What's Up On Wall Street - Russell Pearlman, Smart Money

There's not going to be a lot of movement on Wall Street until 215 this afternoon that's when the Federal Reserve. Will talk a little bit and we'll get an idea as to what their thoughts are on further quantitative easing right now -- unit looks to me that -- Dow's down about nineteen point. An eventful morning yes. Yeah it is and the S&P 500 is pretty much flat -- down to. NASDAQ is flat at 2928. Oil is down 49 cents to 8386. -- US treasury at one point 66 a slightly from a half hour ago on the market opens. Gold is up eighteen dollars down eighteen dollars forty cents to sixteen. All four -- let's go down to New York for some interpretation Russell Pearlman works at the Wall Street Journal Smart money magazine Russell are you today. A out Russell in occurs to me that I think the markets probably runup over the last week anticipating some more stimulus from the dead. So it looks to me like the only thing we can look forward to -- maybe some downside if the Fed doesn't do anything force this afternoon. We could have a bit of a sell off if a give us something I think it's already baked into the market in my reading your writer do you have a different perspective. I think that's probably about right it's MarketWatch Jake cares if they don't get -- -- from Ben Bernanke's they will be upset and I think you'll barring any other European news coming out over the next couple hours that sort market with a hole. It will either be flat or or salt because really. They're not but that doesn't have that many types so all can use public lower interest rates because their hero now. They can't force. Banks to loan money which the problem right now we noticed. Expert can have plenty of access to money it. Now -- out so it'll do what it has been over the past. Several months here which is most likely. Push out. By a long term. Long term note to keep short term interest rates. As low as possible and try to spur the economy. It would day when when you look at that the one thing that the Fed might be of the say. That that could cause investors to leave the sidelines is that. They're gonna change their period time I think previously in announcing keep interest rates low through the end at thirteen. Would if they c'mon say look word keep interest rates low -- fifteen or sixteen that I think Mike chase people lot of bank CDs in treasuries would not. It's possible book but then again like that really doesn't have each lot of weight when you're talking like three or. Five here without immediate even so economists expect that -- that only toggle through -- out of thirteen great. And cultural issue come blog into -- thirteen -- -- -- to raise interest rates anyway so that have a guarantee probably will not. Mean much in. You've -- as they say yeah we'll talk about what. And these. The -- only do so much it's more of more of the -- And the and it's a shame if it's pretty much a -- right now that a lot of kind of the expected. You know that they rather put their money to work and things like. Wondered -- trades of that. Mortgages and refinance those because they think it's less risky for the long term. In general Russell pretty optimistic and bullish on stocks but I did read a report in the Wall Street Journal this morning. That Procter & Gamble has cut its fourth quarter estimates both for revenue and profits. You know that that I look at Procter & Gamble's being kind of when he -- Bellwether stocks as those PNG so goes the US economy should I be nervous about that. I'm sure. You're right PG -- you know it everyone needs the body. Pampers and -- pace and all these things. You're always having a problem because. -- Scott citing market share soft. Which which in my if in in Micronesia mystic terms seems reader get a lot of competition. Which means probably they have to lower their prices or they're they're just being beaten by that you believers are put. All people multiple world. And and so it seems to be more of an issue where it's it's not a market for -- faced and peppers mistreating. It's that. That there are having trouble sending off. -- in order to and other and other UK company. They're also an -- issue with foreign exchange rates. Particularly with sort of like Procter gamble we'll try to hedged out there. No one dollar profits what we get from other countries. And win the currencies fluctuate considerably what they have been doing now. -- either -- or possibly horror the company has those. Those prophets or -- and that makes the mistake of urging the wrong way. That's another issue that you cheers is more about to a stock is down -- 3%. In early trading today. Gallery I noticed that in and that's not a real volatile stock if you look at the date on that stock it's probably around fifty or 68. It's about half -- multiple market but the the completely go out of the way. To say that we're not assuming a further slowdown. In in any of its markets so. It's -- -- the persist kind of a strictly. -- getting. Getting having no luck seat by a couple of other competitors forces. A really turned out in the cockpit. Right right. Are able Russell will would just have to wait and see what happens in the big -- at 215. Absolutely we'll be ready for baited breath after the murder of four hours informant. All right thank you very much for joining -- -- appreciate your time. That's Russell Pearlman from Smart money magazine and the Wall Street Journal down in New York joining us today on the financial exchange.