That remains a mystery. But it is a mystery that a massive amount of resources are now trying to solve. We will have a live report and tell you what the next steps will be in that investigation. Meanwhile, after a terrible day for equities yesterday, we have seen stabilization today. This morning the action looked pretty negative. You have a lot of people concerned. It might be three days in a row. We have gone out and looked week. We turned positive within the last hour bill. But the dow currently as you can see there, is down about 30 points. The saudi bombing in yemen overnight pushed oil prices sharply higher. They just spiked. Pushed u. S. Crude above 50 dollars a barrel. I think it got to 52. And pulled back. When it got that high thats when other markets started to respond. Overseas markets were down as a result. But that has moderated a little bit as are our markets. Well get to that coming up in a little bit. With an hour to go yesterday we saw a bunch of selling pressure materialize at the close. Equities fighting for direction. They have been up. They have been down. It is currently down 33 . Exact same percentage in the dow and s p 0. 2 . 2057. Nasdaq down 12 as people keep their eye on biotechs. Lets get to closing bell exchange. Jim lowell from Adviser Investments is back with us. Anthony pell green know and scott fearon. He is author. You had a sevenyear note auction that did not go well. The euro went down sharp today. Yields have gone up. Whats the message here . The message for the fixed income market is the notion that it is delinked briefly from equities translateing into an instant spree of buying pushing down yields. We are down 16 basis points on the year on a 10. As everybody is probably noticing, it looks like we will get our first close above 2 since the 17th of march. I believe a lot of that is due to the fundamentals and quasi mixed feelings on what the fed may or may not do. But the easy answer on equities, as jack brought up yesterday, its not only quarter end here its fiscal end of japan. Look to get back next week. I think the dynamic of different linkages between fixed incomes and equities isnt permanent but something to pay a lot of attention to. Could practically have been the headline in the wall street journal today. Pointing out corporate debt issuancesis huge. Theres tremendous demand despite rising rates or falling rates. What do you think of those dynamics . How is that impacting the market . I think reaching for yield it is hard to find investments that give you more than a couple percent of the year. The stock market is in limbo. They will shrink year after year and into Second Quarter. We will see a rate hike probably late this year. Its kind of a treacherous environment in which to be an investor. You think thats one of the head winds is the results of corporate earnings. Jim lowell what do you think . Whats going on right now could be attributable to some of the military and political issues going on these days. Oil moving up as a result. Or you can say that people are just expecting some pretty lousy earnings to come out because of the strong dollar. What are you doing in the market right now . Well i think its all those things, bill. There are fears that stronger dollars negatively impact earnings. Of course you wont know any details until alcoa kicks off in april. But fear definitely has had the upper hand. This week may have the upper hand next week. We think where areas in the market are sensitive to the economy and mainly consumer areas in particular, were going to be able to if not chase yield, at least look for growth both in the u. S. Europe and japan. We continue to see consumers in those three areas basically strengthening. And likely to continue to find ways to be able to spend and drive up earnings over and against all the obstacles. Anthony, where are you lightening exposure to this market . We are seeing right now. The dow has had triple digit losses eight times in the month of march a alone. Coming off a sixyear bull rally, we think the market is starting to run on wobbly legs. One of the things were doing for our clients is positioning them. We have some hedge options strategies that are actually profiting in this type of volatility. Were up 5. 5 fitter quarter this year, while the dow and the s p are negative for the year. Another factor that were introducing are the newer fixed hybrid annuities because theyll put a floor beneath our clientss assets. Fixed hybrid annuities. Talk about that one. Hedged options. So it sounds like the old kind of buy and hold the cheapest stock instrument you can find. Its not your cup of tea, anthony . Well lets take a look. How many investors in 2002 or 2008 were very well diversified and still experienced a 30 to 40 loss in their portfolio . So were using these options for parts of our clientss asset positions to further the diversification. It didnt work well back in the 2008. We need to evolve right now. Anthony brings up a good point. We are flirting with a negative quarter, something that hasnt happened in six years. And with you, among others saying that maybe earnings are not going to be up to snuff this year what are you expecting the stock market to do this career . Are we in for a rough time . I think this could be a tough year for the s p simply because weve had an incredible rally off the lows in 2008. And as i said First Quarter and Second Quarter corporate earnings are estimated to be down year over year. So there are some Domestic Companies that dont suffer from the strong dollar Retail Consumer service that you might want to invest in. But its very hard to see an environment in which the s p makes a doubledigit advance this year. And i think its not that difficult to envision an environment where the s p has a down year. People are looking for noncorrelated assets why dont they just buy gold . I dont think gold is a bad asset to hold. I think in the big picture its probably got a whole lot of stability associated with it. But as i go around and attend some of the seminars my sources put on it looks like alternative investments are an area to Pay Attention to. You have to have a strategy where nervousness is the underpinning to move into those areas. But there are plenty of things you can do. What you want to avoid doing is getting complacent or lazy as Richard Fisher said on air about a a week ago. Its funny. Speaking of alternatives, tia cref is one of the biggest owners of grape acreages and almond acreages in the world. Bought forestry land. David swenson. Jim lowell the dollar for weeks we were hearing the dollar is in for a long haul. Got a bull market going on. Ever since the last fed meeting when janet yellen discussed the dollar weve seen it kind of stutter step here. Now people are questioning whether he will see this bull market continue. Is this a pause to refresh or are we seeing a little top of the action here, do you think . I bet its a pause to refresh, especially the next six to nine months. There are plenty of things to worry about, all of them material. This is going to be driven by earnings. They may come in a little bit weaker than expected for q1. Europe not only is not recessing, it is in fact growing as well. And japan is certainly growing on at least some measure. So we think when Major Economic regions are growing and jobs are still being minted rather than lost it will lead to better gains. By year end i think we still end positive. A quick yes or no. Does everybody think volatility is going up in the stock market . Jim lowell. Yes. Anthony . I believe so yes. Youre hedging, so i would think so. Scott . Definitely. Definitely. I bet you agree too, dont you, rick . Absolutely. Unfortunately were shooting ourselves in the foot. A lot of the vol illiquid i did is through policy and programs we implemented. Thats getting more and more attention. Thanks, guys. 50 minutes to go in the session here. Great to have your perspective. As we look at a market that is down again, bill. The dow is only down 16 points. The s p is off by two. More interesting than the size of those declines is simply the fact that it could happen again. We had a really rough session yesterday. Again, more questions. Again, we had a very rough open this morning. The market was down 140 points at the low. We will see how we do going into the close. Coming up the nasdaq among 50day moving average. Is the worst over for technology . And well talk about biotech as well. Live to the Nasdaq Markets. Up next shocking revelations. The copilot of the illfated germanwings plane likely crashed into a mountain side. How piloted are vetted when were back in two. Theres nothing more romantic than a spontaneous moment. So why pause to take a pill . And why stop what youre doing to find a bathroom . With cialis for daily use, you dont have to plan around either. Its the only daily tablet approved to treat erectile dysfunction so you can be Ready Anytime the moment is right. Plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision or any symptoms of an allergic reaction stop taking cialis and get medical help right away. Why pause the moment . Ask your doctor about cialis for daily use. For a free 30tablet trial go to cialis. Com very interesting day for the markets. A lot of things going on. The major averages sharply lower this morning. Have come back. They were positive for a time. The dow is down 33 points. S p down 4. The nasdaq down about 14 points. You look at the heat map of the standard poorss all 500 components. This morning that virtually all of them were red. Now you get a little more green creeping into the scenario as we head to the close with 45 minutes left of the trading day. Reporter kelly, we just received a picture at nbc news of the actual cockpit that was taken within the last couple of weeks. This is the actual cockpit that was where the copilot and the pilot were. And the copilot was by himself towards the end of the flight of the Germanwings Flight that crashed into the french alps. Heres the copilot. So many questions surrounding this person. Andreas lubitz. We have been told he is 27 years old. Not 28 but 27 years old. French prosecutors say he deliberately crashed the germanwings plane into the french alps. Heres the last eight minutes of the flight according to french prosecutors. The captain gets up to use the lav. While there is a key pad outside, the captain cannot reenter if it is overridden by the person inside the cockpit, which is what happened. No conversation in the last eight minutes. So many questions surrounding him. 27 years old. Relatively new to the lufthansa family. 630 flight hours. Joined germanwings in 2013. The ceo of lufthansa was asking whether their screening of pilots, including mr. Lubitz going to make sure theyre going to be okay in the cockpit. Heres what he had to say. My Firm Confidence in the selection of our pilots and the training of our pilots and the qualification of our pilots and the work of our pilots has not been touched by this single tragedy. By the way, Carsten Spohr went on to say that he was perfectly fit to be flying a plane. That said, there are reports out of europe that he took a break from his aircraft Aviation Training which was being done through lufthansa perhaps to deal with depression perhaps to deal with burnout. We put a call into lufthansa to get clarification about this and ask in greater detail was he dealing with depression was he dealing with burnout. We have not heard back from lufthansa. But thats one of the main questions out there. Sure. Phil, stay with us if you would. You reported in the past about a pilot shortage. We want to talk about the vetting process. Were joined by former Airline Captain denny kelly. Hes back with us. The Mental Health denny, allowed pilot toss take antidepressants for the first time. Should depression be i dont know how to put this nicely but should it disqualify somebody from being a a i pilot, a commercial pilot . Well i think everybody occasionally goes through depression. But i think it depends on the amount. Clinical depression were talking about here apparently. I think if a person is clinically depressed and on medication, they should be taken off the line flying duties and treated until such a time as they are back to normal according to their doctor. Just to be clear, we are not certain. As phil mentioned, we still have yet to confirm with lufthansa exactly the mental state of this particular copilot and what shape he was in and how much depression played a a role in his life. Yeah. And the problem is you cannot judge someone. You cannot talk to somebody in an employment screening. You cant talk to somebody when youre flying with them and see really whats in their head. They may be for six weeks, six years. They may be perfectly normal. And then all of a sudden something sets them off and you have a tragedy. Phil, what is the status quo in this case both in the u. S. And in europe when it comes to evaluating pilots with depression . Well i dont know about specifically for depression. But there are physical exams that are given to pilots every year. Thats part of the certification process. So its not as though once you get your license, kelly, youre free to go. That said, it is wellknown not just in the Aviation Industry but in all industries. If you are dealing with some type of mental issue or depression or burnout, there are a lot of people who keep that hidden. Whats unclear is how well known was this . The ceo of lufthansa came out and say he passed all the screenings. He was fit to fly this plane. So he was very definitive in his remarks. The question now as investigators dig into the past of Andreas Lubitz is that create, or is there Something Else . There is an issue i want to quickly pwrepg up with you. I thought of this today as we discussed the protocol used over there. Here in the united states, when a pilot leaves the cockpit, another crew member replaces them so theres always two in the cockpit. Thats not the case in europe. Norway today said they will change that regulation so there will always be two people in the cockpit. Dont you think that should be changed throughout europe as well . Whats your opinion on that . I think you can change it but i dont think it does everything. Say is a flight attend ant want up to the cockpit. How going to know this guy is doing something wrong . Shes not going to know whats going on up there. Shes not going to know hes not descending for a perfectly legitimate reason. Plus you get a pilot thats 63 and 215 pounds and a Flight Attendant that is 51 110 pounds, what going to do . All sit is window dressing. Interesting. Phil . Bill, real quick, not only is Norwegian Air changing its protocol air canada and ez jet doing the same thing. Wow. I didnt realize that. Thank you for joining us today. Thank you. Appreciate it. As we continue to follow this major news story, vice has signed a big money deal with hbo to do news five nights a week, bill. Julia is with shane smith. Julia, talk to us about that. And i would be curious how vice with this new news program would cover what we are covering right now with germanwings air. Thats the big question shane. Before we get to your big deal with hbo, how would you cover the news of this plane crash . The competitive advantage of vice, is we have so many offices around the world, so many contributors. We have 4,000 contributors. We like to be on the ground where things are happening. We dont want to be slave to the news cycle. If a story came up months afterwards we would continue to follow the stories. For example, a lot of our stories in iraq are after the news cycle ended in iraq. Afghanistan, congo and the same with ebola. We just keep going and get to the stories. The New York Times today described advice vices quality not quality but as squash buckling. What do you think it meant by that . How would you describe how your newscast will be different from others out there . Well you know i think we come at things from a documentary film making standpoint rather than a straight journalistic standpoint of let the story tell itself. Go to the place, press record. In many cases when were Live Streaming we dont do any commentary whatsoever. I think squash buckling means we go in there, we get our cameras in there and press record. In many cases we stay until after the story. Because a lot of times the story keeps going. Just because the news cycle leaves doesnt mean the story doesnt continue. Shane, a quick question from kelly here. Im interested in how you guys are going to start covering news especially on an hourly or daily basis. Thats a little bit more difficult than sending someone out to do a feature length story and often involves making judgments before we know all the facts. What is your thought process for how and when you choose to do these updates . Thats a great question. Weve already been doing it is the answer. We have the largest News Platform on youtube. We have been doing daily news on that platform. Primarily because of the success of that platform our awardwinning and groundbreaking coverage in the ukraine and crimea as that was going on obviously, with isis ebola coverage. Because of our success with that, we walked before we could run. Now were ready to go primetime, if you will with that daily news coverage. Now in addition to your five day a week 30minute broadcast, you are part of the hbo now streaming app launching next month. What does that mean to have Live Streaming news. Do you think youll get people to cut the cord if they can subscribe to hbo now. I think you have to go where the demo is. Our biggest has been with snapchat. One of the top rated on their discover program. And hbo is doing the same thing. They are moving into digital as we are moving into terr