Were talking about real revenue revenue. We have a controversial story on cnbc. Com today. The headline reads is the 401 k experiment a failure . First we didnt know it was an experiment but we will get to that a little bit later. The writer of that piece on cnbc. Com says that the facts add up to an f for 401 k retirement plans. Weve heard from many of you on twitter as you respond to that article, but the author kelly holland, will be with us to back up that story and well be talking about it a little bit later. Yeah. Ted cruz he jumps the line. Hes now the first to officially declare he is running for president. So where will he get his money . Is anyone on wall street behind him . Well find out later on in the show. Lets get you caught up on the markets today. Kind of a quiet session even with comments by fed vice chair Stanley Fischer which well talk about in a moment. The dow is up 54 points. Were getting closer to an alltime high for the dow, too, as a matter of fact. S p is up three points and you saw the nasdaq down a quarter as michelle mentioned, still about 20 22 points away from the alltime closing high. Joining us today, erin gibbs from s p capital iq who is here with us at the new york stock exchange. So is Kenny Polcari from oneill securities securities. Mark eye bell is with us and so is kevin giddis and Rick Santelli joins us as well. Rick Stanley Fischer saying it is well expected that the fed will start raising rates later this year. He made that statement at the new York Economic Club just a little while ago and the markets did nothing with it. Why do you think that is . I think theres two answers to that question. First, im not so sure anything he communicated really made the actual date of normalization any clearer. Now, granted all dates seem to be in 2015 but i think the most important thing to Stanley Fischers talk today was the notion of trying to frame what the feds doing, their ultimate normalization, as just removing some accommodation but leaving plenty of helpings of accommodation over. I think the markets viewpoint is once you start to normalize, that ultimately whether you do it slow, whether you do it in a trendy fashion like Alan Greenspan or not, that its the beginning of something that the market is going to have to take into consideration on a very low part of the food chain, the cost of capital. And i think the market is nervous about that. The more i read stan fischers speech, it really was though the investors he was somewhat speaking to he was speaking to them almost as if they were kind of too young and too childlike to understand exactly whats coming, and i think thats very interesting when you think about it. Erin, what do you think of that . Especially to ricks point, if its coming then theoretically that means that the dollar could keep moving higher as well which is having a tremendous impact on the markets week after week here. Fact he stressed late in 2015, thats so far out, and i dont think people are really expecting any appreciation in the near term sorry any depreciation of the dollar in the near term and were looking for further appreciation. Thats despite the little pull back we saw right after the fed. This is just very much a small pull back because of the fed. I still see the longterm trend of the dollar going up for quite some time. Kenny, whats going to move the markets this week . We got fed last week earnings next week. Whats going to move the markets this week . Im not sure theres much this week thats really going to move the markets unless any one of the data points that come out so misses the mark. I think people are much more concerned about what the impact of the stronger dollar which we started to see at the end of last year what its going to mean to the First Quarter and until they really understand the impact, how much that dollar is going to either impact or not, i think its going to hold the market in check. Therefore, i think its going to trade very tightly. I dont think its going to burst higher or do i think its going to collapse at all. Mark what is the next catalyst then for stocks and what are you doing in anticipation of it . Is it earnings for example, that start next week . Yeah i think all eyes start looking at earnings. Again, i dont think fischers comments said anything the market hadnt thought about last week probably september. So whats the next data point . Obviously monthly jobs and wage information is key but i think its all about earnings particularly with an eye on we know the dollar has strengthened. Thats going to impact earnings and we know the Energy Sector will get hit. So how much might earnings be down relative to expectations . I think thats where all eyes are. In between its probably news out of europe or it seems to be a pretty light week this week. I think its all eyes forward to earnings next week. Kevin, we know that the 10year is still below 2 after last weeks fed meeting. Do you expect it to go even lower from here or could we see it creep up as the anticipation of a rate increase gets closer . Bill its kind of funny because the fed is kind of stuck in their own selfimposed data dependent world, so as long as the numbers come in weaker it gets them further and further away from their goals. Knowing they want to come off zero rate policy but right now a lot of money is coming in from especially foreign accounts into the bond market. Theres a lack of inflation out there. Theres a positive spread to sovereign credit. I expect that to continue about you were not talking about 185, 180 or 75 until we get something on employment the following week. So between now and then we will stay pretty range bound when 1. 90 and 2. 10 on the high. Theres been a lot of focus on issues of liquidity ever since the fed statement. We saw erratic trading in the currency market that day but its highlighted a question as to whether or not particularly in the bond market theres enough liquidity to get trades done. Do you see any signs of that . Not at this point. I think a good the proper measurement for limited would la quick i had had volatility has been going up and down quite a bit will you liquidity is good. Even corporates . The types of accounts buying treasuries right now and the longer they buy them and hold them, liquidity could be a factor that would affect the repo market sometimes in the next six to nine months. That would be potentially a big event if we finally saw that happen. Potentially. Yeah. Erin gibbs not going to say its going to happen but its a possibility. We talked about earnings expectations, they have plunged for First Quarter in part because of that strong dollar. Where do they stand right now. What are you expecting when those reports start coming out next week . Basically zero growth. For 2015 were looking at 0. 3 growth. For all of 20135 . For all of 2015 basically flat. Revenues are looking at a negative 1. 5 . So an actual decline in revenues. You can see on the revenue side where that dollar is impacting them. So your consumer staples, Consumer Discretionary, industrials. Those are the sectors more vulnerable to the dollar moves particularly when you look at the percentage of their sales that come from outside the u. S. So those would be the ones that id be most concerned about potential misses on the earnings side because of that strong dollar. Mark eibel, that weak euro which goes along with the strong dollar is one of the reasons so many people are bullish on european equities. Are those the reasons . Weve been bullish on europe even coming into this year. I think we know theyve had cheaper stock than the u. S. For a while, but what was the catalyst . Qe is a catalyst. It weakens the currency. On top of it you have low expectations and the gift of cheap energy which helps europe. What so far were going into a diversified portfolio. What if your clients want to get exposure to europe but theyre dollar buyers they could lose on the currency even as the stock goes up. Do you help them hedge . Go with the hedged etfs . Weve seen that. For our portfolios in which hedging is built into the policy, you see exactly that. Youre long europe and you hedge the currency away. So far its played right into that. Its been a great year to have a diversified portfolio in international developed. We like this market. The u. S. Is up the rest of the world is up a little bit more. Thats helped investors who have been patient. Kenny p. I have to go back to what erin said a moment ago on earnings expectations. They are just terrible at this point. If thats the case why are we sitting near all time highs . Thats a conundrum and i think the only reason you could say were there is because of all the free money, zero Interest Rates, the fact that every central bank is behind it. That being said, at some point theres got to be a repricing of the risk because i do think even though i like u. S. And i think in the end of this year it will do well i think theres some room here some of the fluff has to come out of it. So you may see the market and you should see and you should want to see the market back off a little bit, but i wouldnt be concerned about any big correction. Its not going to happen as long as the fed and everyone else is sitting there supporting it. All right. Good to see you all. Thank you for your thoughts today on todays market action. Appreciate it very much. We have 50 minutes left in the trading session. The dow is up 55 points right now. The s p is up 3, but the nasdaq kind of spoiling the party a bit down a point and a half. Last week we were wondering if wed get to the new alltime high. Its not looking good right now. This week were wondering it too. Yes, we are. Next make or break time on Nuclear Talks with iran. The latest developments on if and when we could actually see a deal. And emerging markets investor bill browder is here. Hes a wanted man in russia. He weighs in on the role president putin is playing in the Nuclear Negotiations with iran. He says putins influence is absolutely there. Also ahead i dont think its going to hurt business. We certainly have not seen that in the last 24 hours. What a difference a few days makes. That was starbucks chairman Howard Schultz. Baristas now are no longer writing race together after a storm of controversy erupted over the companys plan to discuss racial issues with their customers. Should we give starbucks for some credit for having the good sense to scrap a bad idea . Thats the way were going to look at this. Backhanded compliment to starbucks. Still to come on closing bell. Stay tuned. Never before has this kind of passion this kind of innovation, engineering, design and performance. Been available. For this kind of price. The 2015 cla from mercedesbenz. See yoalerfers through mercedesbenz financial services. In new yinventing how we do businent the world. From pharmaceuticals to 3d prototyping, biotech to clean energy. Whether your business is moving, expanding or just getting started. Only new york offers you zero taxes for 10 years with startup ny business incubators that Partner Companies with universities, and Venture Capital funding for high growth industries. See how new york can grow your business and create jobs. Visit ny. Gov business its crunch time for global powers and iran to reach a deal over irans controversial nuclear program. The deadline is looming. Its a week from tomorrow. Now eamon javers joins us from washington to tell us where we stand right now. Eamon . Thats right, bill. Theyre expecting to resume those talks in switzerland on wednesday. Its the socalled p5 1 nation negotiating process. So far the whole world is watching to see whether the u. S. And iran can come to some kind of a deal for iran to abandon its Nuclear Ambitions in exchange for the United States to lift some of its economic sanctions or all of its economic sanctions. No word yet on what is in the deal. Secretary of state john kerry briefed reporters on friday on exactly where things stand. Take a listen. So in the days ahead, we will stay at this. We will continue to exercise the judgment and the patience to defend our interests, to uphold our Core Principles and maintain our sense of urgency. We have not yet reached the finish line, but make no mistake, we have the opportunity to try to get this right. And guys obviously a lot of controversy and concern over the direction these talks are going, and republicans in particular here on capitol hill have been extremely critical of the Obama Administration for going down this negotiating path with iran. We dont know exactly whats on order, but, of course some of the key areas are going to be how the United States can exactly verify exactly where iran is in its nuclear process and how it could maintain that verification over some long period of time and then also on the iranian side theyre going to want to know exactly which u. S. Economic sanctions are going to be lifted for how long, and what businesses it will apply to. So a lot here and the whole world is watching. Eamon, thanks very much. Meanwhile, our next guest is calling russia a potential spoiler in the Nuclear Talks. Hes bill browder who is a firm critic of president putin. Hes the author of red notice. Good to see you again, bill. Welcome back bill. So the United States seems to think that russia is crucial in the involvement in order to get a deal done with iran. They want russias help in terms of getting rid of some of the Nuclear Stockpile iran has. Do you sue see russias involvement . Lets see what happens if this deal goes through. Then you end up in a situation where iran can sell its oil freely on the International Markets and with Oil Prices Going down and staying down and Vladimir Putin being basically an oil producer who is suffering, he doesnt have any interest in this deal going through from a financial standpoint, and he also likes to be the international spoiler on anything going on. He likes to be poking everybody between the eyes on these types of things. And so i mean im not an expert on the interaction between the United States and iran but what i am an expert on is how russia goes about sort of messing up every International Negotiation and its in putins economic interest and in his interest of being important to mess this thing up if he can. That would be super interesting because it would be contradictory to the view that the u. S. Has had of russias potential role bill. It would be just the opposite. Theyve said theyve got to get them involved in order to bring iran to the table. Well, theyve been saying that for years. They say that we need russia for iran but russia has no interest in doing anything other than spoiling. They sit at the u. N. Security council and always put their they try to mess these things up and so the u. S. May want russia but russia but to actually get russia to cooperate, particularly with all the other stuff going on i think is a long shot. Lets be specific about it then. How would you imagine Vladimir Putin would try to be a spoiler in this case . Does he just simply turn down any deal that the u. S. Reaches with iran or does he try to undercut it in some other way, some other fashion . What do you think he might try and do . Well you know the way he intervenes in these situations is hell come around the back door with some type of offer to iran to say, listen if you go along with this deal were not going to do this with you, and what hes negotiating with iran i dont know but, you know, he knows how to complicate these situations and i think theres a very good chance hell try to complicate this one. So lets just watch for that in other words and see what he does come up with. What do you make of the killing of the Opposition Leader boris net nemtsov being gunned down and whats putins involvement from your view . Russia is going into an economic crisis right now. Two years ago Boris Nemtsov wasnt a political threat to putin but now that russia is going into an economic crisis, Boris Nemtsov was calling for people torg into the streets and protest and call for putins downfall and he became a political threat to putin. So in my mind putin is the one who is behind this whole thing. I dont believe that anybody would have assassinated Boris Nemtsov right in front of the kremlin. I dont think anybody would have had the guts to do that other than somebody who is instructed or authorized to do that from the start. And so i see vlad peerimir putins fingerprints all over this murder. Do you have any theories about where Vladimir Putin was when we disappeared a couple weeks ago . A lot of people have a lot of theories. His skin looks like awfully nice without wrinkles so maybe that tells you something. Youre suggesting Plastic Surgery . Take longer than that. Botox. I dont know but hes disappeared before and it looks like hes had some Plastic Surgery. Hes a very vain little man, and so thats one theory. I cant prove it certainly not. What do we make of the russian response once he came back . Did it make him even more powerful . The population seemed relieved to see that he was back in charge. Well i mean we have a situation in russia which is different than any other country where its a completely personbased leadership. Its not an institutionbased leadership. Theres no institutions no, courts. Everybody is terrified what happens if Vladimir Putin disappears, is there a revolution, civil war . Do the rich guys get arrested . Everybody is sort of sitting there wondering what happens next, and so when he came back you know, they were happy that there was