Nationalistic rhetoric in russia. At the same time, of course, we have a top commentator talking about nuking america and yet there are some who say the russian market is too cheap to pass up. Well look at that. Well look at the investigators, the russian etf trading under the symbol rsx. Its down 23 just this year, but as youre saying, weve seen the russian market bounce back today about a 5 gain on the rtf. Well look at that. Also deja vu all over again for housing. Adjustable rate mortgages are apparently back in vogue even in this low Interest Rate environment. Very counterintuitive. Some experts warn it is a new ticking time bomb thats sure to go off in a few years when rates are inevitably likely to go higher than they are right now. Well have a full report on these new mortgages coming out right now. And so the Dow Jones Industrial average adding 180 points today. The nasdaq adding about 40, almost 1 there. Same for the s p 500 which is up 18 points. Pretty much across the board the reaction in equities is consistent. And were also seeing the tenyear benchmark treasury rate move a little higher. All of this as coming up this week we have the Federal Reserve meeting. Well hear from janet yellen on wednesday. The line according to some of the guys i speak with is that it cant come soon enough. Yes. We already have a time clock getting us ready for that News Conference on wednesday. Joining us in the closing bell exchange, everybody getting ready to hear kim forest, anthony chan, john spalen za ni, rich bernstein, and our own rick santelli. John, youre the trader type here. Why is the market up big today . I think i was a little bit of a relief rally after the crimea vote. Everybody knew they were going to pass the referendum. We saw a little Short Covering. Also the fact that the sanctions really arent that onerous to begin with also led to to the russian market rally as well as the china news. The yuan trading ban being expanded has helped that market. I think some of those fears were taken off the table. Vietnam cut rates another 50 basis points. Another central bank in the easing mode. We expect india to follow and probably china in another few months will also cut rates. Rich bernstein, at the same time over the weekend china widened the trading band for its currency. How important is whats happening in china to developments in the u. S. Today . I think the emerging markets in general are kind of a wash in capacity and theyre all starting to fight for market share. One of the ways you fight for market share is to make your goods cheaper. China has had a very strong currency. They have lost some market share. Theyre starting to react to that now and theyre weakening the currency to try to gain market share. I think its going to be the story in many emerging markets. The downside though to that strategy is that china is able to do that because inflation has been under control. Now the watch is what happens to inflation as the currency starts to devalue . Great point. Yeah. Anthony chan, this will be our chance to parse every word from janet yellen on wednesday. Are you expecting anything to come out of that fed meeting this week . I think that the Federal Reserve will continue with their 10 billion worth of tapering as time goes by. I think that right now the economic fundamentals in the u. S. Are still healthy even though there is a lot of g geopolitical unrest. I think the equity market is rebounding because some of the uncertainty is taken off. Theres still a lot more uncertainty thats likely to come moving forward, and it may work out okay, but i dont think its safe to say all the uncertainty is removed because we see a rally like we see today. What worries you the most . What worries me the most is when you go to russia, its not clear if theyre going to stand down indefinitely or take the vote from crimea as an encouragement to do more. Kim, circle back to you in one second. Sticking with the fed theme, rick santelli, there are more people saying the fed is actually buying 30 billion, maybe soon to be 40 billion less in treasuries than it has in the recent past. This is going to hit markets right around the same time were going to work through maybe some of the overhang from weather and realize the u. S. Economy maybe is reasonably strong. Are we staring into a potentially a place where the treasury market could really need some buyers to step in, where rates start to move higher. I think you bring up a good point. If anybody who has been watching the monthly Treasury International capital flows, tic data, see that is chinas holding of u. S. Treasuries is down rather substantially. Weve seen a transfer, big 104 billion transfer last thursday that probably wasnt a sale and most dont think it was china. So i do think at a time where the Federal Reserve is one of the best buyers, that it will create a bit of a vacuum. But it doesnt matter. The market is what the market is, and the fact that Forward Guidance is under review, well, thats nice parlance for those that are into the whole economic scene. You know what it means to me . Everything weve said up to now isnt really true. Were reassessing actual facts of what a drop in the unemployment means even though for 2 1 2 years weve said it drop something a good thing and it would mean less quantitative easing. And the last point is when it comes to russia, we can all talk, and theres many people out there militarily and foreign policywise that know much more than i do, but in the end it really is about money. To see the euro, to see the dax, see the markets where they are, it certainly doesnt seem to me that theyre looking at putin as a well revenued aggressive activity guy thats ready to go to stage two. Yeah. Not a lot of concern. Thats for sure. Kim forest, you get to be the voice for the individual investor today. Should they be more worried about last weeks fiveday losing streak or take more comfort from todays bounce back. What do you think . I like the even steven storm of Money Management which is on both highs and lows, dont think too hard about it and have a very longterm focus. You know, five years ago we were hitting market lows, and the best thing you could have done was the opposite of what your gut told you, which is instead of selling go to cash to buy quality companies. Now at the top of the market here, what id do is not sell everything and go to cash, but id take a look at that portfolio and maybe sell some overvalued overweighted position significances. Whats so interesting though, just to jump in for a second, you could almost argue about overvaluation on the equity side and fixed income side right now. Right. Even someone who wants to be conservative, who looks around and said, i dont know if im comfortable with this kind of exposure, what do they do . Its a great point. But we only have really four asset classes, right . We have stocks, bonds, cash, and we have real estate. We live in our real estate. The other ones, its going to be a mix, and thats something that you and your adviser have to understand what the right mix is for you. All im saying is people that are running their own money, you know, whatever the market is full and youre feeling great, its time to reassess if you have too much Single Company risk and pare it back. Look at it as a Single Company risk sort of problem. Rich bernstein, you have been the super bowl for a while. The volatility of 2014, does that change your mind at all . Is it time to take profits off the table . Not a bit, bill. I think the early cycle environment is always the best time to invest. Nobody ever wants to. Theyre always under their desk in the fetal position. Were now in a midcycle environment and with the midcycle environment, still a great time to invest but you do get rising volatility despite the fact the market goes up and the reason you get that increased volatility is youre now in a situation with a tug of war between rising Interest Rates and the unanticipated improvement in fundamentals. As that seesaw and that tog f tug of war goes back and forth and back and forth, youre likely to get more volatility. But, you know, thats normal in a midcycle environment. I dont think were seeing anything abnormal for a midcycle environment. Quick question, on this alibaba listing in particular, theyre coming to new york. Hong kong said we protect one share, one vote. New york says we have other kinds of structures here we have allowed to go forward and we will let do that, too. Is this an okay development from your point of view . As an investor, i always want as much protection as possible. I always want, you know, terms of any trade skewed in my advantage. You know, i dont want to comment on that one ipo but maybe people should be thinking a little bit. Can the share structure proliferate . Any reason to be concerned from your point of view. Im sorry . The share structure, with regard to alibaba being able to protect its ownership as opposed to other parts of the world like hong kong which say were not going to let do you that. Is that any reason to flag a concern for the individual investor . Thats only one concern. It will be a super hot ipo most likely. Weve seen over the last couple days that china has shut down some forms of payment to alibaba, and that should ring some bems. Theres a lot of caution individual investors need to look at. Do we need to close at the highs of the day . Does it matter . I think we have obviously the fed meeting this week. We also have Janet Yellens first press conference. Wed like to see them close on the high. We have the ccore on thursday. The banks are performing very well today. As we go in the close, things are looking obviously well. As long as we stay up here we dont want to see it sell off going into the close but we have reason to be positive going into the next of the week. Thanks, guys. Have a good weekend. Heading to the close, we are about ten points off the high of the day. The dow was up 200, 205, a gain of 193 with 50 minutes left. Coming up, well hear from one market bear who says investors should cash in on todays gains before its too late and we could see a diaper selloff. Twitter shares, meantime, they were red hot after the ipo. But the stock is down 18 this year so far. Is twitter in trouble or is this now a bargain stock . Good old stock brawl on twitter. And russias stock market down 15 over the last month when the crisis in ukraine began to heat up. Find out if that selloff has made russia too cheap to pass up. Thats later on the closing bell. Keep it right here. Youre watching cnbc, first in business worldwide. Business wor. In todays market, a lot can happen in a second. 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. No two people have the same financial goals. Pnc investments works with you to understand yours and helps plan for your retirement. Talk to a pnc investments Financial Advisor today. Go [ male announcer ] its chaos out there. But the mclass sees in your blind spot. Pulls you back into your lane. Even brakes all by itself. Its almost like it couldnt crash. Even if it tried. The 2014 mclass. See your authorized dealer for exceptional offers through mercedesbenz financial services. Dow is up 192 points, trying to snap last weeks fiveday losing streak. We gained back almost half of what we lost last week. Seema mody, what is driving the comeback . Tech is providing the biggest move to the upside. Lets start with yahoo . Shares higher today following news that alibaba has chose ton list its ipo in the u. S. Yahoo has a 24 stake in a aliba alibaba. Other large cap stocks outperforming as investors take a more riskon approach, google and apple higher on the day. Its not just tech. Pharma, health care, insurance players also posting gains. Look at hertz also on the move on reports it is preparing to spin off its Construction Equipment rental business. Twitter shares not participating in the rally following news that the ceo is planning a trip to china to meet with government officials. Twitter has been blocked by chinese censors since 2009. Stock down frictional ll ll lly fractionally in todays trade. Earlier on, stephen wiseiss said he sold out of twitter at a loss. And we have someone who says stephen just made a mistake by selling. What made you sell. What was the big red flag for you on twitter . Well, first of all, i have made mistakes before, so its not unusual as a trader to make mistakes. So here is what it was. I bought twitter and i bought facebook at the same time, but i bought twitter because it was after the quarter. I thought it may have been oversold, and im very positive on the market, thought momentum would continue in the stock. Now, the company missed the very objectives he set as their First Quarter out of the gate. So thats always a big negative. The trade didnt work. It worgked for a little bit. I overstayed my welcome. I think its egregiously overvalued. As people want to get exposure, why not go into China Internet stocks, social media stocks like a baidu. Theres no reason to own a company thats underperformed. Do you like twitter whether or not the ceo has success convincing the chinese to turn it back on over there . We do like twitter and i like the chinese internet stocks as well. I like twitter because of what we think the future holds and the ceo is talking to china about opportunities there, but the stock did sell off quite a bit after the Quarterly Earnings announcement and has been in this trading change, 50 to 55. As we look forward, the opportunity for twitter right now there is about a significant monetization of their users in the u. S. 2. 89 per user, only 34 cents overseas. We think theres Incredible Opportunity to increase that revenue for users overseas while continuing to increase revenue even though by monetizing it or adding more users overseas . Which is the argument . They will make more money off the existing base or increase the base dramatically . The existing base is increasing more slowly but we think the opportunity is the expansion and monetizing that user base. Very quickly, david. I assume you own the stock. You own it at a profit or a loss . We own it at a profit. Okay. Now, it sounds to me, guys, like you are talking different time frames. David, youre talking the long term, stephen, youre a shorterterm trader. Actually im not. Wouldnt you want to buy this stock down the road . Its a game changer, isnt it . No, no. I am a longterm investor. Im not really a trader. Thats a very small part of what i do. I look at declining fundamentals. Theyve been decelerating even into the ipo and i see better value out there. So why gamble and hope they finally do something to reverse the downward trend when i have others that are still on the ascent. Plus 47 million shares come off lock up. Why would you get in front of that because it never matters. Stephen, name me one example of any company that went public where the lockup made a difference to the facebook. And its already discounted in the stock price. Weve known about that. How can you say its discounted in the stock price when theyll earn 12 cents this year, the Revenue Growth has declined. I dont know why its discounted. If anything, i think youre everyestima overestimating thats whats been overcompensated for. I dont need to pay for that. Earnings growth quarter over quarter in the u. S. Near Revenue Growth, im sorry, quarter over quarter in the u. S. Near 40 . Whats your number for this year, your estimate . Or better yet, whats your estimate guide sense 1. 15 billion to 1. 25 billion, twice the revenue of last year. The story what do you pay for that . What do you pay for that . The story here is when we look down the road. What theyre doing in gauging the user, what theyre doing is change the user interface to make it more visually engaging. The deal with National Cine media dreams dont come with parachutes. You better the First Quarter out of the gate they missed, that they now overachieve. I can give you other stocks, priceline. Priceline is extremely cheap. Thats growing at 25 pr , 30 . Because you make such a compelling argument, why did you get involved with twitter in the first place . That would be my question. There are basically two stocks that trade in this. Linkedin was to me overvalued and that had not started to recover. So i thought this would rise up in the sort of in the draft of facebook. So thats why i did it. But if youre a longterm investor, how can you have all the reasons to buy the stock a month ago and now hate it. I said i have a small part of my portfolio thats a trading segment. Thats where this went. The trick to being able to staying around for almost three decades is you have to know when to cut your losses on your trades. Okay. We have to go at this point. Got to go. Thank you. Steve, if youre on vacation, buddy, unwind. Caller no, im working. Im working hard. Very good. Thanks, david. All right. 40 minutes to go into the close where the Dow Jones Industrial average adding 187 points. The s p, bill, 1860 as it adds 19. You have probably heard about this russian tv host ratcheting up the rhetoric over ukraine saying his country could turn the u. S. Into radioactive ash. Then you wont believe what he said after that. Meanwhile, russias stock market has been blasted by the ukrainian crisis, down more than 15 in the past month. When we come back, well find out whether the risks outweigh the rewards when it comes to investing in this beaten down market. Now, the u. S. Scoring an ipo coup. Alibaba saying it will list in new york, not hong kong as many people were thinking. Why that matters more than you might realize coming up on the closing bell. Ll. [ male announcer ] we all think about life insurance. But when we start worrying about tomorrow, we miss out on the things that matter today. At axa, we offer advice and help you break down your insurance goals into small, manageable steps. Because when you p