york. glad you re with outside this monday. it s july 18th. a lot going on. nice to see you as well. nice to see you. christine s still off, i guess. two more casualties in the uk hacking scandal leaving rupert murdock s empire reeling this morning. rebekah brooks arrested. reported friday she had resi resigned. she s been released on bail. it s not clear if she ll testify tomorrow. last night in a shock move that has left scotland yard for accepting almost $20,000 in hospitality from a private health clinic after he had yound yund gone surgery. that health clinic was represented by a p.r. firm owned by former editor of the news of the world. this picture is building up. this cozy relationship between the police and senior executives at news of the world. that made his position very difficult. he decided to step down last night. insisting all the while he had done nothing wrong. the issue of my integrity, let me set clear that i the the people that know me know my i
i ve been watching the futures and they are sinking. earlier it looked those dow futures would be up but now they are down by 15 to 25 points. it looks like again we ll see some pressure. today is an important day for wall street because this is the two year anniversary of the bull market run. it s been two years since the market bottomed. at that point we were looking at the s&p all the way down to 676. it s come all the way back to above 1300. yesterday closing at 1321. it s a big run up. off the highest levels we ve seen in 2007. in 2007 the s&p was sitting at 1665. not a huge anniversary but certainly a day to sit and pay attention to. we talked to a lot of people today who think there are still some room for this bull run to continue even desspipt those oil prices. this is all about oil prices today and we ll see where things go. back to you. becky quick at cnbc. a two year bull run. doesn t feel like it for the rest of the american economy. but there you go.
there is more to go on the downside or if this is a squall, however brief and however intense, that may just pass and we go back to the bull market run. on the squall front, can we get technical for a moment? sure. one of the drivers on frid / friday/monday were the funds that had gone short volatilitvo. we had this steady climb, climb, climb, and investors, it became profitable to bet against any volatility. as soon as volatility came back into the market, you saw those funds forced to liquid daate. we had a extreme drop on monday. do you account it to other investors, now that it is working through the system? some investors are forced to sell right away, but others are making decisions as they go alo along. there were midday margin calls for players who borrowed money to buy stock, and they were forced to liquidate. we ve seen hedge funds disappear as a result of that concentrated trade, stephanie, you described