Were in upstate new york. I work in under served capital regions of the United States we need desperately more capital to support the entrepreneurs and the innovative ideas that are coming out of places that are outside of new york city, Silicon Valley and boston and we really appreciate the opportunity or i really appreciate the opportunity to have my voice heard today to talk about those things and just want to encourage the administration, anything that you do for Venture Capital will pay off huge dividends because we are the net new job creators in this country and have been for more than three decades. All net new job growth created in the United States is because of investment by Venture Capital. Thank you great job youve done. Good morning, mr. President and mr. Vice president my name is George Matthew im ceo of cespery were an industrial drone manufacturer made in the United States i look forward to showing you how Industrial Work is more easily accomplished with use of a drone. Its changing the innovative aspect of construction, engineering and the industrial markets continue to evolve. Thank you good morning, mr. President and mr. Vice president members of your staff. Im stratton from verizon, and just very welltimed session here today we are at the dawn of an age of a technological revolution, as you said, that will change the world. With your focus on u. S. Job creation and u. S. Leadership in these industries we think this is a great time for Public Private partnership. How are you getting along with at t over here . We do okay. What do you think, randall . I dont know neutral quarters. Thank you very much thanks hello, mr. President. Mr. Vice president thank you for having us here today. My name is Nick Efstratis im with epic ventures, a Salt Lake City based Venture Capital firm were known for Companies Like ancestry. Com if youve got your dna tested, youve probably worked with ancestry. Com and a learning Management SystemSoftware Developer that make the canvass learning Management Software and these are companies that have come out of places like Salt Lake City we invest in under served startup ecosystems throughout the United States including places like albuquerque, boise, phoenix, portland. Thats what were here to represent. Thats great. Thank you. Thank you good morning. Im tim guneo, im the ceo of cadium we index everything connected to the public internet. Were doing what google does for web pages for the internet of things never a better time to start a company in america so thank you so much. Thank you. Glad to be here. Thank you very much mr. President , great to be here i think the subject of the industrial internet is a great topic. Its what brings Companies Like tims and big Companies Like ge together so great discussion. On a slightly different topic, we closed the locomotive deal in egypt last weekend thanks to you and your team. I think we helped i think we helped. Big export, 600 million of export from the u. S. As well. You had some competition from other countries. Germany. Germany, isnt that nice . We did a good job. Thats very good what was the number were talking about . 600 million. 600 million okay thats great thank you. Good morning, mr. President im a general partner in a venture firm were an early stage Venture Capital firm we look to play our role in helping drive jobs in the United States specifically through i. O. T. And new industrial technology. Thank you very much thank you. Good morning, mr. President , mr. Vice president im barry eggers, accounting partner with light speed venture cap nal partners we have invested in over thousands of entrepreneurs and created tens of thousands of entrepreneurs. Very large, right, wilbur very large he is very large thank you. Thank you for being here im steve case, entrepreneur start america online, started a few miles ago 32 years ago weve come a long way and a decade ago after that merger you referenced i moved on and started Venture CapitalFund Revolution a few blocks from here i actually spend most of our time on the road celebrating regions and trying to get more capital flowing to regions all the states you want, 30 states, we added them up, they only got 15 of Venture Capital. When people feel like they have been left out and left behind, they have been we need to get more investors in those places to make sure we level the Playing Field so everybody everywhere really does have a shot at the American Dream and feel part of the future thank you. Thank you steve really was early, i will tell you he was right at the beginning so congratulations. Yes . Mr. President , mr. Vice president , thank you very much for the invitation its an honor to be here in the white house. My name is ben marcus were an Aerospace Manufacturer for drones our objective is to help make drones part of the everyday life thank you hi. Im Jan Garfinkle from a Health Care Venture fund located in ann arbor, michigan, that i founded 14 years ago it was really founded on the premise that through innovation i believed we could lower the cost of health care and still provide great clinical care. So we are now on our fourth fund we have invested in over 40 companies. Half of them are in the midwest, primarily the upper midwest and the other half on the coast. Weve treated over 3. 5 million patients weve created more than 4,000 jobs in those states that were in and weve returned about 2 billion in end price value to our investors. So you must be on pins and needles waiting to see whats coming out just about now, right . I heard at 9 30 it released i dont know if thats true. I think shes going to leave this meeting knono, this is more important right now. Thank you very much good morning, mr. President. Mr. Vice president im nelson briggs. We are thrilled to be here today. Its well known 90 of most jobs are created once companies do go public its great to be here today. Thank you very much appreciate it. Im glen post ceo of century link. We are one of the largest Enterprise Networking companies in the nation. We are focused on improving lives of people and companies by connecting them really to the power of the Digital World in this nation and really globally. I want to express my appreciation your efforts to create an environment in which we can see thats favorable to economic growth, less regulation, taxes, your efforts are clearly seen and i appreciate that. Well, thank you very much we just had come out a poll on enthusiasm its the greatest enthusiasm in the history of this poll, which i think is 28 years old. Business enthusiasm interms of manufacturers and general business so i appreciate your saying that. And were doing well stock markets hit new records never like to talk about that too much because you dont know whats going to happen as you leave, but we have hit new records and created almost 4 trillion in value. Thats a lot since election day. Thats quite a statement lets keep it going that way but i appreciate it. Youve done a great job, by the way. Mr. President mike seivert from tmobile thank you for including us were on the precipice of 5g the position the government takes will tell us whether america continues to lead in technology the meeting comes at an important time thank you for the open mindedness to the Regulatory Environment that allows investment to flow at historic levels. Say hello to my very good friend. Absolutely. You know that thank you. Hello, mr. President. Mr. Vice president many of my fellow colleagues and friends around the table my name is michael chaseon. I am the president of precision hawk we are a Drone Company as well we provide advanced Drone Technology and sensors to many farmers in the agriculture space like those in iowa that you recently just visited as well as other companies, construction, insurance. Theres a number of Drone Companies sitting around the table. The one thing that i do want to raise is this is the one we need a little bit more regulation because the default is limiting what dreen technology can do and we need the faa and the other regulatory bodies have the power to operate. Its one of the few areas wed like to see more regulation to open up more opportunity. Okay. Prior to precision hawk i was the cofounder of blackboard, a large education company. Something im incredibly passionate about several investors in my previous ventures are also here around the table. I think youve assembled an Incredible Group of people i do believe that excitement today is more than its been in quite some time and i want to see that momentum continue congratulations on the great job youve been doing and lets continue to move things forward. Thank you very much appreciate it. Good morning, mr. President , mr. Vice president i am the ceo and cofounder of measure. We are one of the largest drone operators. Were looking to hiring pilots, vets we want to thank you for gathering drone experts so early in your administration and bringing together a great group of people to discuss how we make the regulations more flexible, make it easier for us to fly for Companies Like sprint, inspect their cell towers and remove the dangers of potentially climbing those towers thanks for allowing us to have a voice. Thank you mr. President , mr. Vice president , i represent soft bank and i also represent sprint. As you know, we have just created the Worlds LargestVenture Capital fund, 100 billion fund, and masa says to say hi. Great guy. We want to create 50,000 jobs in the u. S were leading a very iconic turn around sprint. We have good ideas how the government can help us exploit 5 g. Right after the election he came up to my office, i am going to invest i said, is that all cant you do more . He actually has done more, which is interesting hes great say hello to him. Thank you good morning, mr. President , Vice President my name is jaz benga. Im with air Space Systems out of San Francisco our mission is to protect those who cannot protect themselves. We very much approach yat being a part of this conversation. Thank you. Thank you im peter im chairman of nea, thats not the National Endowment for the arts or a large diversified venture firm based here in washington and in Silicon Valley where we invest across the u. S. And in other parts of the world like china, india, israel. I thought we were largest until the 100 billion came along but weve invested 20 billion in assets, 1 3 in health care, and 2 3 in the Technology Space and i really appreciate having this session today and i thought we had a very constructive discussion today about ways to affect policy to support emerging technologies. Good. Thank you very much. Hi, mr. President , mr. Vice president. I likewise thank you for putting this together. We had a very good conversation this morning about the timeliness of this particular meeting because were at a place where our industry has literally leap frogged the world in terms of mobility, broadband were leading the world. As a result Silicon Valley is leading the world on top of this as we move into a world of 5g were in a place where if we get this right we probably lead the world for another era of Global Broadband deployment the people around this table have invested more in the United States of america than any other industry since 2007. Getting this right just continues that kind of investment in fact, this industry invested through the financial crisis, the downturn to, invested into this cycle we came out of the back end leading that in mobile Broadband Technology were very appreciative of you putting this together. I have to say about randall, the job youve done at at t because its like two companies, you started, then it was made very different by government and now here you are again, a really top job. I want to congratulate you thats not easy to do. Most companies would have disappeared. You didnt disagree, did you no, sir. Congratulations thank you all very much. Mr. President , we do have a couple demonstrations for you. Would you like to stay and watch, peter that is the president of the United States surrounded by telecom and Venture Capital. Many faces familiar to all of you who watch this network with regulari regularity you saw Randall Stevenson with at t we expect to speak with mr. Chlore when they come out of the white house. Theyre going to see a drone demonstration. When mr. Chlore does come out of the white house, we will have an interview with him as well you heard the president talk about the stock market new records being hit. 4 trillion in value has been added to the market since the election he did at the top of the remarks comment on the Senate Health care bill which has gone public to repeal and replace oake the freeze calling oake a disaster its dead, he said he assailed democrats as obstructionists. Our eamon javers is outside the white house. Corporate fire power at the white house this week from technology, certainly tim cook, jeff bezos there the other day and then these folks around the table in the east room today. Reporter yeah, thats right, scott. What you didnt hear on that tape as we were playing it out, at the very top of the meeting he opened to some comments to jeff immelt. The president opened it with congratulations. Congratulations, jeff, on a fantastic career immelt responded in kind this is the president in his element. He likes being with the big name ceos he likes hearing about american innovation, development, economic growth. He likes hearing the Startup Companies talking about what theyre going to do taking this to the next level. The president having some give and take with the ceos steve casing, you did a hell of a job and you got a hell of a bang for your shareholders steve case saying, lets not go there, to the president. This is the president in a warm, open mode with the ceos looking for ideas, looking for ways to generate the job growth he promised on the campaign trail. Thank you, eamon. Lets jump to john harwood with some new numbers from an nbc news wall street journal poll about the president today josh scott, just as the senate is releasing and beginning to consider its new health care bill, we have new nbc wall street journal poll numbers on the popularity or lack of it of the congressional effort when we asked people, do you approve of do you think the house passed health care bill, which the senate bill resembles, is a good idea or bad idea, only 16 say its a good idea 48 bad idea 31 against it now while this effort is going on on capitol hill you see opinion rising about oake itself in 2017 opinions turned net positive in these numbers 41 say oaeau b ma care was a good idea. 38 heavily Republican Group of course wants the congress and the president continuing to try to repeal and replace obama care this is not going to come from republicans as they take on the senate and whatever negotiations go on with the house. John, the president assailed democrats as obstructionists our colleague at nbc news, chuck todd, reporting a short time ago that at least three gop senators were going to go public in their opposition of the plan what is that going to mean in terms of the big picture if they hold that, it means the bill will be dead. Mitch mcconnell can only lose two of his 52 members to get 50 votes for the bill and have mike pence break a tie and pass it. He wants to have a vote next week Mitch Mcconnell doesnt much care whether this passes or fails. Hes going to give it a shot and well see. If those three or four members hold their ground, this is not going to happen, but theres a long way to go in terms of the back and forth with trying to get individual votes, but the most important thing for mitch mblg co mcconnell, he wants this over soon to get on with tax reform. John, thanks so much. John harwood in our bureau got the guys here, joe, josh, jim, and john. You see health care today exploeting. Yeah. Across the entire space. Its been building over the last week or so. It overtook technology as the leading sector i think the executive order is a very positive thing when you think about biotech and the potential for m a. It looks as though onerous pricing systems wont be placed on the industry. Faster drug Approval Gilead is up 5 . Amazing enough i cant remember the last time we said that when you look at the four big biotechs, the amgens, cellgene and the capital will be repatriated back for m a, its great for the space. Its remarkable, jimmy, when you look at our wall and put it into the perspective of the stocks that are moving in tandem today, and not by insignificant percentage moves nuts. Thats exactly where im looking, 9 , 10. Everything is up but the hospitals are clearly up more than anything else what thats telling to me is they think the insurance mandates are going to stay in place. I havent read the whole 142 pages, ive only seen headlines, but it looks like whats going on here is some monkeying around with premium levels and deductible levels that will allow insurers to stay in the exchanges and make some money. There will be fewer people in the hospitals. Having said that, i think john was just saying this, theres still a long road to hoe to get this done. Anthem, humana, blue cross blue shield, wellmark, they have all pulled out of the exchanges or announced theyre pulling out of the exchanges if you want to be as the president said obstructionist with this, this thing falls apart because if you dont have those exchanges, this thing is dead so you have to change things now there will be negotiation. I dont know that theyll get it passed before we go to july 4th holiday, but this is something that has to happen, john. I mentioned that we were expecting to be joined by the sprint ceo marcel la chlore who was in the meeting of the east room mr. Chlore is in fact with us now. Are you there . Yes, im here. Its great to have you on our show welcome. Thank you. What was your big take away from the meeting with the president today . We had a great day. We were able to be together, at t, verizon, tmobile, sprint. We were able to come in front and show the president why 5g and the internet of things are so useful for the future of america. We plan to invest 275 billion together and i think being able to show him with a light sale and the problem that we have as we try to deploy our infrastructure. Were looking at video right now of you with the president and some other people in the east room today. Was this your first meeting with President Trump . This is my first inperson meeting. I had a telephonic meeting when we announced 5,000 jobs. Bring 5,000 jobs in person it was nice to give him a live demo and show him how we deploy the new 5g. He didnt give you a hard time for being a vocal supporter of hillary clinton, did he we did not discuss that. Theres a surprise. You said you were going to give him a fair chance. How do you think hes done so far . I want to speak mainly nicely, he wants to continue two weeks. Im pleased we had everybody in the administration, secretary ross, Vice President pence, ivanka, jared, everybody was there and the level of enthusiasm in order to help us continued to grow was definitely remarkable you mentioned this fund that soft bank, as you represented soft bank as well and massasan have put together. How do you expect that money to be deployed and how quickly will it be . Now im part of soft Bank Officially i joined soft bank yesterday. It was nice to represent that we have created the largest Venture Business fund, 120 billion. We are looking at Many Companies how it will be the new revoluti revolution, robotics, ride sharing, internet of things. All of the new exstieting things that are going to change the world. Obviously its a large spot. We want to make sure we deploy it responsibly were in the works of deploying our first 100 billion fund. I noted that john legere was not in the room. Is that a good or bad thing . I think his two best people were in the room so it was very nice to share some time with them and talk about the industry. Is your deal going to happen or not like i said before, we are exploring many different alternatives were going to build for whats better about the shareholders to sprint. Youve cited what youve characterized as enormous levels of synergy between your two company. If you put 3 and 4 together you are much better able to compete with that gentleman who was sitting right next to the president , that being Randall Stevenson of at t. 100 . We have said it, tmobile is saying it. Youre looking at synergies of 3 million we have every other alternative to make sure we are making the reright decision if the Government Works to allow us to combine, well be number 3. Well be a formidable competitor well continue to disrupt the industry and make it better for a consumer i think combined well be a powerful determination and well make sure we continue to do good for the american consumer. What sort of feel do you have on the Regulatory Environment in general under this new president . How do you think they would take a plan deal between your two companies . The government has seemed to make it clear in the past that they love having four, not less. We cant talk about four anymore, right theres a lot of competitors comcast entered the prettive space. Comcast. Theres a huge Company Called tra tracfone we think the market has definitely changed secondly, were going to need to make some serious investment in order to bring 5g to the United States and thats going to tun to be the combined cash flow, it will be much easier to make that investment when the time is right if we decide to merge it, well put together a strong and appealing case which will be the right thing to do. Like i said, were in a good position right now we have a lot of viable choices. Sounds like youve already had some good hours spent on the bullet points that you would put together. Thanks for coming on halftime thank you. Now for a story new at noon. Watching shares of ge at this hour nelson peltzs partners has been conspicuously smart since the stepping down of Jeffrey Immelt and being replaced by John Flannery im hearing sources that theyre optimistic about flannerys abilities to turn that company around and believe his financial knowledge with ge gives him a unique advantage everything is on the table, especially the real possibility that ge ends up distributing the shares of baker hughes they announced it had taken a 2 billion steak in ge in 2015. Been stepping up the pressure on that company, most recently the castrol numbers raising a lot of eye balls. No statement at all from trian since immelt made this surprise announcement josh, youre the one who had been a vocal supporter of ge and the shares which you recently sold yeah. And actually i think is probably is good news i think the pace of change at something the size of ge is not for every investor not Everyone Wants to sit here for the next six months. Adjusted dividends adjust earnings guide. I think youre seeing people get out. You had the behrens story over the weekend. It was kind of bullish in a frenemy sort of way. The share price in the meanwhile, you havent heard frr pelz he works with management hes not like, here, i filed the deal hes been incredibly successful. If you want to be involved in the assets, you couldnt have a better activist. Look, tgw, an Aircraft Carrier into accommodating them. Right right. But could you ask for somebody better to invest alongside of than peltz i cant think of one person so if youre a longterm ge shareholder, an employee, this is all good news it might not be reflected today, tomorrow, in the meantime you have a dividend. Hopefully its safe. Hopefully youll start to see the company pick up the pace it hasnt happened let this play out without me. I think this is right its not a trade, you cant invest in it we came out of the air show. Ge is saying, boeing, if you want our engine, you have to make it exclusive. You cant share it with rolls royce. Thats a thing ge could win. If they do, it would be a plus for the stock. To your point, josh, these are fundamental things that will take months, maybe even years. You can invest in stock but its a hard trade. Weve seen some pretty fast september 31 call buying june 12th when they made the change of the change of leadership, people already scramble calls this is the biggest weve seen, 36,000 of the september 31 calls were bought back on the 16th thats a long, slow slog but potentially a double or triple. From industrials to one of the hottest trades bernstein is out Tony Sacconaghi is the number one apple analyst joins us live from new york city hey, tony. Hey, scott. Are you basically telling apple investors and shareholders, dont worry, everythings going to be okay . Is that sort of the substance and the take away of this latest note of yours . It is its a bit more broad than that. I think weve gotten a lot more questions about the Technology Sector more broadly and the strong run that its had in the first half i think our take away is Earnings Growth has been much better for the tech sector and on a relative basis techs stocks are no more expensive today than they were at the beginning of the year its all being driven by Earnings Growth. Our analysis suggests that typically when tech does well in the first half, it also does well in the second half. So, yes, we continue to be very constructive on apple but we took a step back and did a lot of work with our quantitative teams to look at Technology Positioning in light of the strong run and we remain pretty positive on tech moving forward. Summer questioning whether that run has been too much, too far, too fast. Look at the fang stock apple is a part of. Even whether the stock has gotten more expensive as its gotten higher in price. Yeah. No, even in light of that, i think the one prescriptive recommendation that we have for investors is to take a little off the table in terms of expensive Growth Stocks and migrate that a bit more towards inexpensive value stocks what our Analysis Shows is its outperformed the least expensive by 16 year to date, which is very significant we have advocated at the beginning of the year that investors should play the growth trade. We now think a more balanced barbell between expensive and inexpensive stocks is warranted. But apple remains an inexpensive stock. Its in the bottom 20 in terms of earnings multiple if you adjust for its cash balance and so we think apple continues to be very attractively valued at current levels. Tony, its joe. What do you tell the investor that plays the seasonality of apple. Up 25 year to date, 24 of that coming in the first quarter. So itsically flat for the second quarter. Yeah, look, i think part of that is due to the fact that we had volatility in tech for the last two weeks and prior to that its still seeing some appreciation in the second quarter. What we would point to is prior cycles we typically see very notable multiple expansion in apple stock in advance of new product launches and we see on average that the stock outperforms by 16 prior to the new iphone announcement and by 9 in the two months prior almost every single iphone i think with the exception of one youve seen relative outperformance in the two or three months prior to launch typically investors get caught up in the enthusiasm they start hearing about features, they start hearing about the build plans, they start hearing about, you know, what the phone might do and investors realize, boy, we cant be under weight this stock so we think that pattern will has begun to play out and is likely to play out if apple was at 200, i dont think i would be saying that this is a stock ex cash thats trading 11 times Free Cash Flow which is reasonable. Tony, appreciate your understanding with the breaking news from the white house. Were going to run. Thanks for having me. Oracle shares meantime hitting a new alltime high after reporting strong quarterly results. Cloud growth who wants a crack at this one . You know, i feel like this is a name that doesnt get any attention whatsoever. Never never. It should look, a lot of the growth came from cloud computing. Up 9 at this moment. Im not sure why were not talking about this every time we talk about microsoft, azure, amazon its been a stellar performer. It should be up there with the fang name. Pete had noted unusual activity and paper in this back in april. Yeah. Looking out to july nkts sure. And even just yesterday, judge, half an hour before the Earnings Announcement somebody came in, bought 10,000 calls for up to 52 cents. That trade went to 3. 81 on the highs today. So, you know, basically in rough numbers, half a million bucks, they turned it into a paper game of 3. 2 million its not the fangs, they turn themselves into subscription businesses focusing on things like the cloud, not just the cloud. Oracle now has 1 billion for the First Time Ever in purely subscription revenue and this is this is the type of Business Model that wall street likes better than anything else. Its reliable. You can set estimates based on it you can see the way it grows and, again, back to the cloud. 23 growth in Cloud Infrastructure year over year. Oracle hasnt had a business line in a long time. So heres whats going on. This is a stock. Its highest ever monthly close was august of 2000 for the First Time Ever. Since then oracle might close june over that august 2011 level like weve seen other Old School Tech giants do recent bely. How about this, price targets up today on oracle all across the street drexel, wells, deutsch, could you within, mkm, btig, many of these people are off sides on that theyre doing a little catchup today. We might have not talked about this the way we talk about apple and other names, but this stock is up 31 year to date this did not come out of anywhere, and the next week acquisition has been a purely positive relationship. The visibility on Profit Margins is small its pivoted to software and cloud. Its a name that belongs in the cloud. Next up, kevin oleary on a trade the guys on this desk hate back in two. Three members of the cnbc iq 100 hitting all time highs, oracle, Johnson Johnson and its up more than 20 . For more go to cnbc. Com iq100. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Listen up, heart disease. you too, unnecessary er visits. And hey, unmanaged depression, dont get too comfortable. Were talking to you, cost inefficiencies and data without insights. And fragmented care stop getting in the way of patient recovery and pay attention. Every single one of you is on our list. For those who wont rest until the world is healthier, neither will we. Optum. How well gets done. Lets go back, kevin oleary joining us joins us live from l. A kevin, thank you for being here. Looking at dapper. The vxx. The vxx. You keep getting bigger and bigger in the vxx. Why . I do. Scott, i love the complacency in the market i know this summer feels like its a time you can just sit down, relax and rest, but that hasnt been the case and i also have a feel about volatility, that its not just triggered domestically anymore im looking at europe. Got some election issues coming up i dont feel as comfortable that were just going to maintain this wonderful ride alone. But you love europe. I cant time it i cant time it, so an option strategy that i used to use or i put on 1 or 2 protection on the down side is very costly when its rolling every 90 days im using this instead lets see how it plays out a lot of controversy a lot of controversy but i like it. You said you cant time it. De facto you have to time it if youre using something where it resets every day like and by the way, its not an etf, its an etn youre taking the full faith and credit of the issuer of this security like you have Counter Party risk, you have timing risk maybe why not just take some in other words, instead of insuring risky assets, why not have less risky assets if you think something is going to flareup because if you get this wrong even inside of a week, youre not getting near the return of a vxx. Youre right, josh. You described the entire market. Talking risk any time you put money only securities kevin, even if the vxx doubles, right, over the course of a very stormy month or twoweek period or whatever the period is and you could be 100 right, it could start right now, i wouldnt disagree with you there is a lot of complacency and things can happen out of nowhere, even if youre right, youre not getting 1 for 1 vxx for vix, thats a. Its negative compound it resets each day and, frankly, if you just own less assets you can do the same thing to your volatility profile. If a 5 position doubles for your portfolio, youre not really protecting the other 95 . You have a small gain in one security so im looking out im looking out. Youre absolutely right the cost of ensuring an entire portfolio is extremely expensive right now. Thats the way i look at it. Right. On the it doesnt mean ive stopped my Options Strategy im trying this and ive used it before and i like it im feeling now that complacency is at an absolute high i cant find anybody that doesnt think were going to be up another 10 for another year, nobody thats the time i want to look for different ways to ensure that should we get volatility on a shortterm basis i agree with you some of the metrics i cant deny with you, et cetera, but it doesnt mean it hasnt worked in the past it has worked for me and i go back to things i tried before that worked. Im looking at this thing breaking new 52week lows. I like that. And ill see what happens. Its a great trade to monitor. Its a great trade to see what happens. We talk to each other 30 days from now, lets see where we are. 30 days from now, kevin, the other one id love to talk about is if you gave me an opportunity to put on a put spread in the s p 500 this isnt shark tank we should talk about that within the next 30 days and i think youd like that trades better. I totally get i totally get what youre doing. Wouldnt be short the trouble is i have mandates i have mandates where i cannot do that, where i cant use options, i cant use leverage, i cant use derivatives. So vehicles like this actually have compliance endorsement. Guys, i work in the real world where we have extremely conservative investors. You even get the book on it. Ill give you a free book, kevin. Youre my favorite shark. You know what i love . I love the fact that we make markets by disa greegreeing witc other every day, guys, thats very important no question. Quickly, quickly, joe quickly, kevin brings up a fair point hes got mandates and restrictions he cannot use options. Kevin, i doubt you could use futures. Theres plenty of Portfolio Managers out there right now who are looking for ways to seek protection many vxx isnt the right way to get it but they dont have the instruments that others who are more nimble might have. We tell Wealth Management clients if youre looking to protect money, rather than engage in things like this, if youre too invested, take some off. If you have some kind of expectation at all that something is going to happen because the clock is working against you. Thats what i hate about things like this. I do concede it could spike tomorrow, but its definitely dangerous. Kev, thanks, man. Take care kevin oleary. Lets switch gears to crude. Crude is rallying more than 1 today. Lets bring in jackie deangeles. Good afternoon, scott crude oil getting a little bit of a bounce today after three straight sessions of losses. Despite this leg higher were still trading near sevenmonth lows scott nation, whats up today . I think its the bulls have thrown in the towel and i think that generally means the bottom. The news for crude oil has been horrible as you pointed out. Three Straight Days lower. Production out of opec actually increased last month even though theyre supposed to be cutting production the real problem was that saudi arabia had actually increased production i think this is a shortterm bottom i think this is a great selling opportunity because the only thing that really gets crude oil to turn around are much improved fundamentals from the economy. Were just pennies above 43 a barrel what are the levels youre watching at this point were looking at this 42 level, jackie. Jots right. We have seen it plummet. It was 51 nearly a month ago. Thats a 15 drop. To scotts point, on the shortterm perspective, we are seeing the bears theyve had every reason to get under 40, they havent remember, jackie, when we were at 53, the longest ever long interest speculators had in being long, the bottom fell out. Right now, way too many bears out there. Im reading too many articles about 30 oil. I think we find the bottom popping back up to 45 bucks. Today on futures joined by Dennis Gartman hes going to talk about the crude crush. Joe zidle is breaking down which sector might be the surprise winner futuresnow. Cnbc. Com. Scott, stay with us. You have a new book out. A history of the United States in five crashes. Youre telling the story through major meltdowns. Is there any one take away historically that applies today . Jackie, first of all, this is a book that i wrote for everybody. This is a general interest book, and i wrote it because i was just struck by the drama thats inherent in each of the five modern stock market crashes. We know how it ends, but every time we have a crash there are heroes, there are villains, there are moments in time when it didnt have to end in a crash. The bubble could have deflated slowly the interesting thing is each of the crashes, even though theres more than 100 years between the panic of 907, the first modern stock market crash and the flash crash on may 6th, 2010, there are stunning similarities. We know that the stock market always gets ahead of itself, but there are also other things going on theres always some sort of financial contraption that fuels the turmoil and its at the very worst possible time. There are heroes, there are villains and there is also some sort of government interaction that doesnt help and we also know that theres also some sort of catalyst at every one of these crashes. Its often nothing to do with finance. Often geopolitical, natural. I was really struck by the similarities in all five modern stock market crashes thats why i wrote the book. Thanks so much, scott we look forward to reading thes. We look forward to reading the book and well discuss it more more halftime after this this is where i trade andrs. Manage my portfolio. Since i added futures, i have access to the oil markets and gold markets. Okay. Im plugged into equities trade confirmed and i have Global Access 24 7. Meaning i can do what i need to do, then i can focus on what i want to do. Visit learnfuturestoday. Com to see what adding futures can do for you. Wow record time. At cognizant, were helping todays leading Life Sciences companies go beyond developing prescriptions to offering subscriptions with personalized, realtime advice for lifelong, healthy living. Honey . You almost done . Nope. Get ready, because were helping leading Companies Lead with digital. Welcome back to halftime. Cnbc goes to china, part of a brandnew program founded and partially funded by a billionaire aimed at grooming future leaders one of them, aaron goldstein, has been an entrepreneur since in high school hes been learning chinese etiquette. Whats up good to see you. Reporter in beijing, hes been checking out the startup scene and making contacts with more than 600 million smartphone users. Chinas Tech Industry is exploding. Nice to meet you. I think the ultimate goal for this is we want to do something more focused on Google Search and something more humanly searchable than amazon. Reporter it may seem like Silicon Valley, but scratch the surface and the nuances emerge. Im focused on learning about the different ways in which businesses conducted here from how do you give your end receiver a Business Card to where you sit. If you sit in the wrong seat in the beginning of the meeting, the whole relationship could potentially be destroyed this is something as an american that youre really not taught and youre not conscious of. And Steve Schwarzman thinks a conflict between china and the u. S. Is a real possibility so hes hoping that these leaders will reach out to each other and ease those tensions. M. Asrnremiers sunday at 10 00 p. Ete and pacific right here on cnbc final trade is right after this quick break. Ready or not, here i come. Ek. anyone can dream. Making it a reality is the hard part. Northrop grumman command and control systems always let you see the complete picture. And were looking for a few dreamers to join us. Hthis bad boy is a mobile trading desk so that i can take my Trading Platform wherever i go. You know that thinkorswim seamlessly syncs across all your devices, right . Oh, so my custom studies will go with me . Anywhere you want to go the markets hot sync your platform on any device with thinkorswim. Only at Td Ameritrade congratulations to josh of ritholtz wealth for one of the top Financial Advisers congratulations. We have amazing people all over the country and amazing clients. Thank you for including us this year. Good stuff. Congrats to everybody over there as well. Lets do final trades. Im going to start with airlines there is american that is up on the news youve been watching these, right, doc yes and southwest hit an alltime record high. Theyve had dips here and there but theyve always been a buy. I think they go higher from here let me go to d. C. And eamon javers as breaking news. Thats right. The president is answering over twitter a longfestering question here in washington, whether or not he actually has tapes of former fbi director james comey. You remember the president issued a tweet saying that comey better hope there are no tapes moments ago the president addressed that in a tweet in his own. With the intercepts unmasking a leaking of information, i have no idea whether there are tapes or recordings of my conversations with james comey but i did not make and do not have any such recordings so the president there denying that he has tapes of james comey even though he raised the prospect himself right after comeys firing as fbi director the president also raising the prospect in that tweet that there might have been some other third party who did record james comey and his conversation in the white house. Not clear what the president means by that. Well have a briefing by Sarah Huckabee sanders at the top of the hour we expect a lot of questions for her. But right now the president is saying he does not have any tapes of conversations with james comey. Ending weeks of suspense. Maybe we have new suspense to think about. Eamon javers, thank you. Dont get excited about the bounce in oil. You can go with concho, thats about it Kansas City Southern rail is breaking out right now could have 20, 25 points to the upside. This stock specifically the rails and the airlines specifically they all look great. This is my favorite because the market is figuring that out. Large cap pharma has been breaking out pfizer is my favorite there. 13 times earnings. Blacktostone. 7 yield. That does it for us power starts now. Im melissa lee. The senate unveiling its version of a health care bill. Pharma moving big time on the rollout. Details straight ahead. American Airlines Getting a pop. Qatar airways looking to get a 10 stake. And filmmaker and producer sports fanatic ice cube is in the house. We go one on one on his threeonthree league. Power lunch starts right now