Losing streak to finish on a positive. In the meantime though, more fallout from the swiss currency mess. Now some Retail Investors may be getting hit hard with no safety net. Well explain whats going on and show you how the impact there is much wider than the swiss franc. Oil rallying today but still solidly below 50 a barrel. Though you might not want to get comfortable with that too much. We have chris with us today from moodys. He says he sees oil back at 80 again and soon. What would drive it back to that point . You dont want to miss this interview later on the closing bell. Consider me dubious. I want to hear what he has to say. Nobody thought wed be this low in the first place but thats how markets work. We are up 101 points on the dow in the final hour of trade. The s p bouncing back nicely as well, up 16 points. Back above the 2,000 mark. And that nasdaq take a look. You have similar gains across the s p and nasdaq. The nasdaq adding 37 points. It is the third friday of the month so we have expiration day as well. A lot of volume on the open. May have a little volatility on the close. Bob pisani is in the middle of all the action at the big board. High volatility this week, bob, especially the final hour of trade. The volatility has been incredible not only on the close but on the open as well. I got a headache every single day at the close and at the open. Let me show you the price swings. Show you the way i think about the world. Normally the s p should move in a 10 11 12 point range. Monday, 23 point range p tuesday, 33. Wednesday, 32. Thursday, 31. Today its just 23. A calm day today. These are twice normal. How about some stability in oil . Would it kill you to have a donothing day. Oil, 3. Tuesday, 2. Wednesday at a 4. 4. 60 on thursday. Friday 2. 50. Oil are only 45. These are enormous ranges when youre talking about a 45 commodity. What has oil done this week . Oil is just up fractionally. Were still only up fractionally. How about some stability in other commodities. Copper moved in a 13 range. Very hard to trade Something Like that. While im complain being things how about jpmorgan . Normally jpmorgan should drop 2 going into earnings. Thats the historic norm of the way ive experienced it. Jpmorgan 60 going into the earning report. It goes down to 54. Thats a 6 drop. Thats a 10 move in two days. This is a 220 billion market cap. 20 billion just went away in 48 hours. You see its trying to cam offome off the lows but the volatility is very, very big and very tough to figure out where you should be what side of the trade you ought to be on. I got to have a drink tonight, guys. I got a manhattan with my name on it in philadelphia. Have a good weekend. Well see you later. Sturm and drang will be with us later in the program on todays program. Lets get to our closing bell when shes off air she laughs at all my lines. When were on air im trying not to be so giggly. Not a peep. To our Closing Bell Exchange meg green is back with us this friday. Hank smith from Haverford Trust tom liedddon jamie cox. Lets start with Rick Santelli and get your impressions to sum up the week weve had. Were getting the first chapter of a long book on what normalization is going to look and feel like and those that have been able to have large leverages and positions whether its Foreign Exchange or oil or loans, you see what happens. Leverage has a downside, but many Central Banks have been doing things that have shielded many investors from some of the sins of such issues as leverage and were seeing it all come home to roost. Interest rates is the one area of course that has been just kind of trending and a lot of the recent low yields like breaching 1. 70 today. If you talk to the quote, unquote, experts, theyre saying mario draghi will deliver. I dont disagree but really its not the experts we need to be concerned with. Its the psyche of the traders. Like with the euro it will be sell what we expect to happen and then hurry up and buy it once its done. Many on the floor think so. Ill tell what you, anybody watching, the 21st 22nd its going to be wild. It is. And weve already seen wild. And meg green, where do you think this leaves the fed . Weve heard a number of members out there talking about the extent to which they emphasize inflation or they emphasize job growth or theyre saying its going to be march or maybe june were not so sure. What do you make of all this . I cant imagine that theyre going to raise rates because we have such a strong dollar. Everybody is piling into the treasury. The 10year, its under 2. 00. Do we have to raise rates to pay out that interest . I dont think so. I think its going to stay low for quite a while. Hank smith, what do you think . Were Still Standing by a rate increase sometime in the late spring early summer but it wont be a series of consecutive rate increases. I think we might only get one in the middle of the year and maybe one at the end of the year and i dont think it will really make that much difference in the scheme of things but i dont think its going to be like past cycles where you had these telegraphed quarter point rate increases at each meeting. It will be nothing like that. One and done jamie . Do you think thats whats going to happen here . I think unlike the Swiss NationalBank Janet Yellen has telegraphed what shes going to do. I think shes very data dependent dependent, model driven fed chairperson. She said theyre going to raise rates and i think theyre going to do it. I think thats exactly going to happen. I agree with haq itsnk its going to be very slow. Theyll do one rate hike and see what the market does. I think 75 basis points by the end of 2015 is what i think will happen. Tom, your work suggests that maybe weve talked about in the past several interviews with you, the market still presented some value. The equity market im talking about in the u. S. You think things are getting a little expensive now. Well in some areas like financials for sure bill but areas where theres value is actually in technology. Technology is hot but not like 1999. One etf, the u. S. Technology etf, has a valuation under the s p but did 50 more than what the s p did last year. Rick santelli is right, well see huge volatility next week. If they throw the baby out with the bath water in technology and a lot of earnings are coming in the following week. You have an opportunity to swoop in grab some big bellwether Technology Stocks that are really the basis of this index and this etf. What about Health Care Tom . Health care a little bit more challenged. Youre going to see with Interest Rates rising a little bit more challenging in those areas. In technology kelly, these companies are flush with cash so theyre not going to be as effective by rate hikes that yellen may throw at us in the second or third quarter. Rick, by the way, meg says, you know thats not alone, a lot of people feel the fed is not likely to raise rates as long as long yields are as low as they are right now. Whats the feeling on the floor there in chicago . Have you guys felt like we hit bottom for a little while or could we go sharply lower on the 10 and the 30 for example . From the floor perspective and remember, viewers, these guys are short term. Most of the bond traders got caught when a large sell order of cash came in the 10s and it changed the complexion of the day as we now have hovered around 181 in 10s and were getting close to 2. 45 but i would say rick, we need to break in for a second. Sorry, we have some news related to all this underpinning the market. Its an underdate on whats happening with leucadia. Fab we know that leucadia has inked the deal. Leucadia national will be providing 300 million in cash to fxcm so that it will permit the company to meet its regulatory Capital Requirements and continue operations normally after yesterdays 225 million loss due to the actions of the swiss bank. Leucadia will be investing this money into fxcm in exchange for senior notes. In the event leucadia says in the event fxcm sells itself or its subsidiaries 75 of all proceeds will go to leucadia. Ubs actsed a ed aas the financial adviser. Again, like david faber had been reported leucadia inks a deal providing cash to fxcm. This right now just over to us right now from leucadia. Well bring you more but for now fxcm gets its 300 million loan. Right now the stock has halted. It has been halted all day and shares remain halted given whats been happening with the news. It will be interesting to see how that opens up. To remind people again about whats happened fxcm caught on the wrong side of the big move the Swiss Central Bank made yesterday that ought the swiss franc up 40 against the euro dollar and making similar gains. As Everybody Knows in a business that can be as leveraged with as much carry as there is in fx it can take a move much smaller to wipe out someones capital position. Whats interesting as well is to compare fxcm with a gain capital. Well have the ceo of gain capital on next hour here. Thats just after the closing bell. Thats a firm that says it thought it saw something coming with regard to the swiss having to abandon that peg and positioned itself accordingly. Rick i will get back to you on the rates in a minute. Hank smith, the fear is that well hear this about other firms as well maybe even some banks that got caught on the wrong side. What do you think . Well look i think this is just part of normal market activity and this is what happens when you combine leverage and youre on the wrong side of a trade. I dont think it takes away from the broader picture, which is the u. S. Economy growth rate is moving higher toward 3 . Corporate profits look attractive. Stocks look much more favorable than bonds. Listen just to be clear though, going back to why were in this situation in the first place, you know what the swiss are basically betting on is the u. S. Dollar will keep appreciating and that includes i would imagine the Federal Reserve doing more than what you just told us they were going to do because you just said theyre going to be one and done. If that happens and the u. S. Dollar starts depreciating and theres more upward pressure on the swiss currency where does that leave us . Well i think it leaves you, one, with again, the u. S. Markets looking more attractive than developed international, than emerging international markets. It really the u. S. Is the best place in the neighborhood, and so you think the dollar will keep rising . I do yes. And, rick then aretreasury yields continue to go lower. You were starting to answer the question about the perception on the floor about whether were starting to feel a bottom or yields on the long end of the curve. Traders on the floor pulling in all their game pieces they really are. Theyre keeping it close to the vest. The overriding notion is theres still more downside in yield, upside in price but look for ill give you one example. One trader for the 22nd established a wide range for the 10year bund of 30 to 70 basis point. Hes prepared to be in a range that wide. If you have a range that wide there, i would add another 30 to that range because thats the kind of volatility you could get in long maturities if draghi overdelivers or underdelivers. Thanks everybody, especially reacting to that news breaking this hour. Have a great long weekend. A lot of people could use the rest after the kind of week weve seen. You have to believe the market is a bit exhausted after the kind of volatility weve had but we are higher up 100 points. Yes and holding onto those gains. Thats about a little more than half a percent on the dow. The s p and nasdaq both adding 0. 8 . We have a team to keep you on top of all of these moves. Keep it right here as we look across a pretty strong bodroad based gain on the s p. When we come back fxcm falling off a cliff thanks to the Swiss National banks shocking move to revalue their franc. Weve got sara eisen back with us to talk about the biggest losers that could be hit down the road plus the pros shed some light on how the swiss surprise may be hitting the wallets of Retail Investors. Also its been a tough week for financials. Wall streets top analysts debating whether you should be buying the dips and some big ones big underperformance in the financials. Thats coming up. Welcome back. Closing out a volatile week for lots of markets on a positive note at least for equities today, the dow is up 103 points right now. At the high what were we . Up about 120 or thereabouts today. Now were at 17,425 back above 2,000 on the s p. Nasdaq is up 37 points. Oil this week a lot of volatility as bob pisani pointed out. With all the volume pit foratility or a week though, were up just a fraction with that 4. 6 gain today. Gold has been a big beneficiary with all of this. The rally continued up another 11 today, back to 1,276 and for the week of a gain of 4. 25 . Speaking of volatile yesterday swiss surprise more of a swiss miss for Foreign Exchange brokers and trading houses. Sara eisen has the damage assessment. Certainly that shock is being felt by currency brokers that cater to retail traders. Talking about fxcm the story of the day. Biggest fx broker in the United States. The stock has been halted pending news all day which we just got after it dropped about 90 in the premarket this morning. When it did disclose a 225 million hole that is owed by its clients to the firm who got wiped out in trades when the swiss earthquake hit. Thats how trading firms are calling the move. That 30 move higher in the swiss franc on the back of the shock announcement that the central bank was pulling its policy of a floor for its currency. Leucadia confirming that it will provide this company with 300 million in financing to cover those losses. Other retail Foreign Exchange brokers were lower earlier in the day, like gain capital, which is now higher. I know youre going to talk to the ceo. He told us earlier they had safer leverage rules than competitors. Retail is a small slice of a 5 trillion a day market. The Foreign Exchange market. Fxcm traded about 1 trillion in value over a quarter. But it illustrates this spillover effect and it could signal there is more damage to come. Watch for any big impact at some of the bigger institutional currency trading desks. Goldman cfo saying no material impact, no Financial Impact there, but he did say, guys what we all witnessed yesterday was, quote, pretty extraordinary. And thats a way to put it. Sara, thank you so much. More reaction to the shocking move. Joining us with their takes respectively we have dennis gartman, editor of the gartman letter who has been in gold and japanese yen for a while and david bijanko from deutsche bank. Does this change anything from you in terms of our markets with what the swiss did . Were more convinced the euro will continue to weaken. This creates a lot of headwinds. I think the clarity is theres no certainty on where rates are going. Where currencies are going, where Commodity Prices are going. Especially if you consider mario draghi is considered to press the euro even further lower here, right . And were going to have to hear some imaginemagic words but they think the euro will trend downwards. Fixed income, xhomcommodities and currencies, we knew there was pressure on the first two piece approximates. Now the currency move. What happens from here . Is there any surprise were seeing such underperformance . I dont think any major banks will show anything untoward. I think most of the damage occurred probably in retail. I think the damage really will come out what happened to mortgage holders in europe and corporates in europe that had funded themselves in inexpensive swiss francs, very low rate, very low Interest Rates in switzerland and suddenly they find themselves with mortgages that are now 20 more value than they had, debts that are 20 larger than they thought they had. Those problems will come to the fore in another, two, three, four weeks. Any other surprises on the horizon, dennis, that you can think of that might as a result of what the Swiss National bank has done here . Well i think that its really done damage to global respect for Central Banks. Global respect for Central Banks has been diminishes anyway and i think yesterdays decision on the part of the Swiss National bank having come out and told us all a week and a half ago that they were going to stick by this peg for the long for far into the future and would do it with all of their power and two days later to come out and end the peg, i think that that just causes great more discon certification, great more disrespect for Central Banks generally and i think thats the real problem thats going to come from the next several months. David, what they were trying to accomplish effectively was to let it free float and by lowering the deposit rate into further neg territory put downward pressure on the currency. If that starts to come forward in the next couple weeks, will we all look back on this as a braver and friendlier move . I think they realized they were standing in front of a train. The euro is going to weaken no matter what. Whats happening in currency markets isnt that impactful to banks. Were sacrificing the commodity complex for the benefit of others and the stronger currencies leading to low Interest Rates are weakening commodities in part and stay away from Energy Industrial capital goods youre telling me what to stay away from multinationals commodities, those things hurt by the increasing dollar. Who benefits . Its hard to find beneficiaries of a stronger dollar. Even for oil its a net negative. Were leaning toward the stronger parts of the Market Health care, utilities, big happen, reasonable pe and tech. The one Silver Lining for pe multiples, long term yields are inc