finally with le look at a refineer, valero. the refiners have been sort of best in class. admittedly, it's like fourth period if gym. you see the 150-day moving average. that's where that rising trend line creates that big support here. so once again, counter trend move, a key support. i think this is a name that can bounce off that support. i think i was screaming when i said to buy them. but there are three names in this base that can work. >> i think rich comes over. >> he is coming over. >> come over, rich. >> in philadelphia, it's $50 bucks. i'm giving you $50 bucks. >> i wish i had the knowledge to answer that question followed by -- >> that was joe diddly by the way in a pond shop in a movie trade. my man is getting it done right there. >> i have a question for rich ross this is a question we asked for a particular stock. it's not just crude oil, all of them basically five month lows, should equities follow in your view. >> i think you make a great point here, in theory, in this world we have lived in, yes, they should t. fact that they did not. the fact that volati

energy >> that's actually a very very complicated one and i try to stick with the majors, particularly valero. this is hard for me to -- it's a local company. let me get to work it's down the block from where i live. you know i've been emphasizing the big dogs michael in california. >> caller: hey jim what's up myquestion is chesapeake energy it initially had a good rally now it looks like it's crushing. i'm wondering if you think i should hold on to it >> chesapeake is entirely function of the weather. we didn't have a hot summer we didn't burn natural gas. we didn't burn natural gas that make chesapeake miss the mark. it's just not a great investment in it it's that leave her to the weather, let's just say i don't need it. >>> we're finally seeing life in the oil and gas industry slummer jay is bullish much more "mad money" ahead. >>> almost one out of three people in the u.s. will develop a disease called shingles. one company that's a hand in the new therapy that can treat the virus. >>> then a battle is heating up. congress slashing tax reduction ks for your retirement plans trump said n

crude is declining more than expected natural laggers are valero and hess as well that does it for this hour of "squawk on the street. let's go downtown to nyc >>> good morning, it is 8:00 a.m. at the disney headquarters in burbank, california it is 11:00 on the east coast. and "squawk alley" is live ♪ ♪ >>> good wednesday morning welcome to "squawk alley." i'm john quicarl quintanilla tensions between north korea and the u.s. continue to escalate. kim jong-un threatens to release a missile on the u.s. base guam, but the u.s. threatens that they will see fury like no one has ever seen. good morning, good to see you both >> brian, do you think the change of the market has changed over the medium term here? >> i think they do a little bit. especially if you look at the performance of the s&p 500 since july 19th. for all intents and purposes, it is august. we have had other potential negative headlines hitting the market in september with respect to the debt ceiling and the fed and a potential taper tantrum, but it doesn't derail the longer term side of things. we're still steadfastly

as oil prices inch up ahead of the release of fresh inventory data stocks leading the charge include valero and tesoro. >> thank you very much good morning it is 8:00 a.m google headquarters out west 11:00 a.m. on wall street. and "squawk alley is live. >>> good tuesday morning welcome to "squawk alley." we're at the new york stock exchange joining us this morning from palo alto, co-founder roger m k mackname is google hit by this fine by unfavoring the search results over rivals? we talked to the eu's commissioner for competition earlier this morning here's what she said >> well, the fine is a reflection of the abuse and how long the abuse has taken place and, of course, the importance of the different actors in this market and we find this abuse has been taking place since 2008. but also that it has taken place in every european country where google shopping has been ruled out. and that, of course, is a very serious matter and that is reflected in the level of the fine. >> our google, roger, would argue it is also serious although they say they respectful respectfully disagree and are con

. >>> a power out taj at a valero refinery causing smoke to pour from that rerefinery. and the company run by the outspoken father of lonzo ball his shoe got l $94,000. if you want to get around that money you can preorder the shoe on the website with no refund or exchanges. the shoe will ship by may 24. that's the update. brian back to you. >> my son will want those i promise you. >> $495? >> go to target. >> parents in low-income areas they already got to deal with their kids asking for stuff they can't afford. i love ucla, i like lonzo ball, it's kind of gross to be honest with you. >> it's way too much money for kids. it is. there you go. back to you guys. >>> let's take about oil which is rebounding today. we'll have the closing prices but first back to michelle in paris. hi michelle. >> hey there tyler. do you remember when candidate trump talked about all the factories closing across the united states? well that's happening here in france too. it's become a real battleground issue between the two candidates with this sunday's presidential election. we'll tell you

we don't have a current update from valero. they're saying their under gulf refineries continue to operate corpus christi, no but i'm wondering -- they've been the guy who has given me the best information now. >> let's take a quick break. we'll come back to cramer's mad shs count you down to the opening bell than your health. so if you're on medicare or will be soon, you may want more than parts a and b here's why. medicare only covers about 80% of your part b medical expenses. the rest is up to you. you might want to consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like any medicare supplement insurance plan, these help pick up some of what medicare doesn't pay. and, these plans let you choose any doctor or hospital that accepts medicare patients. you could stay with the doctor or specialist you trust... or go with someone new. you're not stuck in a network... because there aren't any. so don't wait. call now to request your free decision guide and find the aarp medicare supp

as oil prices inch up ahead of the release of fresh inventory data stocks leading the charge include valero and tesoro. >> thank you very much good morning it is 8:00 a.m google headquarters out west 11:00 a.m. on wall street. and "squawk alley is live.

holly, valero, phillips 66 refining stocks have hit new highs. a real oil rally going on here supplies have been tightening. opec compliance has been increasing share activity is higher not as high as some feared demand is increasing a little bit. the question is is this rally for real it's the biggest rally for the year look at the xle. etf for big oil names is up 10%. this is far and away the biggest rally of the year. we've seen many attempts to buy bottoms that have all indended n heart break. the good thing about it is investor sentiment is terrible nobody wants anything to do with this sector. money is very small. the energy and the s&p is only 7% right some analysts are saying it's improving and it's cheap i can't tell you how many times people have said this is an interesting bottom for oil skepticism is very high and that's the best thing that it's got going for it dow is p 48 points, david. >> skepticism abounds. >>> still want to get to nestle holding an investor day. first under new ceo dr. snyder of course, responding in part to pres

brent crude up a percent in early trading check out shares of cabot oil and gas, marathon petroleum and valero, some big leaders so far today. that does it for this hour of "squawk on the street. let's head back for "squawk alley." >> thank you very much welcome to "squawk alley," carl quintanilla with jon fortt. >> the dow briefly crossing 23,02 23,500 for the first time ever, records for s&p and nasdaq bob, it's broad and grobl. >> it is global markets starting with strong inflous, record highs several factors closing those strong inflows most importantly a global economic expansion along with it we have improved earnings global.

there was a contract with valero, the refineries in the south-central part of our country, which is where we refine the heavy crude, like the crude coming out of canada. it remains to be seen what the contract relationships are, but obviously trans-canada is very interested in engaging. they said they're going to reapply. we look forward to that reapplication and look forward to getting american construction workers working again. >> yeah, speaking of that, the job number the president used yesterday was 28,000. a couple years ago, do you remember? someone in the obama administration said it was more like 200. they actually used that number. then others said, well, look at the towns that spring up. look at the walmarts. look at the coffee shops that spring up. they say it's more like 100,000. what do you think the real number is? >> i think the real number is the number of people who will be working to put the pipe in the ground. what we expect is this isn't going to be one crew moving down the line. it's going to be a lot of crews. so i don't think that's an exaggeration to talk about ov

st l >>> time for kensho stat of the day, valero similar rex and con cho all ♪ >>> let's get down to the new york stock exchange. jim cramer standing by. and, jim, we've been waiting to talk to you all morning about the banks. dick boef was supposed to join us this morning, he has the flu. he sent me a note, other than bank of america none of the five banks that reported this morning validate the current price increase. do you agree or disagree? >> no, i disagree. i think, look, these banks have all run. if you speak to the ceos they'll tell you they've run. i'm not interested in today's trading. i'm interested in the situation at bank of america where you get 100 basis points in fed rate hikes, they pick up another $3 billion that they're locked into $600 million in profit next quarter that this quarter didn't reflect a lot of the higher rates that next quarter will. >> right. >> that you're going to stop thinking about tangible book value. these are growth stocks. you see the kind of deposit growth these guys have all you're wondering is will the fed, will ccar, will all these regu

for refiners are doing really quite well a company like marathon petroleum, my favorite in the space, valero is another good one. and it's not just the crack spreads. it's the fact that these guys all have associated mlps into which they're dropping down assets and unlocking values if refinery space is good for two reasons. it's detached from the price of oil and has something specific going with these mlps. >> quick thought on oil? >> everybody is talking about oil, nobody can figure it out on i was at a macro conference of who's who of investors, except for me, it was a, who's that and nobody's really investing in it i think it's too tough to pick it out and you didn't have natural bloodletting and death spiral of a lot of companies, so they were all bailed out i think the pricing powers in the u.s., and that's no pricing power, i don't think i have to be involved in oil >> i mean, to jim's point, rigs are at three-year highs at this point. production is up 10% year on year in u.s. shale >> and iran is pumping as fast as they can. >> and everybody else will be cheating >> i want to take a

crude is declining more than expected natural laggers are valero and hess as well that does it for this hour of "squawk on the street. let's go downtown to nyc >>> good morning, it is 8:00 a.m. at the disney headquarters in burbank, california it is 11:00 on the east coast. and "squawk alley" is live ♪