Things get overdone and blown out but it shows how vulnerable it is at the end of the day. Havent even talked about sequestration which comes out friday. Do you expect that thats going to have a large impact on the direction of the market . Well, the market is telling us no. The market is telling us like its embracing the idea of having the cuts and going back to work to restore some of the funding and maybe its a line item thing and maybe the market likes that. Maybe were underestimating what the market brings and maybe were too complacent about what the market can know. The closing bell is going to ring in a matter of minutes here and again in the midst of a big selloff yesterday in the final moments and here we are, the dow is going to go out in what looks looks to be a tripledigit gain and terry duffy, the guest host. And welcome to the closing bell. Im sue herera in for my colleague Maria Bartiromo and scott wapner in for Bill Griffith will join us in a movement stocks rallying back after the biggest selloff of the year. Heres how were finishing the day on wall street. Preliminarily the Dow Jones Industrial average is up 17 points on the trading day. The nasdaq composite up 13. 5 and the s p up 9. 5 on the trading session. Lets get to todays Trading Market action. With us Michael Santolli and dan veru, welcome to boast you. Dan, ill start with you. Are you surprised by the turnaround in todays trading session given the velocity that we had in the last hour of trading yesterday . Not really because so far this year theres been so Much Movement out of cash into equities so i think the pullback is going to be shallow people who arent in the market, you know, are kind of missing a party. Its like a party that you werent invited to, so youre looking for opportunities in days like this, i dont think it changes anything. I think the chairman the fed chairman reiterated that the liquidity is going to stay in place so that will make equities a competitor to the Asset Classes. Weve been talking the last several weeks and come on the halftime show and talked about the fact that this market was looking for an excuse to sell off, and here we are with a tripledigit gain. What do you make of it all . We got the excuse and last week i didnt think it was a good excuse with the fear that the fed was going to cinch up Monetary Policy and this time i do expect the fumes out of europe were enough to kind of revive the idea that everyone was on one side of big currency and volatility trades and we got upended. The bounce today is impressive without being decisive. By the way, i note that treasuries have not given up all their gains for today so refuse to kind of ratify the equity rally, but i think were in a twoway market. We went down 3 to todays morning low, and that means a little bit of a bounce, and well see if we go sideways instead of further down so im not really bearish. I do think this corrective phase has more to go. Dan, mike has a very good point that the treasury market which a lot of people is the smarter market than equities is not really decisive on where this market is going right now. People are still hedging their bets in a big way, and weve seen sub 2 on the tenyear note consistently between yesterday and today. Thats because what really has happened year to date has been a movement out of cash or money market type funds. There really has, if you look at the fund blow to data bond funds are seeing inflows. Thats the next phase of what i think will be an incredibly powerful market. I believe we are likely in somewhat of a sideways move for now, a corrective phase, but look at whats happened this year. Whats going to be the catalyst for that, dan . If we havent seen it happen yet, if we havent seen the exodus happen from the bond market yet, whats the catalyst to take people from the bond market trade into the equity trade . Sub par returns. If you can get better returns in equities, thats going to be an incentive reallocate assets. We already know that, right . Equities are already the only game in town in terms of returns, and it still hasnt forced the overwhelming tie, right, to come from bonds into stocks. People havent lost money in bond funds yet, and thats coming. Maybe that will do it. That is going to be a major catalyst for a reassessment of equity allocations. Mike, can you be patient and wait for this market to pull back again, or are you in danger of missing something because certainly the pullbacks that weve seen have almost appeared to be head fakes. They have to this point. I dont honestly know. I do think a healthy attitude is that a market that goes up without, doesnt actually lose any money but i would say that we are really following the pattern from the last two years up about 6 , 8 into valentines day and you had a 2 pullback or a 5 pullback. I dont think we mimic that pattern but we do chop around a little bit and my guess would be well check out at least where we were this morning and maybe a little bit lower just to see if the buyers are there again. Dan, where would you putting your money to work then on the equity side of the equation, what sectors . I think if you look right now. I think smallcap stocks remain the place to be. Weve outperformed year to date. I think that thats going to continue. Profit margins have exceeded the old highs for the s p 500 but have yet to exceed the old highs for the russell 2000. Were also at the early phase of a merger and acquisition super cycle and seen m a pick up a lot. Within palisades portfolios, however, weve seen the trend go for the last two years or so where 30 or more companies have been acqiured mainly by strategic buyers at significantly higher valuations than the previous days close that. Cycle is only beginning because the credit markets remain very healthy and top line growth is going to be tepid at best so companies are going to do what they do best. Create top line by going out and buying it and integrating great businesses into their existing portfolio of companies. Gentlemen, thank you very much. Appreciate it very much. Price line brought its pitch man William Shatner back from the dead and made an appearnace at the oscars as well. Simon hobbs has a breakdown of the numbers. The stock is doing relatively well. The guidance looking forward is in line. However, there is a clause within what they have just put out saying the Company Believes that concerns related to sovereign debt and the viability of the euro have negatively impacted historical performance. We know that because we saw that in the third quarter, but they are also warning that theres increased variability moving forward and were wondering if they rewrote this as a result of italian election. Margin is key, moving full particularly given the extra advertising spending and, of course, comments on kayak, the 1. 8 billion acquisition. Conference call starts in 24 minutes. Well come back to you with more details. Guys, back to you. Thanks so much. A big beat and a big gain in the after hours. 5. 5 . Priceline ceo jeffrey boyd will be on power lunch tomorrow at 1 00 p. M. Yeah. It will be the first time well hear from him postearnings. Thats power lunch, sue, tomorrow at 1 00 p. M. Shameless plug, 1 00 p. M. Eastern time. Just saying. Right. Today on the closing bell which is going on right now, were thrilled to have terry duffy, cohosting, she tried to say. Maybe hell be hosting the whole hour. Hes the chicago Mercantile Exchanges executive chairman and the cme runs the Worlds Largest futures exchange. Welcome to the show. Its nice to have you certainly on a day or a couple of days where the markets have been, especially volatile. What do you make of what weve seen over the last couple of days . A certain part of your business benefits from the volatility, but what do you make of it as an observer . For starters it certainly does benefit our business. The last two days alone weve traded over 45 million contracts, and that represents over 11 trillion of additional risk changing hands at the cme so it does benefit business immensely what. Youre seeing is a lot of the issues in europe, whether the political unrest in europe or political unrest here in the United States, so we had issues that we had the fiscal cliff and weve got volatility. Issues coming here this friday with sequestration and things of that nature. We get the market sells off. Historically what ive seen only selloffs over the last 12 months of any consequence, and people are stepping in to buy them right away. You said earlier, its the only game in town and continues to be so and the only one given the opportunity to bite markets are the governments in europe and the United States. If you look at last year, terry, some of your Trading Volume was lower, and that led to speculation that you needed to do a deal with with the boerse, Deutsche Boerse says we dont need to do a deal with the cm sgle first and foremost, we dont comment about any speculation. Theres a lot of speculation about what cme is going to do or not do. Weve had 20 billion plus between the chicago board of trade and the Mercantile Exchange so were putting ourself in a very good place to compete with anybody Going Forward. If i can continue. I know you cant comment specifically on that, but the market has changed so dramatically over the last couple of years. Weve seen the synergies between the exchanges and getting them together. Do you think what youve put in place now with the deals youve done is sufficient, or do you think you need to go further and make another acquisition or another deal . I think that you have to look at the volume, and the volume speaks for itself, right . Im a big believer in actions speak louder than words. If you trade 11 million of notional value across the Asset Classes of the world, it shows us we have the right pieces of the puzzle in place to compete with anybody. Whether we build on to the cme group is yet to be decided, but i will tell you rate now we would not be doing the business we werent doing today if we didnt put the pieces of the puzzle over the last several years. The nyse ice deal doesnt force you to start thinking about your businesses and the greater businesses individually . Im a big fan of the nyse. When you look at the announcement, we compete with the International Energy exchange and we compete with the nyse on the Interest Rates so were competing for clients and competing for trade. Nothing will change from that standpoint you havent talked to bob greifeld the last couple of hours since youve been in new york . I have not talked to him the last several hours. Let me turn your attention to the bigger issues were all looking forward to and thats the possible sequester on friday. Want you to listen to a comment from ben bernanke before the Senate Banking committee, and then we can react to it on the other side. The cbo estimates that it would cost about 0. 6 of growth in this year and the equivalent of 750,000 jobs, so it would be a drag on near Term Economic recovery. More broadly all of the actions taken this year from the cbo would be a drag of 1. 5 Percentage Points which is significant. Let me ask you. What do you think is going to happen from some of the conversations that people like you are able to have with some of the leaders in washington over time . What do you think is going to happen . I havent had any real conversations as it relate to the sequestration. I do believe, you know, we need to get this country, as the rest of the world does, on more fiscal responsibility, and whatever it takes to get that done, whether its a threat, a few days, a few weeks, i think it could happen. You know, chairman bernanke is certainly right and hard to argue with, but i think what hes referring to is over a projected longer period of time. I dont think were talking about sequestration over the days, weeks, months that could cause the problem this hes referring to. The same thing in italy the other day when the markets sold off because they didnt like what the upper and lower claimler been divided and hence the gridlock in europe or italy. Does that kind of volatility, i would assume it actually helps your business. Just the threat of sequestration has spooked this market, and then when we got the it nat election result or perhaps better said lack thereof we saw the massive selloff in the last hour of market trading. People then to need their risk. They do, and they need to do that regardless. Even thought the volatility has been at relatively low levels the last couple of years people still need to hedge the risk. Zero Interest Rate policy over the last several years in this country. Were still doing trillions of dollars of Interest Rate products for people managing that risk, even in a zero Interest Rate environment, why . Because the concern is they cannot take the risk on their own books just because raise do move or currency rates fluctuates or equities fluctuate. Let me ask you quickly before we move on. With the dow up 115 points today, why is gold acting the way it is today . What do you make of it . Whats it a sign . You know, i ive got a gold ring. I dont know what were going to do with goal. Many people are very bullish gold markets and nng well go back to a gold standard, a great hedge vehicle but i dont know how were going to use it. Its almost like the infrastructure problems of the gags station bris business. Want to put ethanol problems all the way around the United States so the process is very difficult, in my opinion. Youll be here for the rest of the hour so well get into many more topics with you as well. All right. Apple stock on the move once again. Josh lipton has more on that for us. Josh . Hey there, sue. Apple reversing earlier losses and marching higher today finishing well in the gray area ahead of the meeting tomorrow. Some will argue that the meeting will likely disappoint. This discussion has been what should apple do with its big pile of cash and how much should be returned to owners and keep in mind, of course, apple is in the green today, but it has a rough ride, now down some 36 from its record high. Back to you, guys. Josh, thank you very much. Our guest host terry will be with us for the rest of the show and also look forward to that. Also coming up, the ceo of Cantor Fitzgerald who is here exclusively with a look at the fragile marks. And housing and recovery is picking up a lot of steam and someone here that could be more important when it comes to anything else and our hot Housing Stock market. And should billionaire Richard Branson criticize marisa meyer on her antitelecommuting policy. Terry duffy is smiling on the topic of this issue. He is. May have to weigh in on that. Youre watching cnbc, first in business worldwide. 50day moving average, tdd 18003452550 i saw the trend. Tdd 18003452550 it looked really strong. Tdd 18003452550 and i jumped right on it. Tdd 18003452550 tdd 18003452550 since ive switched to charles schwab. Tdd 18003452550. Ive been finding opportunities like this tdd 18003452550 a lot more easily. Tdd 18003452550 like today, tdd 18003452550 i was using their streetsmart edge Trading Platform tdd 18003452550 and i saw a Double Bottom form. Tdd 18003452550 i called one of their trading specialists tdd 18003452550 and i bounced a few ideas off of him. Tdd 18003452550 theyre always there for me. Tdd 18003452550 and ive got tools that let me customize my charts tdd 18003452550 and search for patterns as they happen. 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Could this market be setting up for a big fall from the fed decides to take the punch bowl away. You know, talk to me about what you heard from mr. Bernanke today. There was a lot of discussion on the floor about whether or not he would give an indication that perhaps given some of the dissent within the fed, they might not keep Monetary Policy and rates as low as they have been for the extended period of time. How did you read his testimony today . I think in general the federal is going to continue to keep the pedal on the economy as they can and keep Monetary Policy easy. I think inevitably they will have to look for an exit strategy but that will be somewhere in the next year or so, and for now they will continue to be aggressive in their steps. Best opportunity in the market place right now is where . I think the market offers great opportunities. I think the fed has basically forced people out of the curve and out risk curve as well so Going Forward youre going to have putting more people to work in the equity market and people will be suspect at the long end of the treasury market and certainly as everything is a derivative of the treasury market people will be subject to that and as they look for opportunities outside of the treasury spectrum. I just had a quick question for you. When you start to see any movement for you in the rate market, what does that do . Does it scare people . Do people go back to equities. People are the mentality of three teps and a fumble. Were away for the fed to raise rates. Reason are going to look to put money to work. I think there will be a stop and start for a while but theres a longerterm transits game thats going to continue to go on and we ear. M r news, talking about what his company would do. You guys isquared seymour right now. Pierce . Pooerkts accuse me. Were banking on our opportunities and we had the ability to acquire an oldline London Investment bank and thought it was a very good trade for us. They have a substantial banking presence with excellent people and thought it was the right trade for us. We continue to look for other banking opportunities on a global basis as well. Terry, you know, weve been talking about how the fed is going to keep money essie and equities are the best hedge in town. What keeps you worried about the scenarios that weve been discuss i discussing. Technology the way its implemented along with the marketplace. As someone who runs an exchange. All thats the biggest concern that i have day in and day out and i know were getting a little off topic, but i think its important to understand how the markets work electrically like how we used to work. We would invest billions into technology. Right. Those systems are expensive and government rules associated with what you have to do on redundancies expensive. Im sure my friends at cantor know this. This is a very expensive proposition so thats a big part. Let me ask you on that and shaun, i would like for to you chime n. Do you ever worry about your systems being hacked . On the front page of the papers every month now. We spent a tremendous amount on security. You dont know. These people get smarter and matterer every day of what they want to do. But pore i had that the financial they are hooking at Big Companies and more are coming par. I hope the United States has tools j bus but you cant rule that out. I agree with terry, we make sure Operational Risk in a see krempient of what is operation to us on a bailey basis. Youre always worry about what the what you dont know. Thats the issue that you make up and have to focus on every day is trying to maintain your system and trying to maintain your business and understand, that you know, the world is evolving very quickly. Quickly before we let you go. I want to let you plug the good work you guys are doing regarding Hurricane Sandy and what youre going to be doing this coming friday. Reporter we are giving away 10 million to people who have been displaced during sandy, and weve been going to schools, and, you know, giving money away in 1,000 increments to families with children and thats think thats the best way we can be charitable in this time of great need for people in our communities. Fantastic effort, terry . We commend you on that youve been through a lot over the last decade. A good note to end on. Shaun matthews, we have a lot more ahead as scott and i again. Is the housing industry, is it real . That and much more when we come back. Ransit fares we help collect each year. No . Oh, right. Youre thinking of the 1. 6 million daily Customer Care interactions xerox handles. Or the 900 Million Health insurance claims we process. So, its no surprise to you that companies depend on todays xerox for services that simplify how work gets done. Which is. Pretty much what weve always stood for. With xerox, youre ready for real business. [ male announcer ] we began with the rx. Then we turned the page, creating the rx hybrid. Now weve turned the page again with the rx f sport. This is the next chapter for the rx and the next chapter for lexus. This is the pursuit of perfection. Wish you could know what happens during the commercials here. Well clue you in in a minute. What a difference a day makes. The dow and s p gaining grounds on the heels of their worst session of the year which, of course, occurred yesterday. Lets bring in bob pisani with more. When a difference 24 hours makes. Yeah. The bears are not in control of the narrative yet. Would you have thought if there was a day to go move towards that 5 correction everybody keeps talking about, this would have been a nice day to do it and the yet it didnt happen. Every time we try, it it just doesnt work. Now, bernanke i thought was not a major factor in the rally today. Gave quite a spirited defense of question and low Interest Rates. It was a factor by not being a factor. He said what everyone thought he was going to say. Right on script and i think that was fine. People are asking me why the weakness. We sold off going into the european close and there were a lot of closed, moved to the update. Matt we did have good news from the Home Builders and price overall. The retail earnings numbers were not about the so but and ladies and gentlemen. Narragansett bay maybe it will get a some back or dividend, which bothers me. No end, scott. Its annoying to me that value players are now circle anal. The Shareholder Meeting is tomorrow and thats why speculation is rampant of something to do with the mountains of cash that they have on the balance sheet. I was going to ask you what you think about the whole apple thing and 137 billion of cash on the Balance Sheets if you think thats a good thing thats hit sitting there. Might be more than the u. S. Government has their thands on. Aal has been an amazing story. I dont know if that changes your mentality as a corporate interity their can never have too much cash. Maybe thats one thing. Thats a good point and the pressure to do something with it, to return it to shareholders. Thats really important. From our Shareholder Base we really believe in returning cash and i think shareholders really appreciate that. They are chasing yields so its having still a dividend over the woman of years. I wand to talk about acquisitions. This value game is focused on taking the money back. How about expanding the money share. How about sitting with china mobile. Cant make a deal because they are worried about subsidies. They are getting hurt over there becauses prooit prices are too high. How about an iphone mini or iphone 5s. Samsung has a new device coming out and will kill them off europe in europe. Mostly invested in apple because for ten years ive owned all their products and it worries me when the value guys are circling. Will the chicago plaque hawks win a game . They are 160. We get the answer to that . That was during the commercial. I was saying to scott, will they lose at all, im not sure because but a lot, i want to say congratulations to the Chicago Black headaches, coach quinn veel and the whole team amazing. Dont give a shoutiot to Jonathan Toews and patrick kane. Ive got to keep going here. All right. Dan carleso. Hate all of you guys. Our coleft of the day will be with us and then well talk about where the risk is. Some say its hard to find evidence in a housing downturn. And later in its no often that you heard one question sniping at another when they have nothing to do with each other and thats what happened when virgin chief brandon iceb. But hes not. Hes an architect with two kids and a mortgage. Luckily, he found someone who gave him a fresh perspective on his portfolio. And with some planning and effort, hopefully bob can retire at a more appropriate age. Its not rocket science. Its just common sense. From td ameritrade. New data showing the housing recovery picking up steam across much of the country. Diana olick is here with more on that. Rising home prices and the action for the Home Builders, a good news today for housing after last weeks numbers on existing home sales came in slower. First to home prices. Case shiller reported prices are up 15. 9 and 6 opinion 8 in december annually for the top ten and top 20 housing arguments. These are looking back at priced since last mouth. Investors have been driving demand and prices alike. The weakest prices were in new york and chicago where foreclosure raise are bubble the National Average but a short supply of Prime Minister and contracts to by. It jumped 20 , the biggest month to month and pushing home priced lower by 2 and slid over it a 400. Build remembers simply not building fast enough to meet the new demand. They are constrained by lack of land and labor and by higher material costs. Weve got plenty more of this an line realitycheck,. Cnbc,. Com. So is housing charging full steam ahead ontic the Home Building earnings the last couple of days, the Home Improvement retailers, is really how i wanted to say that, have been good. Are you a believer in the Housing Market . Certainly everybody seems to be. Im a total believer. Its hard for me to think of reasons not to be optimistic. I mean, the big gains in activity that we saw in this mornings report, the gain in prices and theres a couple of reasons why this is really important this year. First of all, Residential Construction was a big negative for several years after as the recovery began. This year it could add a half to a full percentage price to growth. They are able to spend even though the decline in their incomes might otherwise push them into redrenchment road. Is only is onlily youve got housing firing on several and important. I believe that the low Interest Rate environment is helping them that would not be willing to step into the Housing Market if it were not for the fact that you can get now a sub 4 mortgage. Bernanke talked about that in his testimony this morning giving a fullthroated testament to quantitative easing by citing the value given to the Housing Market. Do you think weve come too far too fast . Im not sure that we have. I think this is an optimistic number, looking at the market and going where its growing, and if this market has an uptick, thats really encouraging to me and the lenders are lending to stronger people. Yeah. And i also believe what people got out of flipping business and people speculating on houses are actually people that can afford to speculate on houses which was not the case steve, six years ago so i think its a positive, not only for the Real Estate Market but for the market in general. Would you disagree with those who say in general that weve gone too fast and there may be a bubble burting in certain secretariors . I think so. The equity markets have maam up saying they are not too it. I heard you say you agree. You look at the valuation numbers on housing. You compare to where rents have gone and Household Incomes have gone. Lets not forget that weve had four or five years of home prices going down and rents going up. Bases on those valuations homes are still undervalued, so you request think of reasons to worry about the Housing Market. For example, still a very big shadow inventory of homes in the foreclosure pipeline that could put downward pressure on prices. Could you get a run up in Mortgage Rates if theres sort, for example, a little bit of a flight out of the bond market. That could happen at any time but the valuation story doesnt stroigt me as a reason to be. How is your hometown of chicago . We have a good hockey team and bad Real Estate Market. Theres ebbs and flows. The Real Estate Market in chicago, whether everything went down, dont go done as significant as others. Its a very study thing. Chicago is a very diverse city. Its got in many businesses. Thanks very much. Terry duffy is going to weigh in on the branson yahoo brouha half. Virgin founder slapping yahoo ceo Marisa Meyers no work from home policy. Its an uncommon tact. Did branson break some sort of unwritten ceo code . Well talk about that, and then later what will move your money tomorrow . Three of wall streets top stock pros on whether this rally will continue. Stick around for that. [ male announcer ] any technology not moving forward is moving backward. [ engine turns over, tires squeal ] and youll find advanced Safety Technology like an available headsup display on the 2013 lexus gs. Theres no going back. But we can still help you see your big picture. With the fidelity guided portfolio summary, you choose which accounts to track and use fidelitys analytics to spot trends, gain insights, and figure out what you want to do next. All in one place. Im Meredith Stoddard and i helped create the fidelity guided portfolio summary. Its one more innovative reason serious investors are choosing fidelity. Now get 200 free trades when you open an account. Well, if you know him, Richard Branson has never really been known as the shy and retiring type though hes really nice. The billionaire entrepreneur publicly criticizing yahoo ceo Marisa Meyers policy banning work from home even though no one asked him and he has nothing to do with yahoo at this point. Jon fortt has all the details. Jon . Hey, scott, yeah. Yahoo issued an updated statement saying this, quote, its not about this is about whats right for yahoo right now, unquote, not what every company should do, but either way branson is not a fan. He said to successfully work with other people you have to trust each other and then said this seems a backwards step in an age when Remote Working is easier and more effective than ever. Sounds great, but, look, Silicon ValleyCompanies Like apple google and facebook spent toll doerary on luxury buses that shuttle people from the San Francisco neighborhoods to work every day. Some offer gourmet meals and some are opening bright cutes so is telecommuting the future or isnt it . I spoke with stanford Professor John roberts who coauthored a study showing for certain jobs home work can be more productive. For jobs that require teamwork and collaboration, not so much. Apple and google have two of the leading Video Conferencing apps out there and leasing out real estate in voracious rates here because they want people in the office. Is branson out of line by criticizing another ceo on how she should run the company . Well ask our cohost for the hour cme executive terry duffy who knows mr. Bronson personally and has had a chance to get some comments from him. Also with us, herb greenberg. We should note that cnbc and yahoo do have a Business Alliance to share and coproduce editorial content. Terry, im going to start with you, if i could. You reached out to mr. Branson, first of all. Do you think hes out of line to insert himself in that conversation . Hes an outspoken guy. Well, trying to be very politically direct today and thats down the path. Knott not for me to decide. Im a big fan of sir Richard Branson. An amazing individual and have built the company from nothing and give people like that a lot of credit so i have nothing but grade admiration and respect for sir richard. Herb, let me ask you. What business is it of Richard Bransons of whats going on at yahoo and what marisa meyer thinks is the right thing to do for the company . Remember, hes not really i think passing judgment on her specifically and what shes doing. Hes looking rat a bigger workplacish youre. When i look at this, a guy who worked at home for ten years, i can tell you it is the kind of issue, hes probably, my goodness, this will cause other companies to follow suit. Terry, some companies you can easily telecommute and other companies it simply doesnt work. Ms. Meyers comments in the memo talks about the fact there needs to be more collaboration among employees and there needs to be more conversations around the water coolers, that thats how ideas are generated that. To me kind of rings true when youre trying to turn a company around, when youre trying to innovate and when youre a company being beaten down for so many years, isnt she just prior to put her mark on the company. I can give her an analysis real quick. People used to say that the greatest ideas are used to emanate on the trading floor. The New York Stock Exchange does 20fold the business it did when it was first as an open exchange. Is that an answer for yahoo or anybody else . No, its not. Whats interesting about what mr. Branson said is this. I asked him and sent me back an email and i told him i was going to say this. What is a company, a group of happy wellmotivated people who believe in what they are doing and sometimes ceos forget, that and thats when the companies fail, so i think thats a very true statement, and i subscribe to that also, so whether hes right or wrongy will eel leave for the other pundits to decide. Whats important is you want to do whats in the best interest of your shareholders, however you get it done, whether its at home or in the office. But herb, i mean, and to that point, and certainly those are interesting comments from sir Richard Branson. Marisa myier has to be worried about the credibility of what shes doing to do with the overall company. A company left for the du, she wants to keep everybody united and accountable and even in her mind to do that if she can see people face to face. Fair or not . Remember, as weve said here, different employees and Different Companies and it isnt right for everybody, working at home. I agree with the concept. I work in an office. I stlit and yell across the room to you. We have a good back and forth that ends up going on air. Thats a good thing. Dont reveal our secrets. Happens too often. It does. Thanks, herb. Well be back with some final thoughts on the market with our special cohost terry duffy coming around next. 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Were going to let him go, but not before you give us some final thoughts in what you see in general in the markets, both in chicago and here in new york. You know, im just seeing really a lack of participation in the markets for a long period of time. One of the things maria and i talk a lot about is volumes. We havent seen much in volumes. We are starting to see a pickup in volume. That goes to some of the earlier conversations with some of the guests earlier from cantor and other, we are seeing more movement from, you know, the fixed income into the equity markets. I think thats a good sign. Again, i like it a lot. I like the way its trading and what do you think of the speculation that theres a bond bubble out there and when it will burst . Its kind of like we talked earlier, im not a big bubble believer. Things go up and down and thats the end of it. Not a big believer of the ubl bes. What kind of s. E. C. Chairwoman who do you think Mary Jo White will be . I dont know her, scott, and i look forward to having the opportunity to sit down with her. Shes got a big challenge ahead of her. Thats a big agency. Its got to oversee these markets. What would be your first conversation with her, the substance of . What do you think they need to do more of . I think it needs to be more, you know, of a you have to be careful when you go from rulesbased to principlesbased. And, in order to compete globally, which i think the equity exchanges need to do, they need to be more principlesbased. I hope they take that mind set and go forward. Its been a pleasure, terry. Come back, spend more time with us. You guys really made this a pleasure for me. I would like to thank maria, who is home sick a vicious flu going around. Thats what i hear. Maria, thank you for having me, sue, scott, thank you. Come back soon. I will, thank you. Definitely look forward to having terry duffy back. Another wave of retail earnings hits the street tomorrow. Another big day. Our panel of experts is going to weigh in and tell you which moves should be that your money should be betting on. Thats what i tried to say. Back in a minute. [ man ] ive been out there most of my life. You name it. Ive hooked it. But theres one. One thats always eluded me. Thought i had it in the blizzard of 93. Ha never even came close. Sometimes, i actually think its mocking me. [ engine revs ] what . quattro well, we certainly saw a nice rebound after yesterdays big selloff. But is there more room to run . 30 seconds on the clock, well find out what you need to know ahead of tomorrows trading session. We have brian peery, Michael Underhill and stephen rosen. Brian, you go first. Whacht are you watching . Well, theres no shortage of speeches tomorrow, with chairman bernanke, fed president fisher, ecb president , all speaking. And honestly at this point, we really just hope they Say Something they dont Say Something that upsets the market. Our main focus tomorrow is going to be on the retail earnings with dollar tree, tjx and target reporting premarket. Limited brands,