tv Bloomberg Markets Bloomberg January 11, 2016 3:00pm-4:01pm EST
good afternoon, i'm betty liu. here is what we are watching at this hour. things getting worse for stocks, after flirting with games they are falling for a fourth straight day with the nasdaq losingfor its longest streak since 2008. crude oil at a fresh low, falling 6.4%. getting close to slipping below $30 amidst concerns about demand from china. as markets go down, banks are increasingly relying on cost-cutting to boost their bottom line and it may be working as banks are poised to post their biggest quarterly profit in a decade. we are one hour away from the close of trade. i want to head to the markets desk, where julie hyman has the latest on a pretty volatile day. julie: so much for the rebound
it looks like we might get this morning. all three major averages are now down. we've had a lot of bouncing around in today's session. if you take a look at my bloomberg terminal we have had pretty much consistency at the top and bottom of these lists. it's just a matter of magnitude. far,y is now the worst by health falling off today with consumer staples, utilities, discretionary stocks, mostly on the leaderboard at the top of the list today. of course, oil is a big market story, once again selling off, down for the sixth straight session. taking a look at wti today we have a selloff of more than 5%. at thoseld take a look oil prices? down 5.6% at the moment, trading 2003. latest since late taking a look at oil for the year to date as well you will see a sharp decline, 15.5%.
that number is big by itself, but combined with the fact that oil was down last year, 46% the year before, the magnitude of that is pretty remarkable. huge. what's going on here? with illuminated the kleins. -- declines. julie: apple is bouncing back. bernstein coming in and calling itself inexpensive. and then tobacco companies are doing relatively well today. we have been seeing a little bit of rotation this year far into groups seen as more defensive during times of economic weakness. into that.ds to fall so do utilities. they are getting a boost as you see a reversal in the bond market. or at least we had as you take a look at the 10-year note. we are still seeing an uptick in yields today. we tend to see yields and utilities going in the opposite
direction, but right now it's at 2.16%. definitely the defensive nature of utilities are helping them out. betty: thank you so much. with a quick look at the headlines, mark crumpton has more. market: the u.s. supreme court is refusing to hear an appeal of a group seeking access to records from the department of home and security. earlier today justices let stand an appeals court ruling saying that the agency could refuse to release the documents. a saudi prisoner in cuba has been sent back to his homeland 14 years after first arriving there. -- inmate, who was in love was among the way from recent releases, an alleged al qaeda recruiter and fighter. the united states has concluded that measures in place in saudi arabia make it unlikely that he will take part in extremist activities. bombers and gunmen killed 17 people and briefly took hostages in an attack on a
mall in baghdad. the islamic state has claimed responsibility. they detonated a car bomb outside with suicide vests inside the building in the predominantly shiite neighborhood. wounded before security forces put an end to the raid. donald trump and ted cruz are locking in their lead among likely caucus participants in iowa according to a quinnipiac university poll that gives trump 31% to ted cruz's 39%. marco rubio is third at 15%. mid-december gave trump a one point over ted cruz, 28% to 27%. leonardo dicaprio was among the at theners last night 73rd annual golden globes. just days before the nominees are announced, he won last night for best actor in a drama and his film, "the revenant," won the award for test drama picture.
the film's director was also honored. per day,ws 24 hours powered by 2400 journalists in more than 150 news bureaus around the world. betty: thank you, mark. back to the markets, the s&p is struggling to rebound from the steepest weekly selloff in four years. persisting today, you can see that that's why they been struggling to get into the green today. the next guest sees market signals that warrant a more positive view. joining us now from new york, tony dwyer. tony, good to see you. you say that this reminds you of an echo crash. kind of like what we saw in 2011. explain. >> it's kind of interesting. 2011,ashed the market in everyone would agree. it was because of greece. what happened was that in about
eight days it culminated in an ofor 9% drop by november 5 2011, caused by a surprise announcement out of greece that they would have a referendum, throwing all the credit and currency markets back into disarray. it was like the aftershock of an earthquake of what the original greece problem was. people even forget that in 2011 in november you had an auction out of germany on bonds that didn't go very well because we weren't even sure if the eurozone would stay intact. you are tying -- kind of seeing the crash of an echo now like you saw in that 8% time then. acting a little bit worse now. is no china, right? >> no, but the eurozone is and it was about spain and italy
being a cascading effect. don't forget, as i mentioned earlier, germany was having a treasury auction it was not going well. you are not sure that the eurozone would stay in place. remember german euros over italian euros? we have very short memories. the market is so oversold right now. i'm not saying it's in a good technical or tactical position, it's not, it looks terrible. but even if you don't agree with the fundamental view that we are going into recession you don't's -- you don't typically want to sell into this. betty: but another difference is that oil prices were not crashing at that time either. this is really something else. >> it is. more like a 1985, 1986 crashing oil. then on the back back of saudi arabia not wanting to be the swing factor anymore, similar to now. what we have looked at, my buddy, brian reynolds, has
pointed out that there was so much of a buildup in commodity investment by pension plans during the endowment and retirement types of funds, you could buy real gold and real commodities through some of the etf's that were around. that was not around in past cycles. if you wanted commodity exposure, you had to buy stocks. you had a huge bubble buildup and investment into real assets before, during, and just after the financial crises. clearly that's unwinding and putting more pressure on it than i thought would have taken place. ok, so then what would you look for as a contrarian indicator, maybe, that it's time to buy into the dip? >> the two best ones that we use , the three most accurate ones now are the vicks going up to
27. when that goes about 20 at typically spikes. we are in the kind of mess right now and this week we should come out of it. in a row, andays today will be the third day given the way the tape looks, you had less than 10% of stocks trading above the moving average . that's been a terrific trading signal in bad markets. when 90% of stocks are below their 10 day moving average, that's kind of symptomatic of a real pain in the market. look at the to weekly indicator on the s&p 500 that has gone down into oversold territory as of today. make thedon't want to case that we are at the low kick, because i'm awful at that, what i think we are good at is identifying at times even when you are negative, you don't want to start selling now. we are surrounding that timeframe and we think it is this week. toty: ok, you don't want sell into what is a pretty volatile market.
as you say, there are certain indicators that you have as to when you buy. in the meantime, what do you do? be adding into the intermediate-term space, just broad market correlations on the drop in on the bounceback. again, our investment teams have .een better credit generation obviously not in the last few weeks. better credit generation in household formations. all of those themes are moving forward, even if it doesn't feel exactly right. also, and this has been a thatble call, we expected once the fed hiked rates, historically the dollar would weaken. typically when that happens you get a lift on commodities. that has obviously not happened. the view has been that you will get the best bounce in the first half in the oversold areas like energy and materials. that is obviously not the case right now but that should kind of play out as you get stabilization.
all right, tony. thank you so much. much more ahead. one of 80 stocks hitting their 52-week lows today. maybe covering as an -- maybe coming as analysts scramble to see where the pain could go due to recent contamination scares. stopping by after navigating the top business climate in europe and the plunge in coffee prices, the profits are brewing for the group. as we head into the break, a look at today's trade. ♪
"bloomberg markets." time for the bloomberg business flash, a look at the biggest business stories in the news right now. has a new ceo, promoting the chief operating officer earlier today. lefthile, bob you guess and the changes are effective march 1. the more -- the largest mortgage lender in the u.k. is set to keep a restriction on cap -- cash bonuses. according to people with knowledge on the matter, lloyds banking group will not until after the government has divested its stake and sell shares to the public this year. we are learning new details about the investor group, bidding for american apparel. they say that the bankrupt closing chain would be better off with doug charney. controlling a combined $2.4
billion, hagan capital is leading the takeover effort and tomorrow morning i will have an interview with chad hagan at 10:30 a.m. eastern time. your bloomberg business update. is north american auto show underway. early highlights, the honda civic is named north american car of the year. the annual news conference coming from sergio markey on a. kathy hayes got the first question this year from sergio. >> hello. kathleen hays, bloomberg radio. terrific years for fiat chrysler. your jeep sales are stronger than ever. but what do you do in 2016? what is going to continue to drive sales now? >> i'm going to give you a stupid answer. we are going to sell more cars. we are looking at a very benign
u.s. market. i don't think we will see a drop in volume. several people are forecasting growth in the national market. i'm not as optimistic. i think he will hold at 2015 levels. europe is doing phenomenally better than anyone envisioned in 2014. you will see much better performance in the numbers. for the yearorting in about two weeks. seei'm encouraged by what i in europe and north america. to, between now and sometime at the end see a light at the end of the tunnel in think it will i mark a pickup in performance of substantial size. betty: one of the biggest names in the auto world, that's on bloomberg tv, radio, and bloomberg.com. from what you drive to what you
eat -- or don't eat, in this case. outmillion has been wiped from chipotle as they wrestle with e. coli contamination concerns. how far can they fall? let's bring in our bloomberg news reporter who has been covering this story from the very beginning. you are noticing now that analysts cannot seem to figure out what this means? >> what caught our attention cap -- attention, back in april, some people had it in the 600's, now the low end is all the way at three and 75. it's really kind of an indication that analysts are having a hard time figuring out when the negative things are going to abate. no one really seems to know if the worst is yet to come or if they will get harder. -- is thisbecome theuse time has passed? >>
cdc has not put up the final update, there is still this question of whether or not there will be another round of negative headlines. it is a testament to the uncertainty surrounding the situation. is the worst over? can they move on with a get hit again with negative headlines? >> what is the case to continue to buy? >> it has come down. it high was 57 in august, has been cut in half. some people are saying that it looks pretty cheap now. i think that there are also people saying not to try to catch the falling knife, that this thing has farther to go and now is not the time to buy. what is interesting is the struggle to get their arms around this issue. >> why can the company not help them? >> the cdc is part of that. without being a culprit. without that answer to give them some closure and allow them to move on, that is hanging out there. now this criminal probe in california, people just of know
when the next negative headline book him. chipotle stepped into the void and new safetyy protocols, but their hands are tied. they have to wait and it is not clear what is next for them. what is the worst-case scenario? is around 410 dollars, that's a 50 low. another big drop. part of the case they were making for that was that they said they would be pressured into 2017. they have to spend a ton of money on safety, marketing, legal money to set aside. they had industry-leading margins before this went on, so there is a sense that they may never get back to that level. betty: thank you so much, craig. , stocks at the bottom of the screen there are down again as we had to break. here's a look at some companies
betty: welcome back. stocks are looking at a fourth straight day of losses hovering .t three-month lows julie hyman is standing by with how the options market is treating this action. julie: joining me for the option insight is jim, a derivatives strategist at mtm holdings. we haven't talking about the selloff that we've seen recently. really interesting, you said that people should treat each of eventselloff offense -- as though it will behind volatility for a potentially dire market event. why is that? julie: we are now in a high -- jim: we are now in a high volatility environment.
something that we repeat constantly. we had a shock that transitioned us into a higher regime. it means that the floor is around 15. important and to the point, the ceiling can be 30, 40, 80. so, think of a seismic event. you get some rumblings and geologists would like to know what it develops and intensifies into. that's unknown. theseore when we get rumblings, as we have had in the last couple of weeks, you need to treat them like they could turn into something of high magnitude. julie: i made this chart with your assistance. going back to look at 2007 to 2012, we were in a high volatility regime. the peaks that we saw average 33 during that higher volatility. during this time we have not averaged those, have we? .t hasn't quite gotten there
but sort of you should brace yourself for that kind of shock, you are saying? the point. kind of friday we got the 27. the point there is that this doesn't feel very comfortable, but it is relatively benign to the types of shock we expect to experience over the next several years. people want to call it top-tier volatility with a bottom in stocks. is really what we are trying to have people brace for. julie: are you seeing people hedge themselves further our -- further out as a result of that mentality? is what you are talking about a growing mentality? people battening down the hatches and getting ready for anything? it is developing. the backend of the vicks futures curve, it is still relatively low. historically at the transition
point it takes a while for that backend to get the message that risk is now sustainably elevated. it is still relatively low, expect that to lift sustainably. that would be another signal to us that longer-term the market is buying into this. i think that would be positively correlated with more hedging activity. julie: in this environment, single stocks might be a more appropriate strategy? or one way to get in here without worrying too much about the big picture? time warner is a stock that people at your firm are looking at from an options perspective. is that a reason why you should look at it? we want to find idiosyncratic situations where individual stocks are less correlated with the overall market given the volatility background. year's mediast group, down 30% over the last
couple of weeks. as you said, speculation out there of them spinning off hbo, 21st century fox. they made a bid for the company in 2014. increasing chatter that they may be ready for another bid. given that we think the downside risk is mitigated, we like selling the near data calls that they could vantage of the difference there and gives us long. julie: thank you so much. the has been a lot of talk about it lately and thank you for that broad market perspective. thank you so much, we will be right here on "bloomberg markets" with more on the market action in just a moment. ♪
when you're on hold, your business is on hold. that's why comcast business doesn't leave you there. when you call, a small business expert will answer you in about 30 seconds. no annoying hold music. just a real person, real fast. whenever you need them. so your business can get back to business. sounds like my ride's ready. don't get stuck on hold. reach an expert fast. comcast business. built for business. betty: live from bloomberg world headquarters in midtown manhattan, you are watching "bloomberg markets." i am betty liu. time for a check of the headlines.
mark crumpton has more than the new stuff. mark: don't expect to see joaquin guzman in the u.s. anytime soon. mexico has begun the process of extraditing the man known as el chapo but it could take a year. actor sean pan is expressing no regrets about his clandestine visit to interview el chapo. imagess asked about posted in mexican news media that appeared to show officials watching him and an actress ahead of their october visit with guzman. penn's response was "i've got nothing to hide." the u.s. geological survey says an earthquake struck off japan. the quake was reported just after 2:00 a.m. local time, a little more than 600 miles north of tokyo. it was west of hokkaido island. there is no tsunami warning this time. the unitedgers in
states are smoking but secondhand smoke remains a big threat, or coding to a new study from the centers of disease control and prevention. nearly half of non-smoking kids in middle school and high school encountered secondhand tobacco smoke in 2013. those rates were even higher among smokers. secondhand smoke has been linked with several illnesses in children. at 8:30 p.m. new york time, the inber one and 2 seeds college football go head-to-head in arizona for a place in history. theson and alabama meet on big stage to decide the winner of the 2016 college football playoff national championship. clemson is gunning for its first national championship in 34 seasons. to do so, the tigers must beat number two alabama, arguably the most successful program of our time. a victory by the crimson tide would be the school's fourth national chairmanship in seven seasons. and the fame of a music legend will live on. >> ♪ fame makes a man take
things over ♪ is that afterwie battling cancer for a year and a half. his innovative songwriting and personal charisma transcended rock 'n roll during a five-decade career. his latest album was released on friday,'s birthday. dead at age 69. global news 24 hours a day, powered by our 2400 journalists in 150 news bureaus around the world. betty: a legend in the music world. thank you so much, mark, at the news desk. want to just note, the dow is going back in the green. so is the s&p. the nasdaq continues to stay in the red. frome making it back up the lows of the session and the nasdaq itself is on the eighth straight day of the clients. that would be the longest losing streak since 2008 could abigail
doolittle has more from nasdaq. abigail: pretty amazing at the nasdaq, betty. volatility is one of the stories we're watching today. the other 2 are biotech and big tex. and ated sharply higher one point we were down 2.1%. now we are down just .1%. it is pretty amazing. if we do close down, it would be the longest selling street since january 2008. something to make note of -- speaks to the quality of the selling pressure considering the dark days of late 2008 and early 2009. turning to biotech, the nasdaq biotechnology entered their -- territorylogy last week. at one point it was down 5.5%, reaching september lows. how long will it last? a bit ofy, turning to
a reprieve going on today, led by apple. apple is up on positive analyst comments. .izuho upgraded itto buy but big tech is the biggest point drag on the index, led by concerns of dragging on the stock in recent week. amazon is really simple find what is going on. last year the stock closed at almost 120%, the second-best stock in the nasdaq 100. now on this new year committees down 10%. investors are quick on the macro environment to sell plasters big winners. -- last year's big winners. betty: thank you so much, abigail doolittle at the nasdaq. the biggest banks have seized on the one thing they can control, costs will stop fourth quarter spending by the sixth biggest lender's is estimated to be at the lowest level since 2008 and we will see the results of the
cost-cutting as the banks report the latest earning, starting with jpmorgan on thursday and morgan stanley and bank of america and goldman sachs next week. joining us is bloomberg's wall dakin campbell. how unusual was it in the fourth quarter? dakin: the death of the cuts is what is the spicer, what is unusual. the last couple years it has really been the story on wall street -- betty: it has been, yeah. not know thatdid expenses have been or were going to be as low as they are. that would be the lowest since the fourth quarter of 2008. some of them have taken on new acquisitions and new companies since then. they have had a lot of work to do to get the expenses down. when have we in other
quarters been at this level in terms of profitability for banks? dakin: for the fourth quarter -- each quarter is different. fourth quarter is traditionally one of the worst lower quarters 2006 it is thein last time we were at this profitability for these six banks. honestly, 2006 is a very different time on wall street. on trading divisions were going strong. revenue was high. betty: very different picture. banks have gotten themselves back to a similar problem picture to doing something very different, cutting costs. betty: what does that tell you about the condition of these banks? what do we read into this? maybe not as exciting as a story as it might have been in 2000. i talked about the acquisitions. it has gotten very big. operations of gotten bloated in acquisitions.
the last few years have seen the industry get much more efficient. it has to their core. now they are as efficient as we have seen them in quite some time. hopefully as revenue picks up in the next year or so, some people are thinking higher interest rates could help these banks. that remains to be seen. betty: if we do see that as a benefit, that the fed is going tighten this cycle, could we see those expenses rivers and the spending reverse -- those expenses reverse and the spending reverse? dakin: we could see it reverse a little bit. hopefully the idea would be that revenue goes higher more than expenses do. the trick with these banks is you are paying people to bring in revenue. bankers, and more revenue they bring in, the more they get paid. that is the hard thing. as revenue goes up, competition starts going up, too.
what these banks and management teams hope is that revenue will the cost will follow in the same degree. -- won't follow in the same degree. betty: when do we see the effect of the interest-rate increases on the banks' sheets? a really good question. a lot of people would like to know that answer. a lot of them are adjustable rates. we should see those effects very soon. problem is, it is 25 basis points. .hat is not a huge uptick as we a lot of people are not expecting the fed to hike a lot more. it could be sometime. betty: thank you so much, dakin campbell of bloomberg news. stocks have turned positive for the dow and the s&p and now the nasdaq as well. we have come off the lows of the session. much more ahead in the next 20 minutes of "bloomberg markets.
get ready for some coffee talk . our investors overconfident after years of market again? the good lead to some serious pain. and coming up on "what'd you , chiefbinky chadha global strategist at deutsche bank, discusses the rough start to the year at 5:00 p.m. eastern time. the fourth-quarter earnings season starts today after the belted out, -- after the bell. here is a look at how alcoa is trading today. ♪
i am that you do. federal reserve bank of atlanta president says he is considering tightening monetary policy this year and says that the global in stock markets is unlikely to affect the u.s. economy. will go backtion towards the central bank's 2% target. "the new republic" is up for sale. hughes, owner and publisher, said that "i have come to the conclusion it is time for new leadership and vision at 'the new republic.'" the facebook cofounder bought a majority stake in 2012. millionsic has 10 paying subscribers six month after its debut. spotify needed six years to reach even that level.
sources told the financial times that memberships surged after it launched the service. at $31.31.n closing after marketsng feel the route in global equities. stockpiles are very much above the five-year average. the head of global commodity research and bank of america -merrill lynch joined bloomberg markets earlier this morning. >> i don't think it is just the dollar. turni in see a commodity prices, necessary condition -- not sufficient, but necessary -- is the turn in the dollar. yuan keeps on weakening and the stock market keeps rolling over, commodities are not going to go through an easy time. a second condition is the whole pieces off a
little bit. for the last month and a half, we have been left with the impression that saudi will not accommodate at all anything with iranian barrels hitting the market in the next few weeks and the iranians are not going to back off either. we could end up with a big surplus of oil in the next few months. >> our investors, francisco, close to throwing in the towel? hedge funds have cut the bullish bets to the lowest since 2010. are we close to that point or not? francisco: we put out a piece this morning entitled "can oil find the bottom?" there was a few things we need to see before the bottom and we have seen a couple of them. branch is coming close together. it istion is the kind and becoming a tighter market --
declining and it is becoming a tighter market. we also need to see, frankly, better news out of china. and the government, fiscal package could do that in the next month or two. we also want to see the more stable u.s. dollar, continued rallies doesn't help. we are starting to see conditions for the bottom we are not there yet. andeed to see strong demand that may not come until the summer because the winter has taken a huge amount of demand out of the oil market. as i'm watching the oil charts, we are so close to barrel oilhe $30 level. best-selling accelerate once we hit -- does the selling accelerate once we hit that
psychological level? one thing we affect senior seen yet is inventories reaching maximum storage capacity. downrice of oil has told -- has come down in parallel across the structure. but i think as we go down from here the prices are going to become more stable and most of the pressure is going to come in the very front, which, to your point, means the volatility of prices is going to be a little higher and we are going to find a floor which is in the mid to low 20's. , at this point it is a saudi-iranian price war going on, in my mind. politically there is very little common ground for these two nations. back in 2008 it was always opec that came in to save
the market in the last minute. we may need to see little bit of that. betty: that was the head of global commodity research and bank of america-merrill lynch talking to us earlier this morning. much more ahead on "bloomberg markets." the close of trade moments away trade here we are back in the green. ♪
betty: welcome back to "bloomberg markets." i am betty liu. good news for coffee lovers. forecasts are for production surplus with the futures tumbling to the lowest level in two years. your cup of joe could get cheaper. what does that mean for coffee makers? joining us is andrea illy. good to see you again. we have talked you a lot through the years.
do you believe we're going to see coffee prices continue to fall? andrea: i don't know. i don't think so. they're quite low in price and there is the threat of climate change, which is impacting on production. you never know. this year there is nino, probably a bigger threat than usual for climate stop the reason why coffee is so low now is commodities are low. i don't think there is room for it to decline. betty: what do you think is one because a rebound or bottoming in coffee prices? andrea: something around the climate, either a drop or problems with excessive rain, happening in central america a few years ago. constantly problems due to climate. thty: what about demand,
ough? andrea: demand is growing. quality is driving consumption. also, coffee is good for health, you know. betty: how is a good for health? andrea: it makes her life better and longer. betty: i do enjoy my cup of coffee, i must say, but i'm not certain on doing it for my health. cropa: it is a sustainable in terms of carbon and water footprint. betty: where do you see the biggest markets? you mentioned to china, big tea drinkers. how are you converting people drinking tea and other liquids to coffee? andrea: by region, the biggest one is by far europe. united states, followed by brazil. brazil is challenging the united states in terms of consumption.
becoming the largest coffee growing and consuming countries. brazil is in trouble in its economy. betty: that's right. andrea: most economically growing countries china with double-digit growth. big room for growth. betty: are you betting big on china? andrea: we are. we have our own company there. cities, probably more than 2000 customers throughout china now. growing dynamically -- restaurants, hotels, cafés. betty: are you worried about the recent reports about the chinese economy and the possibility of a recession? andrea: not too much, because this is a change from an economy based on exports, industrial goods, exports, into an economy which is internally for internal
consumption. introduced consumption even more. -- it should boost consumption even more. the threat on the financial markets temporary, not short-term bit longer longer-term, it is an opportunity. betty: yours is a premium brand here. americans, when they think of coffee, they think of starbucks, or they go to mcdonald's to get their coffee. how are you exactly trying to grow in a mature market? andrea: focused on quality. the company was founded by my grandfather, it is a family business, with the dream in mind of the best coffee in the world. we still work for that. and we do so by constantly improving the quality of the unique blend by improving the preparation with the system by example, not only espresso, but
designing our own machine and developing technology. this is the way we satisfy the most demanding, let's say, segment of the market. betty: the ones who want their coffee very. . good to see you. markets are closing in just about five minutes time. incks have made a comeback the last 20 minutes so we are snapping our four-day losing streak. julie hyman has more on this rebound. julie: maybe. it is moment by moment we are seeing, particularly when you are looking at the nasdaq it that is the one where it will be down to the wire. today would have been the aids down day, should say. eighth down day, i should say. this is an
extraordinary, all of volatility we have seen in several v-shapes as we go through the session. as i look at the bloomberg terminal, the waning minutes of the session, i just want to refresh and look at what are the up-and-down elements here. at&t, someon, for, of the gains that are contributing the most. we have the health care and energy stocks that are holding back any gains. apple, it is a rebound from recent days. amazon, similar action there. if you look at apple on the day, we are seeing a gain of 1.7%. a couple of analysts are saying buy after the recent weakness in the stocks, even if they are not necessarily a on the iphone prospects. -- not necessarily bullish on the iphone prospects. as you can see, closely mimicking that of the s&p 500. this recovery could still be coming in the face of what is
negative oil. look at the oil price on the day. that is not seeing any kind of recovery, right? 2003. since late it is especially notable that if we do see an increase in stocks, it out, ited to eke is in the face of sharply lower oil price. betty: we have seen that one correlation so strong. julie: it has been increasing. betty: thank you, julie hyman at the markets desk. that is it for "bloomberg markets." "what'd you miss" in the markets closes next. try to finish in the green after a volatile trading session. ♪
joe u.s. alix: u.s. stocks closing higher today but oil is trading at a 13-year low. joe: the question is, "what'd you miss?" scarlet: there was one trade that worked well for investors last year. when earnings season has to do with it and why understanding that trade matters today. joe: the myths about buybacks. we look at the charts that outline why more buybacks may on the way. why early stage investors are pouring money in like never before. but we begin, of course, with the market. stocks erasing their decline. p.m., the dow:15 had fallen as much as 114 points before recovery. liking behind when you compare to the major