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Transcripts For CNBC Squawk On The Street 20130102

We start the hour with breaking news. The futures are surging on the news that the fiscal cliff has been averted. Welcome to squawk on the street. Im melissa lee. First trading day of the new year, poised to begin in rally mode. Keep in mind, this is off of the big rally we saw on friday precliff. The biggest gain we saw in the month of november across the board. This, of course, as Congress Takes measures to avoid the fiscal cliff. Take a look at this. This is something you dont see too often on wall street. The dow looking at about 202 points at the open. Look at the picture over in the european markets. The optimism has carried over there as well. The dax is higher by 2 . Italy up 3. 5 . But of course, jim, what a twoday streak of gains we will see here on the market. I think that were set up to go higher. I also want to caution i dont like to buy up 2 , 3 . Thats never been a terrific way to get the year started. Theres a lot of money coming in. I do want to be optimistic about 201

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