hasnt happened in four years. They did reiterate the buy price to 7. 60. This is our parent company, comcast, we did report better than expected earnings, in line earnings and better than expected revenues. Trading at historic highs into the close. Heres a point of view we havent heard yet. We debate the fiscal cliff versus grand bargain. Our friend liz ann says it doesnt matter. In her view mathematically, they would both be the same. Is it the same for the economy and the stock market in were joined by liz ann saunders. Welcome back. Hi, nice to see you both too. In terms of it not mattering, what are your expectations for the market . I think it does matter. The point i wanted to make, if you fully go off the cliff, its a 3. 9 percentage hit to gdp. It is a grand bargain, at least on paper that is going to be drawn as a hit to gdp. What will offset that is the confidence boost that the way we got started on the process towards improving the u. S. Balance sheet is through bipartisan agreement. I think the effects on confidence are much greater if its actually done pro actively as opposed to happening automatically. Why is the market sitting where it is . If traders are doing the math that you are, youre right, both the fiscal cliff and grand bargain would be austerity measures not necessarily promote growth in the economy. Why would the stock market have done what its done and i realize the fed is in there with quantity take tif easing. Why arent they looking more carefully impact of the fiscal cliff and grand bargain . In a grand bargain what would happen on the revenue side, it would come via full blown tax reform. I sat on the Tax Reform Commission in 2005, near and dear to my heart is a need to reform the tax code. That would be be viewed as a pro growth policy and thats what businesses are looking for and consumers are looking for. At the same time, i think this recent retrenchment in the economy, i think is in anticipation of the fiscal cliff and uncertainty that happens between now and then. Businesses are holding back right now and that represents pent up demand, the quailed spring animal spirits, whatever you want to call it. Do you think things loosen up after the election then and is romney better in terms of that loosening up than the president or viceversa . It is well more than who ends up in the white house that matters but what the construction of congress is. What probably would be a negative regardless of whether its romney or obama if things stay so tight in the senate and or house that we end up with another version of gridlock. That would be a problem for the market. And what about this selloff weve seen recently here in response to the sort of aneemic earnings were getting on the revenue side, youre not ready to step in and buy are you . I think what led us to this had as much to do with sent. As with earnings. With sentiment having gotten overly optimistic in light of the rally from the lows. We havent worked enough of that off yet and the revenue side has been particularly troubling. If you look at the leading indicators, weve got a report out which admittingly is backward looking, 5 nominal gdp. Some of the other leaders have started to turn back up and some consider not. What were unsure of yet and i think theres a possibility may be the case, thsz not the beginning of a long slide tore top lying growth that we may be in a pause period. I think the market is okay with that given the valuations are reasonable. This earnings season, pretty good slowdowns in technology as well as industrials because of that global slow down. Do you think something changed in the last three months in terms of earnings where its actually slower than we expected . I think in an erngds expected, the bar got set extraordinarily low for the Third Quarter and its succeeding a fairly low bar. Analysts did not bring the top line Growth Numbers down and estimates still have to come down for q 4 and 2013 as well. We have a multiple point spread where were at the discount of the longterm norm. But to your point about the International Side of the businesses, theres clearly a spread between those companies industries, subsecretators as w. That weakness isnt going away in the near term. Broadly speaking, i know we cant talk to individual investors, stocks versus bonds, who looks for attractive in your view . Over the long term at this stage in the yield cycle, even in the case of a safe treasury, 10year treasury, if youre buying it now and holding it fully through ten years youre locking in a negative real return, given that inflation is above the yield. For some thats worth it because its a guaranteed return. Low in nominal terms, stocks with a high ers percentage of stocks ever with a dividend yield higher than the 10year treasury, i do think long term if your goal is to outperform in the long term, you have to have at least equity exposure, no question in my mind. Good seeing you. Well see you soon. 15 minutes left. Come off the highs in the last few minutes with the dow up just ten points. Fundamentals do matter. Thats next. A monster storm ready to hit the east coast and some people are sayingi it could cause 5 billion worth of damage. The latest on the path of destruction coming up. Ok. At the best schools in the world. You see they all have something very interesting in common. They have teachers. With a deeper knowledge of their subjects. As a result, their students achieve at a higher level. Lets develop more stars in education. Lets invest in our teachers. So they can inspire our students. Lets solve this. Stocks gaining back some ground last hour but were starting to lose ground again. It has been a pretty bad week for the bulls, especially, investors not sold on the market and disappointing earnings outweigh Economic Data this beak. Its the previous market leaders, the Technology Sector falling into correction territory, down 10 from its recent high. And the banks are ice cold after their recent rally. The banking index down better than 2 on the week. Fundamentals matter after all. Weve talked about that for weeks, the diskpekt between the Market Action going higher an the fundamentals going lower. We knew fed Monetary Policy had something to do with it. The fundamentals will come back. Were clearly see the effects of a global slowdown and are expecting a rebound in the Fourth Quarter. Once the election happens and that uncertainty gets behind us, things will loosen up again. Longer term, theres so much money for the market, you have to believe its going higher and over the near term you have issues because of the earning story. The key will be corporations and how they respond to whatever happens in washington, whether its the election or the negotiations on the fiscal cliff, they have to put all of that cash back to work again and get the job market picking up again. And they need a catalyst. If governor romney wins this election, its amazing how close this race is. Its really an exciting race to watch. But the president winning reelecti reelection, i wonder that would do to the markets or if maybe the stability of it is actually a positive. The romney win though, definitely people feel that thats going to be more favorable towards business and create a pretty good rally in stocks. I agree with lizand, i think no matter who is in white house, you have to get fiscal policy through congress and if they are in gridlock mode, it doesnt matter if you have a republican or democrat in the white house though. Youre right about that. Once the election finishes, the work begins. And hopefully they do go back to work. Well see about that. They like vacations, those guys in congress. Well take a break and come back. Closing countdown with dow up 6 points. Will apple products shortages app app apply quaulcomm . Well see. This is america. We dont let frequent heartburn come between us and what we love. So if youre one of them people who gets heartburn and then treats day after day. Block the acid with prilosec otc and dont get heartburn in the first place [ male announcer ] one pill each morning. 24 hours. Zero heartburn. [ male announcer ] this is karen and jeremiah. They dont know it yet, but theyre gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, theyll find some retirement people who are paid on salary, not commission. Theyll get straightforward guidance and be able to focus on other things, like each other, which isnt rocket science. Its just common sense. From td ameritrade. The 5minute mark, the dow is up 19 points, starting a mini rally into the close. I want to look at the weekly numbers and class, everybody pay attention. Heres the question to be answered this week . Where did the money go . Lets look at the evidence. Didnt go to stocks, for the week at least, the dow down 1. 7 . Even though weve got this 14point gain right now. A lot of damage done on tuesday, that huge selloff and weve essentially gone side ways. The money didnt go to stocks in the aggregate. Speaking generally here. Bonds . Maybe a little bit. We saw a huge selloff in the 10year treasury on thursday. Weve come back a little bit today but for the week the yield down 1 here on the 10year. Didnt go into oil. Oil down for the week here, 4. 3 . Second or third week in a row that oil has been coming lower here and we were below the 86 level, 86. 14 right now. Gold . Didnt go into gold either. Down a fraction for the week here. I think that is the third week in a row weve seen gold down, first time in over a year weve seen that action there. For a time gold was below 1700 an ounce. Weve come back a little bit here. The fear indicator did rear up for first time in quite a while. A gain of 4 on the volatility index. Down a fraction but we are in the 17, 18 range, maybe heading back to 20, which would be the flag territory. Where did the money go this week . I wish i knew. I guess people were bracing for the storm morning we thought. Maybe its in sand bags. Were not seeing it, small cap, large cap. People are rotating. We saw that earlier on the week, rotating out of stocks that maybe performed well, profit taking. I dont know where its gone. Apple has been as weve established here, quite a lot has been a bellweather for this market and even after the earnings yesterday, troubling as they were with the outlook for the Holiday Shopping season, that stock is flat as well. Its a nice rally, trading down to 6. 07 last night. I thought it might be worse. I thought people had taken their profits and wait until see what they come out with. We dont need to worry about Holiday Spending just yet. So its a nice job on rebound today. What do you make of the order flow here. It is becoming clearer that the market is starting to trade fundamentals again, earnings have been underweming from Big Companies telling us demand has come down. The revenue line did not meet expectations. If a company forecasted lower numbers, they were basically rewarded with no matter what number they came in. If you tried to hide it or mask it, you were severely punished. Its a learning curve as we go forward. Lets temper these things down and well meet or exceed and then ride the wave hider. Dow is up 6 points. Tiny bit of selling into the close. As we go into next week the uncertainty of this storm making its way up the east coast over the weekend. How would you think the trade will go today . We saw last year about this time, 13 months ago we were talking about the same thing. The insurers were in focus. Same light here. I hope this doesnt hit. This 100year storm this could be bad. I live on the coast. This could be troubling. Well look forward to and insurers will be the first to react. If thats the case, well trade accordingly. You get home depot and lowes and all of the usual suspects, in the longer run, they get initial pop but sell off again. We overreact to everything, even in a good way, overreact here and be ultracautious but overreact and eventually the storm will go by and we will survive. Lets not forget, next week is the last full trading week before the election, do you think that will be a catalyst of some kind . I dont think it will be a positive catalyst by any means . Its not positive now, down 7 points so it is intense figing into the close. 13,000 is a big number on the dow. We wont see a positive catalyst through the election. Way too close to call, maybe a week out from here. Lets take next week, slow week, no one will want to do anything. Matt, always good to see you. So it is one of those weeks where the question is where did the money go . Probably to cash as people stand to wait and see what more earnings look like and election is going to be and of course, very importantly, how they handle the fiscal cliff going down the road. Right now a gain of just 2 points but were finishing the week with a 2 decline on the Dow Jones Industrial average. Much more to come. The second hour of closing bell getting under way right now. Have a good week