Speak and we will bring you the comments as soon as we get them and monitor what is happening for you. Also take a closer look at mexicos economy and speak to the founder of latinos for trump about why he is supporting the candidate. And an historic day in brazil. The senate votes to impeach her. We will see what this means for emerging markets coming up. And Simone Manuel the first to win gold in a single swimming event. And what she plan dose next . And we will give you a hint, back it school. And weather, we are in for a september to rep. Dominik is on the floor of the new york stock exchange. Dom . Oil markets might be a september to remember because we are at least below 45 mark for west texas intermediate oil. Here on the stock. Exchange for 44. 72 and this is after Government Data shows bigger than expected build for inventory answers also a smaller than expected draw down in inventories of gasoline and all of that dynamic means we are washing oil apparently and weaker prices for oil over all. Focus for traders here. And looking ahead it a volatile september because we have a vix languishing at these low levels. When people come back to work maybe we will see that change. Now throughout the course of the day we have told you about shorter term trends and averages. Six years. Ten years out there. The folks that just spoke, investment group, crunching numbers on the Dow Jones Industrial average going back 100 years. For you guys out there who like the longer term averages and longer term views, a hundred years worth of monthly data and it goes to show you that september is the only down month on average for dow jones over the course of the past century. Thats according again from Data Investment group. What does this all mean overall . Lets kind of put ourselves in the future and what were going to be looking for. Because we could see a shakeup in stocks. We have a number of different data point coming out and of course the jobs data here in the u. S. On friday is going to be front and center and set the tone possibly for what could be a fed Interest Rate hike in september if it is in fact a quote unquote live for november. The European Central bank, bank of japan, all having meetings geared towards Interest Rate policy in the month. Then oil, opec people, meeting at the end of the month in algeria. Maybe that can set the tone for oil prices and then of course, youve got trump versus hillary. Toe to toe for the first time in the formal president ial debate. So thats going to be a big deal as well. So we will see if those guys catalyze the market. Dom, thank you. Cant wait for the president ial debates. For now, the latest fed speak ahead of the jobs report. So three fed speak earns i have to count here, two making comments, one sounding hawkish but not all remarks are the same. One of the hawks is a voter or one is a voter. Boston fed president said quote when the economy is close to achieving the dual mandate as u. S. Economy is now very low rates may risk greater imbalances. You will recall, a dive in the world dove sounding more hawkish of late but still dovish chicago fed president Charlie Evans had this to say in beijing. Weaker longrun growth fundamentals go over the long run. That doesnt include supporting a september hike but it is not a comment that suggests evans would be so quick to make that hike and in minneapolis fed president not a voter this year as well suggesting he hasnt seen enough yet to raise rates and he said quote im very interested to see core inflation increasing. We havent seen it yet. Thats what im looking for. Here are the feds fund futures. About 27. probability of a rate hike. Thats for the day of the meeting in the 20s, make it more like 30 or 35 . December is more like 50 . We will see if that remains so low for september. If that august payroll number comes in as expected at 18 will 0 something, kelly, that 180 may be enough to signal go for the september rate hike. Adp just about there this morning. Exactly. Now if you missed it this afternoon. Leon cooperman, ceo mega advisors appearing on halftime reporting with gave specific stock plays but also broader take on the market. S p around 2165. Market is fairly but fully valued. And i would not expect a market to do that much on the joup side. We have to accept the reality that if Interest Rates belong where they are, thats a slow growth world, then returns and equity are lower than they have been historically. And i accept that fact. Joining closing bell exchange, the kneelian camp fund, steve grasso from stewart fring el and Rick Santelli checking in from chicago. Welcome in, everybody. Ron, do you agree with what cooperman said about the market being fully valued . I do. 2 growth and return on equity has been moving down a little bit. 2 growth and 12 inequity justifies 19 pe across the board. What do you think is more like fair value . A little bit lower. Trouble is the market very seldom sells at fair value. It crosses on being rich to cheap. But what i learned a long time ago is if you cant find cheap, we are finding Good Companies but not cheap stocks. And when you cant find cheap stocks, if you wait a little while, you will get the chance. Will that end the month of august basically flat for major ind indices. Is that the start of something more meaningful as we head into september and rest of the year . I think we have seen a meaningful reaction as you noted there. We saw that rotation and saw the financials rally. We have seen the utilities staples sell off and have seen gold sell off. If you look at the market, you see the financials arent telling you there is a rate rise. Gold is telling you that. I think as Steve Liesman said, you know, it is friday, if you see that good number, youre going to see the dollar probably rally. I know that reslaipg, inverse correlation onagain, offagain. But you will see energy smacked around a little bit. See the commodity base smacked around a little bit if that number comes in good, its not giving them much cover. They are going to have to be forced to Say Something at the september meeting and i think they will race. You know, rick, focus on what happens post labor day. Closing up the month here and pretty much ending the summer. We havent talked as much about credit market and how strong theyve been but should we expect that to continue and support equity markets even if they are fully val iued, after e break . I like the words he chose especially. Notice when he talked about rates he used the word belong. What he is saying in my opinion is that if the fed isnt raising then economy is obviously an average economy, average growth. I think that the rest of the market, that doesnt necessarily get all of its marching order from the Federal Reserve. Even though it gets some of them. The long end of the market and whats going on in europe and japan and negative rates, rates have been telling us this fact for a very, very long time. I dont know that anything in the treasury will help equities because imbedded in mr. Coopermans comment is low rate arent bullish for stocks, they are more representative of how they are misfunctioning or not firing correctly because with rates this low probably stocks shouldnt be this high and guest ron pointed out, fair versus fully to imbedded in all of that but what i found most interesting is his final comment, he accepts that fact. That the money ball. A lot of people over time arent going to accept mediocre returns. Whaen they do it leverage them or enhance them, that the problem i see and i think the fed thinks about that a lot. Ron, you mentioned you are skeptical of where evaluations are in the markets. Gauge for us how skeptical you are. Are are you looking at bonds or not . No. We own no bonds. Our cash is 20 to 30 , highest its been in a very, very long time. We were fascinated with stan fishers comment the last couple of days. He said we seem to be in an area where negative rates work. They havent worked so well for the people who are using them like europe and japan where we have 12 trillion in bond at negative rates and theres the Central Banks now own 25 trillion in stocks and bond. So weve add huge buyin by Central Banks and Companies Buying up their own stocks. We think the supply and demand held them up and one of these days that ends. It looks like Companies Buying in their own is ending a little bit and we have the u. S. Fed talking about no longer lowering rates, not going to negative rates. So once that, as you all know, for a market, i dont care if it is baseball cards or what, you have to have new buyers coming in. We have huge buyers the last couple years. When they stop it looks to us like some of the premium comes out. Ron, ron yeah. We brought up fisher and negative rates. He just left the door open. What a crazy comment. Theres no proof they work. And his hinting that they may, people are doing it in my opinion. If he said they dont work and the fed is forced to use them i think thats more of the strategy there and it is sad he didnt take that opportunity. Here is the main problem though is this. You have 20, 25 cash. The last is when guys take their cash off the sidelines and invest in the marketplace. Everyone missed the rally coming out of brexit. You cant afford to miss the next rally and to thread the needle and only lasting sevenday says a fools errand. You are asking me to thread the needle going ought other way. Fisher did admit no, eventually you have to buy in or be the worth the risk of underperformance. Last word, ron . Youre asking me to thread the needle go thing the other way. Fisher did admit it is on savers and insurance funds and insurance companies. A whole lot of people here. It hasnt worked. The picks you still had include microsoft and united health. So still some opportunities in this not very well liked market. I think microsoft is a bond substitute. Their dividend is well covered. There we go. Appreciate you all joining us this afternoon. We have about 45 minutes left to go in the session. S p is down about 8 will. Transport lower by 43. Nasdaq down 15. Up next, donald trump meeting with mexicos president a few hours before delivering a key speech on immigration policy. We will take a closer look at high stakes from mexicos economy as we wait to hear remarks under trump. Also ahead, two Mainstream Investors tell us what they are buying a. We knock on septembers door. Our retail roundtable and youre watching cnbc, first in business, worldwide. Hso were constantly going over oudata limit. , well, now all ofurew plans come with no data overages. W, no more overages . Sohat means. Go o. Say it. ll fin be inol. And we bac. Introducing new t plans wit no data overage charges. Balance ansfer to othats my game haa ank u. Uh, next. Wah me make your ieres theres tta be a better way to find the ght rd. Whatev kind youre searching for,reditcards. Com lets you compare hundres to find the one thats right for you. Also called more generally for more mergers and crosscutting across the european banking space as they face a murky profit outlook and kelly, dou Deutsche Bank up 2. 5 . Even though ceo of Deutsche Bank came out and said this isnt happening, interesting to point out on this, is that the summer has been one of the lows for european banks and u. S. Banks starting to respond and perform as Interest Rate hike options came up and john saying we need to bring back profitability but there is nothing on the table for us and distancing himself. It seems natural, i was just wondering what it means for germany if these two combine. Thats the issue. The market thinks it might be. There is huge competition concerns number one, two banks in germany. So thats why he said, look, just not an option for us at the moment. You have to sometimes see back support for it. But those two or 0. 3 times. Oh. Tough, tough times. Ouch. Yeah, shares up, as you mengd, for both. Mexicos economy in focus as donald trump pays a visit before he delivers his speech on immigration policy. We are also supposed to get remarks from trump in the next hour or so. Since he announced his candidacy in june of last year this has been an issue for him. They are laughing at us and our stupidity and now they are beating us economically. They are not our friend, believe me. But they are killing us economically. Seema mody joins us with a special report on the high stakes for mexicos economy. Seema . Trumps visit to mexico comes as its economy suffers its first contraction in three years. Mexicos economy shrank in the Second Quarter by 0. 2 compared to a year earlier when the economy expanded by 2. 5 . Slump in oil prices depreciation a in the local peso and weakness and industrial output made mexicos economic recovery much more challenging. Add to that debt and s p is climbing to 48 by 2018, 2019. Jack of Bmo Private Bank says it would cast larger cloud of uncertainty over mexico especially since the candidate has been openly critical of the north American Free trade agreement also known as nafta. According to the imf in 2015 mexico exported nearly 300 billion of goods and services to the u. S. But more concerning for mexico, trumps promise to build a wall on the mexico u. S. Border to curb illegal immigration which could curb mexicos unemployment picture but not sure how much. In terms of the reaction, take a look at the mexican peso. Analysts with the underperformance in the peso this year to the antimexico sentiment commentary coming out of the u. S. Election and in fact Morgan Stanley says the currency is most at risk from the uncertain around the u. S. Election and u. S. mexico trade talks. Seema, lets pivot from mex dough brazil whereof course they have voted to impeach rousseff, the president. What happens now . Took nine months to impeach president rousseff who is accused of mishandling the budget and the former vp of brazil will assume fulltime leadership. The onus is on him to instill confidence among citizens and unveil pro business policyes. Brazilian stocks have been outperforming this year and the prospect of change in leadership and hope that a new leader will deliver the medicine that brazil needs to desperately turn around its economy in order for the rally to continue strategists say his First Priority will involve around tackling brazils budget deficit can which is currently 10 gdp and stubbornly high inflation. And perhaps more important to remove the corruption still in the political landscape. U. S. Bullish on brazil. Forecasting swift turn around in growth by 2017. As history has shown us, as not showing signs of improvement gains in brazilian stocks will perhaps be shortlived. Seema, thank you. I guess we should mention the one other place to watch especially tomorrow is venezuela where they have a huge rally going on. Could be the biggest in years and may be the last chance people have to put pressure on the government to get the referendum done before the current leadership would effectively maintain control the next couple of years. And if the dollar keeps going high, could be all emerging markets. Good point. Lets switch focus back to markets here. We are looking at declines, slight declines. About a third percent for the indeces. Enough to wipe out the dow but Still Holding on to around 3 4 of 1 . Dow down with 39 minutes left. Coming up, two Mainstream Investors tell us what they are wil buying ael and selling. Still to come, first africanamerican woman to win an individual gold medal in swimming. Simone manuel stops by. Back in a couple minutes. The road to the olympics is a feat in itself and our next guest not only got there she made history as first female africanamerican swimmer to win gold in american swimming. Simone manuel joins us here at the stock exchange. Welcome. Thank you. And you have to go back to school when exactly . September 6th. To stanford . Mmhm. So you have a little bit of time. Little bit of time. Do they have preseason swimming or when is that start . Well thats preseason swimming, september 6th. Classes dont start until the 2 6th. Do you put yourself at a disadvantage by not being fulltime swimming . I dont think so. I put all of my focus into the olympics this year and i want to put all my focus into the college team this year because they were so supportive of me taking the year of a. Im excited for the challenges of being on, you know, the swim team. And so you are taking a year off. How many years do you have to keep going to get your degree . I imagine the training must be so intense. I still did my academic studies. Im a junior academically but a sophomore athletically. Got it. You are keeping up the fulltime schedule with all of this. What is a typical day for you like . When i have classes, ill have class monday through thursday. I try not to have classes on friday. Thats my day off. But then i practice monday through saturday. So a pretty intense schedule. Youre young to be a successful as you already are. If we look at your colleague, michael phelps, and the level of success over such a long period he achieved, is that something you want it achieve yourself and look at it and think thats a daunting length to train so hard and give up so much of your life . That is a daunting period. I think i will take it year by year. I want to go to the olympics in tokyo but i dont know how long i want to pursue my swimming career. Thats just something i will have to look into later on. And you cant do sponsorships right now. How do you think through longer term opportunities and continuing to swim or lining up whatever else you might be able to do with the rest of your life . Do you have to put a lot of thought into it. I definitely want my degree. I wanted to go back and swim with my swim team because i have so much goals i want to reach as a college athlete. And just take it year by year and decide from them. Do you think that it is a little bit unfair when you see perhaps that the smaller amounts of money people in your sport, phelps is a good example, the level of success and earnings he has relative is quite low compared to other sports. Is that unfair compared to others . I dont know if it was unfair. I would like to see more money in t