Throughout many of the southern states, there are reports that some people have been stuck in their cars since yesterday afternoon. The region not used to, nor prepared for, the kind of snow and ice they got. Students throughout the region stuck at school. They slept on the floor last night in some districts. Why wasnt School Canceled in the first place . A lot of officials down there are going to have some explaining to do. Sue . They sure will. A very frightening situation not only for those kids but im sure for their parents as well. Here down on the floor of the new york stock exchange, they are watching for the fed. The fed decision is one hour away. This is the last meeting for ben bernanke as fed chief. As we count you down to the bulk of this market, its not really in a great mood. As its worst point today, the dow was down 174 points. We have recovered quite a bit of that. We are down about 140 right now. The spike started at about 10 00 a. M. Or so. The biotech index once again in focus. The top performer today, its up some 50 for the year and we will follow that in just a few moments. More on that coming up. Three sectors have been holding above the breakeven point all day. Those are the materials, energy and utilities sectors ahead of the fed. Also, lets check the dollar versus the euro. Right now the dollar, its been a very interesting session. Against the euro, you can see the move there. Still a big short squeeze again the yen today. Thats why you see that relationship between the dollar yen. Theres the pound and also, we put the turkish lira up of course because it is very much in focus. All right. Lets bring in bob pisani as we look at the tenyear note. 2. 71 on the trading session. Thats new low for the trading day. Isnt it curious that yields in europe and the United States are increasing at a time when many yields elsewhere around the world of course, yields are decreasing while the yields elsewhere are trying to increase. Thats a curious situation. Here in the United States, the dow once again underperforming the rest of the market because boeing and at t disappointments. Look at some of the major names. Consumer stocks are unusually weak today. Avon, campbell, kellogg, coke down 2 , 3 . Those are Much Associated with calmer market days. Consumer discretionary names in the retail space like home depot, bed bath and beyond, lowes are also notably weak. This is curious because the group most associated with the United States, a lot of the consumer names, are weak and the group most associated with emerging markets which is materials stocks, are the ones that are actually leading today. Its the materials sector thats up. Thats because dow chemical had a great report, they matched good numbers from dupont yesterday. Owens illinois had a good report and are dragging up alcoa, u. S. Steel and some of the other sectors in there. I also want to note some of the trucking names had very good numbers today. Werner had a very good earnings report. They are moving up some of the names. Thats helping transports. Theyre positive on this session. Welcome back. Good to have you back. Lets head up to the nasdaq and Sheila Dharmarajan in times square. We are seeing losses at the nasdaq accelerate in the past half hour or so but we are off session lows. The nasdaq down about. 6 . We are tracking our fifth consecutive loss in a row for the nasdaq. So the story here is really all about earnings. Take a look at yahoo take a look at apple. Those two stocks are weighing down the index. Also, facebook and google trading lower ahead of their earnings. What is working here today is microsoft, thats having the most positive influence on the index, and of course, you mentioned the biotech. I will be back later in the hour to talk about the biotech boom and why it keeps on going. Thanks very much. Lets go to seema mody for a market flash. Good afternoon. We want to revisit sothebys. The stock opened higher on news the auction house will return 450 million to investors but the moves are getting lukewarm reception from investors, including one of the activist Hedge Fund Managers who has been pressing for changes. Richard mcguires mercato Capital Management which was a 6. 6 stake, said the steps didnt go far enough. Dan lobe is the other activist calling for change. No comment from him so far. He is the companys biggest shareholder with a 9. 3 stake. Tyler, over to you. Thank you very much. We move now to the emerging threats around the world. Tur symbol is the biggest bear that follows the turkish market, down 8. 5 as the graphic shows. Michelle carusocabrera is in istanbul on the ground there reporting on three themes this hour. First, Turkeys Central Bank and the impact it could have on global fears. Second, what turkish Business People are saying. And who is turkeys president blaming for all this uproar . Michelle, over to you. Reporter thank you, tyler. Yeah, theres disappointment in this country today that the turkish lira did not hold on to the strong gains it made in the middle of the night when the central bank made those massive Interest Rate hikes in an effort to stabilize the currency. Speaking with economists here, they think if the central bank had been less aggressive, perhaps the situation would have been even worse and it was a sign that they really needed to do something perhaps even more. The Business Community here is desperate for stability in the currency. We spent the morning with a couple of importers and exporters talking to them about the struggles that they face. We spoke with one gentleman who sells 150 million worth of air conditioning compressors every year, distributes them throughout eastern europe, sources supplies from places like germany, finland and canada. We also spoke with a gentleman who manufactures textiles. He imports supplies, yarns, et cetera, from the middle east and sells them to china, where they make furniture out of them. Both of them expressed frustration about not knowing what pricing was going to be because when you are purchasing overseas products and your currency is fluctuating so dramatically it makes things extremely difficult. The gentleman who runs the textile business said his closest friend recently had been the iphone app that he has that tells him what the turkish lira is doing minute by minute. The currency, you want it high, low, what do you want from the currency . We dont expect anything, high or low. We just expect stability because we want to concentrate on our core business, not we want to look every day to going up, going down. We just want stability. Reporter that would make your life the easiest . Easiest, yes. Concentrate on our business. Reporter the leader of the country has refused to accept any blame for the situation that the currency and the country faces at the moment. Today in a speech, he blamed the bbc, the wall street journal and what he frequently refers to as the Interest Rate lobby. This is speculators, bankers and remember, hes an islamist and this is considered code word for jewish bankers as well. Once again, he is apparently not accepting any of the blame for what they face right now. He was very against the hikes in the Interest Rate, saying and when you read in the paper here as well, there is all this talk about a conspiracy from the Interest Rate lobby thats manufacturing this situation they think with the currency. Interestingly, they have a central Bank Structure that at least feels a little bit like ours. In other words, it is supposed to be independent of the government but how independent is it, really . Reporter well, it certainly tried to reassert its independence in the last 24 hours by this huge move. Remember it was just last week that they had an Interest Rate meeting and they didnt do anything. They said they didnt do anything but heres this very strange situation that was going on for awhile here in turkey. They would print Interest Rates and say okay, here are the official Interest Rates but on extraordinary days and in certain situations and what turned out to be most of the time, banks had to pay more than that. But they wanted to be able to say the Interest Rates are this and it was locally called by journalists the political rate. That way to satisfy the government that Interest Rates werent as high. Fascinating. Thank you very much. Appreciate it. We will hear from you throughout the rest of the day. Turkey isnt the only emerging market with a lot of question marks. The emerging market index, you see it, down more than 8 over the past month alone. For brave investors, there may be some opportunities in traditionally stronger emerging markets. Sara eisen has that part of the story for us from the nyse. Because not all emerging markets are created equally. There could be an opportunity here for investors, especially when it comes to the stronger links. I have been going through the Research Notes over the last few days. Here are three for you that economists and strategists are saying right now look like standouts. Number one, korea. Unlike 1997 and 1998, south korea is in pretty good shape. Some examples, january Consumer Confidence there hit the highest level since back in 2011. Korea has been seeing better gdp growth, stronger Industrial Production numbers out today, it runs a trade surplus. Investors have already picked up on this. It was one of the best performing currencies in the region last year. So far thats unravelled a bit with all the fear but economists are generally upbeat about the companys prospects. Etf to throw at you, ewy, that tracks the south korean stock market. Another one, mexico. Mexico is much more tied to a recovering United States, with more than three quarters of its exports actually getting shipped over here to the u. S. Its fairly safer than some of the other emerging markets that are more exposed and dependent on china and more iffy markets there in the region. Another boost for mexico as we have been covering, a package of economic reforms, the Telecommunications Power and hydro carbon sector getting opened up more to foreign investors. Another reason that makes mexico look attractive. Deutschee bank listed the peso among its top picks to buy in 2014. The mexico story linked to the u. S. Economy. Eww is the ishares mexico etf. Ive got one more for you. Poland. The polish currency getting drawn into the mix as the selloff has been spreading across the emerging world. Polands Economic Growth this year is set to accelerate between 3 , 3. 5 , thats faster than most of the countries in the region. The czech economy, for instance, the hungarian economy. Polands growth is also tied to a recovering euro zone, something we have seen. An etf tied to polish market plnd, that has been the hot play for investors last year. Perhaps time to go back in as you can see, it has been sold off with broader emerging markets. So the punchline is this. If youre not bold enough to jump into the entire group or an entire emerging markets etf, it could be a cheap opportunity to go into those that look fundamentally and relatively stronger and safer, because yes, they are all unique. The one caveat, the one warning i will give you is that right now, investors are scrutinizing all sorts of risks and all these countries do have risks as liquidity comes out of the system, certainly they are getting zeroed in on. Thank you very much. Here at home, stocks are off their lows but we are still down triple digits despite the selloff in the emerging markets. Will investors pile into the u. S. Given the global jitters we just outlined . Scott black joins us, president of Delphi Management and neil hen issey. Welcome, gentlemen. Appreciate you being here. Scott, let me start with you. How much are you paying attention to whats going on overseas or does it not necessarily pertain to the way you allocate capital . You manage an awful lot of money, both you gentlemen do. Im primarily a u. S. Investor. Obviously i pay attention. We have these crises, whether its greece or cyprus or turkey but relative to the worldwide gdp its small. The one thing i would note is the pmi in china below 50 is of major concern. Obviously you dont want to be running into the commodities sector, mining, iron ore, because of weak demand in china. The real official growth rate is 7. 5 , probably isnt true. Its probably the real growth is closer to 3. 5 or 4 . But there are good values in the United States and the u. S. Market really is very reasonable here, with the pullback based on my earnings, its about 15. 4 times this years expected earnings, well below the historic norm of 16. So i think there is still value to be found. The u. S. Economy will grow 2. 8 to 3 and corporate profits, the way i compute them, will be up about 8 on the year. Neil, let me talk to you a little about the market, because you do not pay as much attention to the emerging markets as some others do. You are still finding some value at home because there are companies that are doing acquisitions. You think thats a major theme for 2014. I think if you look at internationally, when i look at it i try and put it in perspective and if you go back to last year, the first nine months of the year, 103 billion went into u. S. Mutual funds, equity funds, but only 9 billion found its way into u. S. Equities. The rest went overseas. This is not a surprise that the emerging markets are blowing up because there was so much money chasing it last year. When you come home and you start to look at what companies are doing and how they are doing it, if you cant grow your top line, one of the ways you can do it is through acquisitions. You just look at yesterdays headline, Martin Marietta buying texas industries. Martin marietta, Great Company but their earnings have been flat the last couple years and foreseeable future. By making this acquisition, their top line growth will be 40 and i can almost guarantee you some of thats going to fall to the bottom line. Gentlemen, thank you very much. Appreciate the advice. Good to see you, scott and neil. Back here, one of the big stories is the weather. The south is a big mess. Ice and snow covering roads, causing massive pileups, traffic jams. There are still reports that some people have been stuck in their cars since yesterday. School officials failed to Cancel School yesterday. The buses couldnt get to many students yesterday afternoon so take a look at that. They had to have a sleepover. Well talk about that when we go live to atlanta, where the mayor just moments ago finished his news conference. We will get the latest on whats going on down south. Baby, its cold out there and messy in many parts of the country. That is the front page of this mornings Atlanta Journal constitution. Traffic backed up for miles in atlanta, the headline frozen in place. Bill griffith is down there, showed us his one of his tweets from there. Said the town is basically closed. Mariettas georgia daily snowpocalypse, thats the daily journal. In birmingham, the front page simply reads chaos. Lets take a look at the video of atlanta this morning, where Bill Griffith is. You would think thats the morning rush hour traffic. Its last nights traffic and some people are still stuck in their cars from yesterday afternoon. Roads are still very treacherous down in the south and then there are the stories of children stuck at school, thousands in georgia alone. There you see some of them, buses dropping them off for class yesterday morning. But they couldnt get back to take them home after school. They slept on floors, gym mats, whatever they could find. Really a disturbing scene there in atlanta. Sue . It sure is. Youre absolutely right. Europe is having its traffic problems, too, but this time from the air. Air Traffic Controllers in europe are on strike in many of the eu nations. The two day rolling strike comes after a proposed overhaul of the Traffic Control centers which employees fear will cause job cuts and more difficult working conditions. The Royal Caribbean cruise ship full of sick passengers expected to return home to bayo bayonne, new jersey in just about an hour. Nearly 700 fell ill aboard the explorer of the seas. According to the cdc, that number gives the Royal Caribbean ship the unfortunate distinction of being the cruise ship with the highest number of sick people in some 20 years. We will monitor that situation for you out of new jersey. First, back to seema for a market flash. Check out shares of young brands, just hitting session lows. Wells fargo maintaining a market perform rating and lowering its price target to between 73 to 75 a share, citing its concerns about the impact from a resurgence in avian flu. It was an outbreak of avian flu last year that contributed to a yearlong skid in china by yum. Back to you. Thanks very much. Fiat is threatening to say goodbye, italia. Phil lebeau live for us in chicago. This would be something. I dont think they will leave italy but what we are going to see is a closer marriage between chrysler and fiat. They have been moving this direction for some time. Today they announced there will be a new corporation that will be formed, it will be called Fiat Chrysler automobiles. The headquarters remain in auburn hills and torin but they will register the company in the netherlands for securities laws purposes. They hope to list an ipo by october 1st and the stock will hopefully be listed in new york and milan. Thats the hope of the ceo. In a Conference Call today, he did say that he plans to stay at Fiat Chrysler at least for the next three years. Whats long been his one complaint with this market right now . Europe. He doesnt see it getting much better any time soon. We are dealing with sharkinfested waters. Unless you have optionality with an Industrial Network i think you are fundamentally in deep doodoo. We have been able to find a way to extricate ourselves from that predicament. This news about Fiat Chrysler automobiles overshadows the fact that they reported Fourth Quarter earnings today. Chrysler, 650 million was the profit in the Fourth Quarter. As for fiat as a whole, if it wasnt for chrysler, they would be in the red. They would have reported a loss for the Fourth Quarter. But they posted a slight profit because of chrysler. Take a look at shares of fiat, down 5 today. Again, guys, they are not moving these headquarters. They are still going to be in auburn hills as well as torin, italy. Back to you. Thank you very much. As you know, emerging markets fears continue to rattle investors. We also have the feds latest decision on Interest Rates and perhaps more tapering in just over 30 minutes. How traders are positioning themselves as we head out. And the biggest losers in todays trading, mccormick down almost 6. 5 . Boeing down 5. 5 . At t and sprint are also down. Back in a minute. Plus coming up, power pitch. This startup wants to reinvent the wheel. You feel like a hill disappeared or the distance has shrunk. Does it have what it takes to pedal to success . Stay tuned. Nd. With fidelitys guaranteed onesecond trade execution, we route your order to up to 75 Market Centers to look for the best possible price, maybe even better than you expected. Its all part of our goal to execute your trade in one second. Im derrick chan of fidelity investments. Our onesecond trade execution is one more innovative reason serious investors are choosing fidelity. Call or click to open your fidelity account today. I nethats my geico Digital Insurance id card gots all my pertinents on it and such. Works for me. Turn to the camera. Ah, actually i think my eyes might ha. Next Digital Insurance id cards. Just a tap away on the geico app. Could save you fifteen percent or more on car insurance. Everybody knows that. Well, did you know that when a tree falls in the forest and no ones around, it does make a sound . Ohhh. Ugh. Geico. Little help here. [ car alarm chirps ] [ male announcer ] we dont just certify our preowned vehicles. We inspect, analyze, and recondition each one, until its nothing short of a genuine certified preowned mercedesbenz for the next new owner. [ car alarm chirps ] hurry in to your authorized mercedesbenz dealer for 1. 99 financing during our certified preowned sales event through february 28th. Preowned sales event hi, are we still on for tomorrow . Tomorrow. Quick look at the weather. Nice day, beautiful tomorrow. Tomorrow is full of promise. We can come back tomorrrow. And we promise to keep it that way. Driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. What a day. Cant wait til tomorrow. Time for our series, the power pitch, where startups get 60 seconds and 60 seconds only to make their pitch. Our panel of experts decides if they have what it takes to become the next big thing. Hi, everybody. Im mandy drury. On todays power pitch, we have a startup that has reinvented the wheel, literally. Hes the founder of super pedestrian and professor at m. I. T. The associate director of m. I. T. s sensible city lab and holds multiple patents. Lets take a look at his power pitch. Im founder of super pedestrian and coinventor of the copenhagen wheel. The copenhagen wheel is a back wheel you can throw on almost any bicycle and it turns it into a smart hybrid electric. Captures your energy when you brake or go downhill, and it gives you an automatic push when you need it. Its a breeze to install. You turn two nuts, download an app and your bike is souped up. Inside the red hub theres a motor which is also a generator, a set of batteries, about a dozen sensors and a control system that crunches up data and tells the motor how to give you a boost automatically as you pedal. There are more than 25 million electric bicycles sold around the world each year. Tens of millions of individuals are looking for an alternative to driving their cars on a daily basis. Copenhagen wheel allows it to do that in a fun way, its easy to use, looks great and is far more affordable than anything thats out there today. Hes on the right side of the screen. You can see him, he can hear us but cant react just yet. So on the panel today, we have senior fellow at the Case Foundation which focuses on people and ideas that change the world. She was the former Deputy Assistant to the president of the First White House office of social innovation and civic participation. Jessica jackley is an investor and advisor at the Collaborative Fund which has investments in startups such as lift, reddit. She was an entrepreneur herself, cofounding a nonprofit that helps provide loans to people without access to traditional banking. Its really great to have you both on the show. Lets have a look at this. Jessica, what did you think . I am definitely a fan of technologies that can allow us to revitalize or renew something we already own. Instead of a push to buy a whole new bicycle, the idea that you could anybody could really change what they already have and make their existing bicycle something new and different and more useful, really, really exciting. What about you . How many products can we sell and can you bring the price point down, is this really just for kind of high end users or is this for like a Broader Market . Im a little worried theres already a product out there called fly cly. That could be a major competitor. It looks almost identical. I would like to know how they will differentiate themselves from that particular product. Lets bring assaf in and put him in the hot seat. Time for the questions. Come have a sitdown next to me. The first question . How large is your market and how many have you sold so far . So far, we have sold over 1300 units in just a few weeks. We are preselling them, delivering them within months of date of purchase, and the plan is to sell them in the tens of thousands at least and upwards from there. Jessica . So how competitive, how much of a threat really are other companies to you . It does look quite similar from the outside, its a new product. A lot i expect will come out. What i can tell you is this is not a trivial problem to solve. Do you see the price point coming down or do you kind of see it around 700 . Its significantly cheaper than anything thats remotely comparable right now. Do i expect the price to go down, yes. With units with multiple units sold, the price will go down. What are your margins . At the moment, they are rather limited. Limited as in what, what range of percentage . 30 . 30 . Okay. Jessica, another question to you . Whats your plan for outreach . First of all, the workshop where we build the wheel or design it is open so people just knock on the door, they come in, they do demos. We made a video about the product and it went viral. We hope that once its out there, people will try their friends wheels and want one. Do you see yourself licensing this to somebody to build it, or do you just see making this in house at m. I. T. Or wherever you are . Definitely making it inhouse. It requires quite a bit quite an approach to design, to the development of the control system inside. I think we are the best equipped to make it happen. Lets see whether were in or out. I think the price point is a little too high. Especially as the city market shares are growing to really think about how to do that, but i think the potentials huge, especially given how many large cities are coming up around the world. Certainly hope they figure out a Licensing Agreement or something that could actually make this work. So im in. I think theres potential here. This seems like a team of innovators, really thoughtful, creative, intelligent people who are going to figure out how to bring the price point down and continue to design their way to an increasingly better product. I think its great now and it will only get better in the future. Im in. We have two in. As for me, i would like to see how things shake out a little bit with their competitor before i will commit. At this stage i will bide my time. I will say im out but would like to be in hopefully in the future. What is your reaction . Two out of three, i will go for that. I think in terms of competitor, we are constantly developing and we have a very strong product already at the moment. We already know the next two releases. Im concerned but very much on the ball. I think we feel pretty much pretty safe there. Thanks so much, assaf, and to our panelists. That is todays power pitch. How about you . You in or out on super pedestrian . Sue . We are down triple digits on the dow, down 137 points, but it was worse. Lets get the trading action from bob pisani. The volume strikes me as light. Still waiting for the fed. Could have a lot of action at the open, a lot about the turkish lira, raising rates in turkey. That initially calmed things down but not in the long run. That chart shows when that is moving up, the turkish lira is weakening. Thats not what you want. You can see we have been reversing that in the last couple hours. That stabilized the market a little. Still not far from the lows of the day. We are underperforming, the dow underperforming the rest of the market because weakness in at t and boeing, little disappointment there just off the lows. Curious if you look at the sectors, Consumer Staples and consumer discretionary, the consumer stocks much weaker than the overall market. Materials, which is most closely associated with emerging markets, all doing a little better, had some good earnings news in some of the Material Group today. Theres the vix index, a spot index at 17, thats a multimonth high up 10 . Notice thats higher than the contracts out in the near future. So a lot of short term stress in the market but not so much when you go out a little bit more than a month. Thats very interesting right now. Little bit of an inversion there. Appreciate it. Bob. Uptown to the nasdaq and Sheila Dharmarajan, who follows the big movers for us. Nasdaq hitting a six week low, investors now looking ahead to earnings after the bell. Take a look at qualcomm, trading lower. Remember apple is one of its biggest customers. Lot of people waiting to see how that plays out. Facebook after the bell again trading lower. Also bringing down some of the other social and internet names as well. Its all about the earnings and take a look at one of the earnings. Nxp one of the winners, hitting a 52week high on its earnings. Sue . Sheila, thank you very much. Investors looking for safety. Gold has been moving higher. Right now we are almost at close. Sharon epperson is tracking the action at the nymex. We are above the 1260 level here for gold prices, above 1260 an ounce, and we have gained about 12 here in gold price. Gold was up as much as 20 earlier this session. Traders say they are waiting for the fed decision and for many of the last several meetings, we have seen gold prices sell off after the fed meeting. Well see if that happens again today. Were continuing to watch, of course, the emerging market situation and the fact that investors are looking for a hedge against that volatility is part of the reason why we have seen gold prices climb some 5 this year. Back to you. Ahead of the fed meeting and the minutes and the decision, Rick Santelli is tracking the action at the cme for us. Interesting day. You have twos to tens flattening, five to 30s steepening, a variety of wiggles. The intraday ten, down four basis points. We made high yields going back to the summer of 2011. At the last trading day of the year, we are down 32 basis points. Last time we were down here around 270 was the 26th of november. When it comes to foreign exchange, nothing different. We made all the extremes right at the end of last year on dollar yen which is floating with 102, we were well over 105. If you look at the euro yen, it was at 145 and change. Now under 140. So the kerry trade getting rocked. Back to you. Rick, thank you very much. Emerging markets shaking u. S. Investors. We have been talking about it all week. We are also less than 30 minutes away, 24 38, to be precise, from the feds latest decision on Interest Rates. How are positions changing in light of this . And looking for safety in all the volatility . We will tell you about one redhot sector that seems to be immune. We asked people a question, how much money do you think youll need when you retire . Then we gave each person a ribbon to show how many years that amount might last. I was trying to, like, pull it a little further. [ woman ] got me to 70 years old. Im going to have to rethink this thing. Its hard to imagine how much well need for a retirement that could last 30 years or more. So maybe we need to approach things differently, if we want to be ready for a longer retirement. [ bell ringing, applause ] five tech stocks with more than a 10 . Change in aftermarket trading. All the tech stocks with a market cap. Of at least 50 billion. Are up on the day. 12 lowvolume stocks. Breaking into 52week highs. Six upcoming earnings plays. That recently gapped up. [ male announcer ] now the world is your trading floor. Get realtime market scanning wherever you are with the mobile trader app. From td ameritrade. Afghanistan, in 2009. Orbiting the moon in 1971. [ male announcer ] once its earned, usaa Auto Insurance is often handed down from generation to generation. Because it offers a superior level of protection. And because usaas commitment to serve current and former military members and their families is without equal. Begin your legacy. Get an Auto Insurance quote. Usaa. We know what it means to serve. We are approaching the feds decision and Kenny Polcari joins us, as does cnbc contributor abigail doolittle, founder of peak theories. You just said Something Interesting during the break, that the charts in your work do not support further tapering by the fed. Yeah. The charts right now are suggesting asset class confusion and conflict. On the one hand, gold and bonds look ready to rally. I think we will see the ten year move down to 2. 5 and i think we could see gold rally up significantly. On the other hand, stocks look like theyre about to sell off. I think we are really seeing a repricing of risk this year which suggests further volatility ahead. How it actually plays into fed policy, i guess we will see. I think investors want to strap on their seat belts here. You finally got the pullback you have been kind of an outlier on. We did get that pullback you were looking for. I think that its probably going to continue. Again, we are seeing a repricing of risk, seeing investors reevaluate where they were in 2013, coming back off the risk curve. We are seeing some of the repercussions, the volatility from the feds highly accommodative policy, the other central banks. As a result, we are seeing stocks sell off and gold and bonds rally. We probably see that continuing here. Youre not sure they will taper, either. I dont think they will. I think the market today is expecting they will hear that. I dont think they are going to. I think at 2 00 if they say that they will hold the status quo, i think you will see the market turn around very quickly and rally right back. I think this move today is just that anticipation, they are trying to price in that move ahead of the move. I think they will be surprised. What happens if they say they will taper given the backdrop of emerging markets . Then you see a little more of a down push. 1765 i think is the level you will find some support. I think a little bit, another ten points down, then i think it finds some real natural buy interest at that level. I dont know. I will be interested to see if support does hold there. I wouldnt be surprised to see the intraday and s p test at 1704 go below 1700 to 1685, somewhere in there. Over a period of a couple weeks, i would imagine, not today. Yes. Yes. Absolutely. Lets hope its not today. Unless youre short the market, then you are very happy. Thank you both very much. Appreciate it. Ty, up to you. One of the major averages have been struggling in 2014. The Biotech Sector continues on a redhot streak. Whats behind the bullishness there . What investors may need to be concerned about. [ male announcer ] legalzoom has helped start over 1 million businesses. If you have a business idea, we have a personalized legal solution thats right for you. With easy stepbystep guidance, were here to help you turn your dream into a reality. Start your Business Today with legalzoom. Were here to help you turn your dream into a reality. voseeker of the sublime. Ro. You can separate runway ridiculousness. From fashion that flies off the shelves. And you. Rent from national. Because only national lets you choose any car in the aisle. And go. And only national is ranked highest in car rental Customer Satisfaction by j. D. Power. natalie ooooh, i like your style. vo so do we, business pro. So do we. Go national. Go like a pro. Coming up on street signs first things first. We are starting five minutes early today because we are counting down to the fed decision and statement. All that is very important but its also Ben Bernankes last turn as fed chairman. We have also got our very special guest, bill gross. Lots and lots to talk about. Not just the fed but some moves at the top of the Worlds Largest bond fund manager. All those things and lots more, guys. Make sure you join us in ten minutes time from now. Back to you. Thank you very much, mandy. Lets talk about todays Yahoo Finance question of the day. President obama announcing a new type of Retirement Savings account that will include a government guarantee. This a good idea . 26 of you say yeah, great idea. 13 say let the free markets take the lead. 52 say the government should get shouldnt get involved, excuse me, and 10 say the government should focus on student loan debt. Sue . The dow, the nasdaq and s p 500 under pressure today and under pressure overall for most of 2014 but the biotech boom just seems to keep on going. Why all the optimism and more importantly perhaps, what should investors be cautious of . Sheila is back with us with some answers. The biotech boom just keeps on going and going and going. Today is a great example. Take a look at the index, up. 3 . There are three reasons why analysts tell me they continue to be bullish on biotechs in 2014. The first one, sales growth. Deutsche bank knows on average Biotech Growth rates are three to five times higher than other health care sectors. Investors love that kind of growth rate. Number two, the pipeline. Analysts tell me the pipeline is full and importantly, companies are getting really good at executing on the pipeline and bringing the drugs to market. Finally, you have the macro picture here. This is the aging baby boomers which is a great market for all these drugs. And also, the fda. This is interesting. The fda has streamlined its approval process and has actually approved the most drugs ever in 16 years. This is all the good stuff about the Biotech Sector and boom, but there is one big point of caution and that is valuation. In fact, goldman earlier in the year did downgrade the Biotech Sector because they were worried about lofty valuations and analysts in general are a little cautious of that, saying even though these big picture things about the Biotech Sector are good, you want to be careful when stock picking, you want to be selective. Choose companies that can really earn their valuations. Couple of picks here, goldman says amgen and regeneron and Deutsche Bank says biogen, which actually reported earnings and that stock is a big nasdaq winner. Sex sells pretty much anything, including watches, it turns out. Robert frank . Indeed. Turns out there is a secret world of wealthy collectors of erotic watches, watches filled with diamonds, gold and some very interesting movements. We will give you a peek after the break. [ tires screech ] [ car alarm chirps ] [ male announcer ] we dont just certify our preowned vehicles. We inspect, analyze, and recondition each one, until its nothing short of a genuine certified preowned mercedesbenz for the next new owner. [ car alarm chirps ] hurry in to your authorized mercedesbenz dealer for 1. 99 financing during our certified preowned sales event through february 28th. Watch the dow there, folks. Watch the dow, down 145 ahead of the fed. New episode of secret lives of the super rich at 9 00 p. M. Eastern on cnbc. Robert frank here with a sneak peek. Erotic watches. Peek is right. Tonight we will show you some obscene watches and were not talking price. Lets take a look. Viewer discretion here is advised. We are taking you inside the vip room at luxury jeweler jacob and company where big blink and outrageous watches with their big thing. This is not the biggest of the bunch but what it lacks in size it makes up in sex appeal. This we call the caligula. Im afraid. Anything named after the sexcrazed and violent Roman Emperor is a little bit scary. Erotica has been a very important part of watchmaking history from the first start of pocket watches. Are you thinking what im thinking . Pocket porn. 26 erotic watches hit the Auction Block in switzerland. The sexfilled timepieces fetched over 750 grand. Todays blinged out erotic watches could be worth millions. This is 1. 6 million. But the raunchy images inside, priceless. When it gets fun, you can pull out the crown and at the same time, you move this dial. Wow. I was joking before about movements but the caligula really has interesting movements. You can customize them so you can put the picture of your wife, girlfriend, anyone you want, inside the watches. They do make a less expensive version for 69,000. Erotic pocket watches. Im going to carry that thought away. Well be watching at 9 00 tonight. Pocket porn, pricey xrated watches. Seema mody with a market flash. We are trying to take a look at all the big losers today. Look at citigroup. Shares of citigroup are moving lower, now at session lows. The financials in general are underperforming, the index down about 1 . Citigroup is a mover to watch. Absolutely. Its broken down below its 50 Day Moving Average, is challenging its 200 Day Moving Average which is a signal for the market. The Dow Jones Industrial average now down 140 points on the trading session. The s p 500 is down 1250. The nasdaq down 31. The ten year note, the yield 2. 71 . Right now, we say goodbye to you and goodbye to ben bernanke. We do. Its his last meeting. Everybody will be watching that fed meeting. That does it for power lunch. Minutes away from breaking news on the fed after a quick break. With fidelitys guaranteed onesecond trade execution, we route your order to up to 75 Market Centers to look for the best possible price, maybe even better than you expected. Its all part of our goal to execute your trade in one second. Im derrick chan of fidelity investments. Our onesecond trade execution is one more innovative reason serious investors are choosing fidelity. Call or click to open your fidelity account today. Mine was earned in korea in 1953. Afghanistan, in 2009. Orbiting the moon in 1971. [ male announcer ] once its earned, usaa Auto Insurance is often handed down from generation to generation. Because it offers a superior level of protection. And because usaas commitment to serve current and former military members and their families is without equal. Begin your legacy. Get an Auto Insurance quote. Usaa. We know what it means to serve. It is fed day. We say goodbye to ben bernanke. We are your official Federal Reserve show. We are just about five minutes away from hearing if the fed will continue the slow down their economic stimulus, the socalled taper, and whether ben bernanke might leave us with a bit of a january surprise as part of his final fed meeting. We also look back at the huge impact bernanke has had in the past eight years. Mandy . Lets take a look at the markets ahead of that fed decision. We are firmly in the red and have been getting redder today, with both the dow and nasdaq touching sixweek lows today. The s p is now down 3. 5 this month. In fact, it is steering towards its worst monthly decline since may of 2012. We have an allstar panel lineup ready for you to go as always. Weve got mr. Federal reserve himself, steve liesman. We also have barry knapp from barclays, Jack Mcintyre and jack ablin. A lot to do here, guys. Indeed. Right after the decision, we will be speaking exclusively to bill gross. His instant reaction to the fed, plus his first comments since the news broke that his number two will be leaving pimco. This is a cannot miss interview. Before we do all that, it is time to look back cue the soft music, guys. Take a walk down memory lane with mr. Fed, steve liesman. First, unbelievable its been eight years with ben bernanke. Time flies when youre stimulating the economy. Thats a great way to put it. Ben bernanke absolutely changed central banking, unprecedented action in the face of the financial crisis and even before so. Want to show you the first thing he did which was back beginning in 2007, september 2007. Remember jim cramers famous they know nothing kind of thing. Thats what they did, a very, very Rapid Response to a rise in the unemployment rate. Whether or not it was rapid enough is something that will be questioned by history. You can see there they were at 5. 25 , went down to 2 within a very short period of time. Heres the rest of the legacy thats out there. Cutting back to zero between october 07 and january 09, 1. 6 trillion in qe between november 08 and march 09. November 10th announcing qe2, 600 billion. September 11th operation twist, all of this stuff unprecedented. Then if we can just go to the last full screen, what you will see is the legacy that he leaves. Leaves a legacy of a 4 trillion Balance Sheet and when it comes to the question of did he do good, which is the next thing you will ask me, i would imagine no, i was going to ask did he done good. However you might phrase it in your eloquent way, the issue on whether or not he did well is the question of how this 4 trillion of excess reserves ends up being wound down. Yesterday you gave him a b. A b because we dont know what the story is. I was really just telling you what our fed survey respondents say. I think b is probably a pretty good thing for an unknown how it ends up. As we heard last night from the president , the question of how ben bernanke did depends on who you are. If you are wealthy, if you own equities, hes been your best friend. The stock market has more than doubled off its lows t wealth gap has grown. If you own stocks, you have boomed. Not so sure for everybody else. Another way to measure it is how we did on the mandates. Not so good. Unemployment averaged 7. 3 over this period of time, inflation, 1. 5 with a target of 2 growth, just around 1. 3 . We could have done better on all three things. Considering it is his last meeting today, do you think theres the likelihood he will want to go out on a very boring and safe note, that he wouldnt want to give the markets any shock or surprise . I think with janet yellen coming in, who is a key member of the team, there is not a lot of difference right now. I think its all one continuous regime, if you would, of monetary policy. I think bernanke and the fomc today will do what needs to be done relative to the economy. You dont think he will pull a Turkish Central Bank hell with it, im raising rates 4 . And blame the Interest Rate lobby. Blame somebody. I dont think so. All right. We have our panel here. We have about 40 seconds, we expect, until the decision. Usually its 2 00. Here are three things to look for in the decision. A, another possibility of a 10 billion taper. We are now at 75 billion a month. Clarification on a 6. 5 jobless rate goal. Remember, thats one of their edicts. 6. 5 unemployment. We may not get there with the change in the labor force and any change to economic guidance. Those are the three big things we will look at. We have jack, jack and barry, we have steve here, we got mandy, we got bill gross coming up. Theres a lot to do. Right now the dow is down 125 points which is about. 8 . S p down as well. Theres your market setup. Lets get a decision right now. Beginning in february, the federal open Market Committee will reduce the purchases of treasuries and Mortgage Backed securities by a total of 10 billion. The new monthly asset purchase total will be 65 billion, commenting, the fomc saying the committee is sizeable and still increasing holdings of longer term securities should maintain downward pressure on longer term Interest Rates, support Mortgage Rates and help to make broader financial conditions more accommodative. Turning to the economy, the open Market Committee says since it last met in december, there are