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Points, the s p by nearly 20, and the nasdaq by about 57 points. Also being helped, im sure, by the news from china. What do we think about this . I saw the rally in oil prices on friday. Basically a rumor that you were going to see Something Like this. If its contingent on iran and iraq both playing along with it, that raises all kinds of questions. Seems to be the same caveat weve heard over and over again. Iran has theyve walked back some of their more explicit talk about ramping up production. Still, theyre so eager to get back in the markets. And iraq is desperate too. Lets not forget iran boosted output a month ago by 500,000 barrels a day. If saudi arabia and russia and whoever else want to get together, they need to get iran in the room. And lets not forget that a freeze is not the same as an output cut. If demand grows, then theoretically supplydemand will come back into balance. If demand slows because of china, the free ....
2,000point loss at the beginning of 2016, the biggest quarterly comeback since 1933. The new highs come in this year and what to you do with your portfolio. Its impressive. No denying it at all. February 11th at 2 30 in the afternoon, the s p, here we are 240 points later. Tims been on it. Congratulations. Its been a great call. Im not certain we can continue this trajectory. Its just too much. But ill say this, you had some other areas participate today. Financials up a percent. Thats good news. On the down side, ill say this, the Oil Volatility index on the day it should have gone down, was up 5 . Now, a month or so ago, we saw a big day when the ovx closed lower. That sort of signaled the beginning of this upside to crude. I wonder on a day it goes up, does it indicate the end on the up side. We cant omit the crush in the dollar that we saw today helping all of this. I think this gave this a lot more room, actually. To be clear ....
People thought. The worst market overall was there, unfrozen that you can get a sense of things. Theres a look at europe. Again, the losses not particularly substantial given that move down in crude. In asia is where things were a bit tougher overnight, japan in particular with that stronger yen suffered a more than 3 decline. Lets get back here and start with our road map. And where does it start . Well, where youd expect, oil prices are down after the failed doha deal. Were going to take you there live and bring you the latest. Morgan stanley shares getting a boost from what was a better than expected quarter this morning, although not great. Well give you everything you need to know about that report. And we are also live with pepsis cfo, hugh johnston. Were going to talk about this companys earnings plus his new seat on twitters board of directors. All right. Lets start with oil. You were talking of course the squawk gang about it is its the key to this market im going to say this ....
Mcdonalds for 6 . Well show you how. The action begins rights now. Lets get right to it. With todays rally stocks posted their longest winning streak since october and driving the surge, a breakout in crude which is up more than 40 from its february low. Is this rally sustainable . Lets get in the money right now. What do you think . I think its kind of interesting here, the fundamentals for crude arent that strong. I think everybody had basically said this thing would go to 20 and people talking about it going even lower than that. And yet still even with modest production in declines were seeing weak builds week over week. When i look at this, i think we may have come too far too fast. Barrels in all time highs in truth this is only 30 days worth of consumption for the united states. Its a volatile commodity. Thats why we use a lot of what we produce in real time. When i look at this, i think right now were probably going to see it level off for maybe turn south from here. On top of ....
Materials. We begin with a record breaking weekend for apple. Fed calling for at that rate hike. A set to become two separate publicly traded companies. But first up apple is announcing it has sold more than 13 million new iphone 66s and 6 plus. It will be available in 40 more countries beginning october 9th. Look, i think that no one will care. This is a market no one may even care about alcoa which is a major split and thats because the gloom is so palpable. I spent a lot of time trying to be constructive about a market where there are black holes. You mentioned were going to get to a Company Called glencore which a vast majority of our viewers dont know thats gigantic. Some say 30 billion in debt. Apple keeps delivering. Apple china says mirror nike china sales. Very strong. Right now were at a moment where the market is gripped by forces unseen that are concerning people and oblivious to them is to say ive been oblivious to gr ....