Highest level since december but with the fed meeting in the days ahead can stocks continue to win . That debate begins now. Josh what happened between yesterday and today . Today the s p at the highest closing level of the year. What happened is nothing happened. In the absence of a calamity people come back to stocks and what theyre coming back to scott makes this bounce back the most interesting. Its the polar opposite of 2015. The most heavily shorted stocks and the stocks to decline by the most or underperformed by the most last year and the sectors that are negative year to date. Health care, technology, consumer discretionary. People say its a dash for trash. Is it more believable today given the last 24 hours. How do you assess where we are . It always takes a couple of days to assess what they do. What they did was a little bit better and more than what most people expected. Commentary confused some people but more importantly oil has stabilize. Interest rates have stabilize. The dollar continues to creep downward and thats giving people confidence into buying back into the cyclical stocks that josh just mentioned and i would rather have a rally with the cyclicals leading than utilities. Okay. Short lived or longer lasting. Is this something to believe in . What happened is there is a growth scare going into the beginning of the year. People went risk off big time and going into a global or u. S. Recession is not right. And we think it has more to rally but our view this year, fair value we think is 2050. Maybe get to 2100 so thats about a gain last year. We dont think that youre off to the races sustainably here. The conversation guys not that long ago is rates are going to go two if not below 1 . High yield is going to continue to fall out of bed. If not blow up. And both of those areas have recovered. You could be talking next week about a ten year note field at 2 . Whats your read, kate. I want to echo what keith just said. A lot of this has to do with repricing and thinking about growth and risk. People were fearful of three things. One a collapse in chinese growth and what that would mean for Global Growth and demand and low and going into the teens oil price and the 30s, you know, really confusion and miscommunication from policy makers. I think each of those fears and risks started to disapate at this point and were in a place where we can look forward and look at the High Frequency data and say things arent so bad. So you buy stocks here. Thats the question. You get the analysis from the others. Now do you buy stocks . Absolutely. I said this yesterday. Im not the only voice that was out there but i thought yesterday was an overreaction. You played hang man at the end of the show and said whats the word of the day and you said reversal. You were right. However i said oil. Oil is still a major part of this. Oil moving higher again. Joe said i wont be surprised if it goes, you know, from deep into the red to into the black and it did almost do that yesterday. I think that draghi saying much lower for much longer means the market goes higher for longer. Im on the other side of that and ill tell you why. Please and quite frankly its the first real test for this bounce and there hasnt been one because we were so down for so long at the beginning of the year. I dont know if this is the best place to add new positions or new exposure. Fit bit monday this week when i called in and did that one and everybody said this stock is a joke. Stock is up 11 . The options are up better than 100 . Same thing with devon energy. Already took that one off. Many of those energy names. Look at weatherford today. Industrials in general. As soon as oil stabilize then you not only have the Energy Stocks rebound and you had a really big part of the s p, the industrial dos better. Everyone is talking about the transports but im talking about machinery like ugly stuff, caterpillar, those things are up 20 from their lows. Even one of your stocks, john deere. Absolutely. The only problem is, im with steph. Its great to have industrials, materials and Energy Leading the move. The problem is theyre less than 30 of the market. Its not enough and you need to get consumer discretionaries back in gear and for god sake the financials which are okay need to start looking better. Well, look, i think on the financials we think were going to get two rate hikes this year. We think you can get one in june or september and then december. As we look at the u. S. Economy, first we think Global Growth will be about 3 . Right now you have an Unemployment Rate at 4. 9. We think goes down to 4. 6. Average Hourly Earnings are going higher. If rates start going up or at least people believe they will that should help the financials. What does that do to the dollar or does that cut short this rally in the cyclicals . The dollar goes higher. I dont think it goes dramatically higher but it goes higher. We agree that value looks better than growth here. We dont strategically allocate one or the other. We sprinkle both in so i think again people are placing their bets though as to whether the growth story that carried the market a year ago, that deal is over and now its about the dash for value. You know the stocks that im talking about are falling out of favor and remain out of favor for sometime. Thats right. Ultimately you need to believe theres a broad based recovery in the economy. That Earnings Growth outside of energy will be reasonable and we think it will be somewhere between 4 to 5 energy. Valuations have a reasonable underpinning. About 55 of s p 500 stocks have a yield above the treasury. This is not off to the races. Were saying 2050. 2100. We have an election to deal with coming up on the second half of the year. Theres still stuff to worry about but we think we grind our way higher here and we would be all the way down. If youre right the consumer should do well on that environment. A 46 on employment rate. I was impressed just yesterday with Dollar General and the fact that people on the low end are actually now starting to spend. Jcpenney, same thing. So maybe if we can get, i know that youre concerned that some of the sectors, its a narrow kind of a rally now. Dont go by me. I think that consumer is going to be good too. I still think josh raises a good question though when you look at where we are. We come on the show and we say that the s p is at its highest level of the year at 2016 and kate, how do you convince people that you buy stocks at the highest level of the s p this year . I have to be honest there are reasons to be there. Were at the top end of a realistic valuation range. Were going into a earnings season that wont be clean and will be challenged across the sectors people bought recently i dont think its a straight lineup from here so we would say be cautious and, you know, really own the Higher Quality growth stuff and i think we need to really look at which companies and which industries and which sectors have sustainable earnings streams and thats going to be a major focus. Arent you interested though that at least the dollar has stopped going higher . It was a huge drag to earnings. Isnt that going to help on the earnings front. Insurance has come way down too. A month ago judge we were looking at ensureness on the mid 20s. Now its back down to the lows of the year. 16. That is another reason that if you are like josh and youre perhaps optimistic but worried, concerned as you say, josh, buy some insurance. This is a cheap time to do it. One other thing. We cant get out of this segment without mentioning is junk. The gap up higher today in hyg is breathtaking and if you look at the last 20 days, the last 20 trading days whatever your proxy is you have to go back to the bottom of the market in 2009 to find a game like that. It just does not happen outside of a major bottom for that asset class. If you were to look at the icons and the gun locks of the world who were raising the red flags about high yield and the junk bond market for many, many months as a precursor to what we saw in that big pull back of the equity market this maybe is the most interesting tell of the rally and that as i said earlier yields end at high yield and that worried some part of the market recovered enough to make people feel better about where they are. We still have to get through the bankruptcies and the Energy Sector which will be coming this year into next year. We think its too early and we think that cash flow is king. You want to get paid to wait. You want high dividend paying and growing companies mainly in the large cap side. Thanks for being here. The president of u. S. Trust. We know that low oil prices are hurting Energy Companies but how bad is the fall out for those living and working in the heart of shell country . Brian joining us live with that story. Scott, thank you very much. Listen, obviously were in a bar because its not just an oil story. You have hotels, restaurants, people moved here and packed up their lives and came here and things slowed down dramatically. Get to that more in a second. Now john is a good friend of mine. I normally fundamentally disagree with everything he says just because of his man bun but that aside i like what he had to say earlier in the program and will bet you if you overlayed the junk bond and equity markets with oil youll see they are correlated and i think that the oil story someone. Its another reason were here guys and if you want to believe that oil will move higher because inventories are coming down, ive got good news for you. Take a look at the number of riggs operating right around here in north carolina. Three years ago it was 207. Two days ago it was 35. Last night i checked again, it was 33. 207 operating riggs down to 33. Some of the names and the companies that are still here with operating riggs, generally one or two at most. Names you guys talk about. Continental resources. Theyre slowing down. Qep oasis petroleum. Those are some of the rig operators still operating and the one thing that we hear constantly is this. If and when we do turn around these companies should be smarterful when the boom is going on guys literally people were lighting cigars with 10 bills. Now the operators had to cut pay and cut jobs and theyre cutting everything so they can try to be profitable around 50. Coming up in power lunch i got some interviews and i asked somebody what the magic number might be, i keep hearing 60 or 65. So its good that were at 40 or close to 40 but really this region with the costs, they really need 50 to 60 to be happy again guys and to fill up these restaurants. Well see you on power lunch. Look forward to it. Thank you. Brian sullivan for us. Heres whats coming up on the halftime report. Still ahead, the call of the day. The top auto analyst on the street just went from sell to buy on hertz. Hell join us to explain the move. Plus wheres the momentum . Were looking for stocks that are catching a tail wind. Should you be hopping on for a ride . And out with earnings. Find out if either of those stocks are appetizing to the experts on the desk. Its all coming up on the halftime report. Nsh trolling for a gig with braindrone . Cant blame you. Its a drone you control with your brain, which controls your thumbs, which control this joystick. No, im actually over at the ge booth. Were creating the operating system for industry. Its called predix. Its gonna change the way the world works. Ok, im telling my brain to tell the drone to get you a copy of my resume. Umm, maybe keep your hands on the controller. Look out ohhhhhhhhhh. You know what, im just gonna email it to you. Yeah thats probably safer. Ok, cool. Man 1 he just got fired. Man 2 why . Man 1 network breach. Man 2 since when do they fire ceos for computer problems . Man 1 they got in through a vendor. Man 1 do you know how many vendors have access to our systems . Man 2 no. Man 1 hundreds, if you dont count the freelancers. Man 2 should i be worried . Man 1 you are the ceo. Its not just security. Its defense. Bae systems. Hey hows it going, hotcakes . Hotcakes. This place has hotcakes. So why arent they selling like hotcakes . With comcast Business Internet and wifi pro, they could be. Just add a customized message to your wifi pro splash page and youll reach your customers where their eyes are already on their devices. Order up. Its more than just wifi, it can help grow your business. You dont see that every day. Introducing wifi pro, wifi that helps grow your business. Comcast business. Built for business. Especially on a stock up 50 in the last month. Why now . We remain cautious on the karenal Business Model overall. Theres a lot of issues they need to work with. On the Technology Side and Business Model disruption et cetera and we think that the market has gone up here. Its fallen around 70 over the last couple of years. The Market Sentiment around used car values, the abc market, all of this has surpassed even our levels of bearishness and we find a point where the stock has 30 upside to the fair value and thats worthy of an overweight. It doesnt give you pause just in and of itself that the stock has done so well in such a short period of time . You just dont often see it. Theres a liquidity issues. Maybe things get a little crowded. Theres a little law of small numbers here now that the stock is down say 70 or so over the last couple of years so were used to volatility in this business. What was management doing wrong before and what are they getting right now . We think that the management and culture of the company is changing and id say theres a greater recognition to the deflati deflationary aspect of car business. Privately held enterprise is the saudi of karenal. They are the low cost producer and they pass those savings on to customers and put the pressure on high cost producers to either go away or do something else. We think theres a change in management and perhaps board recognition and awareness of this. And tloutd throughout the opera expense stack. We smell smoke and there could be some fire. Youre not out of the woods yet here. No, not out of the woods. We paint a prescription of how karenal firms can reinvent the model. Car rental you have a plethera of options that can erode at the margin but karenal market isnt going away entirely overnight. So there may be temporarily so some rents that can be used to help harvest and reinvent into a mega Fleet Management player with the shared mobile industry which is a much larger adjustable market longterm. Let me move the conversation to tesla if i could. This is the first time that i have been on publicly speaking about the price target cut that you made some six weeks ago. So i do want to ask about it and peel want to hear from you regarding that fact. Why did you make the move that you did. On february 1st, reducing that price target to 333 from 450 . Well, theres been significant changes and we have to be every day we go to work, we try to assess the facts. Whats changing . And one of those changes was the very significant decline over many months in oil price. And we long held that tesla sits at the intersection of tech, energy, and Capital Markets openness so if we have lower commodity price which is hurts the pay back of electric cars categorically combined with tech firms access to Capital Markets we had to reflect it in our earnings forecast and valuation. We still have about 60 upside to our fair value and we they the firm is one of the best position among our coverage for the reinvention of the industry into a shared electric Autonomous Mobility network. If i had a bear sitting next to me or someone that was short the stock and lord knows the Short Interest is up there and they say well the cash burn is high. You had citron put out a note a week or so ago talking about supply demand issues as well as a negative news flow which has been swirling around this stock for many months, how would you respond to all of that . Its real. Theres real risks. Apple or alphabet getting into the Auto Industry is not good for tesla or we think the majority of the Auto Industry. It presents an increased battle for talent and capital. Theyre starting to see a greater level of intensity. And now he has a lot of companies so i think the worries that the market has are genuine and real and we respect them as well. We think the story might turn out differently. Are you a bull growing weary or no. Tesla is our second pick after ferrari and hertz is now an overweight. Its among our very highest ranked stocks within our coverage. In large part because of their position to be a force in machine learning, ai, robotics and a Network Capacity to reinvechbt transportation. Time will tell but we think this year we may even see some things that can change the debate and the Addressable Market in a cig any can way. I appreciate you coming on. Dont be a stranger. Its been awhile since youve been on. Interesting news all across your universe. Adam thank you so much. Thank you. All right. Adam jonas. Morgan stanley. Well i think the Short Interest that was there in tesla was just phenomenal and for adam to be positive on it going forward, number two pick behind ferrari now, i like this one but i like it for trades. Talking with folks about i trade this name. If youre trading tesla you can do well. Theres going to heart break here and there. Hertz deserves conversation. Theyre a two step upgrade from the guy considered to be the guy so this is not for casual traders. If youre involved in a name like this you probably want to be very hands on. This is a stock that if you want beta you got it. If you believe the market is going higher and you really want to beat the market, you buy this one. I get the valuation call. I get that its come down quite a bit. But i think the competition is difficult from a longterm investor. Its hard to get excited about this one. If you want to play in the Equipment Rental space. Coming up, the battle continues for the jewel encrusted melt of champions. Their moves coming up next. Plus the future of amex. The stock is under pressure ever since the company lost that costco part of its business. Can the companys latest plan turn it around . Theyre going to debate it. Know your Financial Plan wont keep you up at night. Know you have insights from professional investment strategists to help set your mind at ease. Know that planning for retirement can be the least of your worries. With the guidance of a pnc investments financial advisor, know you can get help staying on track for the future youve always wanted. Professor richard thaler. You are called the father of behavioral economics. Ive been called a lot of things. I have read all of your books. Did you learn anything . I learned that humans are complicated. Were emotional. Absentminded. And we make some really bad decisions. My tradeoff analytics can help Companies Make better decisions, but i am still learning what makes people tick. What makes you tick watson . Natural language processing, reasoning algorithms, statistical parsing. Now you are just showing off. We believe in the power of active management. Management, by debating our research to find the best investments. By looking at global and local insights to benefit from different points of view. And by consistently breaking apart risk to focus on longterm value. We actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. All right. As i said top of the show, judge took some profits in a couple of the energy plays in particular. So for instance, conoco took that one off. Its not that i dont like it but this is a trading game i believe so i took off conoco. I took off devon energy and took off the Energy Transfer and Precision Drilling pds today. I like that one a lot judge. Im see a lot of movement in that space today whether its options or stock and i think it screams over 5 and squeezes people. What did you do . I have been taking capitol losses for tax purchases and i had to take another so my strategy is owning names that look good and when they break down i have to get out. So i had to sell orbitally. This name is broken down. Probably should have gotten out of it earlier. I have dry and it is going to be to have the ability to have new winners as they emerge. Im hopeful. Remember follow the action. Cnbc. Com pro. Coming up, going along for the ride. Hes on the hunt for the hottest momentum trades and he is finding them in all kinds of sectors. Find out if our experts are jumping on the band wagon. Plus. 50. Ill give you 50. 50, i dont think thats going to cover it. Definitely not going to cover it. Jerry seinfelds collection of prize porsches. Hes auctioning off many of them today. Robert frank will be along with those details. Halftime report is back after this. Here is your cnbc news update for this hour. The u. S. Is increasing the number of refugees its taking in including the number of syrians. Speaking in athens she says the u. S. Is working with greece, turkey and other countries in the region to help end hostilities in syria. The dutch king and queen paying a visit to the paris cafe where diners were shot to death last november. They shared a cup of coffee at a table with local residents and first aid workers that intervened at the sight after the attack. Brazilian media reporting 13 people died in the suburbs of brazil following heavy rainfall and flooding and a new york man is free after spending years behind bars for a crime he did not commit. His murder conviction was thrown out after prosecutors said the case was tainted by a star witness. Lets look at the markets. Stocks are at session highs. The s p is at the highest closing level of 2016. Theres the xle. It is currently higher by 3 as oil gets a bounce back today. Banks are doing well today. It is the one month anniversary of the dimon bottom. And stocks have rallied since then but which ones are likely to keep the momentum going. Don ran the numbers and is at the wall with the results. We take a look first of all at the s p 500 because were running into this little area of the longterm average for the stock market up about 9 since that dimon bottom. Lets put it in larger context here. Were off the highs and the lows. The great in between. The no mans land you can see here overall for the s p 500. Only down 1 . Three of the stocks that are interesting that came up here. Some of the biggest gainers. Lets take a look at a refiner. Over the last year, the purple lines that longer term average price. Phillips 66 stock is up about 18 since that dimon bottom and its now 6 above that longterm average price so showing signs of life there but thats a steep move in a short amount of time. Dominos pizza. People may be eating out more and using the gas savings. The longterm average price you can see there. Dominos pizza rallied by 24 . Its now 20 off of the longterm average price so perhaps a lot of momentum there but maybe too far too fast. One last one here, one of the biggest gainers out there. U. S. Steel on the commodity material side of the he equation here one of the down trend stocks for quite style but its taking a and 200 day moving average. Its more than doubled since the lows we saw on february and its sitting just above 5 . So three different sectors and places and different market caps to look at. Back to you. Great stuff, thanks. Three names for our folks to crunch over here as well. Love it. Wish i owned it. Its like tesla for me anyway. A stock that i trade. Not a stock that i dont. So i have taken a nibble here and there but im not in it right now. Of that list i like phillips 66 the most. Thats the one i think is going to out perform for the remainer of this year. Its interesting to me because you had such a big destocking. Pruritises are starting to firm up and if you believe the economy is starting to see a tick up. The stock is very underowned and it could work. Lets look at dominos. This is one of the most incredible stories in the restaurant space. It seems to go up and up and up and people have not gotten a handle on how great their International Business is. And they said it was the 88th consecutive quarter internationally. Think about how hard it is to pull off. This is a really great name. The gap is probably entirely justified. It could be the name goes higher. The stock is up about 5. 5 . Triple the s p so far and i think it continues to work. Gold is falling after hitting a one year high earlier today. Jackie is there with the futures now. Good afternoon to you. Were seeing a drop of 1 in gold prices. The stocks are rallying today. Gold has had a substantial run. A great year so far. Is the run over . I dont think it is. Today is interesting to look at whats behind the push pull. Obviously the risk off trade is hurting gold but then you look at the euro move from yesterday and the euro is strong. It hasnt given back much of its move. You look at the Interest Rate curve rates have gone higher which makes gold look worse so thats two or three factors in the mix depending on how you look at it. The biggest factor however is going to be the potential weakness in the dollar and thats going to win out. So i think as long as gold stays above lets call it 1235 i want to be long. Were trading just under 1260 now. What are the levels youre watching. I think this level is quite compelling. If you want to add on or interest the gold perspective we talked about the volatility in the market. Were seeing amazing moves in the dax and that should keep a bid in gold. The momentum is higher. A great level of stopping on the shortterm trade at 1235. But i like being a buyer here but a 1300 print shortterm. Head to the website. Back at the live show on tuesday, scott. You do the same. Well be there. Kate moore gold. Good play or not. Gold is not part of our multiag asset class portfolio. Were not investing in commodities at all. Not at all. We would rather take risk in other assets. We like equities. We started to dip our toe into high yield a little bit and. High weakness. Youre willing in high yield but not commodities. We just want to take it in things that we feel like we can forecast a little bit better. If youre buying junk bonds, if youre buying them essentially thats a commodities trade. Approximate youre buying cyclical stocks we dont use commodities either. We dont think we need them. We get that exposure in equities. Theres too many different players in the gold mashlth. Have you held gold before . We have historically. Its just not a core part of the portfolio recently. Coming up, john has his eye on a Chinese Internet Company that he thinks is heading for a big short squeeze. Its not that flattering of a video. I dont know. You need to work on the moves a little bit. I do better if im with steph. Were back after this. Here at td ameritrade, they work hard. Wow, that was random. Random . No. Its all about understanding patterns. Like the mail guy at 3 12pm every day or jerry getting dumped every third tuesday. Jerry every third tuesday. We have Pattern Recognition Technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. Theres no way to predict that. Td ameritrade. With extraordinary offersmance on the stylish, allnew rx. And the dynamic nx. This is the pursuit of perfection. Hiim here to tell homeowners that are sixtytwo and older about a great way to live a better retirement. Its called a reverse mortgage. Call right now to receive your free dvd and booklet with no obligation. It answers questions like. How a reverse mortgage works, how much you qualify for, the ways to receive your money. And more. Plus, when you call now, youll get this magnifier with led light absolutely free when you call the experts at one reverse mortgage today, youll learn the benefits of a governmentinsured reverse mortgage. It will eliminate your monthly mortgage payments and give you taxfree cash from the equity in your home and heres the best part. You still own your home. Take control of your retirement today i have an orcogram we for an owen. E. Thats me. You should hire stacy drew. She wants to change the world with you. She can program jet engines to talk and such. Her biggest weakness is she cares too much. Thank you. My friend really wants a job at ge. Mine too. Im a wise elf from a far off shire. And sanjay patel is who you should hire. Thank you. Seriously though, stacy went to a great school and shes really loyal. You should give her a shot. Sanjays a team player and uh. Coming up we have more on the friday rally plus a real threat of a trade water and Brian Sullivan is drilling down in the balkin. During the peak of the oil boom tens and thousands of oil workers lived in man camps and now many of them like this one are sitting empty and were going to give you an exclusive tour of one. Big friday power lunch coming up at the top of the hour scott see you then. Well be there for sure. Well, john spolted some unusual trading activity and made his way over to tell us about it. Dock what is it. Jd, judge, its chinese internet play and this one in particular, we saw the stock not coming up on the monitor yet but we saw the stock moving early. We saw the calls expire march 24th. Were buying them very aggressively so what we did is we jumped in with them. Bought those calls. Its a shortterm play though judge because this is a group of options that are just going to expire in a very short period of time so could i be in them a week or so . Yes. But however this stock has a huge Short Interest. Double digit Short Interest i think thats one of the reasons they jumped on these and its why im going to be in them a short period of time. Try to catch a burn and then youre out. Thats it. All right. Lets do the trader blitz. Three trades on three stocks making news today. First up, El Pollo Loco missed guidance. Thats once for stephanie. Oh its for me. Yeah. Not a good enough growth rate to justify the multiple. The stock got turned to a right at that gap and i would not want to be long for that. Bojangles. This is richardson. The guy that owns the carolina panthers. He was huge in this stock. Made his fortune there. I think you can own this one for a long time judge. I love it. Amex able to unveil its strategy including a focus on lending. I wasnt really impressed and in fact they lowered numbers so at 11 times forward estimates im always intrigued. Its a Blue Chip Company but i think that you have this year of kind of dead money until they sort out how they are going to grow receivables again. Do you want the other side of that trade. I do like this stock here. Its similar to the trade we talked about in hertz. Youre getting more beta here. You want more beta you go to american express. Its another buffet name so yeah id like buying it more at 59 than selling it. I dont think it has more beta. Youre going to go to syncrony or the bank. Thats something to consider as well. Its 11 times forward estimates. Its not expensive but i dont think youll make a lot of money in the near term until they sort out how youre going to grow again. You have a lot of people involved in this and i think it trades down to the low 50s. At that point i would take a look. How theyre going to grow again factors into every conversation about the banks. Thats right. Do you like them here or no. Most of the u. S. Banks are in excellent shape and we have this massive overhang which may get alleviated next week but im not holding my breath. Net interest Margin Expansion last year and what the fed funds futures market was pricing in and what the fed were pricing in were Different Things and some of that repriced and people were outside of margins. Are we going to see an increase in trading revenues . And while theyre in good shape im not sure outside of a fed policy change in guidance we have a big catalyst around the corner. All right. Coming up, is this bizarreworld . Jerry seinfeld auctions off his prized porsches. The prices are are going to be high robert. The man who brought us the la labarren is is selling a fleet of porsches. Valued at up to 30 million and whether it signals a market peak. Coming up. Jake reese, day to feel alive jake reese, day to feel alive jake reese, day to feel alive when youre on hold, your business is on hold. Thats why comcast business doesnt leave you there. When you call, a Small Business expert will answer you in about 30 seconds. No annoying hold music. Just a real person, real fast. Whenever you need them. Great, thats what i said. So your business can get back to business. Sounds like my rides ready. Dont get stuck on hold. Reach an expert fast. Comcast business. Built for business. Jerry seinfeld auctioning off 18 of his prized porsches. Robert frank joins us with a look at what is on the block, what it could all go for too. Seinfeld expected to take the stage in just a few minutes, not for comedy, but cars. Selling 18 of his prized porsches in florida. Total could top 30 million. Hes selling a fraction of his giant collection saying, quote, it is time to send these cars back into the world for someone else to enjoy. It may be a good time to sell. The hagerty car index posted the biggest one month decline since 2009 and porsche prices have soared over 160 since 2012. Some models fell 20 in the january sales. His top lot is this 1973 can am, considered most powerful racing porsche ever built. He said i never drove it as fast as it can go. The car is crazy, im not. Estimated here between 5 million and 7 million. He bought it in 2012 for 4. 4 million, so i gain of 60 in four years if gets that price. The 55 550 is expected to sell between 5 and 6. And this rsk spider, he drove it with kevin hart with his comedians in cars getting coffee show, that could get 4 million. Jerry loved this car. He said it proved a small car with a small engine could be faster than a big car with a big engine. Good philosophy of life. Not to put you on the spot did i read somewhere that the cars are duplicates of ones he has . Correct. Some of these he has doubles of, he may be keeping the better versions but three of the cars could become among the most expensive porsches ever sold. His car hasnt come up yet. This auction is fairly weak. So it will be a big challenge. You say hes on the stage, hes doing the auction himself . Hes going to come on stage and introduce his cars. We dont know how long hes going to stay. But hes going to come on, make some comments. For an auction, and a small island in florida, it is a packed house down there right now. Robert, thanks so much. Fun stuff. Still ahead, a big week for the central banks. Fed meeting coming up. Excuse me. It is really big, trust me. Earnings watch as well. This just got interesting. So why pause to take a pill . And why stop to find a bathroom . Cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be Ready Anytime the moment is right. 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Hey, mr. Hamilton. Vo know that together you can establish a meaningful legacy. With the guidance and support of your dedicated pnc Wealth Management team. A big week in store for you next week. The fed week. And were going to count down to it with two market masters, rich pzena, veteran Value Investor and founder of pzena asset and Investment Management on monday. And Lee Cooperman of omega advisers will be here on tuesday. Remember, a couple of months ago when the market was going through the big swoon, remember, Lee Cooperman called in and said he was holding on, he thought it was a growth scare and not a recession, it is a call that to this point certainly turns out it be a darn good one, but we want to talk to lee about the markets, about hes got a lot to say about politics and he has a heck of a lot to say about market structure, josh, and the way the point you made yesterday, the way algorithms in the way that all of our money moves around in this market. I think from a day to day basis, you look at some of these moves and s p handles, you say, this cant be scension that think the fundamentals of changing to this degree intraday. Thats not what is going on. Lee is right. A lot of the day to day action at the margins were seeing being driven by computers. Not saying it is negative or positive. Just important not to turn a narrative out of something that is robots trading with each other. Hell talk about that. We look forward to talking with both of those gentlemen early next week. The markets today . We said the s p 500 was at its highest closing level of this year. Health care and biotech are some of the best performers today. A lot of the conversation as you know, we had it on the show recently, when is biotech going to get out of bear market territory . So many of these other sectors that obliterated managed to fight back and biotech not so much. They havent been able to do that and it is trading at a significant value discount to the rest of health care and the market and there is massive sentiment overhang around pricing. We talked to analysts on the street it is pricing risk and there is nothing firm in the pipeline that would suggest this group should underperform on a consistent basis. But as i was talking about the financials, im not sure what the catalyst is in the near term to close the gap. Not once the election even starts to heat up even more than that. Earnings next week. Interesting ones. Oracle, what is your read on oracle following sales force couple of weeks ago when they knocked it out of the park. And workday too. With a lot of concern around the cloud at that moment too. Oracle is interesting because it is a legacy story going to cloud. So i think the consensus is, like, this quarter coming up or the following quarter, theyre going to see momentum, margins stop go down and this could recover. I think it is interesting. The valuation makes a lot of sense. The Balance Sheet is good. Cash flow should improve and nice yield too. Well see. We look forward to next week. Have a great weekend. Thank you for being here. Power lunch starts now. Scott, ladies, gentlemen, thank you very much. Welcome, everybody, to power lunch. Along with Michelle Carusocabrera and melissa lee, im tyler mathisen. Brian sullivan joins us in a moment from out in north dakota in the baaken. Lets get you caught up on what is happening in the markets. The dow, the s p, the nasdaq, small caps, all in the green, up 1 on the dow, 17,190. Nasdaq, higher by 1. 3, 4,724. S p higher at 2015. The russell up 1. 5 at 1080. 37