A springtime special power lunch begins right now. And welcome to power lunch. Sorry. Brian mentioned stocks hit record highs midday. We saw the nasdaq turn lower. Amazon, microsoft and google. The intradays are even more dramatic and a lot of volume at last check trading at the 125 of its average daily volume. Extraordinary volume for a friday afternoon. And as stocks rally the vix hitting a 24year low. Financials big movers. Among the leaders in the group bank of america, Morgan Stanley and regents financial. With us on set you saw his finger, lets show the whole person, the one and only guy adami. Josh brown was walking off set. He yelled my name, i looked over at him, im sorry. Lets first talk about the tech selloff. Start to roll over at 12 20. You pull up any intraday chart including it tesla, nvidia, amazon, apple, all of them rolled over. Nvidia sticks out to me. Its been on everybodys radar screen. At 1 00 it traded is 50 million shares. After making an alltime high the reversal is significant. So if youre looking for an opportunity to maybe get a pullback, this is the beginning of something, the reasonable levels of the 120s. Whats your fake on the overall it tech roll over . My take is this. The vix is telling you everything you need to know, again, below 10. Market said these tech names have been on fire. Xlf against 23 bucks. Now trading to 24. The riskreward sets up. Should we find solace that the tech stocks arent doing well but the market is holding up. Yes is the short answer. Im going to go back to the vix and say if there was concern i think you should see the vix north of 11 not 960 or wherever it is now. Mr. Pinterest, welcome. Lets kick things off with three stories driving conversation. The latest are from washington. More from canada where Steven Mnuchin will meet with his counterpart and the latest from london and the uk election has left the Prime Minister and her party badly bruised. Our reporters have it all covered. A full trio. John harwood in washington, ylan mui and wilfred frost. Reporter we just had the president have a highprofile event on what he hoped would be infrastructure week. It was a speech repeating had his position that we need to have an upgrade of roads, bridges, airports. What everyone is paying attention to is the controversy involving the Russian Investigation and james comeys testimony yesterday. The president tweeted this morning he thought the hearing yesterday and the Intelligence Committee was total and complete vindication of his position, and he said it identified james comey as a leaker. Now the president is going to speak in his own words at a News Conference in the next hour or so in the rose garden with the romanian president having a working visit with the romanian president who is, of course, the leader of a nato ally. The only thing anyone will be interested in is what he has to say about james comey, hes a liar who fired him to influence the russia investigation. High drama in the rose garden this afternoon. John harwood, thank you. Now live in ottawa, canada for the meeting with his counterpart. Ylan . Reporter here in ottawa on his home turf taxes and trade. Canada is speaking to clarify mnuchin position on the border adjustment tax. The two economies are deeply int intertwined. Mnuchin is meeting with ge, gm, ford, google and are there to hammer home the message that goods need to be able to travel across the border. Some uncomfortable items will come up, Climate Change and defense. Canada announced it would be increasing its spending on military by 70 over the next decade. The Canadian Foreign minister said as the u. S. Steps back from the world stage canada needs to, quote, step up and chart its own clear and solvent course. Officials tell me they are developing a partnerships. That relationship will be crucially important as they head into the g20 next month, guys, and look forward to renegotiating nafta in the fall. Back to you. Ylan, thank you very much. Now to the developing news overseas as the uks labor party is calling on british Prime Minister teresa may to resign. All following an election in which wilfred frost is here joining us. Was this a situation where may may have actually lost despite technically winning . Reporter well, Jeremy Corbin called on her to resign early this morning but that call falls on deaf ears because she has won the most seats and, therefore, has been able to return to 10 downing street as Prime Minister albeit without an outright majority. So her position now relies, in fact, on the support of her own mps. With that in mind she has apologized to her party. I wanted to achieve a larger majority but that was not the result we secured, and im sorry for all those candidates and hardworking Party Workers who werent successful but, also, particularly sorry for those colleagues who were mps and mince it terse who contributed so much to our country and who lost their seats and didnt deserve to lose their seats. And as i reflect on the results, i will reflect on what we need to do in the future to take the party forward. Reporter she has also in last few moments confirmed no major changes to her cabinet. The chancellor yet again phillip hammo hammond, home secretary is, again, amber rudd. Others confirmed in their positions. This is another sign of her very weak position now at 10 downing street. She would have been liked to have reworked a shuffle. Brexit discussions will go ahead in ten days time. Teresa may will be the one to stop them. Highly uncertain whether shell be the person to end them. Wilfred frost in it london. Well see you again. The broad market not being shaken by anything whether it is the uk election wilfred talked about or the drama in d. C. The dow is up 90 points right now and set to end another week even higher. Joining us the equity for the folio manager of J P Morgan Bank and Portfolio Manager with russell investments. Doug, ill begin with you because russell, the name is on the russell 2000, the small cap index, which had been lagging for most of the year. It looks like it got life in itself so far this week. Why, though, is nothing seeming to rattle this stock . It doesnt matter the headline. Melissa and guy are up here every day going, stocks are up. Its the right question, brian. It certainly seems like a teflon market at least. That said it is ubiquitous or universal theres no risk. We see while yields are up today theyre not at levels that would be reflective of the same optimism seen in risk asset markets. Its probably the highest geared, if you will. This is the case i would say we would recommend taking some of this as an opportunity to take some of the upside opportunity off the table to potentially protect a pullback. Its a case where we dont have full resolution. Sell stocks broadly . I think youre going to see some of your overweights off the table. Theres still a lot to happen. Yes, teresa may has had this fall but its good to be the north ireland Democratic Union party. A kingmaker role but its still to see the ef kaes she will have in leading government and i think theres going to be lingering soft boil in the United States about what still is trying to advance the trump agenda amid circling concerns tied to what weve heard this week. Jack, whats your interpretation of what youre seeing in the markets in terms of the roll over we saw midday and particularly in large cap it technology and the bid higher to financials. Is this a rotation in this market . I think what weve seen is a market which has continued the cycle between stocks, if you will, almost a return of several years ago the risk on risk off, with the risk on today being the ten year. You see some people going back and saying maybe this is a beginning of some signs of embracing companies that are more economically sensitive. Names that have had great runs year to date and are less exposed to the improvement in the economy. Jack, a quick question. The vix below 10. Currency volatility is outpacing equity. Does that mean anything and is it concerning to you . I will look at the equity where youre seeing parts of the market canceling each other out. Offsetting some of the surge that weve seen within the Technology Stocks. When you look at currencies, weve thought about them as fixed income returns and equity volatility, maybe thats a sign of some uncertainty in the world but youre certainly seeing reasons for that volatility whether thats policy shifts in the ecb, the prospect for policy shifts coming out of england, perhaps less hard brexit with a less stable government, certainly in terms of teresa may not being able to improve the quality of her hand having lost some seats and having to go into a coalition government. And we look at the u. S. The data is good. Its not as good as people are expecting if you look at the economic surprises but still the u. S. Is a growing place. All right, jack and doug, well leave it there. Thank you. Have a good weekend. All right, now your weekly recount numbers with jackie deangelis. Jackie, americans cannot stop putting oil rigs in the ground. Theyre addicted to oil. 21 weeks of additions for the week ended june 9th, today. We added eight more oil rigs. Were now up to 741. Thats up 413 from a year ago. Now you can see oil prices are a little higher closer to 46 but, remember, we have that 5 slide this week getting very close to 45. Bearish over the long run. Producers trying to take advantage of what the opec folks are giving back. Back over to you. And, jackie, i dont want our viewers to be surprised because i know you talked about it. I talked about it. Two years ago all these ducs, wells that were sitting around. I heard you warn about it. I said it. Now these are all coming online. Its exactly what people warned us about two years ago. They can bring them online quickly. Theyre looking at this now as an opportunity, brian. They dont want to sit back on their heels. The tricky part is if we go up too fast there could be more price destruction ahead and that could be bad for the shale players as well. So theyre in control and theres a very fine line to walk. All right, jackie, thank you. Jackie deangelis. Still ahead its we deliver friday. Over the past few days we have been asking you to accepted us your orders, the stock you like us to debate, buy, sell, or hold. Well deliver answers but, first, why the wall youre looking at could be adding more names in the month to come. Brace for more defaults next. Yet another troubling sign in retail, hudsons bay, which owns sachs fifth avenue, lord n taylor is cutting about 2,000 jobs as part of a restructuring effort. The operator run out of the United States also reporting a steeper than expected drop in sales for the quarter. Melissa . Moodys release as new report saying it expects the number of distressed retailers to keep growing with more defaults likely in the months to come. Now 22 retail eers distressed. The lead retail analyst, charlie, good to see you. It does look like a lot of debt in 2018. Thats just around the corner. Theres about a billion that we published which are the b2 b3 ratings, a couple notches above distress for us. You overlay those and you have a tough situation out there for retail in general. Brian talks about this all the time. Everyone says amazon is killing all these brick and mortar retailers. Its not nearly as big a percentage as the market would lead to you believe. What is the real problem macys, nordstroms, sears . The real problem is that retail is over stored now. Its not a liability, its an asset. The problem for retailers today is getting it to be flexible enough to use in your Online Business and some have done a nice job. I would call out nordstroms in a good way. Yes,a pos it tiff way. Sweat iing the asset and use the assets for both channels and thats where retailers have to go. And if you cant do that and we discussed it. 92 are still done off line. That does include gasoline sales. Financial flexibility. Proi vat he cequity and then ths everybody else, can you split it down the middle . You can certainly split it and i think when youre looking at the retailers that did leverage up and these would be the private equity owned companies, they may not have the flexibility to do what they need to do. You have to invest in your Online Business. You have to compete against everybody and think about it this way. Amazon and walmart right now are in the middle of a bat thtle fo retail, period. Theres a lot of Collateral Damage out there. If you get in a price war with walmart, you cant win. If youre the fourth or fifth derivative, even the person the retailer above you can hurt you. And thats what were seeing. So usually in most markets we see credit lead the equities. Weve seen just the equities trade abysmally. So whats your sense of where we are now in terms of whether or not the credit is reflecting the danger some retailers could be in. Were at the highest level the highest number of cwca. Thats one telling factor. Its usually around 40 names and goes in and out. Youre going through Credit Ratings and, by the way, just like in school a c is worse than a b. A cwa is a really distressed company. When you look at the credit rating, the debt load, maybe the debt to equity, which ones would you say, you know what, in 2018 when all that debt is due, these guys are going to have trouble . You could literally look at that list and point a finger and probably be fairly youll have a pretty good chance of hitting someone who will have a problem over the next two years. What are some of the names . Claires is on the list, sears, niemanns is on the list. Im not calling them out spes f specifically as potentially point your finger, but these are big names on the list. J crew is on the list. We have some bellwether retailers that have dropped for a variety of reasons. Charlie, thank you. Cs are worse than bs . Seriously, thats my whole college career. Reevaluate that. Its the craziest thing. Thank you, brian. Ruin my friday. Youre welcome. Cnbc and survey monkey have teamed up. The results may surprise you. Well have them for you next. Hey, the future, whats her problem . Apparently, i kept her up all night. She said the future freaks her out. How come no one likes me, jim . Intel does just think of everything intels doing right now with artificial intelligence. And pretty soon ai is going to help executives like her see trends to stay ahead of her competition. No more sleepless nights. Were going to be friends im sorry about this. Dont be embarrassed of me, jim. Im getting excited about this we know the future. Were going to be friends because were building it. Wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong insurance company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. I put everything into my business. And i had all these points from my chase ink card. So i bought ingredients, utensils, even made custom donut cutters. Wow all with points. Thats how i created the ripple the doughnut in a doughnut in a doughnut. Suddenly its everywhere. I mean, it really took off. What will you create with your points . Learn more about the ink business preferred card. All right, welcome back. Cnbc and survey monkey have teamed up for a new Small Business survey. Lets see how theyre feeling and doing with our Small Business expert kate rogers. Reporter this is our first cnbc survey monkey survey. They are confident. Our Confidence Index scaled from zero to 100 has a value of 60. Anything more than 50 indicates owners are feeling more pessimistic than or optimistic than pessimistic about the direction their business will head in over the next 12 months. One quarter says taxes are most critical, double the amount of regulation, customer demand or cost of Employee Health care. Those are all tied at 14 . Also respondents largely approve of the job President Trump is doing so far. National Approval Rating was just 38 in the latest gallop poll. His Approval Rating is at 58 and owners said they believe politics will actually have a positive impact on their business in the year to come. Republicans had a higher confidence reading than democratic Small Business owners, 70 versus 47 and more identified themselves as republicans and democrats at 38 to 23 . The data it for our survey was collected in april amongst some 2,000 Small Business owners. We cast a very wide net. Theyre feeling good. Kate rogers, thank you. Next up, buy, sell or hold. Were serving up stock advice on the stocks you have chosen. We deliver friday next. Flexshares etfs are built around the Way Investors think. With objectives like building capital for the future, managing Portfolio Risk and liquidity and generating income. Thats real etf innovation. Flexshares. Built by investors, for investors. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. Im sue her era. Here is your cnbc news update this hour. Bill cosby said he apologized to the family of the woman he is accused of drugging and assaulting only because her mother thought he was a, quote, dirty old man, end quote. Thats according to testimony that cosby gave over a decade ago. Police outside the greek parliament, an upcoming vote on new austerity measures. South koreas top security analyst and adviser to the president seoul will not change on the deployment of the t. N t a thaad system. And britains labor leader Jeremy Corbyn celebrating his strong showing in thursdays uk elections. A huge win after hugging her you see he was trying to give her a high five. No, missed. Ended up hitting her in the chest. Best of intentions. Awkward. Hes a socialist. You share everything. Yes, indeed. Whats hers is his and his is hers. I dont know. Its a stale of two stock markets. The and the das knack down. A gap between the dow and the nasdaq that weve seen in a long time. Chevron, Goldman Sachs are leading the dow. The vix, the fear gauge continues to slide. Itll be negative at some point soon here, guys. What is not working, advanced ougautoparts, bed bath and beyo. Oreilly ought moautomotive and transocean offshore at new 52 week lows. Power lunch is in the delivery business. Weve been asking you to send us your order, the stock youd like to us debate. Buy, sell or hold. The day has arrived and here to deliver our delivery man, Portfolio Manager at washington crossing. Before we get to all of these stock picks, we want to ask chad your opinion of technology. We asked you earlier, guy. Todays session were on track for the second worst day of 2017 in technology. The mega cap high momentum stocks way overvalued. Yes, they ran because of Earnings Growth and Revenue Growth for google or amazon. Theyre way over extended in nose bleed territory. You have to be careful. You look at apple. Apple is down almost 3 . We were just up at the desk before. Is that a name you think is overvalued . Does that fall into the category of overvalued is a name with too much moment snum. From a p e perspective, no, thats not the case. Revenue growth is not there and the reality is better value with more consistent top line growth to go into. I think a switch, a sector rotation. Before we get to the picks, one more question on that. Weve talked with about it. Weve talked about it in fast money. Ive written about it. Do we need to worry that if these tech stocks roll over more, because they led us up, will they bring us down or can the market do well even if the big cap techs do not participate . I think what will happen is the leadership will shift to more safety stocks like consumer staples, some Consumer Discretionary. You can look at it that way. You can see that rotation happen. Depending upon the yield curve. The market overall is somewhat topee. 5 equity. Thats really overvalued. We deliver friday. Asking about starbucks. Guy, well kick it off with you. Its a great game, would you rather. Im telling you now this stock will make an alltime high by the spring. You remember. Made an alltime high june 5th. What do i say about the stock here . Sell. Why do i say it . It failed october 2015 and has not traded well since. A 75 price target on it. Buy rating. 26 times forward earnings. Its not cheap. We own the stock, bought it nine months earlier around 53 or 54. We would be buyers. Our viewpoint is three years out. Can it go down 5 , 6 . Consistent dividend growth, healthy Balance Sheet. Your forecast return on this thing is in excess of 10 . You disagree on starbucks, the next stop, gavin, thank you for writing in. Asked about amgen. You like amgen, how come . Because Revenue Growth roughly about 5 . They have a tremendous franchise. The valuation truly makes sense. Pe multiple around 14 or 15 times the way we look at it. We think the stock can go to 200. In excess of 20 . Its a nobrainer. There are no nobrainers to me. One of the best Balance Sheets not only in the industry but in Corporate America right now. They have seven multibilliondollar drugs on top of many other drugs in their pipeline. They had a disappointment last quarter. This from brian and richard asking about costco. A company we own. I think this is walled off on the amazon issues. The valuation is somewhat topee in the short run. In the lock run we think it will be a 2x market performer. Healthy Balance Sheet. Same store sales quite robust. We continue to believe over the next three to five years Revenue Growth will be as consistent. Why are they walled off . Im a prime member. I pay my membership fee and i buy bulk items via amazon and then i dont have to schlep them around. They get delivered to my door. Its fun. I joined. Im not trying to support the company. Its a fun place to go. They have random stuff. Pete najarian, for example, you know pete very well fruity pebbles lets caveat this. You can buy shampoo there. Its true. What about the stock . 27, 28 times forward earnings is expensive. Look at their may comps. Unbelievable up 4. 1 , what the street was looking for and 90 membership renewal. What does that mean . You could jack up the prices. Doesnt the matter. People will continue to buy those. It means the stock continues to go higher. You can buy like a 55inch flat panel for 900 bucks. I was surprised what they sell. I would never have said that if pete were here. He would body slam me. He would not. Off the radar lane, a company, if you dont know, if you get an uber and contact your driver you get a fake phone number that you go back and forth with on your driver. Thats not their actual number. Twilio is the company that runs a lot of that although uber did spread business. That is a name you like. Jeff lawson, the ceo bought thousands of shares. Jeff lawson put his money where his mouth is. 32 . I get the uber thing but its not all about uber. The death knell was forbes a couple years ago when they named it the sexiest stock in the world. The stock went from 65 to 25. But i think its interesting here. This thing is overvalued. Its way ahead of itself. A couple billion dollar market cap. It doesnt look as though the Revenue Growth will fill in as much. I would hold off and then you can pick up this company at a lower valuation. I like that you disagree so often. You are keeping it so polite. He doesnt know me yet. When am i mean to anybody . Youre a jerk, what are you t k talking about . Get out of here. Thats not nice. No. Thats not what i do. Tone it down. Pete just went negative. The nasdaq is down by 1. 3 . This is one were closely watching. Speaking of the nasdaq, gilead, we have a lot of questions on this one because its got a lot of cash on the Balance Sheet. People are wait iing for it to a deal and yet it has not been a buy or a good buy for quite some time. Ill say hold and im reticent because its a copout f. Youre holding youre saying youre a buyer. What am i saying . Valuations have been the reason to buy the stock. Its been the wrong reason but their Balance Sheet is unbelievable. Theyll be force d to make some deal, hopefully the right deal. And you have to believe at some point a name like this youll see an activist come in so the risk reward understanding it has been grim death now for a year and a half to the upside. Im surprised an activist has not gone sniffing around. The valuation makes sense. I like the stock. I also like the debt. We own that. We would be buyers there. Theyve been successful at redeveloping themselves and this sock is going to go. Final stock this round, because well do this again in the 2 00 hour. One more in this round which is kroeger. I hear your point about a hold. This is a hold for you. Do you agree you dont hate it, its just youre fine with the amount you own. I dont hate it. Im looking for trends to improve within kroeger before i would become a buyer of kroeger. What would it take to be a seller . That would be a definitive sell at that point. We just think theres a price war happening in that sector. The valuation is clep. Cheap. Trader hat. I will put that it on. I wear many hats. Its true. Dont look so disgusted. Its friday. Have some fun. Why do you buy the stock . Through 28. 50 dollars, that was the same low we made back in the middle of 2015. You have a chance of a Double Bottom and i get valuation, margins going the wrong way but risk reward makes me a buyer. Round two next hour. The power pitch is also back and today a new app that uses the simple idea of if this then that to invest. The app makers will get their feedback ahead. First the bond market. Rates are up a little bit. The volatility kicking up. Look at the twoday chart. Were digesting what was yesterdays zone. If you open up month to date so fascinating, a new low yield on the year and the market is fighting. Remember, we have a fed meeting next week. The fed expected to raise rates. The next chart also a month to date chart but the dollar index, theyre linked together and both seem to be getting a little lift, both rates and the dollar. Will it continue . A lot will depend on the fed. But stay tuned to power lunch as brian said power pitch coming up. I cant wait for her to have that College Experience that i had. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise deartheres no other way to say this. Its over. Ive found a permanent escape from monotony. Together, we are perfectly balanced. Our senses awake. Our hearts racing as one. I know this is sudden, but they say. If you love something set it free. See you around, giulia i did active duty 11 years. My in july of 98. And two in the reserves. Our 18 year old was in an accident. When i call usaa it was that voice asking me, is your daughter ok . Thats where i felt relief. It actually helped to know that somebody else cared and wanted make sure that i was okay. That was really great. Were the rivera family, and we will be with usaa for life. Usaa. We know what it means to serve. Call today to talk about your insurance needs. Markets were watching closely because weve seen a roll over and have seen that take down the s p 500. Were now in negative territory. Were down by just about a point. The nasdaq, though, down by 1. 25 . Shares of apple. We highlighted this at the beginning of the last segment and since then now down 3. 5 , the kind of roll over that were seeing across big Cap Technology. Take a look at the qs, focuses on the largest cap names in technology and were seeing extraordinary volume for the qs. Its trading 174 of its average daily volume so far in this session. Very he heavy volume. It looks like a rotation. Some of the biotech names are doing well today. You have amgen, not a biotech, theyre all doing very well. I wonder, guy, if theres a rotation starting between going from tech to biotech. Biotech has had outflows. Add oil in there as well. I think listen, its hung in there extraordinarily well. Ibb to me goes north of 3. 25. Energy is trading okay. Not bad, right . And financials. So i get concerned today if you see it tlt go positive or the vix for whatever reason close above 10 and a ha1 2. Im not suggesting either one of those happens but that could give me concern. The big bond etf, guy, thank you. Time for the return of our startup series called power pitch where entrepreneurs get just one minute, 60 seconds, im told, to pitch their startups and experts weigh in. Hi, my name is rachel and im the cofounder and ceo of trigger finance. Trigger delivers the financial activity through simple statements called triggers. A trigger monitors any type of Financial Data and delivers the results in real time. For example, if the fed raises Interest Rates then sell spy. We launched our mobile app for Retail Investors in june and in just over six weeks we have over 60 million of wealth linked to the platform and are triggering on nearly 10,000 unique market events. Trigger is more than an app. Its a platform where businesses and App Developers can build upon and license to bring triggers to their users so they can increase User Engagement and retention. We are a team of former traders and engineers are from google and jpmorgan, and were uniquely positioned to bring triggers to your every day investor. Welcome. Im melissa lee. You just saw rich s pitch. Now lets meet the panel. Joining us is kelly and from the bay area venture capitalist david wu. Youre in the hot seat. Lets kick it off here. On the user front, are you targeting more of the active day trader or the every day investor . Its really more a seasoned, sophisticated investor. Not maybe a day trader but a developer, someone who is more affluent that really enjoys and understands markets. Kelly . My first question, where are you getting your revenue from . We actually licensed our Core Technology to App Developers and businesses in the form of a trigger platform so the business pays us for every trigger they create for their users. David . I hear there are plans to create a premium level of service. When do you plan on launching that and whats the pricing around that going to look like . So right now the app is free for the foreseeable future for the Retail Investors. We charge per trigger anywhere between 10 cents and 50 cents in a tiered model. However, there is a longer term strategy for the app where we can open new accounts for individuals that dont have a brokerage account and we can get paid and compensated from the broker dealer anywhere between 250 to 500 for every account thats funded. Have you found the triggers actually work . They work in the sense they fire immediately whenever the trigger actually happens. We dont track performance of the triggers. However, the users themselves, theyre using it to make better Investment Decisions and to remove the emotion from the investing process. Alicia . Why havent existing brokerages offered these services . We built an amazing mobile experience in a short amount of time, so our solution as a white label solution is a much better buy scenario than for them to build it out themselves and take resources and energy to put into it. Whats your strategy for finding your ideal consumer . 100 of our growth in user space has been organic and has been word of mouth referrals. We are partnering with large Financial Institutions like n s nasdaq and ameritrade as well as showcasing our technology at large financial conferences. Okay. We heard what rachel had to say and now we want to know if the panel is in or out. What do you have to say . Im impressed with the milestones to date and really like the idea of defensemmocrat the space. Im in. Kelly . Taking the emotion out, youre also creating an equation for how to make the great buys. I think thats interesting over the longterm so for that im in. I think you have the right dna on the team and i think youre a super credible founder with your math background and five years of wall street experience so im going in as well. Three out of three, rachel whats your reaction . Im thrilled. Thank you very much for your feekd and for those whos watching please downdood trigger. The trigger finance app notify users when President Trump tweets about a stock that you own. So america the world are you in or out on trigger finance . Tweet us your thoughts using the hash tag power pitch or cnbc power pitch. Can i make a what was wrong with your hair . Was it something wrong with your hair. Let america decide im just saying. All right jackie has the news alert. Delivering a statement on guitar moments ago in washington, tillerson calling on saud ra yab ra behind the uae and egypt to ease the blockade against guitar take a listen. The blockade is impairing other in the region. Its had a the blockade is hindering u. S. Military actions in the region and the campaign against isis. We support the amer. Queue waits, efforts to bring about a peaceful resolution to this agreement. Tillerson also said the spirit of the summit in the middle east a few weeks ago will be upheld. Jackie thank you. Ahead could the u. S. Soon have 51 states . Leslie pickers live in puerto rico with that story. Weve been speaking with residence, investors, government officials ahead of sundays vote. Well tell you about it when power luch is back in two. We created the ripple the doughnut in a doughnut in a doughnut. Right away, it was a success. I mean, it really took off. What people dont know is that it all started with points from my chase ink card. I bought the ingredients, utensils, even custom donut cutters. Wow all with 80,000 points. What will you create with your points . Learn more about the ink business preferred card. 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 [ eerie music playing ] it takes a monster. She did something to me. To defeat a monster. The essence of evil calls to you now. The mummy. Rated pg13. Im ricardo, a sales and Service Consultant here at the xfinity store in bellevue, washington. Here at the store, we offer internet, tv, phone, customer service, home security. Every situation is a little different. It could be about billing, simple questions like changing the phone number. Sometimes, they want to upgrade, downgrade, but at the end of the day, you want to take care of the customer. One of the great things about comcast, theres always room to move up. Of course, it depends on you, how hard you work. Puerto ricanses are heading to the polls on sunday to determine the future of how the island will be governed. Leslies live in san juan, puerto rico with more. Hey guys, behind the if i saud of these old styled businesses is an company yielding with ten years of recession. And its residence here in puerto rico will have a chance to express what they believe to be the way out of this situation on sunday when they head to the polls and vote for either u. S. State today to become the 51st u. S. State to become their own sovereign nation or to remain a commonwealth which is a combination between the two of those things. Weve spoken to residence on the island and some of them believe that sovereignty would be the best way because they blame the u. S. For the economic mess that theyre currently in. Others see the u. S. As becoming a u. S. State as a way out of their economic mess. Of course as you know u. S. Predators, hedge funds and mutual funds waged heavily in puerto rican bonds. Were seeing some of those same investors buy property here in puerto rico. Seeing an opportunity weve spoken to one of them who is looking at hair cuts on the bonds he bought as well as investing in the El San Juan Hotel for 70 million. On balance is there likely to be more special situations or distressed opportunities here than there might be in a booming mainland city, i would say so. You have some constitutional capital that doesnt want to come into the commonwealth so that gives rise to some of these opportunities. Other investors seen opportunity here on the island. Guys. All right leslie thank you. Live in san juan. Ahead delivery friday continues, experts have more advice on these stocks. Straight ahead. Im me list sa lee heres whats on the menu. President trump set to meet the press this hour. Hell be in the rose garden with the president of romania. We are so getting back together today, taylor swift is now reunited and it feel so good with spotify. The details as the second hour of power lunch starts right now. Theres bad blood in the market today, the numbers may not show it by today is an interesting and important day for stocks, heres why, the dow jones average is up likely 60 . The big story though is the big drop in Many Technology stocks, apple, netflix, microsoft, google, amazon theyre all done 4 . Amazon is done 4 . This could make it the worst week in taxes mel, as well as a long week for a very long time. We are set to be on pace for the worse day for technology in twerch. With us for this full our is bob. This is great news because were seeing rotation, the markets not cadering its a sign of a heavy market. Lets put up with brian and melissa were talking about. Fain stock, facebook, apple, amazon and microsoft all down after having a great week overall. Global had an article after claiming the problem with the fangs whatever you want to call them theyre cyclical Growth Stocks but people are treating them if their staple stocks with low volatility, thats not historically true. I think an appropriate thing to say and i think thats whats going on right now. Same situation, these stocks have the same characters, they had a ridiculous run this week. Advance microbe up 20 nidia up 20 . At the opening around 9 35 this morning the same stocks were up this week. Heavy volume tech etf weve been seeing today. The standard s l tech etf has been huge volume. Those have all had very heavy volume throughout the day. So what are people doing, theyre retoting. Weve talked about the rotation in the middle of the week as banks started moving up, most of the big regional banks are up 4, 5 for the week and up again today. And finally action out of the energy group. Youll notice as the fang stock started going down thats the integrate of xl groups which had no rotation. This is about sources of funds to buy other beaten down signs of market and i think its a very healthy seen. Back to you. All right bob. Whats the extra a by the way . Apple and amazon. Is it apple into fang now now its microsoft. The marks been defainged. Making stuff up now. Lets bring in paul meeks. Paul, sometimes you gets a sore throat and run any nose and allergy big deal. What do you think this technology sell off today, one day wonder or the some of something worse . It could be somewhere in between. Its the sector that i love and focus on that most Technology Stocks have gotten ahead of themselves. I do think visavis what you saw last time, we had nasty rotations out of tech, you could say back then fundamentals were so sweet but now i think theyre pretty strong. I dont know if its a oneday wonder, im looking to see what happens in the few hours of trading. We could have some come up but im probably a better buyer if they sell off more to your point paul and they end on their lows, does that concern you for monday . That would concern me for monday. And again id be prepared to buy some of my favorites on deck but id probably wait for them to settle on a lowvolume day which would mean the aggressive selling is through. So thats not today. Were seeing pretty high volume across the board even with a 7 decline in apple and facebook and amazon you wouldnt buy those right now . I probably wouldnt. Itll be important to see what happens in the last two hours. Maybe when i get off the horn here, well have a bit more rebound, im waiting and seeing. Paul, before you get off the horn, i dont know the answer to this, but what do you think the catalyst to this friday what was the catalyst for moving the magnitude on a friday afternoon . Excellent question because the volume is pretty high. We did have a short seller come out on nidia today, no surprise that stock has been a rocket ship. Reports first out of the box some worry about snap. But there wouldnt anything major in my view. I think the major item out there is apple and potentially the iphone 8 is delayed. But when it comes out it doesnt have the functionality thats going to take over the world as people expect. All that stuff had been known the last couple of sessions, i do think, as i heard at the top of this broadcast is there is a roe taking out of the sector. Thank you paul. Lets bring in bruce. Bruce great to have you with us. Even though youre joining this conversation, whats your interpretation and what do you think the markets are telling us here today with this so often big cap tex, the rise some are beating down financials and Energy Stocks . Bruce . Can bruce hear me . Okay. Yes, well i think that after a long run in those tech stocks its certainly time for them to pull back a bit, question is whether you get a sustainable run but a narrow group like that cant lead the mark forever and some some pointwy need to zero tags of keeping the overall rally started. Did you like the technology, im i just want to be clear, the Technology Shows theyre not cyclicals like the technology tied to the growths and u. S. Economy and here we are today were seeing 3 decline on some of biggest caps in the market. That will be defensive and we have not looked at it that way. We would broaden technology to include things like the bio teches for example. As these leadership stocks begin to flag wed expect some money to rotate towards some of the over names and in general try to remain diverse tied to class broad of range so you get the benefit of that in the year to come. What sector looks interesting now despite whats transpired over the last couple of hours . Its tough to pick out one. But mostly the one that offers stable defensive jooi quality growth. Some of the Consumer Discretionary stocks outside of the retail area, those are some of our favorite names because they keep adding new earns over a price of time and for some time the pricing is not overtheline. Scott mike galanoser a friend of the show is tweeted out hes advising people to take chips off the table. Hes concerned about volatility being low and Corporate Bonds going back a decade. Is this something you watch or is this just a wall street journal effect where theyre making noise about evaluation . I think the tech stocks, particularly a handful, some names had an overwhelming impact this year on the s p 500 and the nasdaq 100 index. I look at some of those macro variables, uhhuh do think once tax settles, once we get through this, dont know how long its going to last, but i actually think tech is the most important sector, particularly companies that are involved in Cloud Computing and they would be better buys if and when we finally settle. Paul, when you take a look at action youre seeing in technology, particularly in the qs today that are trading at are you worried were seeing this sort of atn effect . We had that tweet and then all of a sudden everybody rushed for the exits, are you feeling like we recollect we could be seeing the start repeat of that sort of decline . I dont think so. I think were going to have if we do have a sustained connection into next week i think its going to be not as deep as you would think and not as long laster. I dont think this is a trigger for tech stocks for something that is going to be horrible and long lasting. Paul, thank you. Our thanks as well to bruce mccain. Big event were waiting for this hour, President Trump meeting with the president of romania. We are kpreszing a joint News Conference later. John at the white house. The president had his infrastructure week signature event which was a speak at the department of trans portion, didnt get much attention because of all the attention of what the president is going to say about director comeys testimony. The president saying he thought the hearing yesterday at the Intelligence Committee was total and complete vindication and james comey admitted to being a leaker, that is correct. And jaime comey also confirmed the president s statement that he had been told we petedly that he was not personally under investigation. Never the less, james comey painted a bad picture of the president yesterday. Within an hour we expect the president to address the questions, dont know in what detail hes going to talk about it. His lawyer responded in his name yesterday but this is going to be high drama in the rose garden. John harwood thank you. We are still waiting for two big events, in addition to that event with the president , treasure secretary Steven Mnuchin is in canada to hold a meeting with his people there. Has some homes gotten so expensive its better to rent than to buy. And taylor swift getting back with spotify services. Well tell you why. As a benchmark for average. Yet a lot of people still build portfolios with strategies that just track the benchmarks. But investing isnt about achieving average. Its about achieving goals. And invesco believes doing that today requires the art and expertise of highconviction investing. Translation . Why invest in average . I love to see businesses that just started from ground up grow into further success. It just feels good to know that im helping someone else. My first goal is to learn about their business, what theyre currently doing in their advertising. Pull some research, create a great story. Trying to figure out some way of building some kind of trust in a very quick moment. You have to love to work with people. Our goal, without a doubt, is that all customers are satisfied before they leave. Socalled worm may have turned for real estate and maybe in the American Dream as well. In home markets some prices have risen so much it may be smarter to rent than buy. Diana is in washington, id imagine that d. C. Is probably one of those markets given what is going on there. Yeah, you know that for sure. Its more and more cities with home prices rising so quickly and rent starting to ease, the math is shifting. The rent versus buy occasion is heading steadily toward rent territory. It factors in home prices, rents, Mortgage Rates as well as alternative investments to gain wealth. The 23 cities the indentation measures, 11 still in buyer territory like chicago, cincinnati and cleveland. Nine including philadelphia, and l. A. Hoover right in the middle where its a toss up where youre getting more wealth in renting than buying. Dallas and house theres in territory for renting about better option for building wealth. Now, the main thing is that all of the cities are moving toward rent because home prices are so high, morning rates expected to rise and other investments are giving better returns and this may be way another index measuring home Buyer Sentiment is falling. The fannie mae project saying its good to buy fell to the lowest stock ever. Diana thank you. Two big streaming movie stories, first up sirius xm is investigating 400 million in pandora. And taylor shift getting back together with streaming music. Making her music available on spotify, google play and amazon music. Three years she yanked them claiming they didnt pay artists fairly. Street talk is next. Were going to deliver more stock regulations, were going to bring back in chad and guyer. Theyre going to serve up a buyer sell advice on the stocks you asked us about. Power lunch delivers next. All right welcome back. President trump appearing moments ago in the oval Office Account president of romania, lets take a listen and a listen. As you know as of moments ago is getting even better. So thank you very much for being here. Its my honor. Thank you very much mr. President. Great pleasure and honor for me to be here and im looking forward to start discussions on our partnership. Yes, its been a great partnership. Thank you all very much. Thank you. Thank you. Surprising. Thank you. Ill be making a statement to this. Thank you. Thank you very much everybody. Thank you. All right that was tape play back with meeting between the president and the president of romania. Time for street talk, the stocks you need to know about. Mcdonalds, buyer 1. 68, the price target even though the stocks are a couple bucks away from the record high. The managers willingness to increase and playing offense reports. Over the next three years old mcdonalds could recapture what the market is calling a partisan share. I like listen, we been mcdonalds fan, tim seymours been on us for a long time, a fewer people say evaluation is stretched i agree but i do think theres some run way here. Under mr. Easter brook theyve refound themselves mcdonalds. I think it was credit sweep earlier this week there was another high price on mcdonalds. Were starting to see some of the firms get in on the mcdonalds buss. Sink ga is number two. They upgrade it to an overrate with 4. 5 price target. Its leading to higher engagement across a bunch of games. Wall street is appreciating that and this is a quote, beginning of a multi year turn around and stronger business model. A heavily stock thats been dead makeup now for the last couple of years. If Morgan Stanleys right this is a hot bid to play. Its either going back down to 3 or get that price moved up to 5, 5. 5. If you want to play at the 100 table this is the day to do it with. Third stock, nordstrom this was coming after the company was considered going private. 50 a share is the answer. That would be a 25 where the stock was prior to this going public. Theres a track of Free Cash Flow over, 700 to 700 million annually. Also going private could allow it to invest more heavily in omnichannel and accept more sales to prevent pressures. Is more debt what you want want now we just talked about with but they have. They cant afford the company if they dont have the debt. Pete said this last night and i agree, this is giving you an opportunity to get out of a name thats been under pressure now for sometime. I think the ber place to be in retail, does it have potentially another 8 to 10 upside, yes, but if this falls apart well revisit 38 bucks. Im not a fan of the whole real estate value, im more like a macys or nordstrom, macys has 7 or 800 stores, its a 6 billion cap company. In manhattan alone it could be worse 200,000. Theyve also got as much debt. Thats why the market cap is where he is. Youre valuing sales at zero. And you can talk on macys evaluation but the head wins they face, to think customers are going to find their way back to macys somehow its ideuns you want to see the movie. Miracle on 31st street. Natalie woods crushed it. She was a little girl on miracle on 34th street pulling santas beard . Go check it out. Tivety health is a company that has silver sneakers. Its a Fitness Program for older adults. Thats not nice. On this red hot stock its up 66 year to date. Its reported subject with private equity interest. Some offers may have rolled in to buy the Company Either way, booster target from 34 to 40 in addition to a possible deal, i think theres a high condition of an upward bias and estimates. Im a big believer in always been honest because you never have to remember what you said and i just turned to mel and said ive done this show for how long this is not fast money its power lunch. I love power lunch. Natalie wood is the little girl in miracle on 31st street. I want to confirm it. Youre looking live at the treasure secretary with the canadian news and bringing you headlines when we return. And were all over the tech tumble friday, the nasdaq 20 points off its highs. Its 1. 5 worse week for tech so far this year. We got another round or fresh hot stock recommendations coming up next. Maybe your stock will come up with guy and chad as we deliver friday continues. 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. Hi everybody im sue herrera and heres your cnbc news update at this hour. President trump says, thanks to him the countrys infrastructure will once again be the envy of the world. He visited the transportation departments headquarters to highly his goal of curving regulation on infrastructure fronts. Faster approvals and Innovation Partnership with the private sector leaders will translate into dramatic approval across the country. Our infrastructure will once again be the enemy of the world. A volunteer firefighter in kentucky says he was shocked when he got the call his own home was on fire. Flames coming out of the first floor and smoke out of the second. No one was home at the time, unfortunately two people pets did not survive. A wayward deer did some damage at the Pennsylvania Paint store. Video shows the young buck leaping over a display and running around the store. He caused a few thousand dollars of damage before he decided to escape. Youre up to date thats the news update this hour. Melissa back to you. Its hard to pick the paint colors sue. I got a new color, buck naked. Oh stop. Its a deer color its a male deer. Actually thats actually thats kind of funny. Thanks sue. Lets take a check on the markets right now. The focus on todays session the nasdaq, this looks like were close to session allows down by 1. 7 , thats 105 point loss for the nasdaq. Were on track for the worst day of Technology Since 2014. The market closing for the day. Lets get to jackie. We saw a slight rebound in prices today. After that steep slide earlier this week it was a technical bounce. No fundamentals have changed that will push oil higher than this thats what traders are saying. The loss is being compared to a little less than 4 . More signs pointing to further pressure on prices than for a real happen higher. We saw prices just under 46. Back to you. Jackie thank you. Yesterday we asked you our viewers to send you our orders for the stocks you want analysised. Today we delivered. Lets bring in your delivery man guy and chad. Thank you for all the submissions, we had way more submissions than we have time for but were going to do this again we promise so keep your ideas coming. Lets get started, two viewers quinton and aaron they want to talk amd. Chad would you buy this or get out. I wouldnt buy this with my enemys money, we would avoid it. Its a sell. Hes a high momentum stock in my 20 years working in the business ive seen it go from boom to bust. Id fake the trade and get out. I take the other side of that, and i get it evaluation was crazy, now if you believe in this crypto currency things which brian kellys been all other. All over. They cant keep the amd chips on the shelves right now. The rx 500 graphics card they launched it in april its sold out right now. Theres obviously so many Mining Machines you can build. Noted. And lets be clear hes more of a longterm value guy. Ive seen this a thousand times with respect stay away, this isnt going to end well. If its going from 12 to 15 hoo raw its going lower. 12 as we all know you were a math student at harvard. But from 12 to 15 thats a big move. Max asked about paypal. What do you say about that . I own this personally in the portfolio. We like it, could it go three to 5 lower or 7 because its a high momentum stock yes. Talking about all payments all together with online, i believe over the next five years youre going to be higher highs with revenues id be a buyer of this. Interesting at the ww d. C. As the kids like to call it, they said theyre going to have payments shot at memo. Got two words for you thats one word. Venue moe, the citizen moe. And i learn being this thing we were at dinner somebody said you go to vin mow so i did a bill research. Guess whos been all over this stock. Dan nathan. Its happened, it will happen i think this it may begin tonight on fast money we should ask why hes never been invited on power lunch. Stefan in montreal wants to know about chesapeake. This is another one kind of like an amd in the sense its in the oil patch, super super, has been volatile, theyve gotten their Balance Sheet a little back in order. But its got to be about all oil and gas prices. Got to be. I dont like doing this but i will, if you think oil is going back 2. 50, 5 then you buy this hand over fist. Youre making a double bet, youre betting on oil then chesapeake. You have to do that with this stock. Big short interest, i think theres a chance. The risk reward makes sense tom. E would avoid this one. We are very concerned about oil prices as well as gas prices. They have a tremendous amount of debt on their Balance Sheet and thats the reason why the equitys so valuable. If the equity goes 5 a barrel you say theyve done a good job of n cleaning up the Balance Sheet but if oil stays where it is its going to be harder for Companies Like chesapeake. They have a gigantic amount of debt on the Balance Sheet. If you want to get involved look at the senior debt have it secured by at least an asset. Thats what i would do. Next pick from larry, constellation brands. This stock has been unbelievable but you say to yourself why are they making a play at this point, considering its not fake news its real news. This is what i would say, is that their acknowledgement that growth is slowing and if thats the case the evaluation doesnt make sense i would say so i have a hold on it and i understand what youre saying e agree with it, its going to be a slow grower high market company. Thai going to look for a growth acquisition to cover up a better rate there. There are Better Companies look at dr. Pepper as one. Fifth stock by elaine, this is tesoro. Youre getting all your sells here chad. Why should e lane sell tesoro . After taking a closer look at it well evaluate this from a sell to a hold. It is discuss acceptable to the volatility of the oil market and again they have stations. So the valuation does make sense, for me my concern overall Revenue Growth is going to be slow and decelerate and margins are going to become under pressure. Morgan stanley put a 128 price target so im a buyer. And erin is asking about under armour. Chad. If things start to improve wed be more constructive on it. Inventorys continued to go up margins continue to go down not a good thing. You dont bet against mr. Plank but even with the market lower in the stock, as much as i hate to say i put that benign hold on it. I agree with him on that. I think they more than delivered. Chad thank you. Whos they in. Me and chad. Chad thank you. Guy youre going to stick around. All of you by the way thank you. We got an overwhelming number of response from all of you, unfortunately due to the time, our show i think is too short but we cant get all of them in. Were going to do this again so continue to send in your ideas. We got a very short sell all in technology that were watching closely. Is this the roll over a lot of people very fearing, trading nation team will weigh in. And were ranching the cross garden, a meeting with the president of romania, live stay with us. Im only in my 60s. Ive got a nice long life ahead. Big plans. So when i found out medicare doesnt pay all my medical expenses, i looked at my options. Then i got a Medicare Supplement insurance plan. [ male announcer ] if youre eligible for medicare, you may know it only covers about 80 of your part b medical expenses. The rest is up to you. Call now and find out about an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. 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Remember, all Medicare Supplement insurance plans help cover what medicare doesnt pay. And could save you in outofpocket medical costs. Call now to request your free decision guide. And learn more about the kinds of plans that will be here for you now and down the road. I have a lifetime of experience. So i know how important that is. Youre looking at a live picture in the rose garden where the president is expected to speak. We are going to go there because the president could be asked questions about james comeys testimony yesterday. As soon as this begins well go straight to it. As we wait for that lets get more on your market. Lets bring in the trading nation team. We got erin and stacey. Erin i think the move with s p is catching people off guard. Whats the take on this move . For me it looks like rotation out of the the momentum stocks into the value stock so weve been waiting for a while. One, the tech stocks names are down today. And two, we got financials and energy actually up today which were year to date. Even if you look at the growth and value you see the growth down and values up. To me this says this is a change, averaging change and people are finally looking to move away from the momentum play. Erin one more quick to you before i get to stacey, do you think thats a permanent move . I think we could see a longer term. I think momentums finally gotten a bit expensive for the growth were looking at and we could see a trend of this over next few months. Stacey gilbert do you agree with that . Is this the beginning of a larger rotation out of the group that has been the story of the market for the the last couple of years . I think its the beginning of volatility so i agree with erins assessment. I think the investors are revaluating right here. This has been the darling and its taking off. People are talking about how expensive the stocks are and how much they may have gotten ahead of themselves. Overall id say were not seeing investors position across the options. If anything theyre using this opportunity to position for more volatility which is why i think some people think we may be starting to trend where attack is now going to become less of the darling. Id say investors arent sure and theyre positions for one way or the other. Stacey and erin thank you very much. Folks as always a reminder we do a couple extra seg lts on the web find them at tradingnation. Cncb. Com. Youre looking live at the warehouse rose garden again. The president expected to hold a News Conference with the president of romania. Well burden of proving that to you when it happens because he might make kmnts about comeys testimony. Lets bring in ron, and ron and kristy, and former special assistant to president george w. Bush. Ron, im going to begin with you, i guess it depends on what media or what paper youre reading, because i can read papers and websites yesterday that said big win for trump nothing came out. Or i could go to the other side and realize this is the beginning of something worst. What was your take on yesterday and the president s position right now . My take is beth sides lost a bit. Any time you have the former director of the fbi saying he thought the president of the United States was a liar. He didnt believe the president s voracity and he began to write memos about his conversation with the president thats not a good thing. On the other hand, if youre jaime comey and youre mr. Washington, honest and mr. Good guy and you were the one out leaking materials to get it out in the press to get a special prosecutors i think it harms and tarnishes his image as well. No major revelation that makes me think the president is in serious jeopardy at this point. Id disagree with that, the idea hes not in serious legal jeopardy. You have the former director of the fbi saying he felt intimidated to drop an investigation with michael flynn. None of that would on hold an obstruction charge. How could you possibly say it wasnt do that. I cant answer that question i didnt go to law school. There are plenty other attorneys who would argue these are classic examples of im not trying to be rude but as a lawyer and one whose studied constitutional law and practice law the statute of justice says not only do you have to corruptly influence someone but you knowingly have to do it. The director of the fbi said i did not feel like someone was trying to intimidate me. If you have the top three officials after the Department Says theres no in tijs that throws the obstruction out the window. If you have the former fbi investigation says he was fired for not stopping the investigation, how can you say thats not on instruction. The has the able as one who worked in the white house for the president of the United States. The president of the United States can fire you for any or no reason whatsoever, so to say the fbi director was fired was not the president acting as constitutional responsible shows an lack of understanding how the president can execute his executive power. Im sorry to break in i want to go back to the markets for a moment because were seeing a roll over in shares. Woo done almost 5 here, close to session lows, 139 actually thats power share excuse me. Were seeing the worst for the nasdaq 100 since brexit. For the qs were trading 270 , the average daily volume so extraordinary volume and big Cap Technology one of the crowded trades on wall street. Ron, how do you explain whats going on in the markets today . Ive been harping on, and it certainly would be correct to harp on this today, the Political Risk this is Political Risk . No. I would say all kinds of risk have been underestimated in this market whether its the nasdaq outperforming the market by a thousand base points. Whether its gold and bonds telling a different story in the stock market, much more worried about economic and political things going on. Those thing have to reconcile themselves at one point. The marks going one place, the stock market, the gold and bond going one place. Either the gold and bond dollar has to you hit the winners first, this in my mind could be the beginning of a broader but ben, as a guy who studies this section of politics and economics, have you been shocked . This is like rocky v or the r russian guy thats hit so many times and never goes down. Four. Oh rocky iv. I think its an understanding so thatspence, the policies arent all that different. So if for some reason there was a change at the top of this administration, the general drift on regulations, on tax policy, all that stuff under mike pence doesnt change, and perhaps you have less craziness day to day. I would agree with that. The choice act, which was a big repeal of dodd frank was passed by the house yesterday, which may be one reason why financials are up today. Take a look at the s p 500 intraday. Were seeing that roll over pretty sharply right now. Were now down by 0. 7 . You may say thats not such a big deal, but that action has happened just in the past few means. Apple now down about 5 . 1 00 when we started the show, i said i wont get concerned unless we see tlt see that go positive. I think it just went positive. And if beswe see the vix go nor of 10 1 2. Now the vix i think is 1070 or so. A couple things have happened. Overlay that with huge reversals, technical reversals on significant volume, not least of which in the s p 500, which made an alltime high today. Now you have to ask is this the beginning of something more meaningful . All right. Everybody sit tight for just a second. The president and the president of romania are coming out to the podium. Lets go to d. C. And listen in. President iohannis, thank you for being here. Its an honor to welcome such a good friend of america to the white house. As you know, the people of romania and america share much in common a love of freedom, proud cultures, rich traditions, and a vast and storied landscape to call home. The relationship between our two countries stretches back well over a century. But today we especially reaffirm and celebrate our Strategic Partnership that began more than 20 years ago. That partnership covers many dimensions, including economic, military, and cultural ties. And today we are making those ties even stronger. Mr. President , your visit comes at an important moment not just in this partnership, but among all of the responsible nations of the world. I have just returned from a historic trip to europe and the middle east where i worked to strengthen our alliances, forge new friendships, and unite all civilized peoples in the fight against terrorism. No civilized nation can tolerate this violence or allow this wicked ideology to spread on its shores. I addressed a submit of more than 50 arab and muslim leaders, a unique meeting in the history of nations, where key players in the region agreed to stop supporting terrorism, whether it be financial, military, or even moral support. The nation of qatar unfortunately has historically been a funder of terrorism at a very high level. And in the wake of that conference, nations came together and spoke to me about confronting qatar over its behavior. So we had a decision to make. Do we take the easy road, or do we finally take a hard but necessary action . We have to stop the funding of terrorism. I decided, along with secretary of state rex tillerson, our great generals and military people, the time had come to call on qatar to end its funding. They have to end that funding and its extremist ideology in terms of funding. I want to call on all of the nations to stop immediately supporting terrorism h. Stop teaching people to kill other people. Stop filling their minds with hate and intolerance. I wont name other countries, but we are not done solving the problem, but we will solve that problem. We have no choice. This is my great priority because it is my first duty as president to keep our people safe. Feeding isis and other terror organizations is something i have emphasized all during my campaign and right up until the present. To do that, stop funding. Stop teaching hate. And stop the killing. For qatar, we want you back among the unity of responsible nations. We ask qatar and other nations in the region to do more and do it faster. I want to thank saudi arabia and my friend king salman and all of the countries who participated in that very historic summit. It was truly historic. There has never been anything like it before, and perhaps there never will be again. Hopefully it will be the beginning of the end of funding terrorism. It will therefore be the beginning of the end to terrorism. No more funding. I also want to thank the romanian people for everything they contribute to our common defense and to the fight against the evil menace of terrorism. They have their own difficulties with it, and theyve come a long way, and theyre doing a lot. Romania has been a valuable member of the coalition to defeat isis, and its the fourth largest contributor of troops in afghanistan. There, 23 of your citizens have paid the ultimate price, and america honors their sacrifice. I want to recognize president iohannis for his leadership in committing romania this year to increase its defense spending from 1. 4 of gdp to over 2 . We hope our other nato allies will follow romanias lead on meeting their financial obligations and paying their fair share for the cost of defense. But i will say this. That because of our actions, money is starting to pour in to nato. The money is starting to pour in. Other countries are starting to realize that its time to pay up, and theyre doing that. Very proud of that fact. As you know, i have been an advocate for strengthening our Nato Alliance through greater responsibility and burdensharing among member nations, and that is what is happening. Because together we can confront the Common Security challenges facing the world. Mr. President , i want to applaud your courage and your courageous efforts in romania to fight corruption and defend the rule of law. This work is necessary to create an environment where trade and commerce can flourish and where citizens can prosper. I look forward to working with you to deepen the ties of both commerce and culture between our two countries. Romanians have made contributions to the United States and to the world. Very notable among them was nobel prize laureate eli wiesel, who was born in romania and sadly passed away almost one year ago. And i understand that earlier this week, the American Jewish committee presented president iohannis with its very prestigious light unto the nations award for his work to further holocaust remembrance and education in romania. I join the ajc in saluting your leadership in this vital cause. The people of romania have endured many, many hardships, but they have made a truly remarkable, historical journey. The future of romania and romanias relationship with the United States is very, very bright. President iohannis, i thank you for your leadership, and i thank you again for being here today. I look forward to strengthening our alliance with your country and our bonds with your people. The relationship has been good, but now its stronger than ever. Thank you very much. Mr. President , thank you so much. President trump, thank you so much for the words you found for romania romania, for the romanian