tv Countdown to the Closing Bell With Liz Claman FOX Business September 10, 2015 3:00pm-4:01pm EDT
their future, in terms of security, in terms of whether or not they have a job and whether or not they can take care of their family going forward and said the economy we talk about here every day, it matters, and a lot of people feel like a ceo who's been a real ceo would be the best ceo for america. we'll watch it. liz claman, heading down to you. liz: trish, we've got breaking news here. can the rally hold, and it's a fair question. because we lost about 55 points in the blink of an eye. why? the dow jones industrials, you can see it, it is up about 91 points. it looked like a clear cut rebound just 24 hours after yesterday's steep sell-off that unfolded during this very hour. take a look at wednesday's trading action. the dow was up as high as 172 earlier in the day and dropped like a rock, closing down 239 points. that's a swing of 411 points. today, yes, i would say about
11 minutes ago, the bulls look like they were in full control. it is yet another volatile day for the markets. the dow was caught in a bearish triangle, a bearish triangle, simply cannot break out of the triple digit swings and jumps out of the 13 out of 15 sessions. the last 13 out of 15 sessions. we've had the pit in our stomach watching what will happen? today volatility and uncertainty are driving the markets as investors watch data and next week's federal reserve decision whether to finally hike rates? it will arguably be the most scrutinized fed decision in years. at this hour uncertainty on capitol hill that we need to tell but as well. expecting a crucial vote in the next few minutes out of the senate regarding president obama's iran nuclear deal but one thing is certain, football is back. no more deflategate as tom brady and the patriots take on the pittsburgh steelers in the nfl season opener.
is the world betting on the embattled brady or the seething steelers? we have it covered for you live on the new york stock exchange. live in d.c., live in las vegas, we are live where it matters to your money and the news today. so let's start the "countdown." . liz: we have breaking news right now, it is something that the traders just ran up to me and told me about that, is we fell through a floor and the floor was 1956 for the s&p 500. let's take a look at intra-day picture of the s&p. what happened? well, earlier today we touched 1956 a couple of times, finally jumped through the ceiling and stayed there until about 12 or 13 minutes ago. then started to fall, we've fallen through the level again now at 1953.44.
this is sort of a technical day, i can't point to a headline gyrating the market. the fed is seven days away, we are looking at the new york stock exchange at a market so touch and go we're going to bring in the traders from the floor show. live at the nymex, live at the cme and live at the new york stock exchange. stephen guilfoyle very early this morning as he was stuck on the lie. >> the lie and the lrr. >> the long island rail road and the long island note, he said watch 1956. how did you know? tell our retail viewers what that means and why the market suddenly fell when we fell through that level? >> in these light volume environments, the market trades technically. last night we got a strong buy signal from the mac gauge, day trader know what that is. we got to the 56 level. liz: you say 1956. so clarify. >> on the s&p 500.
got through it violently, came back in, saw a fight and broke into the downside violently. now look at 1947 versus 1956. liz: is there a headline that you have seen down here that would do that? or is this such a technical numbers oriented market in advance of the fed that that's what we're left to look at? >> what the algorithms and day traders do when they have a profit, they take it. you're going to see wiggling and the omc is to the downside. liz: chris robinson, we had an opportunity to take profits. the dow is up 78, what are you seeing in chicago in the pits there? >> same thing, a technical market, light volume market. guys are getting ready for next week, and everybody is trading levels, and what he just said is correct. the day traders got a profit. they move it. these are not moms and pops sitting at home. these are guys letting
algorithms do the trading. i was up late last night and the dow jones industrials in the five minute charts moving two and three points at a crack there is interest in doing business but times there is not a lot of liquidity. and you may see that until the fed finally speaks. liz: can i point out something, chris, when i arrived on the floor about noon. art cashin ran up to me and said oil is holding a leash today. where oil is moving higher, despite the fact we saw a much bigger than expected build in inventory numbers. 2.6 million barrels built. we have way more supply again and the price continued to rise. it doesn't look at the moment alan that oil is holding the view of the markets. >> right now it looks like we're range bound. we have gotten to a low, roughly 43 1/2 bounce, that's what caused the rally, nothing else.
we should be selling off. we have other suppliers coming into the market short-term, and what i see is 43 1/2 to 48.75. that's the range, i think we're going to break 43 1/2, and when we do we'll see below 40, 38, 39. liz: we have crude oil at 46.15. you called it this morning before the markets ever opened. stephen guilfoyle known as sergeant said watch the 1956 level. that's when we started to see the dow lose the gains. the dow is up 75 points. had been up 188. as we look at the markets, that leads us to our next question, it's a perfect segue to john lonski of moody's and sam stovall of s&p iq, both of you have been in the business a long time. we're seeing what ben willis put out a note, a floor trader and said we're stuck in a very distracting bearish triangle
where we start to see triple digit moves up or down with the dow jones industrials and the dow can't break out of that. should investors be watching that or something else to make money? john? >> i would say this is highly unusual. volatility is king. fundamentals are merely peasants right now. looking ahead. i really can't see what's going to improve the outlook by enough to significantly improve prospects for equities or for that matter of corporate bonds. this recovery is getting old. and we know, we've been told time and again that the federal reserve is not going to come to its recovery by cutting rates, if anything, the fed is going to be hiking rates. so at best, i would recommend a hold. liz: sam, is there anything about the rather violent swings we've seen, 13 out of past 15 sessions for the dow that actually worries you? >> well, i guess any time you're looking at a decline in
prices you wonder how far will it actually go. as other guests said, this is a technically driven market, moving up to resistance, moving down to support levels, et cetera. so our belief is we're going to break below the bearish triangle and probably break below the 1867 level set on august 25th, and probably end up declining overall, about 15% or so, which would bring us down to about 1820 on the s&p 500. liz: okay, let's leave the numbers out of it for a minute. our viewers are saying you're giving me this level, that level, the percentage. what is the number one fundamental signal, john, i'll ask you first, that investors should watch for that signals them to buy more stock? >> i would be looking for a firming of commodity prices, which i don't think is going to happen any time soon. and perhaps with that, maybe
the fed will change direction entirely on monetary policy. otherwise, don't jump in. liz: sam, what do you think is that signal you're looking for? >> i'm looking for a v-shaped recovery in corporate profits. we're likely to see the weakest quarter in the one that's about to be reported. but if we see an improved outlook for corporate earnings, that in a sense would justify the fed's deciding to recalibrate interest rates relative to inflation, and make us feel as if the bull market still has legs. liz: you know what i'm hearing, it's still all about the fed, at least for the general markets. gentlemen, great to see you, john lonski and sam stovall. thank you so much. we have 51 minutes before the closing bell rings. watching the action on the tape, it's a moment that that gain of 77 points for the dow is way less impressive when you see we have been up about 188 points. but watch the s&p.
that's really guiding all of this. when we come back, traders on wall street are not just watching the levels in the things i've talked about. they've got their eye on fantasy football. i know a lot of you do, too. it has become so massive. it's gigantic. as we open the nfl season tonight. we're talking football, both real and the fantasy version, with the hottest hand in vegas, kenny white. he's got the best record in las vegas booking world. and donald trump no longer content to just play defense. the billionaire businessman on the offensive. it is bitter, it is angry and it is attacking. he's attacking former h-p ceo carly fiorina. did he go too far against his fellow gop candidate? a political panel takes it up next on "countdown" live from the floor of the new york stock exchange.
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it was above it for a couple of hours but traders warned, watch that level. if we can't hold it, you'll see everything move lower. we're not lower below the flatline, something to watch considering we've had so much volatility and gyrations in the final hour. stay with me, i'm going to talk you and walk and you run you through it. we've got traders everywhere, we can grab them, they can tell us what's happening. apple stock matters, carried a lot of heft for the s&p 500. apple stock moving higher right now. we have it up $2.50 at the moment, and look, yesterday was a big day, it debuted a bunch of different products including two new iphones but that's yesterday's news, here on "countdown to the closing bell," we're focusing on texture and innovation and how it may help or hurt other companies in the sphere, in the biosphere, that is apple. well amazon tried, and now you
can basically shut the coffin on the fire. they tried to take on apple with a smartphone but the fire phone is now gone. they are going to stop manufacturing it once they get rid of, of course, all the inventory they had, and look at the wireless providers and those wireless providers for names like sprint, verizon, at&t and t-mobile, apple is saying you know what we're going to do? directly take aim at wireless carriers, finance sales directly to the customers. apple moving higher and some of the names are mixed. at&t and sprint moving lower. donald trump once again on the attack. and some of you may be saying, that's great. others may be rolling their eyes and saying tell us what's new? it's interesting to see particularly what happened here. speaking with "rolling stone" magazine, the billionaire presidential candidate went after former h-p ceo and gop
candidate for president, carly fiorina, she is also should i let you know a cancer survivor. he said quote, look at that face, would anyone vote for that. can you imagine that, the face of our next president? that was last night on the "kelly file" carly fiorina responded. >> i'm not going to spend a single cycle wondering what donald trump means, but maybe, just maybe i'm getting under his skin because i am climbing in the polls. liz: she's taking the high road, of course. but people begin to wonder how many more of these comments does donald trump take and make before he starts to look really unpresidential? apparently the polls still show he is very well liked. on fox and friends, he did confirm that, quote, he probably did say something like sdmashgs then went after her record as ceo of hewlett-packard. here's that. >> she destroyed jobs, she destroyed the stock price, the
company went to hell. they walked her out. she got fired. if you look at her before hewlett-packard, she was at a company called lucent. that was a bigger disaster i believe than hewlett-packard. liz: let's bring in our two pundits to talk about this and the other candidates making waves. ron christie is a republican strategist and steve murphy, the democratic strategist. ron, give this to you as a republican. i really event don't know what to say about comments like that, they have nothing to do with the actual issues at hand that matter to america, like the economy, like isis. there is no discussion of the plan for that. it's simply look at carly fiorina's face. one could argue incredibly insensitive and outrageous considering she's a cancer survivor, and she's got more energy than most who never had cancer. i'm wondering at what point do you and your gop team and friends and family say this
really isn't going to work as a candidate? >> good afternoon, liz, i'm there right now. are you kidding me? i served with carly fiorina on a board for the last several years until she decided to run for president. i can't imagine a more accomplished, a more thoughtful, a nicer person than carly fiorina. you can disagree with her politically. what mr. trump is doing is not only make himself look bad but tarnishing the image of the gop. it's enough time for the amateur hour, he needs to go. liz: steve, we're looking at the polls, he's leading in the latest fox poll of gop field people here. ben carson second, but not really close. you can flip it over and see there are other polls where he continues, the monmouth gop poll, bush is a distant third and then ted cruz. the democrats sit back and may laugh about this, but clearly this guy is trending. >> he's absolutely trending, and listen, rational
republicans like ron, sure they want him to go. but the far right base of the republican party that agrees with donald trump, that we should deport ten million people from this country, spend half a trillion dollars doing it, they don't care what he says. he zoomed up on day one when he started trashing latinos. he's continued to do it. he's the only republican who will say i'm going to throw out not only all the illegal immigrants but throw out their children too who are american citizens. they don't care what he says about carly fiorina or megyn kelly or anyone else, as long as he's with them as keeping their america. liz: let's bring up bernie sanders, bernie sanders is what people consider a long shot. he now in the iowa and new hampshire latest polls is beating hillary clinton. what happens there? >> you know, first of all, the polls right now, and i'm sure this will give hope to ron
about donald trump. polls right now do not mean very much. you know, in eight years ago at this point in time, hillary was well ahead and people were wondering whether obama was going to take off. which he did a couple months later. look, i believe hillary is going to win in iowa, i think bernie sanders is going to be a tough candidate for her in new hampshire because he's from vermont. he's a favorite son candidate. but hillary is going to be the democratic nominee. the base of this party, the bulk of the party kicks in after those two atypical states and hillary is going to dominate there. liz: we had steve say the bulk of the party, the bulk of voters haven't woken up yet. we may think because we talk about it 24-7 in cable, some listeners aren't watching. when they become aware, who really comes forward, is it a hillary over donald trump as the lesser of two -- i don't
want to say evils, that is not fair, neither is evil, but both are questioned as to whether they are very presidential at this point? >> i think that's exactly right. now that labor day is behind us, kids have gone back to school, football starts today, people are going to take a look what's going on in the political process. trump's numbers will go down, if you look at his website, he doesn't have anything strong from a policy perspective and americans want more meat and potatoes with policy and politics, and hillary clinton has the problem of trustworthiness. if you look people say i don't think i trust her, not sure if i like her, and that does something good for bernie sanders who is doing remarkably well because people think he's authentic and means what he says. liz: i have mixed emotions about even talking about the latest insults thrown around here because it doesn't have much to do with what i hope our viewers care about. so hopefully we'll get to that point where we can focus on the issues. great to see you both. steven, ron, thank you very
much. we're about 38 minutes before the closing bell. look at dow. a classic case of what happened? it is a technical move right now to have lost more than 100 points from the upside today, holding onto 71 points of gains. when we come back, the new sheriff in town, voting to clean up wall street, vowing to do it but through individual arrests and convictions, not corporations and faceless entities. attorney general loretta lynch promises to take a hard look at white collar crime and the people who wear those collars. we'll tell you what she plans to do coming up. and forget deflategate. tom brady and the nfl are all pumped up for tonight's kickoff of the new season of the nfl. the scandal isn't having any impact whatsoever on the popularity of the nfl. we're talking football next with the top booky in vegas. where the money is piling in? are you steelers?
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♪ liz: breaking news. this is a paltry number. to see the dow up on the big board up 53 points when we had been up 188 speaks to the fact that the market is tentative, nervous, touchy. the market is touchy. we are looking at tiny, technicaltiny, technical moves that really set the dow off up and then down. if you look at and entered a picture, it was cruising right before the end of the 2:00 p.m. eastern time our. then it was the s&p. 1956 today. and it fell through that level. the dow said, we are turning we are going to lose some of those gains.
as the traders watch that and scrutinize every level, some of the charts they hand me. the only other thing that you could argue watching perhaps more closely this football season. when you say deflate gate, it has pretty much been put on the back burner or forgotten by now, and fans are getting so amped up for the game tonight. 8:30 a.m. eastern. we got ben roethlisberger, who is facing off against tom brady. it is a scandal that has plagued the nfl over the past year. the popularity has not waned at all. as americans are set to bet $95 billion on nfl and college football combined, we want to no, who are fans betting on?
let's start off with tonight in a fox business exclusive. the hottest and in the las vegas sports booking world, game sports network ceo and cofounder. great to see you again. my 1st question is obvious. are they putting it on brady, or is the world betting on roethlisberger? >> we are just excited that football is back. this is a bookmakers dream. the money is distributed equally. a little bit of money little low-scoring. i don't think that will matter. they will both have big nice. the going to see the bookies in las vegas needing the pittsburgh steelers. liz: the people are betting more? even for the team.
>> betting more right now. not significant, but by the end of the night they will be more money on the new england patriots on the pittsburgh steelers. liz: the steelers are out to when this. that israel smash mouth football. i am a browns fan. i expect you to tell me how they are doing. let's talk about the most popular matchup. >> the 1st one, tom brady obviously on thursday night. he is up against aaron rodgers. as of the two best quarterbacks right now. also, we matched up peyton and eli manning. eli against the cowboys, peyton against baltimore. with the new head coach, peyton should have a good season. this could be another record-setting season. also, andrew luck is now
moving himself up in discussions. the indianapolis colts are one of the top four teams with the best chance of winning the super bowl this year. andrew luck is matched up against drew breeze. liz: what stuns people is that there will be 19 billion bet on college and nfl football. as you look at that, we thoughtthat, we thought it would be interesting to show what other organizations bring in 93 billion in revenue. huge publicly traded companies. ii mean, it dwarfs the nfl, which brings in only 7 billion. should gambling just simply be legalized? >> when your talking about 93 of the 95 billion in an illegal area, that money
should be taxed. it is great entertainment and skill. who is going to win? how many points will be scored? what quarterback will have a better game? that is a lot of skill. >> i wish you could tell me who is going to win. the bears are coming back. it's great to see you. now the dow has pared its gain. did i say paltry or measly before? hundred and 88. when we come back 27 minutes before the closing bell, foxbusiness not just talking football. making money with undefeated world champ boxer floyd mayweather. charles does great interviews with everybody. you haveeverybody.
you have to make sure to stay tuned for that. well, the financial crisis as you know came and went with wall street paying out billions of dollars in fines for wrongdoing. but he was one of only a handful to be carted off to jail for his crime. now the obama administration and the justice department say we are changing those rules. no more accusing companies. we are going to get people. how it will affect what happens here on wall street? find out next. dow jones industrial up 36 points with 26 minutes to go before the bell.
four points whereas earlier the high, uphigh, up 23. as we look at what is going on with the market, this will be a crucial 21 minutes we need to show you the sectors. three of them have turned negative. industrial, telecom command utility. those are not helping the picture at all. when those start to go south we have selling. probably looking more like selling on the close. we talk about this. getting tough on white collar crime. weren't we supposed to do that during the financial crisis? everyone said yes. we are now going for the people behind the corporation. white-collar criminals.
i've got it in my hand. a seven-page memo that was just released. here it is. in essence what they are saying is we are urging national federal prosecutors to focus their efforts on having the employees. you have a company payout fines, but if you don't get the faces behind the fines it isfinds it is empty for people who are honest in doing things correctly. years after the public outcry. foxbusiness doc editor. why wasn't this policy before? >> that is the question. what is interesting, the deputy attorney general, author of the memo the word any credit. what she is saying is, if the company is accused of a crime and want to cooperate with the justice department they will not get any credit whatsoever unless they hand over the names of the individuals involved in the
alleged criminal or civil offense, and that is a big deal. even though bear stearns hedge fund managers walked after trial, the thing is, you pay a big monetary fine and don't have individuals charge. 139 billion in estimated fines, but now what the justice department is doing is, they want to get evidence up front. i want to bring these cases. it is difficult to prove. and saying that you will cooperate with us but only get credit if you hand over names is a big change down they're. she's also saying breaking news, she does not expect heads to roll tomorrow. they have to put the arman companies to fork over names to build evidence.
backback to you. liz: basically saying no more striking deals and compromise. you have to put forth the people who did the wrongdoing. let us bring in someone who is very familiar, former sec prosecutor ron geffner. great to have you on a day like this. this memo, there was one line, one of the most effective ways is by seeking accountability from the individual who perpetrated the wrongdoing. i'vei have always felt that people commit crimes, not buildings or logos. why haven't they been doing more? >> what is interesting, they are comparing -- and this goes back to 2008. it does not necessarily just deal with wall street because there are other references to the car and food industry and the pharmaceutical industry and other stories tied to this. but what is required to
actually bring the case, and elizabeth just said something that was very clear. it is hard to prove. what is the knowledge and intent? and the key thing here that charlie and i were talking about off there is with regard to 2008, was it just bad business judgment? people should not be going to jail for engaging in bed business judgment. intentionally trying to violate the law. >> law. >> tough to prove. maybe the big banks have better lawyers. if you look at worldcom busted in 20 -- let's see, 2005. nine counts of fraud and conspiracy and has been been in the clink for 24 years. from tyco, eight to 25. lehman brothers walking around with all the
collateral damage i guess because they could not prove that he had intent. >> let's be clear before you hyperventilate. liz: i'm breathing fine, charlie. >> these are guidelines by the justice department. it does not change criminal law one bit. you still have to prove intent, the someone did something wrong. let's be clear. they are doing this during an election year, looking to whip up more anti- bank frenzy. every time they need to pull a political rabbit out of their rear end, they go after wall street. i will say one other thing. what they are really doing is saying -- because the reality is, all these banks have these suites walled off with buffers twin the guy setting the policy and the guy doing the dirty work.
this will put a target on the backs of the little guys that work at these farms. liz: let me ask about it. now. i have to ask. >> are not going to let me make my point. liz: you been going on for about three minutes. >> that was not three minutes. that was to. liz: go-ahead. wego-ahead. we are on television. >> i be polite. i'll and saying is that you have to show intent. it is so obvious it is political. anyone that puts this in any other context is crazy. liz: the companies propping up a little guys. >> i don't think they will set up the low-level employees for violation. if somebody running a company has reason to no that their company is violating the law, that may be enough.
from my days at the sec, we routinely would interview lower-level employees of asset managers, and we would compare there stories. if anything did not check out we would go back until everything was squared away. >> look what happened. the perfect example. not saying he did anything wrong. waldorf walled off. lower-level us to jars. not the fixed policy. the guys that carry out the policy of the people with the fingerprints on the bad stuff. those are generally the people they go after. liz: hold on. we actually have a hard break. i am not being impolite. we have to go to a quick break with about 16 minutes left in the show. thank you so much. we will be right back.
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liz: ten minutes before the closing bell rings, taking a look at a picture of the senate floor. members will vote on a bill to disapprove the iran nuclear deal. the senate needs 60 votes for this to pass. we do not believe that it will happen. forty-two democratic senators have said they will vote to strike this bill down. we do not expect the vote to be completed before the closing bell, but we will bring it to you as soon as it does. we will come right back to the floor of the new york stock exchange. we will be right back.
liz: five 1/2 minutes before the close and the bears are trying to claw this one from the bulls. right now we're in the green at the moment but today's early rally has fizzled. we're still in it but not in it to really kill it. we're trying to look exactly what matters to traders, investors like you watching. appears the fed and certain levels are technical. so in the final minutes of trade let's bring in voice who is have been buying , who have been selling. ross gerber of the on the west coast with us. in fox business exclusive, we have got christopher zook. paul christopher, head global market strategist at wells fargo investment institute. between these three guys we have more than 1 1/2 trillion in asset management. let me start with paul christopher. on a day like today, is this the bears coming back or is this correction in the bull market? >> this is accumulation day. people see low prices want to
sell and others see low prices. we'll see up an down same day. even happens one day to next. this is often but not always part of a bottoming process. liz: christopher zook, how do you see it? are you concerned we see six out of 13 trillion pip digit climbs and drops and no way to break out of it? >> we have a lot of volatility and i don't expect that to go away. we have people looking for good opportunity to sell. when we see some bids out there people are lightening up positions. i expect that to continue as we head lower. liz: ross, have you been buying today? or buying and selling is it too difficult? how do people manage the market if they want to get in to buy stocks? how do you do it? >> we've been doing buying and selling as we rotate from sectors to the other. we're buyers of market. we're seeing a correction. people wanted to get out usually
get out and contradictive process goes on for period of time and market find next move up we think going to the end of the year. liz: that then brings me to paul once again. if you look at the areas that look healthy, even if we start to see a fed rate hike, what would those be? >> well, look let's see a fed rate hike would not be the end of the world. one rate hike is probably just the beginning of a long process a slow process. we don't think it affects the economy directly. we'll stick with sectors we think are leveraged most closely to ongoing economic recovery. discretionary, info tech and industrials. liz: chris zook, is that area you say i like equities here but i'm waiting for a certain signal? >> i think we don't like equities here. liz: why not? >> one my favorite things of all kind, of all time, sell when you can, not when you have to. we have profit margin issue.
we have a revenue growth issue and we have overall valuation issue. that doesn't mean stocks can't go higher. they can. however we think risk/reward is very skewed where there is a lot more downside risk than up side right now. liz: when you meet at gerber kawasaki, and talk about strategy, how much mindshare us did the fed and what happened now just seven days when the federal reserve makes its decision does that take up? >> not much. because i do think it is a non-event for the most part. the fed, whether they raise or not raise is not going to materially affect the economy at all. it is just an emotional thing at this point. what i think matters in certain sectors, if they raise rates that is very good for financial sector. we want to be overweight financials if you believe they will raise rates. on other side of the coin i think this is a stock-pickers market. somebody says they don't like the market right now. it is because there are many areas of the market not doing well. so you have to be focused in
individual issues stocks in ones that are performing well period. liz: you know what? it means don't get lazy. you actually have to do research and find real diamond in a pretty muddy river right now. we are looking, gentlemen, thank you very much. >> we love it. liz: i bet you do. why all three of these gentlemen have very successful. we're one minute away from the closing bell. want to send it to midtown manhattan, fox business headquarters. dave and melissa, take. melissa: thank you very much. david: is iran a done deal? not if ted cruz gets his way. is there a way for republican congress to block a deal america doesn't want? two key votes expected this hour. melissa: governor cuomo pushing for a plan that would create the highest minimum wage in new york. white castle has 38 locations in the state.
jamie richardson from white castle is standing by to tell us how his chain will respond. he has breakfast for dinner. david: he also brought us sliders which is very nice. the market ended with a healthy rise in the dow. [closing bell ringing] basically all the indices. but it was much higher earlier in the day. it did climb in the last minutes but didn't get into triple digits on the dow. it is all green, including gold and oil. both of them up. oil about a 3 1/2% pop. melissa: not nearly the gains we had earlier in the day. david: not anywhere near it that is the situation so often past couple weeks. we seem to go great guns and lose steam. the dow was up 180 points earlier. hasn't closed up or down triple digits since last thursday. let's bring in scott martin, united advisors chief market strategist and fox news contributor. lance roberts,sta