look at wti over the last couple days. wti hitting $45 a barrel for the first time since april 2 dozen nine. -- 2009. andrew, everybody talks about oil but all those things are trading lower as well. when you look at this on a net basis, is this still a positive? >> we looked at the oil price move and said it is really a supply story as it gives consumers more disposable income. if you look more broadly, it is wrong to discount that it is only a supply story on oil. there were certainly something going on to suggest the prices will be softer. china is going to slow down from last year up a little bit softer. the euro, we think, will be stronger from a growth point of view. it is still a very big positive to see the oil price fall. you can see that disposable income right across the world but it would be wrong to rule it out and say it is just an oil story. commodity prices are down. >> we could look at the oil price move as a black swan event, hardly anyone saw it coming and it happened quickly. could there be a negative i

wti and brent are both off the best part of 3% today. wti at 44.8. brent at 46.1 and we have seen a little bit of a rally in gold in recent trading sessions at a 12 week high just pushing the 1240 level. >> interesting enough decline in oil prices weighing on the energy sector. energy the weakest sector down about 10% over the past three months. that's been weighing on u.s. equities but look at futures. they're imlying a higher open. the dow jones with a 72 point gain in premarket trade. dropping for the second consecutive day yesterday. earnings could really change investment sentiment. alcoa beating forecasts on a boost in demand from the auto sector. higher prices and lower energy costs. the company sees solid demand this year from the auto and aerospace industries and earning season getting into full swing this week followed by csx. more importantly tomorrow is j.p. morgan with a busy few days of bank earnings along with wells fargo, bank of america, city group, black rock and friday we hear from goldman's sack. portfolio manager. i want to talk

wti trading below $50 a barrel. in recent days the iranian oil mip sister said the country still intends to double its exports once international sanctions are lifted. ali is bringing us more on that topic. >> it's going to be very difficult to do that in this current economic climate that have an in right now. the sanctions are still in place. they haven't made a nuclear deal and oil keeps tumbling. everything in iran's budget is central around oil and the iranian government has put $100 for oil in their budget. it's less than half that right now, so they're in a lot of trouble. the speculation in iran globally has been that the saudis have intentionally crashed oil markets to hurt their main political rival, iran. but i had an interview with a leading iranian economist who is a former adviser to the president and he disagreed with this. he didn't think that the saudis are -- >> exports more than -- a day. then the increase in oil price is eight times a liter, first of all. i'm thinking -- is 41% of all demand of t

wti, well confined equilibrium and fairly epic collapse. we've gone from $110 a barrel, even broke $50 today. so now what? when you are in a free fall, there is no level really to cite. you have to go back further. take a look. this is going back over about 25 years. basically we know that crude traded in a well defined range from 10 to 40. if you go back even further, always between 10 and 40. and this is the epic emerging markets boom when we got up to 140 a barrel. the collapse -- we are approaching the top of this range. that is how consensus. that's probably what a 4r069 peop lot of people are looking at. perfectly valid point. >> you think we get to 40? >> back to this, i've done this twice now and there is nothing wrong with being wrong. take your loss and probe it again. i don't think we quite get there because it is so expected at this point. that's my hunch. >> let's bring in dennis gartman for more on this. dennis, good to see you. last time i saw you, i think oil was firmly in the $50 range and you said it will gragree to $0. c

if we see this reversal wti becomes the global go-to, and if we start exporting wti here in the united states, that will strengthen the price even more. back to you. >> all right jackie. thank you. >>> oil continuing to sink so where is the best place to find opportunity amid those slumping prices and slumping stock prices too, folks? let's talk to oil experts, carl larry, an oil analyst and president of oil outlooks and opinions, and michael lamott an oilfields services analyst and senior managing director at guggenheim securities. let's start with you. give us some names and explanations of stocks you think might be worth nibbling at now. >> well, you know what we're looking at here is an oil supply problem here. when you have supply problems what you are really looking for are places that can stoil oil. something like enterprise product partners probably a good play out there right now. they own a lot of storage. they just bought oil tanking a few months ago, a few weeks ago. i think this is an area where you'll see a lot of profits going forward. cheap oiling means that we're going

. >> wti hovers around $47. >> european markets and the euro steady ahead of key inflation data that's expected to show the eurozone has fallen into deflation. >>> sainsbury shares rally after delivering a strong christmas performance, but the cfo says the uk super market won't be rewarding investors just yet. >> we anticipate paying out the load this year than last year. but with all of that said i think the core of the business remains strong. >>> hopes are raised of finding the black box recorder as recovery teams locate the plane's tail under water. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to the show. lots of data coming out of europe today. the latest that has just broken is italy's jobless rate which for november has hit 13.4%. that picks up from 13.2% in october. this is the november reading that we're getting. it's had highest rate since the data series began back in 1977. so the fundamental weakness in the labor market in italy is certainly still an issue. as you can see the euro is roughly at concession

meantime, this spread is very interesting because the last time that we saw wti overtake brent wasn't until from july 2013. it happened very briefly. it happened more significantly in july of 2010, but everyone is watching this closely because what it could indicate really is that wti is going to become more of the global benchmark. a lot of talk out there about lifting the ban potentially on exports, which could mean that other people are bidding for u.s. crude and that could raise prices. a lot of action in the pits here, and watch the selling pressure into the close because the pattern has been to see steeper selling as we head into that 230 mark. >> we'll check in with you around 2:30. let's stick with oil because how not every energy stock is created equal in the face of plunging crude prices. who is best to weather this storm? paul, you know the old saying. buy when there's blood on the streets. there's a lot of blood on the oil streets right now. to go in there and start buying, would you have to have a lot of conviction. luckily you do. tell us why. >> yeah. i think there's a

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what are you watching with regards to brent and to wti right now? >> okay. you know, i will tell you right thousand that the wti crude is still a sale here at $48. there's no reason for it to rally. the real story is actually natural gas. we had a storage number come out today, gas is what people are going to be heating their homes with this winter, and you have to remember this coming week last year we had a record withdrawal from storage. so people are looking at that. gas is still under $3, and really there's still a glut. there'll be localized instances where there's shortages, but overall there's a lot of room to run on the downside -- cheryl: the retail, you're watching the retail gasoline -- >> no, natural gas. cheryl: okay, okay. i wanted to be clear because we did have a chart up there, and it was above $4. mark, i do want to ask you again going back to oil and stocks, we had an analyst on this morning on fox business that said now is the time, actually, to get some of these stocks because they're cheap right now, exxon, conoco and anadarko aren't g

if we flip, traders say it shows us wti becomes the global benchmark. this could be intensified if we see exports from the united states as well. >> that one-year chart never gets less stunning no matter how many times we show it. appreciate your reporting this morning, jackie deangelis at the nymex. >>> huge round of funding announced for instacart, a start-up that delivers groceries from retailers like whole foods and costco. led by kleiner perkins and comcast ventures part of nbc universal's parent company also part pated in the round. josh lipton at a whole foods in oakland with the ceo of instacart. over to you. >> well, kayla, here with instacart's founder and ceo. thank you for joining us. instacart raising $220 million. a couple different ways you plan to use the funds. one you talked about was category expansion. explain what you mean by that? >> currently we focus on grocery. we deliver groceries to our customers. what we've found is that groceries are a difficult category to deliver. once we have figured that out we can expand to other catego

when you see what happens with wti and brent, take a look at the spread between wti and brent. that spread went positive first time about five cents today. wti is discounted to brent because it is land-locked. brent is sea born crude and easier and cheaper to transport f that shifts watch for policy changes, watch for all kind of changes in the global oil market. we don't know what will happen, david, if it gets below 40. liz: brent, right now, you get a sense what bob is saying, $47 a barrel. crude, 46. folks, these used to have a 10, 11-dollar spread six months ago. >> very typical. liz: give us your best names. people watching want names behind your theories. you like the homebuyers and the housing sector. which names? >> i do. i like the brokage industry. he like realogy, they own century 21 and coldwell banker. on homebuilder side i like lennar and to brothers to have a good name. those are stocks in my portfolio and i'm looking for good years. if we continue see more money in consumers pockets. interest rates continuing at historic lows with lending policies becoming a li

wti crude tumbled 69% from $31 in november 1985 to $10 in april of 1986. that is when saudi arabia flooded market, prices didn't crawl back until 1990. four years. wti is now down by 57% since that green circle. brent is down by 60%. is oil heading below $40? >> we will take a short break on countdown. when we come back we will talk about burberry, though luxury -- the luxury of any as reported numbers. more details when we return. ♪ >> the british luxury brand burberry reported earnings earlier. joining us for a take is caroline hyde. i hear it is all because mark barton bought trenchcoats. >> they sold fantastically well apparently. it was also about their cashmere. those were the products flying off the celts -- flying off the shelves. they matched their previous quarter. they are sounding more positive on sales but not on profitability. we are still seeing -- a slightly revised their four your outlook for sales. marginally up. they're saying they will add about i percent to their sales. before it was low-to-mid single digits. everything else remains

the other interesting market crude oil, wti, what was that button hook late in the day? look at this thing, just near the close and then as soon as the regular session closed, the electronics session took over and rallied and put them back almost up 31 cents on the close there. what is a number we should look for in jobs tomorrow do you think? >> 243 the current estimate a lot of people were debating if we get the number in that league, is this good news? i was concerned about evans last night think rates should stay low longer and the market moved 15 points. that tells me feds still really matters to this market. >> 100%. still at cheap money. still a liquidity-fueled rally, if you will. everything looking pert in the economy. starting to see jobs numbers coming in good strong demand from the consumer housing market strong love the hope trade heading into springtime. but again, you have to throw out a lot of historic data because we are dealing with free money, basically. all right. dan, good to so you. don't be a stranger so often. bob, thank you. as autopsy, we are go

wti crude losing about 5%. today at this point in the morning we're looking at gains across the board. the wti crude trading up 1%. brent crude up 1.4%. the big story has been the rally we have been seeing in shares of gold. is that indicating that investors are looking for a safe haven during the times of rising volatility. spot gold now trading at $1,300 an ounce. a gain of around .6%. now back to julia. i will ask you julia to ask some of the various leaders about what their thoughts are on gold in that rally because clearly gold so far has been one of the underperformers when you look at the two-year performance by this interesting rally over the last one week something to talk about, i guess. >> absolutely but gold is one of the key outperformers. we'll be talking all about oil. what does it mean for the demand outlook for global demand right now. we saw the oil price pool. we'll be talking opec and china. we're talking oil after the break. stay with us we're back in two. opportunities aren't always obviou

wti dropping below 51. that's been part of the story this morning along with the strength of dollar versus the euro. let's give you a look at oil. do we have that for you? right at the bottom, $50.83. >> let's get to the road map. yes yes, oil threatening to fall below $50 a barrel. >> and which retailers were the biggest winners and losers. >> and why today is a crucial day for the big banks. and tune in tonight for the premiere of the cnbc documentary marijuana country, the cannabis boom. we're taking you inside the booming business. that is tonight at 9:00 p.m. right here on cnbc. later we'll get you you a sneak peek. >> for so many oil is front and center hitting fresh 5 1/2 year lows. $50.65ed about so that could we soon be looking at a four handle on the price of a barrel of oil and what does it mean? david kelly and breyian reynolds joining us. thank you for joining us. brian, let me kick off with you. you say here that it's very important for people to understand where we've been on oil and the fact

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. >> so, what we're going to see wti break 45? >> 300, 000, 400,000 barrels per day coming on. >> if we see oil prices go lower, it would see the impact on the market has not been a positive one. >> that's been wrong. that's also been the way it's been sometimes. jpmorgan did a lot of work on this saying it could produce a 0.4% increase in gdp if things go right and people are misinterpreting. the only ones where we've had a declining market were when it was demand driven. those who put out the demand-driven thesis are bears. i think it's supply. i think it's u.s. don't forget, 2 million barrels per day from nigeria. no place to go with that. venezuela has no place to put theirs because we're producing so much more. you're going to see permean produce another 300,000 more. >> there are outlier predictions for $14 oil. you don't sound like you think that's possible. >> $14? >> $14? i did see that somewhere, yeah. >> we did go from 140 to 40. oil is very volatile. $14 would -- >> that would be trouble. >> that would be. then everybo

energy is down trying to make its way off of session lows. >> wti 47.05. with that move we're seeing stocks taking a leg lower during the session. art cashin director of floor operations for ubs financial services. looked like we're going to start on a high note, now dow down 113. >> it is primarily energy. looking for signs of stability or range and they're not quite getting that comfortable feeling. i also think that there is further concern about the operation of the swiss national bank. i don't think the victims will be limited to just a few currency traders. i think it may spread past that. >> this idea that central bank credibility is a question central bank mistakes can be made, and we are in an unprecedented era. how do you take big ideas like that work it into the trading environment? >> if you look at it the swiss national bank is -- was in a position whereby making this decision, they may be putting their own nation into a recession, and possibly into a deflationary spiral. i don't want to overdramatize it, but the last time you saw things like

wti and brent crude higher to be session, that brings us to our traders blitz. four trades on four stocks. first is lynn energy, moving higher despite becoming the latest to cut its dividend and also cut capital spending. >> and capital spend by 53%. and when a stock that doesn't normally have that high a yield is yielding 25 to 30 percent you know the dividend is going to be cut. so this is more o a relief that the company did what it should do. more troubling is the credit market completely tightened up on them and blackstone is lending them money. so great opportunity as the private equity but not a good sign for investing at all. >> macaw down 30% year over year in december. >> it's hard to get excited when we keep talking about china growth slowing. i think you city away from many kah gaming stocks. the gaming industry has a issues as a whole. if you have to pick one, probably mgm which has more u.s. exposure and will be healthier because of that. >> gold, after trading lower earlier looks like it now just turned positive. still poised to -- do you like gol

the collapse between brent and wti. that hurts refiners. tell us why that's in your portfolio. >> first off, i think most of us going into 2015 say there's got to be opportunities in the energy patch. the one thing i don't want to do is make a call on when oil is coming back and how far it's going to come back. you're not going to see me put a drilling company in there or one of these smaller emp companies but you will see marathon in there because it's a refiner. its earnings are going to be driven by the overall demand in the u.s. economy. that's less a play on the price of oil, more on play on a recovering economy. >> hold your thought. we'll come back in a moment. we do want to get to steve who has breaking news regarding the federal reserve. steve? >> yeah, dennis lockhart speaking in the wake of the unexpected decline in wages saying he is sticking to his forecast of a mid-2000 lift off for rates. but the inflation ratings will be pivotal in deciding when to lift off. those rates have been below expectations and he expects it to remai

wti crude is currently sitting at 48.44. we will bring you the settle price in about 25 minutes time from now. the ten year note is yielding 1.968%. it went in at 1.971%. we will continue watching reaction for you. let's bring in voices on this charlie smith. michael cugeno joining us in a moment. charlie. would you like to give us your reaction to the minutes and whether or not -- what it means for the investor, if anything. >> i'm not sure that 1.4% inflation rate will scare the fed away from raising rates. there is going to be a lot of pressure on the first half of next year on the fed because cpi will be running negative. people saying hold off. we have cpi running negative year over year. i think the fed is going to continue on the path of trying to push rates back up so they can have dry powder for the next time we get in economically. >> is there anything in the fed minutes that maybe changed any view that you might have had? i thought the most interesting take away, we could raise rates at this level of inflation. so

traders eyeing that $50 mark for wti. we haven't seen that level since april of 2009 when we dropped to $49.12. adding a little pressure to the down side is the fact that the tensions in libya eased a little bit. reports fires at refineries have been put under control. i want to point out eia was out with production numbers for december. u.s. production 9.12 million barrels. showing we are not seeing any slowdown in production on this side of the atlantic. certainly we know opec isn't cutting production. in anticipation of a stronger dollar is going to impact crude in the new year. that is having an impact on gold prices this morning. getting hit hard. gold trading at $11.70 after two back-to-back yearly losses. in the commodity pits things are looking to the down side. >> thank you so much. >> 2014 a red-hot market for the ipo's market. more companies choosing to stay private longer. where is 2015 going to stack up? well, a mortgage shouldn't be a problem your credit is in pretty good shape. >>pretty good? i know i have

the wti prices have dropped by more than half since last july. saudi arabia has refused to lower production and global demand for oil weakened as the chinese economy slows. market observers say prices ven further if greece's economic problems affect financial markets in europe. all this is making investors jittery. they're going ton a selling spree. oil, the euro stocks, investors everywhere. >> just look at equity markets. wall street europe now here in tokyo, stocks are taking a nose dive. cheaper oil, not necessarily a bad thing, but investors are worried it's a sign of a weaker global economy. let's look at what happened overnight. people on wall street had a rough ride. the dow jones industrial average plunged by more than 300 points. in europe, investors had other things to worry about. they heard the german government might let greece leave if they back peddle. frankfurt stocks drop 2.9%. share prices in paris plunged more than 3.3%. investors in tokyo are worried about spliding prices. the nikkei is tracking overnight in europe. it opened

note out from barclays saying we could see wti go down to 45 this. would be a temporary move to the up side. interesting to watch wti versus brent. brent trading lower at $50.96. the other day we did dip under that $50 mark. to settle under $50 would send wti lower as well. gasoline prices continue to the down side. gas at the pump $2.18. back to you. >> thank you, jackie deangelis. tomorrow don't miss our exclusive interview with walgreen executive chairman jim skinner. acting ceo stefano pessina. dow almost back to 2050 s&p. >>> take a look at the dow 30. all the components are in the green led by unh and home depot. not a surprise begin the strong retail news this week. not a bad performance on a second day of gains. >> it's finally dawning on people. retal retail -- chipotle up 25 and costs going down. only thing i caution people retail is really cold. if it stays like this you are not going to have as great numbers as i thought. i love this group and i love retail every time gasoline comes down. it's a big part of people's disposable income. the

wti 44.4 and brent 48.6. let's get in and have a look at markets in asia and sri is standing by as ever. over to you. >> the asian markets stumbling here and wrong footed as many were by the tilt in the fed statement overnight. the biggest one day loss for the nikkei in about two weeks down by 1%. i wanted to talk about the australian marking because it's bucking the negative trend across the rest of the region. up very slightly. aussie dollar got smoked today at as 5.5 year low. the big question in the markets around here is whether the reserve bank of australia, next week when they review policy is going to be the latest entrance into the currency wars. there's a lot of speculation in the markets that they may kot commit and cut rates. that's going to send the currency down even further. that's one of the reasons we saw the market higher. investors chasing after the high yield in anticipation for easier policy. it's not a foregone conclusion though. it seems to be pricing in the possibility of the rate cut.

as wti has been moving up, we've also seen the losses on the dow being cleared. let's get to jackie deangeles at the nymex to get more on the settled price. what do people feel caused this major spikes towards the end of tragdz, jackie? >> good afternoon to you. well, that's a great question. the first answer to it is that we do have options expiration today, and i have been saying that since yesterday. that does cause volatility. usually to the upside. now, today was a particularly sort of back and forth between positive and negative territory day where we had some date wra today moving the numbers around as well. options probably triggering this buying action as we go into the close, and the other thing is we've been seeing this intense pattern of buying or selling right as we head into that 2:30 close. no surprise that it happened here to the up side today. again, most traders are saying this is technical. not necessarily fundamental in the market that caused this move higher. back to you. >> okay. thank you very much for explaining it to us. jackie deevening

the wti prices have dropped by more than half since last july. saudi arabia has refused to lower production and global demand for oil weakened as the chinese economy slows. market observers say prices could fall even further if greece's economic problems affect financial markets in europe. all this is making investors jittery. they're going ton a selling spree. oil, the euro stocks, investors everywhere. >> just look at equity markets. wall street europe now here in tokyo, stocks are taking a nose dive. cheaper oil, not necessarily a bad thing, but investors are worried it's a sign of a weaker global economy. let's look at what happened overnight. people on wall street had a rough ride. the dow jones industrial average plunged by more than 300 points. in europe, investors had other things to worry about. they heard the german government might let greece leave if they back peddle. frankfurt stocks drop 2.9%. share prices in paris plunged more than 3.3%. investors in tokyo are worried about spliding prices. the nikkei is tracking overnight in europ

wti at 42.4. brent at 48.the. goldman sacs slashed the oil price forecast to three month price estimate was cut by almost a half to $42 a barrel. but goldman said u.s. crude would need to stay around $40 throughout the first half of the year before shale oil investment would be reduced. let's join steve chief strategies in jacksonville. good morning to you. thank you very much for joining us. let's touch on this oil price decline. because a lot of people are starting to call the bottom of it or suggest that any prolonged weakness around the levels would see demand pick up enough to lead the oil price to rebound. that's not your base case is it? >> that's right. i've been tell my customers for do not see a bottom in oil and in particular i don't see a bottom in energy stocks. there's a specific reason for this. it's really the lens i look at the world through i'm looking for investments that are cheap, and started an uptrend. and energy stocks in particular even though they have fallen dramatically, they're neither

one year ahead, wti swap needs to be below $65. near $55 for next year to sideline capital, too exhausted that animal spirit and keep investment low to keep investment rebalancing. we are thrilled to bring tobias levkovich and craig moffett. a non-opec note. the microeconomics of u.s. shale. you get to the same summary but through saudi arabia. >> he is saying opec is going to be disappointed by the lack of u.s. response to lower oil prices. if you have the infrastructure in place, the production trends and break even starts getting down to the $30's per barrel and not $40's or $50. the marginal cost of shale production is low enough that it does not force it. >> our wall street audience owns the oil. how does tobias levkovich adapt when you talk to a guy like ed morris or talk to goldman sachs? >> i have a lot of good friends there. in terms of when we look at the energy sector as a whole, big o il is the heaviest weight. we are neutral on the area. we are interested in enp and drillers where we've seen growth. we are not going to

in other words, you're almost seeing the same price of wti and brent. wti the u.s. brent the international benchmark, just below $46 a barrel. >> this the beginning of earnings season. >> yep. with energy in the lead. again, projecting 1% earnings growth a lot because of the energy declines and the fact that we're supposed to see lower declines. we will be watching the banks that kick off in full tomorrow. bank earnings wells fargo, jpmorgan, as always. >> don't hold your breath for dividend increases. with the dow up 246 points send it over are we ready, to "squawk alley," and the gang. >> good morning. 8:00 a.m. at amazon headquarters in seattle, 11:00 a.m. on wall street, "squawk alley" is live. ♪ ♪ >>> good morning. welcome to "squawk alley." playing some gesh wynn in honor of woody allen. joining us from palo alto roger mcnamee co-founder of elevation partners, great to have you back. with us jon fortt at post nine kayla tausche has graceds us with her presence once again. good to have you back. >> good to be back. >> markets in rally mode dow up 245, looks

if we close under $50 for wti that would be key. if brent breaks $50, that could imply wti will see that three handle. what we know from this report tomorrow is supply/demand divergence could continue. that will add downward pressure to prices. bob talked about the consumer before. i want to give stats to highlight what he was saying. in terms of savings, consumers are saving on prices at the pump on gas prices. also the eia short term energy outlook says they will save 26% on heating oil this winter. they are projected to save 33% on propane and 5% on nat gas. less because of the fixed cost. when you take that all into account and retail gas prices at $2.19, consumers are set to save big this year. back to you. >> thank you, jackie. >> phil lebeau will talk with ford ceo mark fields about the auto automaker automaker's new technology. roku ceo here with streaming device maker has in store for the new year. >> stocks with a modest bounce. [container door opening] ♪ what makes it an suv is what you can get into it. ♪ [container d

we're seeing both wti and brent crude. the international gauge rising today. we did see some disparity earlier in the session but wti crude trading above the $45 barrel level. brent crude at 48.30. spot gold we have seen a little bit of a safe haven bid over the last few days sitting at $1,282 an ounce and copper under pressure, $2.55 and change. >> let's get a rundown of what to trade today. durable goods out at 8:30 a.m. eastern. demand is expected to rebound after a surprise decline in november. at 9:00 a.m. the home price index. prices are expected to hold steady after growth slowed for a 10th straight month in october. now at 10:00 a.m. it's december new home sales which are forecasted to rise after falling the previous month and january consumer confidence which hit a two-month high in december. but to discuss more about what to expect today and the future of the economy we're joined by lindsey, chief economist at stern a.g. there's a lot of concern this will have an impact on the economy. >> we expect the storm to be short lived. maybe a temporary bump

oil in the u.s., the wti, benchmark, falling below $50 for the first time since 2009. that move largely predicated on what was happening with the global recession at the time. guys, this move, much more it to do with the transformmational drop we've seen in the oil space over the last six months. fracking, is it the global slowdown? questions why and the effect it's going to have. >> $40 a barrel is the line in the sand when analysts expect there to be some turmoil in the credit markets, when some of the capital structures of energy and production companies could potentially breakdown and when you see technical levels breached in oil, it's tough to find a bottom. >> that deutsch bank report from a couple months ago saying watch -- i think the $60 point, $60 market at that point. it's happened swiftly it seems we couldn't know, it's been almost early quiet. starting to be a trickle of news flow from the local press and smaller cap names. the price action takes into account the massive declines but you have to wonder now that we've fallen below 50, what kind of impact th

the onslaught came after goldman sachs slashed forecasts for the wti this year to $47.15 a barrel. that's about $26 lower than its previous forecast. crude oil prices have been sharply falling on concerns of oversupply. saudi arabia, one of the world's largest crude producers, has shown no sign of cutting production and prices have dropped 10% just this year. market sources say production in the u.s. has risen to a 30-year high leading investors to predict further price declines and they say it's hard to foresee how low prices can fall as oil output is rising in russia and iraq too. the fall in crude prices is pushing down share prices in tokyo. oil-related stocks are especially lower. the benchmark nikkei index fell below 17,000 for the first time in three sessions. it's now trading 2% low yerer from friday's close. monday babes holiday. currency, traders are buying the yen which they see rafltzly safer asset. they are afraid falling oil prices may slow down global economic growth. investors are worried u.s. energy companies' earnings could suffer too and that could dampen the eco

wti, though up 1%. so we saw a movement. but look how volatile crude oil has been today and back to $48.50. you think we should have an even bigger rally. >> my disappointment is oil stocks not doing much today. exxon, chevron. xop, the oil exploration production basket is down today 1%. we should be getting dramatically oversold and a little bit -- there's the xop. people waiting to rally for three weeks now and on a day with oil stabilizing, you should have seen a move to the upside. i think that's a little bit disappointing. >> you see the dollar correcting. do you see oil coming back here? >> i see a move up in oil triggered by potentially the fed talking the dollar down. it would be a really fed move and we were just talking off and look at the xop, the oil etf, versus oil stocks oil is trading cheap to the stocks today whereas in the past say, october 15th the stocks were trading cheap to oil and same thing of gold and gold miners. right now i would play the oil versus the oil stocks for the next week. >> on a differen

. >> you can see a rare positive move for wti crude. we're up about 27 cents. meanwhile, it is the second day of the jpmorgan health care conference in san francisco and we've been talking to some of the biggest names in the industry. >> it's been great out there. bricking here is meg terrell. meg? >> bill, thank you so much. we're joined by vertex's ceo dr. jeff leiden. >> good to be here. >> you put out some information on sunday night explaining just the future of expanding your cystic fibrosis drugs to more cf patients. tell us about how many patients you can treat with these drugs. >> we're really on a journey with cf patients. today our medicines are approved for 3,000 patients around the world out of a total of 75,000. what we're really excited about is we expect to get approval for our next combination of medicines and that will allow us to expand from 3,000 to as many as 25,000 over the next year. >> big question people have for you and you don't have approval yet but upon approval which i think is expected is pricing. and with orphan drugs you can oft

let me show you the price of oil itself. 5% decline in wti u.s. crude. there it is down to $45.90 and brent was down more. the spread between these two is razor thin. the ten-year yield back to 1.90 for a time. remember 1.88 is something we've been watching. that was the low in october and rick santelli was pointing out the yield on the 30-year bond hit 2.49. we're only a two basis points away from an all-time low. you're a stock guy. >> we've been long treasuries tlt, all of 2014. >> you're not ready to give that up yet? >> we're getting close. my downside target on yields is 1.55 and 2.80 on the upside. certainly i'm getting very close to taking some off the table. >> what about oil? >> well i think oil -- listen between here and $40, but it's not -- oil should not "v" but bottom. we'll have volatility. eventually i think aisleoil hits 60 bucks this year. it was $80 to $100 for so long. it's just a spike low per. >> are you watching oil more than you watch bonds to see what stocks are going to do? >> oil caused us this drop today. as an equity trader i

last one, oil, this is wti, u.s. oil, down another 1.8% today. even with that minor rally last night following the death of king abdullah, but for the week with us down to $45.48. wti crude is down 6% bob pisani. >> now, that worries me a lot, but i'll tell you a little bit of cheer here. guess what's up today? oil and gas exploration stocks. two weeks ago if oil would have been dropping -- we did. we saw this movie. it dropped two weeks ago and oil and exploration stocks went right down. today mostly they're up and for the week they're actually up. here is something weird. oil and gas stocks up on the week and airline stocks up on the week on those good numbers they've been reporting because, of course, fuel costs are lower. they're taking their hedges off. >> we heard a few analysts early in the hour saying how sentiment was so negative on energy related stocks maybe it was time to buy. maybe some people were taking it to heart. i'm >> i'm going to the etf conference on monday. they've seen tremendous efforts to buy the bottom. so far it hasn't

late day rally settling over $48 on wti. 5% gain there. jackie deangelis at the nymex. >> good afternoon. a near 6% gain on the day, very volatile seesaw trading but we closed at $48.48. we had options expiration today which usually does take prices up. that's one of the reasons. and also the pattern of late has been to see either extreme buying or extreme selling into the close and that is exactly what happened today. however traders are saying the downward bias remains for a couple reasons. we got a big crude in gasoline inventory build and dollar strength and worries about global growth. let me give you a gas price check. $2.10 the national average and bill finally $1.99 at a station near you. >> yes, it was. i tweeted the photo today and as i said i was so excited i bought gas all around. i bought a round for everybody. >> you're storing it now. >> everyone is getting into the tanker business. thanks, jackie. >> bought a tanker. coming back a little bit here. ten minutes left. >> yes, that's the case. we'll keep a close eye on this. we

will it go widen because wti will go down more? that kind of seems more likely. >> one of the things goldman raises in its report is the prospect of a decline, which we have not really yet seen in the output of shale oil. >> they're calling for significant slowdown in growth. 400 barrels per day a year. >> you need to get to the price of $40 or below to see that happen. thank you very much. isaac covers energy and has got a lot to follow. >> this is also his debut on "market makers." when we return, the wall street star will sell flat. i will not say she fell flat on her face. she is having a hard time. why is meredith whitney falling apart? stay with us. ♪ >> meredith whitney's funds biggest investor wants its money back. how it ran -- went wrong. >> meredith whitney started this hedge fund. there are few. all -- few people who are bigger stars than her. she started a brand-new hedge fund in what i wrote about today is how things went wrong. they went rare iran. the source of most of her funds asked for his money back. she said

what i would say is -- a wti expert. i think if you are an investor you what to focus on the long-term. we are going to see an expansion of the markets in the next year. i think the small caps will continue to do better than the large caps. we have seen better performance by some of these large caps and i think this small cap index will do better than the overall market. i think 2016 will be a good year for equities. >> thank you for joining us. >> when we come back, a new sheriff in the senate. mitch mcconnell and the republicans are in charge. what are they going to do? ♪ >> the new republican-controlled congress get sworn in tomorrow. mitch mcconnell and john boehner had been waiting for this for eight years, so you know there is lots they want to do. some of it may actually get done. the chief political status -- strategist. greg, let's begin with something that might get done. there is some agreement on both sides of the aisle, corporate tax reform. >> i think paul ryan and the house will start with a bill that co

. >> oil wti, another volatile day there as well. down $2 and change or almost 5%. back to $46 and change on wti oil and one last one, what benefit from all of this? how about gold. up $24. some who feel and i'm going to ask you about this gold up 2% to 1258 some say maybe this is a buy signal for gold. even though the dollar is expected to strengthen other currencies are having a race to the bottom. >> they are. you have to put your money some some place. gold has turned bullish here. bearish for some time but the play is, i spoke to a lot of people today, the play is where to put the money, put the money in gold. primarily because there's so much uncertainty in other asset classes as we're working through this. >> isn't it interesting. >> switzerland buying in gold with the weak dollar. >> gold whether it's a risk asset or a hedge right now. you know in a deflationary environment which you could argue we are in isn't it ironic gold becomes the asset of choice. >> yes. up is down and down is up our world is twisted around right now which makes the analysis inside t

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. >> wti trading in the 43 neighborhood. thank you for the update scarlet fu. >> you know what i say when that happens. wtf wti. >> when a dead cat bounces, what sound does it make. >> thud. >> i was hoping you would say meow. >> ford motors says to watch out in 2015. you will hear from the cfo of ford motors bob shanks. ♪ >> ford be profit estimates in the fourth quarter. hard to get too excited since net income fell to just a penny a share. ceo mark fields says pretax profit could grow by 50% this year. matt miller is standing by with a chief financial officer of ford motor company bob shanks. >> thank you. we are looking at a pretax profit forecast of a boost of 8% to 9% in 2015. bob you are optimistic and i assume that is because you are getting changeovers to the new f1 50 and you can sell these new higher-margin vehicles? >> absolutely. good to see you again. that is what we talked about through 2014, that it would be a set up year for very strong growth in 2015. f-150 has been an important part of that. we have adde

>> the price of oil, wti brent, did jump over the uncertainty. nonetheless, it didn't jump that much. brent still remains at $50 a barrel. i don't think this is a big surprise, that king salman is saying that he is going to continue the policies that king abdullah pursued. king salman when he was crowned prince gave a speech that said the oil policy will remain in place for the foreseeable future. it is as if they've been preparing us for this change. the man to watch is saudi arabia's energy minister. he, in many ways, calls the shots. when he decided and effectively forced his thinking on opec at the last meeting, that it is not in saudi arabia's interest as the largest crude producer to cut production, he knew that effectively what he was doing is entering a game of chicken with crude producers, she'll producers, around the world. saudi arabia has no interest in switching course midway. it is much more in saudi arabia's interest to get those shale producers out of the market, remove them as competition, than cut production watch the oil price

looking at dollar-ruble below 69 and oil trading a little bit lower at $45 a barrel, wti just under that on the brent contract. the opec secretary-general said oil could trade as high as $200 a barrel. he didn't give a time trying to take a look where oil is trading. it will be a little while before he hit $200 a barrel. joining us now is the president and founder of the group at the former white house adviser, $200 a barrel, your that statement and you think, what is that guy smoking and then you think more about it $200, how far off as that. >> i don't think it is that far off at least in terms of the price level, it will take us several years to get there but what is becoming increasingly clear is we are in this new boom bust phase of oil prices. opec has abdicated its role as the swing producer and the market balancer, what we will relearn is something we have forgot since the 1920's, when the oil market is not being governed by somebody manipulating supply, let's call it what it is, the price of oil tends toward wild gyrations. i think we will get closer to 30 four he hit 200, but a

wti is flat 48.7. brent is down 0.47%. 50.6 of. gold is hovering around that 1200 level, basically flat today at $1210. >>> we're going to keep you up to date with the situation unfolding out of paris. of course, there is a reportedly a hostage situation in dommartin-en-goelle, a town that is 30 miles northeast of paris. just getting headlines that schools secured in dammartin-en-gele. so far, residents in that town have been told to stay indoors. schools in that area have been secured. >> and let's continue to update you on this up folding situation. there have been reports earlier that with the host aemg situation, one person had been killed, but interior ministry has denied that report in the last half an hour. the two suspects hijacked a car. we've heard about that already and they drove into the town's industrial zone and they have got at least one hostage with them. local media reporting that three or four helicopters, a couple of them as you can see there, police are on and they're still arriving according to local reports.

wti holistic line. besides the u.s. will soon loosen crude oil exports. deutsche bank considers job cuts and possible sale of assets. the co-ceo undertakes a broad strategy review in the face of falling revenues. shares are down 33% over the past year. the biggest incline among the global investment banks. from seattle to mars, no we are not talking about the space needle. we are talking about elon musk. spacex will build an engineering hub in seattle, charged with building satellites. the revenue and communications from the satellites may eventually help his company go to mars. he says he is optimistic that spacex will settle a lawsuit over satellite launching protocol. an russian billionaire is putting things up for sale. he hired partners to sell the nba franchise. it's more than the $2 billion steve ballmer paid for the los angeles clippers. now's the lead -- president obama making a new push to get cyber security legislation passed in congress. the bill has been at a standstill since 2011. it encourages right at companies to share threat information