at 11:43 a.m. unchanged 17 times before finally breaking to the downside. look at the nasdaq 100, hip level that has not seen since december 2000 before reversing. apple is a big player in that move, the tech giant hit an all-time high today before moving back into the red. remember what happened yesterday, apple had become the largest company by market cap ever. keep that in mind as it pulls back. the u.s. dollar falling today against the euro, traders digest reports the u.s. central bank could take decisive action over the debt crisis in the european central bank mixed policy meetings in september. moving metals higher because metals are denominated often in dollars particularly gold settling at a three-month high.

silver at the highest levels since early june. speaking of commodities overall, the head of the largest commodities exchange in futures business here in a fox business exclusive, here with me on set live to tell me why this cme is now looking to set up shop across the pond. you will only see him on "countdown to the closing bell." we have a lot to talk about with duffy. the traders at the cme group, the nymex. you are there in chicago looking at a whole host of issues. the u.s. dollar is a big talking points today, waiting on data tomorrow, what is taking the forefront of your thought? >> good afternoon. we are in a very tall summer market. we have a meeting coming up, a lot of suggestions. the market has made extremely

light volume and we're really getting a reversal, little bit of selling on the dollar, and the overall market on the downside. it is done on such light volume, light volatility, really hard to decipher any move because we don't have enough information. liz: i guess urban outfitters cannot pull the rest of the doubt because it is doing great with numbers after the bell, one of those negative days like yesterday with a little more conviction to the downside. >> thspeak to the whole market e stated previously, we are in the summer doldrums getting few and far between. we're in a holding pattern, and that will disappoint. the hot air expelled by the central bankers managing to elevate the market that we have

not seen depending on four to 11 years. continuing to deal with that over time, not down dramatically, the fact goldman sachs said it is time to get out of equity, more analyst said it is time to come out, he called for this rally for weeks ago saying it is time to get out now, normally any other time of the year would've had a much more dramatic effect on the market. liz: goldman said short entire s&p 500 a month and a half ago, we spoke to goldman sachs about it recently and in the end grind higher, today certainly grinding higher at the nymex. oil above $97, pulling back for crude, but what is the big story everybody is talking about on the floor? >> everybody is waiting what the next two things. we had a little dip in natural gas with the ruling coming out,

that was really the story, natural gas dropping $0.12 and coming all the way back up, i think the dollar getting crushed today is what sparked the rally. liz: wilbur ross trying to take a big stake in the lehman brothers natural gas and gas shippers business. coming up 4:00 p.m. eastern and will ask about this rally with natural gas. i love holly throughout the entire federal reserve and allow the fed watchers are going to hear what ben bernanke has to say. >> so he can continue the european opera. tracy: meeting with everybody, and they all want to go and kiss the ring, so to speak. we have been watching s&p 500, hit the highest levels since may

of 2008, kind of snuck up on you, didn't it? you have to be careful never to short a quiet market. still quite a bit of money on the sidelines. some ideas on where you can put that money back to work. a fox business exclusive, the chief investment officer, more than a billion in assets under management. what are you doing with your clients money? >> and selected stories still a lot to go, but we have to find the right places. the market 14% this year. they think it is terrible, 14%, everybody was dying for that number in january. liz: were you fully invested in january? >> we were. is this equity's? small-cap, large cap? >> virtually 100% invested.

liz: what are you listening to, what should investors listen to? they talk about coming out of europe or wherever, and actual earnings numbers like urban outfitters. >> investors have been so scared over the last three or four years and have not gotten over 2008, yet the results have been pretty darn good, so i follow the earnings. i wrote a piece all about the east. to me, the price is right, all about can companies grow their earnings going forward? liz: said this is what i'm talking about. >> i think it is a great example, united technologies, little misunderstood everybody is so great about the business around the globe in so many that are not economically sensitive. the airplane engines and so forth. but the synergies alone we have

high confidence it will be realized via to 15% earnings growth next year. even if the base business does nothing, that is pretty interesting to us selling at 13 times earnings. liz: the time to have been scared was when everybody else was going nuts and being very greedy and the time to be little more gutsy is now. >> that is when you can get comfortable with something. liz: getting existing home sales, do you focus on housing market? >> we do. at the same time that is driving the economy. look at the manufacturing side, the first part of the year, now housing is really picking up and we thank between the low rates and good prices on homes that still has a long ways to run. liz: looking at stocks to purchase talking about look at the earnings, look at all of the issues, the quality companies, do you look at any of the media

stocks? >> i think that is as deep as we are getting into social media. liz: listen, thank you. jim is coming right back to talk about what other companies he is buying right now. already gave united technologies, but much more coming up. the closing bell and 52 minutes, a lot of action happening at the cme and while some are shying away from europe, here is the company jumping in, looking to make its way over there. we brought in the executive chairman to break it all down. everybody wants this guy, he is here in the studio, fox business exclusive coming up.

liz: let's check in with the team. jeff flock in iowa covering the drought like nobody else can, but we are now down 69 points, why is there a sudden erosion?

>> we really are starting to sell off, off of some of the highs we have not seen, some profits and heavier volume be at take a look at a move looking at urban outfitters, a lot of folks are into it, the stock about 19%, a new 52-week high for urban outfitters, they're seeing the traffic not having to mark down the merchandising, boosting their margins and the stock $37.16, it has been slow and steady, some pullback but the stock less than $3, so it has been climbing its way up here, the highs of 2011 as well. liz: jeff flock, what is going on where you are? >> we have been focusing on the impact of the crops. what about no river?

maybe you see off behind me there are oil tanks, barges, they cannot get loaded as heavy, and in greenville, the latest on that situation where the river has been shut down in greenville, mississippi about a 4-mile stretch shuts down more than 100 hobos are stranded on either side of that shut down now dredging it out. they cannot load the barges appear as high or as the less they want to because they cannot get down lower, a problem up and down the river, the barge companies have contracted to a certain amount of freight in a certain amount of dollars, but you need 15 instead of five, where does your money come from, where does it go, what happens?

liz: people can argue all they want about the reality of climate change, but you are seeing it right there, jeff flock, thank you very much. talk about jumping in while everybody is running in, about 20% of the business volume coming from europe, so why not start an operation in europe. they're looking to go european and launch the derivative exchange in london joining us from a fox business exclusive, executive chairman of the cme group. let me keep it simple, you're going into the uk, you would not be the first or the second and yes you want to establish a beachhead. >> we open up a clearinghouse last year, started clearing the energies and that nature, without the natural step was to file for a list of exchanges to compete, 20% comes from europe, while the foreign exchange client are leading, we will see how that goes and the other

asset classes. liz: each time it changes for the last time $3 trillion largely unregulated operations where people can jump in and jump out. the opportunities are great, but the euro next is already there. we are fox business, we came in and we feel we are doing a better job out there. how will you do things differently and get more clients? >> either one of them offered for exchange, they have the largest foreign exchange in the world. it gives us a leg up against our competitors. competition is good for everybody. whether your first in or third in, glossy, with new innovative products that is exactly what we do. it will be electronic. all electronic.

i was on the floor for a lot of years, those wonderful days. the markets evolve and the market changes, people want access to their own transactions. it is becoming a dominant vehicle. liz: saying that would never happen to us, so many stock measures in place. what are you going to put in there? >> there is something you remember with the flash crash. when i testified i clearly demonstrated how at the cme group we ha have the functionaly to stop the market, i offered all around for a cost and told them to implement. those problems would not have happened. lots of technology and more risk controls in place and they don't have a market like the securities.

that is another problem with the equity market. even though technology has been deployed, it is a lot different. liz: do you have a model of how much you'll make in the first year? >> no. right now obviously it is a start up, we are excited by it, and 20% of our business comes out of europe. we opened in belfast, ireland. we are hiring some new folks who help with the operation. pretty exciting. liz: us-based market in 2113.4 billion in trades, so will you best bet in 2012, how do the numbers start to look? >> i have been very careful trying to predict future volumes, something we need to stay away from. i talked the folks in this year, all of the things you look at 2011, the market ended up in the exact same place, so people spun

themselves around so come 2012 have a fiscal cliff coming at the end of this year, the presidential election with two diverse opinions of where it should go. volume has been down. that is what it is always hard to predict volume. liz: will talk about mf global, the current regulatory structure gives the cme oversight response ability. i know you feel you should continue to have that, if you continue to feel that way, what changes are you making to make sure mf global doesn't happen again. they went bankrupt. now pleading not guilty to 31 pounds after he left a note saying i am guilty, i did it. >> we were not the oversight. for mf global, we were. the new policy in place, so 25%

of segregated funds are to be moved, the cfo and the ceo are to sign off on it. liz: they have done that? >> a new rule coming out with a national futures organization the ability to look into the account commission the customer segregated funds are there. one of the other things we have deployed. liz: it will not be like sending a note to show how much they have? >> that is what exposed them. i did not go to electronic notices, they could still be going out. liz: let me go back to jon corzine. in the past is that it looks like a crime was committed, we were nefarious at mf global. investigators appear not to be able to find anything right now.

>> testified and watche in washa couple of weeks ago and right before me was the trustee for mf global, he was asked a very specific question if he believes jon corzine was aware of the money being transferred from separate accounts and two other counts and he believed in his account yes. liz: would there be a stretch to believe there ca could be civil charges eventually? >> many civil lawsuits already placed against them. we'll have to wait and see how that goes. i don't want to get too far ahead of this. most importanthe most importante and our business is to bring the confidence back into the system, and that is what i have been working on. that is the way i look at it. liz: and let your record stand. a loolook at the orderly tradin.

>> this has been very difficult year in our trading, but we will recover from this and we will move forward and bring confidence back. everything is on the table right now, that is what is important, no bad ideas. liz: are you staying at the helm of the cme? >> i am. i signed a new contact. -- contract. i will be there for four years in january at least. liz: will be watching as he launched the new uk business. >> i appreciate you having me on. liz: you're always welcome at the fox business network. the closing bell ringing in 38 minutes. coming up we have the ceo of the top 10 performing stocks built in the past year. we figured let's find billion dollars plus market cap companies up more than 100%.

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>> of fox business market check trading volume heaviest in two weeks but to said downside. low whereby a four points with dow jones industrial average. shares and falling for the second day 4012. ipo shares has the same facebook issues. >> morgan stanley did facebook and yelp? >> they have a good track

record of ago ganges list took a hard hit i was going to say gm. >> but was incurred what -- could one? knight capital buildout two weeks ago by new investors who swept into save the firm but our investors bracing against regulatory action? terry duffy said had knight capital put their measures into place it would not have happened. >> probably not. after wiping out

$700 million through the cockamamie deal they spent many glad you are spending it at the journal and not on the times. keep pulling your money. that sums up what investors are thinking. liz: remind people they had good trading glitch losing 400 million. >> we had it down a convertible deal what does that mean? those new investors want the shrek -- strike price. liz: but it was around three and change. >> it is going down.

283. liz: 305 at the time. given it is a $3 stock people say the business might come back or expect shareholder losses. they can exercise at $1.50 to put pressure on the price the other is regulatory price. why are you in the stock? what you tell me is they are worried of release significant sanction against nine securities. if you did not plug in the

stopgap mechanisms. of following the flash crash market access says you have to have the trip wire. what they say is they will be hit with the sec. how much money but they wanted current management. better with this new group of people but they point* out to the obstacles are the land mines are their regulatory sanctions. the focusing on the lack of management, they say that

could cause tom joyce to leave the firm. liz: it was brand new equipment. >> new york stock exchange found out and said there was a problem and they called five times and got moved to different desks. they had no clue. they pinpointed but the damage was done. the trades are so voluminous the firm was toast without the help. liz: thank you very much. charlie gasparino. 10 companies with the market cap that tennesseans stock gains but we have less ceo

of one business. warren buffett pulling out of the debt to pulling out five years earlier. what is he dumping? next. if you have copd like i do,

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>> i am adam shapiro. check out how some companies report after the bell.

i had of the reports shares down for the year from dell on revenue of 14.6 billion. boosters should watch for full year guidance. and michael dell, but said he is on the prowl for future takeover. for up-to-the-minute coverage check out after the bell starting at 4:00 p.m. eastern. we continue "countdown to the closing bell" with liz claman. liz: shares of xm radio with a multi-year high. nicole petallides at new york stock exchange. >> they didn't have to much

hope but look at the long-term chart they move to the four year high because they confirm it use new debt. it is all about dollars and cents. look at thompson goes out for disappoints because it used to trade with 10 days. liz: that and crumbs. the cupcake company. or buffett and berkshire hathaway makes a move under the new bond credit default swaps market. >> there is so much debate but the sec filing says

berkshire hathaway sold the insurance that pays out on the new bond coming out of illinois florida, california and texas. the back out five years early with the timeline of events you will see when the insurance was sold in the action. their leading half of the trade on the table. cannot unilaterally ease settle ahead of time. some go out through 2054.

some say why do you take it now? that is the debate. the market is improvement and california itself some last week the yield is dropping. there is action so maybe it is good but he knows what he is doing. now he has capital to invest elsewhere maybe it is not all doom and gloom. >> he thought he made money. did you know, there romney 10 stocks market cap of of $1 million up over the last 52 weeks? here is the list.

up to a hundred 44% land three homebuilders made the list. when our corporation 150% and a d.r. horton up 100 5%. then you have expedia sought the job of 100 7%. private bank corporation up 100 9% hitting fed 2.5 year high. three and again very rich men who joins us now with a fox business exclusive. when we saw your company we thought it is not often you see this type of move.

what is it about the underlying business? >> thank you for the opportunity to be here today. it is about building the business. the stock is up but we can control the business building relationships with commercial banking. cheryl: talk about it. you are big with commercial real-eate. what is moving through your books now? >> in reality we have of privately operated commercial bank. building a bank within the northwest -- midwest.

60% is privately held and operated loans which five years ago was 67% now down a 30%. it will grow with health the midwestern relationships. >> the way to do business but there are expensive is related to property foreclosures. was officially with you up the 59% year over year. do we see that type of job in the coming quarters? >> we have made great strides. one is clean building and

the other is asset quality remediation. as what we have what we call problem loans, yes, we have the elevated level of tail cost but we're making a real improvement of asset quality and building the bank that makes me feel good. liz: 109% to the upside. that is the tough track. thank you for joining us. merry richman come visit us in new york. the closing bell rings in 50 minutes.

you may not know the reason my next guest picks his stocks right now. find out next. ♪

the stocks he is sticking right now and why he selected them. it had the medco merger deal but what tells me to buy this? >> with cost synergies,

winning in the marketplace, moving to generic drugs and more mail-order. a company that grows 15 or 20% per year that is very attractive. liz: that is the stock already up. >> it has even more to grow. it was in the '70s a couple years ago. the multiples come down and it is very attractive. liz: i sell celgene i like it but tell me why after seeing a nice move of 28% and there is more. >> and make said drug for multiple myeloma. and has extended the lifecycle between eight and

10 years. people are on the drug longer and live full productive lives. liz: good to see you. chief investment officer at w ps tour. reporting earnings results may have sandra smith. >> the biggest winner and loser happens to be tied to retail. list is up 18% this to give you an idea also it is the big winner on the year urban outfitters better than selected however if you look at the biggest laggard best buy is down 2% pretty much

bad news all the way around for best buy. barnes & noble better than expected earnings but the stock still a gets a hit today. the concern is they have the big loss wet seal. watch this. the clothes have not been cool. year to date has been miserable. the ceo was there 11 months a big shareholder pushed him out. williamson know what should have great to earnings and supposed to be the

back-to-school retailer the the analyst likes the stock is up 1.5%. liz: i cannot tell the difference between american and ego and abercrombie. liz: how did pottery barn do? just over six minutes if you run twitter you would know we had terry duffy exclusively. follow the show.control. when we come back when stock that could be seeing the dead cat bounce. next. ♪al

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liz: let's take a look at orbitz right now, jumping about 4%, just under 4%, $2.87 stock. the reason why we kind of cold it was because it had been fined for failing to disclose baggage fees but it is not hurting the stock today. the one-month picture not great. it has fallen down the precipitously. we will see the travel season comes back and if they come back. we've only got a couple of seconds left, let's go to david asman as with the dow jones industrials down. david: one thing that doesn't tell you is the volume, 3 billion shares traded on the nyse index. we are doing fairly well in terms of volume but there is

some conviction going into the downside, that seems to bolster the bears in the audience. let's go to nicole petallides at the new york stock exchange. after hitting the all-time highs yesterday, apple is kind of an example of what is happening in the market. a lot of people taking the profit off the table. nicole: at the same time we saw apple hitting a new high, traders are still betting apple continues to go higher ahead of the iphone 5 and ipad. liz: today they are outperforming again reacting to comments, does that lead us to believe that not much changes until august 31 when we have that event that they will continue to do well? nicole: that is true, they have really shown resistan