And now were seeing the reality of that. The meeting is april 17th. So youre going to have continue positive momentum build into that. The Investment Community is underinvested in terms of Energy Equities. Think about what the mentality was in january and february and the actual trade we align with so we have many that own the high yield debt in the energy space and used Energy Equities as insurance and they were natural sellers of that. They have been buying back all along since february and march. Josh xle today is up nearly 3 as we look at it and you own it. And this is the anatomy of a bottom fishing trade that works. We continually on this show look at the stocks acting better than the commodity itself. The stocks bottom january 20th and crude oil doesnt bottom until 2 or 3 weeks later in february. Now you have it 50 off the lows. Thats the producers etf. You have the xle of 30 off its lows. Taking out its 200 Day Moving Average to the upside since september 2014. This is a monster move and it was the stocks telling you that the commodity was getting overdone to the downside. Do you want to talk about monster moves . Around the time josh was talking about its up 250 . Thats the blue chip. February 11th but marathon 74, murphy 71. Apachi 41 all since february. Now its pushing up against the 200 Day Moving Average. Thats help for nearly a year. Its just under 64. And those are the big cap stocks. Those arent the chesapeakes of the world and there have been names spectacular and unbelievable tells in terms of the options. Huge upside call buying. Amj which is one of the things that we dont talk about very much but they brought it up in january. 75,000. 30 calls were bought. Way back. They were going off one year. Those have already doubled since they started buying them. Now theyre trading nearly 2 so there are tirgdifferent parts oe energy space doing well. Some of the other areas leading are pulling back. Take a look at where it is versus not too long ago. Stephanie are you a buyer or a believer . Well, i have been a believer for awhile. So for the last year i owned a lot of names but quality. I stuck with companies that had very strong management teams and very good billion sheets that could manage the storms. By that i mean those kinds of names. What i have been doing is focussing on the companies that had crummy Balance Sheets but improved them. Either debt refinancing or equity offerings. So thats the perfect example. Yeah sure its up 44 from its lows but it has a long way to go. Great assets and Great Management Team and in a whole new debt refinancing and management sets. Its balance as well in the Actual Energy picture. Chevron ceo is talking about that and literally hitting us. Were having this conversation. The eia is now lifting the growth forecast by 10,000 barrels a day to 1. 16 Million Barrels a day. And look at the financials. Theyre doing just as well. And the exposure to a lot of energy loans and look at a suntrust. Look at all of these companies. I think you can buy both groups. This conversation scott. The dollar is now at a level we havent seen since august 2015. Its been coming down for the better part of half of the year even though its still 6. 5 away from the highs. That is the backdrop against which all of the stuff happens. Emerging markets, equitieequitis and we have to keep that on our screen because i feel like its the lever against all the stuff which oil is moving. If its breaking out toward 50 i dont think it has. Were in the new range. The range was 2545. Whatever you want to call it. Trying to get through the whole thing but i think the interesting thing is as you get over 40 and we sustain anything over 40. We talk about this for a long time but its important. That will out pace because of the dramatic moves that they made. They did something that no one thought they would do including themselves. They cut the dividend and by doing so that offered them an opportunity i think over 40. You want to own chevron and exxons. You dont have to look at some of the energy names that really have challenged Balance Sheets and not very liquid high volatility high data. This has been a direct play talk about the xle where you can look up and have a cnq and have a sun core and you can look at the large integrated names that you just mentioned. The survivors, the refiners have not worked because the spread between wti and brent has not gone where it was 3 to 5 years ago. Both are at the highest levels they have been this year. Correct. Thats disappointing. Thats been disappointing. Thats why the refiners have not worked but i would not look at refiners right now because of the underperformance as being an opportunity. Thats something that i think you have to be very patient on. The imf cuts its Global Growth forecast. You have alcoa with a disappointing outlook and maybe thats balanced by the iea and that report that hit just moments ago. If the supply and demand equation starts to turn in favor of crude rising thats significant. It is balancing out because economically when you look at a lot of the emerging Market Companies that are so reliant on selling commodities, selling energy, its very favorable to see a 15 lift in the price of crude oil. Its what central bankers want. They are trying to reinflate their economies. You dont fight that. You embrace it and its also playing a very important part to why commodities have done well. The dollar has weakened and commodities have increased. The valuations are attractive and underowned. If you believe that its going to work and the central bankers are going to be successful you have to be in some of the groups. See you said the banks so theres some what worrisome exposure for some of the names and then theres Quarterly Earnings report which is are not going to be pretty. Who doesnt know that . But thats not a good enough reason to buy the stocks are they . So in my opinion, the First Quarter, if we can get a sense that its the trough. That its the worst. There were smo things that went wrong in the First Quarter for the banks, particularly Capital Markets companies. So if you can get a case that maybe this is the worst quarter then sure you want to be buying them when theyre this cheap. The jury is out. The jury is out on this desk as to whether that is, in fact, the case and we had this conversation the other day as to whether these are simply value traps. I think their capital levels are much stronger than they have been and if you can get a stabilization in energy you dont have that credit cycle fear that everybody was talking about which is what dragged down these stocks and then you can make a case that the inflation rate is work and the economy is not going into recession the fed will raise rates and make these stocks more attractive. The first me trick is a particular Financial Institution. So if youre talk about 10 . Im talking about bank of america. Youre talking 10 . Thats less than 5 . Less than 5 . 4, 5, 6 . Thats not going to matter so much in particular in a time that we have healed. Also lets look at the default rate in the high yield space. Where is it right now . Its at 1. 5 . Its at historical lows. If you strip out energy okay it goes up to 3. 4 . Energy is only around 16 so we have seen in the First Quarter about 65 billion worth of debt downgrade from Investment Grade into high yield and its all coming from the energy space so what was expected in High Yield Energy hasnt occurred right now. Look at the Financial Institutions. You have double digit exposure to the energy loans i want to stay away from those. But Single Digits isnt a problem. Good stuff. Heres whats coming up next on the Halftime Report. Still ahead, taking a coffee break. I believe i ordered the large c capachino. Find out how our resident barista feels about it. Plus investor day at tiffany. Jim is married to the stock but josh and stephanie think hes holding on to fools gold. Well debate it and a Hedge Fund Manager with a killer track record on why he sees value in health care right now. Its all coming up on the Halftime Report. At mfs investment management, we believe in the power of active 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. I am a technological breakthrough. This morning i read over 4000 articles on leukemia. In less than a second. speaking japanese i can understand euphemisms, idiosyncrasy and complex metaphors. I know every detail of every public Quarterly Report in the last 20 years. And im just getting warmed up. Hello. My name is watson. Together we can outthink the limits of whats possible. Welcome to the cognitive era. Check out shares of starbucks today. Downgrading to hold. It is our call of the day and pete is it one you agree with or not . They say it has a premium valuation. Lofty expectations . Its a little bit of an odd call for me. Heres why i say that. He had a target of 70 and now its fully valued because it reached everything that it was going to reach in terms of the call i wouldnt have expected the stock to be very close to 70 rather than very close to a 64 number. I look at the Expansion Projects and looked at china obviously. Theres a lot of Different Reasons why i dont agree with this call and this pull back is an opportunity. What he is doing is hedging . No but hes joining the concern that everyone has for the quarter. Hedging. I agree that i think the expectations are low and i think quarter they can surprise so theres three things concerned. Right now the management commentary surrounding playing the long game in china. Thats the suggestion that things arent going well right now that looks as though the year on year acceleration is moderating and lastly you have a gift card component of it. They sold 19 billion gift cards in the Holiday Season and youre going to see the redemptions in this quarter and i would own some calls. I dont know thats a lot of love for the stock. Theres always been a lot of love. But theyre lowing the price. Thits too rich. I sold the stock at 59. This is a shorter term call for me. If this stock were to pull back to mid 50s and low 50s thats already valuation creation. At this point. Especially because Consumer Discretionary charts have been so hard in the last couple of weeks. In terms of the set up. Six months duncan brands has out performed starbucks and over the last six months. Panera is up 7 plt 5. If you just want to take a slice of the cross section. Theres no way mcdonalds does. Starbucks probably justifies it more but again very expensive name but what is missing is the why. And thats not many publicly traded companies have this big of a global footprint and repeatedly if not deep results at least put up results within the realm of expectations without any wild shocks and starbucks is the best of all of them so im not as afraid to be long this name into earnings because if i were in it and it had a disappointment and sold down 7 i would not feel like its the end of the world because i would be comfortable being a longterm holder. On the upside if this gets above 62. 5 or 63, the juice is loose. This thing is going. From a technical perspective you have an inhearse head and shoulders here. Rising support. You have a pull back. I wouldnt be afraid to get long. If thats our call of the day then juniper could be the buzz kill of the day. Shares getting slammed today. Competitor scisco is falling to. You bought more cisco here. This is less about juniper excuse me, less about an overall slow down and more about execution at juniper and that cisco juniper. And that cisco is taking market. Do you want to talk some under armour. How about apple . Throw that in there too. I think this problem with juniper is very much problematic to the company itself thats given leeway to gain share. This stock trades at a 30 discount to ibm, microsoft and oracle. It has a 4 dividend yield and their quarter included january which is really bad. We all know that. Sis coes quarter does not include january and the company has been very confident in meetings most recently. This is an opportunity to i took a shot. So were not worried about just weak or overall demand. Do we agree that this is simply a case of execution issues and the fact that sis coe and chuck robins have been able to take share . I would think execution issues and thats a clear issue right there and i agree any pull back is an opportunity. You get to see juniper down 9 . You would expect to see the sentiment pulling it down further than it did. Its already off of that a little bit so great job of the execution by you. Now its down to 45 of the business. They havent done that. Thats why its a quarter on quarter decline but one stock i would look at is f5 networks. This is negative because they have not done as well as sis coe has in terms of diversifing. Coming up, debate over tiffany. Jim thinks the company is a match made in heaven. Hes going to call in to make his case plus live video and Virtual Reality and much more when we break down what to expect from facebooks Developers Conference which kicks off in less than one hours time. Im here at the Td Ameritrade trader offices. Steve, other than making me move stuff, what are you working on . Let me show you. Okay. Our thinkorswim Trading Platform aggregates all the options data you need in one place and lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim. Td ameritrade. On their auto insurance. Wouldnt a deal involve two parties discussing something . A little give . A little take . Because last time you checked, your rate was just, whatever they say it is. Why not give you some say in the matter . Or even better let your driving do the talking. Liberty mutual righttrack finally puts you in control of your rates. All you have to do is connect, drive and save. In fact, safe driving could save you up to 30 . With 5 off just for signing up. For righttrack. And the discount is good for the life of your policy. To get started, visit a local office or call Liberty Mutual today at take control of your rates. Visit a local office or call see Car Insurance in a whole new light. Liberty Mutual Insurance were back as the luxury retailer tiffany a stock you should own . Company making its case to investors today in new york city. Jim joins us now on the phone. However some of our other experts days agree and were going to debate it now. Make your bull case as the company is doing the same thing in the heart of manhattan. Excellent. Thanks to whoever put air supply on because thats going to be in my head for the rest of the day but moving on for tiffany this is not for the faint of heart you have to have a lot of faith. I do based on china stabilizing and the labor market continues to strengthen so if you look forward about the next 12 months youre looking at 4 of earnings per share if you put any reasonable multiple on that you have a good 30 stock price depreciation over the next 14 months or so and thats what i like. You have to realize the stock is up 20 off the lows despite estimates having come down next the past six weeks or so and that tell mess that the analyst negativity has gotten about as bad as its going to get. We have been talking about apple being at the forefront of an earnings revision cycle and upgrade in analyst sentiment. Youll see the same thing happen to tiffany over the next couple weeks. There on a january fiscal year so youre not going to see earnings until mid may or so. I have more negativity for you. Its from josh brown right now. Hi, jim, how are you . Josh, im good. How are you . My problem with the stock is not on anything that you said but price action is saying that youre wrong and for me to get long i would want con for mags that the down trend is ending. And the town trend is brutal. It started to take a leg down. Youre not getting anything there either so im not saying that you will be wrong. Im saying that i would just want a little bit more of a signal from buyers willing to come in here and if they dont, you could see this thing back in the high 50s. So im on the side lines but i get exactly what youre saying and youre very handsome. Let me put back to you, i like the way this chart looks off the february lows. Is there a number that you would look at and say okay if it crosses this threshold im positive on the stock . You want to see bakt aboit be the february lows but above 80 is where the sellers give up so shorter term you have right now the shot of a better price lower. I could be wrong. Obviously. We all can be but nothing is telling me that this down trend that started in christmas of 2014 is at an end. You have to remember the power of the brand here. It does carry a lot of weight. Its the reason on the stock which will will come back to it. Getting it back to 24 times and thats what youre playing for here and its going to come in the next 4 months. Youre in first place in the portfolio competition in case you didnt know that. All right im going back to listening for that. You know you listen to it on the tracker. Well see you soon. So how about this tiffany right now is at the midway point between the 42 week high and 42 week low. Almost exactly right there. So is it more apt to move back toward its high or back toward its low . That is what makes it hard. It has rallied 20 off the low. Yes thats below the 20 to 21 times its historically traded at but they had a massive transition in product and the product changes have not lead to better same store sales. They dom dodgers have easy comparisons in the second half of the year and the dollar if it stays where it is or goes lower thats a positive as well but i think in the next quarter or two you do not have the viz ability and 18 times forward estimates is a very rich price to pay. Many ledare struggling to be the market since his launched his fund. The top stock picks coming up and we go to break. Look at the s p sector heat map. Just off the highs of the day but still nice gains. Were back on the Halftime Report after this. They found out whos been hacking into our network. Who . Guess. I dont know, some kids in a basement . You watch too many movies. Who . A Small Business in china. A business . They work nine to five. They take lunch hours. Like a job . Like a job. We tracked them. How did we do that . We have some new guys defending our network. New guys . Well, theyre not that new. Theyve been defending things for a long time. [ digital typewriting ] its not just security. Its defense. Bae systems. Welcome back. Hi, scott. Heres whats happening this hour. Help, sec chief Mary Jo White telling a Congressional Budget Committee they need to boost Staff Members to increase its oversight of the growing field of Investment Advisors and strengthen its Cyber Security and analyze risk. House Speaker Paul Ryan will make a statement to the press today 3 15 p. M. Eastern time at Republican National committee headquaters. He is expected to rule out any interest in the gop president ial nomination and put those rumors to rest once and for all. North koreas military holding a massive outdoor rally to mark the upcoming 104th birth of the states founder. Showing north korean soldiers marching while holder up portraits of former leaders. This scoop just in. Its free cone day at ben and jerrys ice cream shops. Celebrating another year of business. The company hosted that event since its First Anniversary in 1979 as a way of saying thanks to its customers. Seems to be working. Thats news update this hour. Lets go over to phil for a news alert. A sign of how things are changing for traditional auto makers. Ford announcing it will be redeveloping its headquaters announcing not only the headquater building itself but also all of the campuses around the headquaters. This is animation showing what its going to look like once theyre done with this ten year project. The new campus will focus on mobility innovation. Not just developing new cars and trucks but mobility information including autonomous drive vehicles and shuttles on demand. A lot of the stuff that in the future we expect to see when it comes to transformation. Take a look at what that is compared to what ford has right now and when you go to the current headquaters you realize that it really is a testament to american architecture in the 50s. All of this will happen by 2023. Take a look at shares of ford and somebody spends a lot of time in deerborn. Glad not to go to certain buildings again. Some of those buildings do need to be renovated. And they will be. Thanks. Staying with the transportation space now the deal between United Airlines and two activist hedge funds looks increasingly likely and koul come within the next week or so. That agreement im told could include new directors being added to the board addition to next month and could include an independent chairman. They combine 7 of ual shares. Pete you have been bullish on this name for awhile. We talk about the big three and we have seen some of the great performances of the other guys and we have even seen the talk about the potential merger going on. You look at ual and dal and American Airlines and you see underperformance in the overall picture. We look at some of the Share Performance recently and they look fantastic but when you think about where they trade right now, you look at the valuation of some of the names i would think that ual, we said this yesterday, i dont understand and i think this name should be a 70 stock. Well, its been a tough environment. But that hasnt stopped our next guest firm from turning in a solid 2015. They have an annualized return of 24 since inception and is up for an investor choice award tonight for its longterm performance. You invest primarily in the health care and consumer sector. Two areas we talk a lot about. How do you View Health Care . Its a turbulent time as you know. You have bad news in the specialty pharma space. You recall the Hillary Clinton tweet from last year and you have several specialty Pharma Companies talking about it and all together we view this as a one in 10 year buying opportunity. Something i havent seen since 2009. I was going to ask you about that, whether you actually think that some of the recent turn around in the space is believable and that one was going to turn out to be one of the surprising out performers. Even in an Election Year where some of the rhetoric you mentioned is likely to continue. Thats right. You have the democratic house, senate and president and still no death panels and no controls on pricing and our suspicion is come 2017 the rhetoric around pricing will die down. One thing that i learned in Health Care Stock is when theres talk about pricing whether its a hospital or medical device manufacturer that tends to be your opportunity to buy. Does that mean that youre buying a stock like valeant . Were not. We stick to small or mid Cap Companies that we believe we can analyze. Have trouble with valeant because i dont know what theyre doing in russia or poland or brazil. We tend to focus on it. Give me a couple of names that have places to be in that space right now. Sure look at Horizon Pharma today. You have a stock down 25 plus percent. They talked about enhanced seasonality. You have a lot of new members that are more sensitive to deductibles and copays. This stock will do over 300 million this year. And generally speaking they have historically traded at a market multiple or 1. 1 times the s p. Today theyre trading at. 65 the s p 500. A one in ten year buying opportunity. Hey, congratulations on the award. Some of the most successful hedge funds in term of return versus been focused on health care and the sector itself has almost doubled in terms of its importance to the market by capitalization. How big can a fund be and still be effective and still have returns for investors or is there some limit where we cant repeat this anymore. Were just too good and we got too popular . As far as you know, like you said theres been a bubble in bio tech. That bubble began to burst in august and fell to the down side in january. So were always hedged. Were hedged today even though were talk about names presenting a one in ten year buying opportunity we still protect our investors because the truth is you never know. You have a new position before we go, we talk about the consumer and that being one of your focus areas and even as you have grown more cautious on that space lately, tailored brands is a new position for you, is that correct . Yes thats right. Can you tell us about it . Look it killed a lot of funds los angles year. This used to be called mens warehouse. They had an ill advised merger with joseph a. Banks. A classic 1 plus 1 equals 1. 8 and they talked about 6 or earnings and right now you have seen this stock decimated we look out and we see the banks business stabilizing and management has their own systems in place and we see 3 of earnings. Theres a significant debt load but its very rare to find consumer stocks double in a high degree of confidence next year. Ill spend more time with you this evening at the awards. Its a panel voting for their top fund picks. The winner for them will be announced tonight in new york city. Ill be hosting that. Coming up the countdown to facebooks Developers Conference. Mark zuckerbergs keynote comes at the top of the hour. Julia on site in san francisco. Looking ahead to that. Scott, developers and new ways that facebook can make money. Well tell you what to expect coming up after the break. Approaching medicare eligibility . 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Unitedhealthcare Insurance Company has over thirty Years Experience and the commitment to roll along with you, keeping you on course. So call now and discover how an aarp Medicare Supplement plan could go long™ for you. These are the only Medicare Supplement insurance plans endorsed by aarp, an Organization Serving the needs of people 50 and over for generations. Plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. Remember, medicare doesnt cover everything. The rest is up to you. Call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. Go long™. The great crude come back. Were going to give you three ways to play the oil rally as crude nears the highest level of the year plus is the u. S. Doing enough to stop it . And we found five stock downgrades and upgrades. Those coming your way at the top of the hour. Facebooks Developers Conference kicking off top of the hour with a keynote speech by mark zuckerberg. Julia is coming to us live where the event is taking place. Hi, julia. Those announcements are targeted at the 2600 developers here at san francisco. They also give investors key insights into whats going to drive facebooks next leg of growth. Very much in the spotlight is facebooks messenger app. It is expected to announce to make it easy to create chat box to offer Customer Service and invite consumers to make reactions. Its sbi grating to make it easier to share photos and files and its enabling merchants to create custom shops. And now its to keep people on the facebook platform as long as possible and we can also see Live Streaming video and how its enabling consumers to make more content for oculus. Well bring you more headlines at the top of the hour and a first on cnbc interview for david marcus coming up at the first hour on closing bell. Guys over to you. Look forward to that. Thank you so much. We have a debate on facebook because josh and steph you both think its too expensive to own right here . Yeah. Its 35 times forward estimates. Thats extreme. I think the fundamentals are phenomenal and i think thats priced for that growth at this particular time. I had a nice profit in it. Took my gains and i would be happy to buy it under 100 or so but i think here at these valuations a lot of good news is priced in. It feels to me like a similar story for amazon years ago. You could have made the same argument. Valuation argument. Inved bli ri incredibly rich but facebook is doing that just as under armour is doing that. Totally different. Im just saying. So 24 months later you wake up and find yourself with a stock you have gotten out of thats now 120, 135, 140. So im not smart enough to want to play the trading game in it. I want to own facebook. I want to be a longterm investor and thats the right strategy because i believe the investments will allow the franchise to grow into the rich valuation which i accept and agree with. The valuation level makes it tough for sure. The whole desk would agree on this. We get this to pull back 10 . Its a much easier trade. Its difficult but when you look at vr, you look at oculus and some of the buys, 50 companies they have bought in a very short period of time as a Public Company themselves but you look at whats app and messenger and instagram and oculus they spent their money wisely and theyre reaping those rewards. We could just wake up and see this thing trading 130, 140. Valuation is still a little bit high but theyre feeding this animal. Some are talking the results for the quarter may be light. Thats what you hope for, right . If youre not in the name it just hit 116 twice and failed there both times. Clearly theres a ceiling there and in the meantime in a bad market tape or on an Earnings Report thats deemed to be light the stock could easily be under 100 even if its temporarily. The reason you cant be short this name, any morning from now until whenever you will wake up and there will be news that facebook got into china and that is going to be a major upside event for the stock. Justified or not they will do a censored version of facebook for china, all of the add revenue expectations will explode and zuckerberg is working on that project day and night. He is giving speeches in madarin and feeding pandas in photo ops so i would do what the desk suggests. 6 away from a 52 week high. The Analyst Community waits as long as they can to protect themselves. They want to channel checks before they lower expectations. Youre talk about starbucks and facebook. All of these notes of concern as it relates to facebook they are plat. Dont want to be wrong but it goes to the overall Earnings Team where its low. Gold is pulling back after a fresh three week high. Maybe not a surprise considering what the overall market is doing. Dow is at the highest of the day too. Thats a gain of nearly 160 points. Almost 1 . Were talking about all of that when we go to the futures pitts. Well get the trades as well. Plus a retail stock off since pete jumped into unusual activity. What is he doing now . Well find out when the happen time report comes right back. At mfs investment management, we believe in the power of active management. We actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. The new craftsman pro series riding mowers. Now available with power steering. So you can turn with ease. Available with the tightest turning radius in the industry. And powerful v twin engines with up to 26 horsepower. Because the beer you drink after you mow your lawn tastes better than the beer you drink after someone else mows your lawn. Craftsman. When it matters. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Back on the Halftime Report, gold is moving lower today. Cnbcs jackie deangeles. We are seeing gold come off session highings after it hit a one month high this morning. What is interesting here, 1265 scott nations we got very close to that new level. We keep testing new highs. Would you want to get into this trade . Maybe on the short side. Gold is taking advantage of the fact that Interest Rates have been really yield with ten year yield up about six basis points we see gold coming back a lint. I think the most interesting thing for gold is the fact that all the haven assets, nobody cares about them. Nobody wants to be long in them. Gold a lint. Yen a little more so. And why would you with the s p up 15 handles . Im not surprised. Brian, what levels should we be watching in the near term . The range is getting rejected up at 1265. Im going to wait for it to fall below the 1250 level. At the low edge, 1220, you definitely want to be a buyer. I think ultimately it trades up to 1280. I think a long term level in mind is 1240. I like gold, but waiting for a pull back here. Optimistic. We have the live show today where we are going to be talking about gold and crude oil as well amount of big move in crude today with robert san chen. Thats at 1 00 p. M. Pete, you sold out all of our gdx . Yeah. Brian stutland, he said bull market in gold night could be. Scott, the only reason i did that, when we talked about this when the trades first hit that was early december. They started buying the june 20 calls. Actually it was june 15 calls. Then they moved to the june 20 calls. Then the june 22 calls over the next couple of months. For of very active. For me they have finally produced. I have been take it off slowly. Now im completely out. Do you take gold out of the equation if you think like i think you do that you are set and primed for a market breakout . I think from the trading standpoint gold can still work even if stocks work. It doesnt have to represent a fear trade. It can be a weak dollar bet. Thats the prevailing trend. If you are trading and long of gold, i dont think there is anything wrong with staying with the trade. I am not a gold guy. I dont have it in my investment portfolio. To me it is a commodity. Would you prefer gld or gdx. I would be gld. A company that tries to find gold and pays a ceo and has a lot of debt is worse. Thats the play. Another trade update. Its regarding pete. Yeah. Unusual activity that you had in bed bath and beyond last week. Before the earnings came out we had buying, buying 20. 5 calls. Stock got up to 52 after the earnings and came back from there. I trimmed some. I held on to the rest because i thought there was more upside. Clearly there wasnt. Unfortunately i was looking for more out of this thing. Milked it too much. All right, coming up on the Halftime Report mmmm, beer. Why one of your favorite after work drinks is todays worst trachld thats coming up next as we go to break, a check on the Halftime Report leader board. Jim is up 16 . John up 13. Er is at still up 7. I need a before after work beer. Early. Anything can happen. He called you bro today. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. In new york state, we believe tomorrow starts today. All across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. Like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. And in syracuse, where imagination is in production. Let us help grow your companys tomorrow today at business. Ny. Gov 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. Welcome back to the Halftime Report. We want to call your attention to what is happening now with shares of integrated device technology. Idti is the ticker there. The shares soared earlier on reports, headlines and a possibly questionable sec filing that said a group of chinese investors, possibly with another party here in the u. S. May have been looking to possibly make what they call a bid for the companys shares. We have again started to research some of the documents here. There are some serious questions, guys, whether or not this bid is legitimate. One of the parties listed in this sec filing purports to have an address at 1812 North Columbia boulevard in portland, oregon. We want to show you a photo. This is google street view of that address in port lald, oregon. Right now. The shares were up a lot earlier in the session on some of those reports. There has been a healthy dose of skepticism injected into this trade. Shares have come back down to earth. Up about 3 . On heavy volume. 10. 5 million shares traded on average over the last three months. It trades about 3, 3. 5 million shares. Ive seen people on twitter kicking this around using the fakeover word. Right. Weve seen this happen before. Possibly with avon. Other thing in the past but these filings. It raises a question about the filing process and who can drop a filing into the edgar database with disclosures like this. Well continue to watch what happens. We talked earlier about the sec needing more funds to have the tools to lets not rush to judgment. That warehouse could be legit. Amazon started in a garage. The stocks are at session highs. It has taken a will it of time today for them to get going. Certainly as oil ramped up and wti went positive, its high eggs level of 2016, the overall market has ramped up as well. Joe, you think it could have staying power. I think it can. I think its going to be the conversation of Financial Institution earnings in the next couple of days. J. P. Morgan tomorrow morning. Right. Thats going to be big. Give us a picture what the financials are looking at even though they are not expected to be such great reports. Power lunch is all over the markets as usual. Highs of the day. That show begins now. Well to power lunch, along with melissa lee, brian sullivan, im michelle carusocabrera, tyler is off today. Lets look at the markets. The major indexes on the up side. The dow jones up 152 points, the s p 500 by 17, and the nasdaq higher by 26. Happening now, Ceo Mark Zuckerberg of facebook expected to take the stage at any moment at his companys annual development conference. Shares are higher by nearly 2 adding to a 6 gain for the year. Lets get to julia boorstin. Shes live at facebooks f8