Its now great when you see every single day, whether its bank of america or jpmorgan or Goldman Sachs and you start looking at other areas like boeing and microsoft youre not touting the Bank Earnings as being great . Oh, come on. Cocacola, at t, ive got you. Are they near the top i think theyre near the top yes, they are. Highest close since 07. Im in your corner, buddy. Were getting the facts and the facts are beats on the earnings side and revenue side and with few exceptions, this has been outstanding so far. We still have a lot to go. You with them im with them theres the socalled wall of worry out there. I dont think it exists. Theres complacency. I agree with that. The question is, what do you do with that in terms of your Investment Outlook you cant plan for that black swan event sure, you take out protection. But im not sure that the vix needs as much now as it did in the past heres what you do find the best companies you can and you go long. Sure, you go long on valuation on some of these and the old price in terms of a concentrated push forward, josh, you believe theres a much more broader advance. I like where i am markets are determined by earnings markets have been very, very strong this quarter and last quarter. Lets bring in another person as well, jeremy seagull, professor of pennsylvania. Nice to see you again. Happy to be here. Are earnings good enough to keep it moving yeah, i think so. I think the lower dollar is definitely a strong tailwind and the earnings i just mentioned. Whats going on with the vix is sort of interesting because we economists have been puzzling for years about why theres so much volatility in the market. My good friend bob shiller, you know, won the nobel prize on an article called excess volatility. This is more in line with what we actually see economically out there than all the crazy volatility that often we got in the past, you know, which reversed itself in the matter of days or weeks or months later. So maybe people are learning that given the economic fundamentals, you know, we shouldnt have as much shortrun volatility in the market as we see. So it may be that the vix is not really telling us that theres not too much complacency there in the market. How high is the market going to go, professor well, i certainly think ive always thought that we are going to get tax reform here and i think what we see is the movement so far has been mostly low Interest Rates theyve moved up a few basis points but the low dollar is great for certainly the multinationals and if we get tax reform on the corporate side, which i still believe is an odds on proposition this year you think thats going to happen calendar year 17 i think it will believe it or not, im getting more in the minority as things drag on in the senate. But theres more agreement on Corporate Tax reform what kind of numbers are we talking about . You know, if we even get the corporate rate down to 20 , i mean, you can easily see a 10 in the market this year. And that wouldnt be straight up for you, professor . If it gets virtually enacted for 2018 and we see it moving towards that, republicans still have 18 months where they control the government and, you know, a lot of business can still be done in that period. Another 10 this year at that point, would you start to worry about euphoria . If thats not the deaf significance for euphoria, what is look, a 20 p. E. Ratio in a 2. 5 Interest Rate world is not excessive. Corporate tax reform, lowing that and a few others there, most analysts think thats another 10 boost s p and that in itself is another 10 so if we can get that onto the table, i do not think we have reached euphoria 20 clearly begins to stretch the valuations but, in my opinion, not 10. Professor, its josh brown. Hello, josh so the new thing that the bears are saying that you should worry because not enough people are worrying, which obviously thats somewhat intuitive. But when you think about the 1950s and think about the 1990s, Interest Rates were low but normalizing rising and there were no major arms conflicts and stock prices went up with Interest Rates and volatility was low for a very long time, just like now. Why do people think this is so abnormal and for how much longer should we expect there to be a low volatility period, given all the things that the market has been resilient against so far. I think we can be in a low volatility environment for quite a while and youre right about the 1950s. Most people would not touch stock. Memories of the Great Depression were fresh in the memories and we didnt hit the high in the low 60s in that low volatility period and we got much higher valuations in the mid60s than we do today. If it is like the 50s, youve got to be in the market. By the way, i myself, i know theres a lot of disagreement, i was pleased with trumps comments about janet yellen. I think shes done a good job. Stan fisher, vice chair who i know personally, i think thats a good team and a good team for the Trump Administration so for the first time hes actively said that hes considering her, i think that should be very, very positive for the markets. You might not want to upset the apple cart, depending on where the stock market is along with a whole bunch of other indicators. Yeah. Go ahead. What im saying is i think wall street is very comfortable with the fed. Yeah. I mean, i think they know the read on the fed and the whole question of policy but they basically spelled it out and my feeling is that things are not going much higher and a much lower Interest Rate world than most of us have memories of. Weve got to go back to the 50s when i was a teenager to remember those 2 Interest Rate. There are some, professor, and the market could be heading to a moment of truth and this market is very well supported and incredibly firm and that explains the low volatility environment more than anything else. And often its a little bit of a gut check time and also sentiment. I dont think it means were in a euphoric stage right now but i think the sentiment profile is very similar to march 1st when basically there was an allin feeling and the professionals felt like there was nothing but up and the market did nothing for three months heres the thing you had bad seasonals in february the almanac says february is a tough month. The market doesnt care. So either were up for a couple of tests and then all of a sudden its reearned the benefit of the doubt or well acknowledge that its not normal necessarily even though its happened in the past to go more than a year with a 5 pullback im wondering if its out there if we have the ingredients for it. Rick saper stestein, go ahea. We started the year leading to higher stock prices what happened in q1, we had 15 top Earnings Growth and all of a sudden the trump agenda started to fade out of the picture now were into q2. We have very strong Earnings Growth and low inflation, moderate fed, global synchronized fed and were in an excellent environment to earn stocks right now that will be used to buy pull backs. This could come towards the end of the year or First Quarter of next year. Professor, it really comes down to, are we ignoring some of the risks, whether theyre seasonal or others that mike laid out for us . It is true. Historically, september has been a tough month. Its moved towards the end of august but we know a lot of times it doesnt happen and how many times have we heard sell in may and go away . That wouldnt have worked this year and so i wouldnt oversell the seasonals, you know, in terms because i think the fundamentals are still very, very strong and about the euphoria, you know, a lot of professionals may or may not i know the public that i talk to is still extremely skeptical about the market and we all know how different it is than the 2000 bull market and when the public was so excited about stocks first of all, we all know they distrust the rally and many of them distrusted the trump rally. So i dont see my friends all saying, lets buy all in on stocks i see a lot of cash on the sidelines. I dont think anybody would care 2007 at the very top, we said, hey, were not at the top of 2007 i would point out one other thing. The reaction to earnings have been, i think, rational but also tilting toward sell on the news. I mean, you look at how good the numbers would have had to be you get punished if you havent reached the high bar. In aggregate, companies that beat have only been modestly rewarded there are good numbers but maybe they were largely priced in. Professor, go ahead. At the very end, you see these earnings estimates being guided down. The average beat is a penny or two. You do a penny, hey, thats not great. So beating the estimate, its always going to be around 70 . What we actually have seen is often in the past beating on the earnings, falling short on the revenues were beating on the revenue and certainly in the first and Second Quarter than we did before and in terms of Forward Guidance and i think that certainly is very good in the First Quarter and that has been very, very important beating has not been enough. Youve got to beat by quite a bit to get to the stock. More than half the s p names reported so far have beat on both revenue and earnings which is a fiveyear high for the spx. Big picture, youre looking at 4. 4 ish Earnings Growth, which is double gdp and 6 revenue growth, which is a real shock which i dont see a lot of people saw coming. If you can see that continue throughout the rest of this year, in terms of the estimates holding off, i dont see where the trigger is for people to not be in. The other point is, professor and you have to admit, you say theres a lot of money on the sideline. Its going to be hard to coax that money the new money into the market where stocks are now. Maybe if you get a pullback, sure but doesnt that sort of you know, everyone often tells me im weighted 10 pullback the problem with that is, of course, the market goes up 20 they wait for the 10 pullback and they are buying higher than they would today we have a 2 yield on the s p. Well see if theres a dividend tax cut. Its still favored over just outright interest. So for people who want to sit with income stocks are still the place to be. You dont always have to generate a lot of Capital Gains to say that, you know, stocks should be my asset into the future professor, we love kicking the market around with you thanks for having me. Michael, thank you as well, Mike Santelli here onset meanwhile, Second Quarter investor letter. Leslie picker joins us the numbers tell the whole picture. Scott, beating the s p 500 and an index of other hedge funds during the first half of the year, the firm led by dan lobe returned 10. 7 in the six months through june that compares with an 8 jump in the s p and 3. 6 gain. Thats according to a letter first obtained by cnbc this morning. In the letter, third point discussed a new Equity Investment in blackrock. They described the largest asset manager to be, quote, a misunderstood franchise. They actively managed hedge fund likes what it sees in passive securities notably, the blackrocks i shares had more inflows than the next ten competitors combined third point also invested in alibaba thanks to what the firm sees as the giants new Advertising Products the firm is turning its focus for the second half of the year to a rate hike it will be on hold until growth and inflation accelerate the letter also highlighted that the trump trade is fading, exiting reflationary macro trades and companies that benefit from low inflation they also decreased exposure to credit scrunchies. We continue to find market opportunities, particularly with Global Growth in tack. Nestle was there its a genius hedge, by the way. To own a stock in blackrock. Not that the trend cant chang but you can capture some of the flows youre not going to get. We like the blackrock and baba i think baba has huge discounts and part of that is justifiable to what google and the others are selling here because you have a company that exists at the will of the Chinese Government but nonetheless, the discount is too great and for a country that really wants to open their markets to a greater extent, theyre going to let baba keep going. In terms of dan lobe, hes one of the best other. Hes navigated every market. He started as a credit guy and just to show that hes able to find value on that asset size, which is absolutely incredible so ive got to take a look at blackrock. I get what youre saying completely. But blackrock they are feeling pressured in their core business. I dont like that name because and i respect blackrock and we do business with blackrock but your primary competitor is schwab who will give Asset Allocation away for free and vanguard who has given it away for almost free. Its not going to be a great business you can take in all of the money you want if you barely take profit on it in their interactive funds, huge shakeup. They are getting rid of the nba types and replacing them with san francisco. Sounds good. There is 38 market share and etf business which is unbelievable. Dan loeb calls blackrock an asset gathering machine. No doubt. He mentioned the statistics that you just said as he lays out why its such has such tremendous earnings power and thats why he likes this stock. And in the traditional asset manager business, labor is a very high cost when you have an etf business and its growing organically, you dont have the margin pressure that the traditional asset manager might have theres tremendous growth there and analytics which they have started to roll out which i think is a big growth area we like the stock. If youve ever sat by somebody from blackrock, which i have, the culture is absolutely incredible and the people are incredible thats what youve got to judge companies by, in my opinion, the culture. So clearly its done a great job. In terms of business, though, i just dont know. Its a lowmargin business what i like about baba the most, it stands out to me because look the at growth, scott. When you feel like its too late to jump into some of the names and you look over at it and see what his p. E. Is, especially forward p. E. , that name still has plenty of trajectory i think to the upside and even though youre buying it near the highs, this is a name that i think with the growth that theyve got, its incredible how much more room there is to the upside. Lesslie picker, thank you. Next stop, a biotech space is this stock and the whole sector about to dump plus, three big name big cap stocks before the break, what happens to the stock after boeings stock guidance its happened 13 times since 2010 underperforming the transports and the dow 30 for more kensho, go to cnbc. Com kensho. The Halftime Report is back in two minutes. Welcome back to the Halftime Report. Im kayla tausche. A vote has been delayed until 3 30 p. M senators will take up a vote on a standalone repeal plan that is not expected to pass and democrats are expected to bring a vote to send the whole thing and some movement on this vote at this hour but, scott, that will be delayed until the 3 00 hour back to you. Kayla, thank you. Well watch for that later this afternoon. Lets do our call of the day its biogen getting a boost of the day. 338 price target of Goldman Sachs. Its our call of the day weiss, what do you think they bumped to 338 i mentioned it yesterday. Biogen used to be an extended period of not being a darling. Its an important part of a lot of the index even though they are diversified. I bought the group its too diversified i think it makes sense its a Good Management team. And so, look, i think its a good call. This appears to be a good debate developing where some are saying that the gains in the health care space, health care stocks, biotech have been so good, its time to rotate. Just looking at the last year, if you go back to 2013, to 14, many of these stocks have done nothing you have a huge gap in the summer of 2015 that disappointed or a trial didnt go well. Doesnt matter the gap looks like it could be on the verge of being filled this stock has been stopped in its stra its tracks four times and then the whole gap up to 375 before any real resistance. If youre a trader, youre looking for a break on decent volume above 300 to get you interested in the game if it comes out of this consolidation, whatever it is, there really isnt a lot of overhead supply of shares. For the five years before the consolidation started, the sector was up 26 to 36 biotech. We have one year, a half year where its up that i dont think its over here thats traditionally how the sector gross its a very underappreciated industry both pharma and biotech. Expectations are very low. You can put up double digit Earnings Growth. We like the industry and the sector. You dont think that the sector and im going to channel jim laventhal. Maybe not over the long term. Right. But if that happens, the headline like a tweet from a candidate. It will be temporary. Does it cause unrest . I think the market is i am hun immune to it maybe i hope the market is not immune to it. From a trading standpoint, it will come down. It creates the opportunity. Those are the opportunities that we talk about when something is unjustified and gets sold off. Whats the analyst really saying here the valuation level. Look at this company its a Biotech Company thats gotten incredible growth im not talking about ford im talking about presently. As long as thats not priced in, thats just that bonus and if it happens, maybe it will, maybe it wont. A lot of the time thats been built into these stocks, thats when you see the big selloffs. Lets go to sue herera who has the latest headlines. Hi, everybody heres what is happening venezuela Opposition Leader lopez calling for venezuelans to support a strike against the government its his first direct message since released on house arrest earlier this month this comes as the white house imposes sanctions on 13 senior officials trying to scrap plans to form a new congress the kremlin refraining from a possible response to a package of u. S. Sanctions before President Trump signs them into law. The kremlin said its too early to speak about it. In the uk, charlie gards mother arriving in court where the judge gave the parents until noon tomorrow to reach an agreement with the hospital for their terminally ill sons final days she conceded that her son will die in a hospice and not at home as she had wished. And Michael Phelps pushing back at critics who said that they were disappointed the olympic swimmer only raced against a computer simulated shark. He said sharks dont swim in a Straight Line and added he made it clear before the show that he wouldnt be racing a real shark. I think we should have all known that anyway, thats the news update at this hour back to scott and the Halftime Report. Its the intrigue, though. Why would he race a real shark . Think about it. Why wouldnt he a great white stop it. What are we doing here . Were creating a media event. Thats what they were doing. Exactly right. Lets talk about another few stocks on the move today and pretty good earnings from a at the at t also, a report from wall street firm that our Parent Company comcast should look at buying v verizon. 210 billion. I bring it up because at t is up that would cap it we dont talk about telecom that much. Its not a sector anymore in fact, Standard Poors is thinking about removing the sector designation theres four companies that matter and they are all merging with each other. These companies are becoming media plays. So i dont think thats actually a bad thing. And theyve got stable cash flows. They do, but they are leveraged beyond words. They are but theyre leveraged to something pretty reliable in terms of consumer demand they are actually not that reliable theyve had issues with wireless theyve been unable to shrink the pool you have four major competitors and theyve been unable to get pricing there at all thats been made up for by demand. Right demand is there but its peaked relative to what is required its going to be a big spend way too much capacity there. I dont like the group personally i think ultimately the dividends are too high and they have to come down. From a cash flow perspective, its very high they are paying out 70 of the cash flowing dividend and they are growing it 10, 15 a year. We look at at t for dividends. You dont think its a trap, though the dividend that Everyone Wants to talk about, 4 , 5 , doesnt that seem like a trap when you see them pull back normally we dont like buying stocks for dividend in income but because of the growth in the cash flow, thats going to happen through 2020 and the payout ratio, we think the stock is a great place to be for income from a stock. What do you make of the tower stock versus youre getting income but real growth we dont own any of the tower stocks. Can ask you about the statement that you just made you dont like buying stocks for income those are fighting words if kevin oleary is here. Kevin doesnt understand that were disadvantaged. A lot of our viewers probably do and view that as a major plus why . Id rather have bonds for safety and rarely by stocks for income in this case, we dont own utilities and the only real income play we have is this incredible cash flow machine if you had bought macys for income when the yield is 5 , the thing is you have a disadvantage on taxes to take your return out of the stock market purely in the form of dividend, you have to look at these things in total return because they are more volatile than bonds and you have to consider shareholder yield. So dont tell me whats the dividend yield. Not that dividends are bad. In the last three years, there is heavy debt issue wants. And those are the guys that are not financially engineering. They are helping the shareholders out. Straight ahead on the Halftime Report, pete is tracking unusual activity in a casino stack find out which way they are betting today. Plus, the three big caps our stock screener says are vastly undervalued were back in two minutes. The governor has declared a Winter Weather emergency. Extreme risk of burst pipes and water damage. Soon, Insurance Companies wont pay for damages. That is, not if they can help prevent damages from happening in the first place. At cognizant, were turning the industry known for processing claims into one focused on prevention with predictive analytics, helping them proactively protect the things that matter most. Get ready, because were helping leading companies see it and see it throughwith digital. What . Pony neighing] hey gary. Oh. Whats with the dogsized horse . Im crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. Isnt that right warren . Well, you could get support from thinkorswims inapp chat. It lets you chat and share your screen directly with a live person right from the app, so you dont need a comfort pony. Oh, so what about my motivational meerkat . Inapp chat on thinkorswim. Only at td ameritrade. Announcer cnbc iq 100 up and todays leaders include boeing, at t, express scripts, Texas Instruments and broadcom for more, go to cnbc. Com iq100. We are back on the Halftime Report and Pete Najarian has been sent to the telestrator we have activity in the past. I own this as a stock. Im not in the options right now but own it as a stock. Its pulled back significantly a lot of people are concerned about construction being a big issue but, in any case, look at this trajectory of this stock. By the way, he acquired 2 million shares, scott, of the 12 million he has already heres a guy who actually put his money where his mouth is much like jamie dimon. Youve got to like that. September 135 calls, very aggressively bought. About 8200 purchased and call it about 4 change where they were purchasing these calls. By the way, they went out to january as well trading around that 10 range and almost ten times the open interest were purchased out there as well. So despite the fact that this is down 7 today, a lot of bets saying over the next couple of months were going to see the stock market rally to where it was. Youre in there i am and im going to continue to be there got you well send it over to Tyler Mathisen now to see what is coming up on power lunch. There is no one better than i to follow a segment called unusual activity. The Central Bank Raises the Rate Decision at 2 00 p. M. Eastern. Well bring that to you live with instant analysis from our allstar panel it will include bill gross on this day and, plus, in a rare interview, jim cramer sat down with citi ceo. Jim will join us with a sneak peek of their conversation, including what he thinks of janet yellen. And what has investors riding high . The ceo will join us back to you. Ty, thanks so much. Markets at record highs, where are the buying opportunities . Next plus, well trade all of the big movers in our blitz, including chipotle and a b and more and the s p sector before we go to break. Telecom, at t and verizon, its the leader today halftime back in two hey dad, come meet the new guy. The new guy . What new guy . I hired some help. He really knows his wine. This is the new guy . Hello, my name is watson. You know wine, huh . I know that you should check vineyard block 12. Block 12 . My analysis of satellite imagery shows it would benefit from decreased irrigation. I was wondering about that. Easy boy. Nice doggy. What do you think . Not bad. Announcer quarterly facts, figures from announcer quarterly facts, to keep our community safe. Before you do any project big or small, pg e will come out and mark your gas and electric lines so you dont hit them when you dig. Call 811 before you dig, and make sure that you and your neighbors are safe. 811 is available to any business our or homeownerfe. To make sure that you identify where your utilities are if you are gonna do any kind of excavation no matter how small or large before you dig, call 811. Keep yourself safe. Dominic chu has been working on finding value for us. Dom . Scott, what some traders do to find a stock that is worth a bouncetype look is to screen for these convergences we looked at s p stocks perhaps with a longerterm uptrend heres our screen. The s p 500 all sitting within 1 of the 50day average price, the moving average that a lot of traders like to look at. If they pass those tests, they have fallen 5 from the recent 52week high and in the context of a positive yeartodate uptrend. And these are some of the candidates and three of the stocks are interesting names in certain sectors overall. First of all, dr. Pepper snapple group. You can see here, yeartoyear date and a pullback from the recent highs could be due for a bounce also, another one to watch here as well are shares of a drugmaker. Were talking about pfizer and you can see they are pulling back from the recent highs so far over the past 52 weeks and then one other mega cap stock, disney shares, up 2. 5 they are pulling back from their recent 52week highs but sitting near the average price if youve missed any of these, ive put the other 24 i havent mentioned up on twitter right now. You can check out the entire list back over to you. Dom, good stuff pete, lets kick them around with you year to date, disney, pfizer, dr. Pepper, up only 2 . You own disney and pfizer exactly right im not pleased about disney im in the upper 90s and i still feel this is a company that is undervalued and i agree with what dom is talking about we get a move to the upside and im going to stick with it. But youre in the 90s. If you werent in it and had to say, okay, i see what dom is telling me, it looks compelling. Yep, looks compelling i would be interested, yes, if i werent already in there. I would consider it, yes. What about pfizer pfizer is one that ive held for years. For a lot of a variety of reasons and that makes me the least comfortable. When it comes to pfizer, youre dealing with the competition out there and they have an incredible pipeline. Theyve just got to deliver and they havent been doing as well recently. Dr. Pep, anybody . The stock is down 3 and year to date has hardly done everything. Tough business. Its down 7 for 52 weeks. Beverages is just a blood bath even soft drinks, beer you can knock it out of the park. Its comps, scott overall, the pie is not growing and pricing is not great are you teaching me how beverages work let me explain to you how the beverages work its not a great business. You remember that, right . I do. Okay. Just making sure we are all on the same page. Were also going to get more disruption than the sugary drink business if you have an amazon encouraging whole foods shoppers to order online and come and get their food, they are not going to have that impulse buy for the doritos and pepsi some categories of things, to your point, you need people standing in a line who grab something off a shelf. Its not the whole business but a part of it. Chipotle is off on earnings what is your take on this one . A strong void the stock is just destroying. Makes sense for chipotle. I digress i forgot if i was saying i like it or not listen, im just telling you, they are already selling the dead cat bounce like two days after it happened. Theres no technical reason for you to think that the selling is over theres nothing happening and no one coming in to rescue this name it broke down where it should have found support i cant see why youd be in it. Playing around in puts. Yeah. And i sold and now youre out. I sold most of them going to the tag into position. I was double depressed and chipotle, howard put out a report, he said this will be down tomorrow. I got out and after the reversal right about here and ill go back i think the stock has much more downside its not a Growth Company anymore and now its a rescue operation. I just dont think management is good either they have queso everybody has queso, though thats the thing dude, you can go to you can get a trunk full of queso. Its not a special thing. One of the analysts said there was going to be a beaningful bump. They are putting in a test market one mans queso is another mans guac . Guac. And akamai . Ive owned this stock more well over a decade heres what i would say. I was still in a good part of my position the company missed actually, they did okay for the quarter. They said next quarter it will be down because the anniversary and president ial election was was that the fetal position you were in . No, that was for Something Else they knew that was happening why guide down based on that this is a situation where the management is continuing to deteriorate faster than the fundamentals and they are deteriorating in a very competitive business i did buy some more calls hoping that there would be a greater fools theory i know its a very high bar. So i think i do think that, however, that this would be a great acquisition candidate for an at t or an amazon or somebody like that to come in i dont know if it will happen but you never know pete . Yeah. After that how can you go long what about amd the stock gave it a bounce and i was talking to josh over here who was talking about its starting to look bearish because of the way the selling is going on right now in the stock. Forget that for the moment for right now, the numbers were impressive the guidance was impressive. I am no longer in this i still think nvidia wins. The aerospace and defense etf. Alltime high. Thank you, boeing yes i think the story is bigger than that we have nato being pressured to meet the Defense Budget and u. S. Is going to allocate and there are businesses so we like the industry. Facebook is up more than 40 this year. What do you do ahead of the earnings this afternoon . Were going to tell you coming up. Plus, crude oil is hitting a nearly twomonth high. Well do all of that when we come back on halftime. Your brain is an amazing thing. But as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Welcome back to the Halftime Report. Im Jackie Deangelis crude oil on the heels of the inventory. Today is marking the Third Straight day scott nations, what do you make of the move . Well, youre right. You see that supply is continuing to contract its also interesting that kuwait has just reiterated their support for the production cuts that weve been talking about for so long. And this is brand new and we see demand finally growing this is new. Yesterday, the imf increased the forecast for growth in china and if it were just the dollar, gold would be along for the ride but its not as far as crude oil is concerned, my favorite momentum index, strength index says its not yet overbought were getting close to 49 is everybody going to cross 50 i dont think well cross 50. If you look at the sixmonth chart, theres a trend channel and its behaved beautifully within the move from 42 to 49 was expected by me at least and the point now is that just because were at the top of the trend, that doesnt mean that it respects that level. The fundamental story seems compelling if it goes above 50, i believe thats something to forget about. You miss the first 10 of the move and try to short it. Looking at that chart, if it crosses 50, thats pretty significant. Guys, thank you. Meantime, for more futures, check out the live show at 1 00 p. M. Eastern time at futuresnow. Cnbc. Com. Final trade is coming up ne xt 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. I am a First Responder tor and iemergencies 24 hours a day, everyday of the year. My children and my family are on my mind when im working all the time. My neighbors are here, my friends and family live here, so its important for me to respond as quickly as possible and get the power back on. Its an amazing feeling turning those lights back on. Be informed about outages in your area. Sign up for outage alerts at pge. Com outagealerts. Together, were building a better california. All right. Mike corbat, its a ceo exclusive with jim cramer. Hes the citi ceo. Youll hear from him tonight with jim great interview. You dont want to miss it. Josh, you earn twitter yeah. You like all of these other names. Yes ive been in and out of the stock. I wish i were in the last couple of weeks i think they have to absolutely blow the street out to justify whats gone on in the last couple of weeks and its the best stock on the planet thats great then you have to deliver thats the good news and then the even better news is a few times when guidance wasnt as blowout as you wanted it to be, the stock only had a one or twoday downside event i would not bet against it. Its not doing much everybody is waiting on the number. Huge home run people dont want to be out of it. Pete . We were talking about alibaba earlier and i looked and suddenly i see huge call for al b ly bab ba. I think its going higher. I do own Facebook Stock and calls. Im going to sell my calls. Scott i like to stay with amgen. Thanks for being here thank you that does it for us. Power lunch starts right now. Im Michelle Carusocabrera we count down to the fed decision in just one hour from now. Still, its all about earnings, earnings, did i mention earnings is this the ultimate goldilocks for investors . And jim cramer goes oneonone with corbat and talks about the market moves straight ahead. And being taken on a roller coaster ride this year, it wouldnt be cable withou