next. >> oil prices resume there's life after government reports show u.s. crude inventories climb the most in four months. betty: president obama got iranh votes to ensure the deal survives in congress. alix: good afternoon. betty: what i write yesterday from the markets. ride yesterday from the markets. one of the steepest drops this year. we may be catching a break as the china market's close in the next two days because there is a big military parade being organized. again for the s&p as well as h&r

block jumping on stock buyback news. , those two stocks are leading the way. not just for tech shares but the overall market in general. let's move over to oil prices. there is a little bit of a different picture here. we saw the inventory report coming out this morning from the eia, which showed crude oil surging. this was for 900,000 barrels of oil, excess oil. in fact, it was closer to about 4.6 million barrels. that has got potentially nymex crude depressed. refineriesave utilizing a little less, therefore the buildup might continue. if you are putting money into stocks, you are now putting them

into bonds. as we look at the three-year and the 10 year, the yield is off a little bit.it is off the highs of the session . i want to take it for a look inside my bloomberg terminal for my chart on the international reserve assets excluding gold. this is a hot topic on the terminal right now. we are seeing a huge drop with china in the lead of central drawbacks in the foreign currency reserves. is this quantitative tightening? it is a term deutsche bank coined last week. takinghave central banks back the reserves, there is less than the system and they do not have as much to my. at the same time, you are seeing liquidity drying up worldwide. this is actually one of the biggest risks in the market right now. it is this right here. betty: a drawdown of these reservesbetty:. michael will be joining us in a

little bit. alix: ask him. i am excited. betty: he will be joining us in the next hour. finds, down just 1.5%. alix: we want to check out the currency market right now. take a look again. we will go here. we are taking a look at overall the dollar is a little stronger versus major currencies. is,can see where the slide and that is to the yen. you have the euro and the yen. they have been seeing a lot of flows. for the euro that is interesting considering we have the ecb meeting coming up. betty: or deflation people are talking about that as well. alix: our top stories of this hour. president obama now has an up

votes to declare victory on the iran nuclear deal. it is now backed by 34 senate democrats. that means democrats and uphold the president's veto if republicans reject the deal is expected. john kerry discussed the merits of the agreement earlier today in philadelphia. >> i will make clear that the key elements of the agreement yearsast not for 10 or 15 as some are trying to assert or for 20 or 25, but they will last for the lifetime of iran's nuclear program. alix: secretary kerry is sending a letter on the iran deal to embers of congress today. it's will outline what the u.s. plans to do with security in the persian gulf. bloomberg news is learning a --andlers are

sources say talks broke down over pricing. ariad is a developer of leukemia and cancer treatments. it would have been valued at nearly $2 billion. betty: panasonic will begin selling batteries that power homes in europe next year starting in germany. that puts it in competition with tesla. elon musk says germany is a key market. energy storagee industry outside japan could generate $83 million in revenue for the company by 2018. those are your top stories at noon. coming up in the next half hour, mcdonald's did it. they are going to offer breakfast all day long. alix: i am shocked, by the way. betty: i am so excited. alix: i am shocked this actually went down. betty: i know. i am notrised, but surprised because people have been asking for this. we will tell you how that decision could affect and prices -- egg prices.

alix: we will tell you about suspicious acronyms investigators are searching for while and with getting e-mails. betty: oil and trading below $.5 a barrel after a report showed u.s. crude inventory climbed the most over a month. particular, crude dropped almost a percent yesterday after its biggest three-day rally in 25 years. alix: is there an end in sight? from is a bloomberg you this morning -- view from this morning. >> it will take time and we was in muslim volatility on the upside and downside. when you unhinge a markets, it takes a long time for it to gain his footing. ed.: joining us now is this 25% rally we saw an oil and that the decrease of 8% on typically no news, what led it?

ed: short covering is a normal process. the short covering last week was abetted by chart readers. they all said it will be a bottom again. it was a massive buy that continued monday. monday was a bad news day. bad news in terms of misleading news. there was news that the eia and survey over -- in a new said it was higher than they thought. storyg on opec little that it is always good to talk to other producers in other countries. betty: that was much a do about nothing? ed: it was really a made-up story. nobody i can find at any news agency talked to anybody. i got an e-mail from the person at the opec secretary of saying we got it right on. alix: the other part was the

revision accused u.s. production falling in the first half of the year. you can make the argument before hundred thousand barrels compared to an oversupply of 2 million is not that big, but it shows production is grinding lower. ed: i have not been convinced of anything other than a plateauing. data, if you try to do a zero sum of the data, you get the oil coming in and the oil going out. it is 450,000 barrels of missing oil. that must be production not being captured. betty: what is it about today's report you're not convinced about? ed: the production number. they had a significantly lower production number from 9.2 million a day. betty: you think it is much higher? ed: there's something missing. if you try to figure out where the oil went, some of the oil that is not there leads to about 450,000 barrels a day. betty: how long will it take us

to work through the inventory? ed: we will work through not only the inventory eventually but through production. there are signs in the next 16 days or so that we will see more tangible evidence of the u.s. production not only slowing down but really reversing. the inventory will build before the go down. we will hit 500 million barrels of crude oil of inventory record that we had last spring. we will do it pretty soon. both in the u.s. and globally, refineries will go under maintenance. there are a lot of missing parts that have to be put back together when you are running refineries and 96% capacity utilization in gasoline season. we are going to have probably 3 million barrels a day, maybe even 4 million a day globally of oil that was brought by refiners not being used by refiners. that means a building inventory. you will probably see it on floating vessels again. alix: you have been calling in terms of prices about $20 and

then somewhere into the 30's. we touched about $38. where do you think we will have to get to for a sustained period of time for it to be lower? ed: probably in the 30's. the price at the $20 level at becausent in th is well when there is nobody buying up the different price of oil, the front end of the curve to come down. weit gets to the $20 level, will be seeing production finally being shot in. betty: $20? ed: in the 20's. not 20. betty: what about the prospect of iran? looks like the president will get this nuclear deal through. we actually have some sound from the iranian oil minister, who talk about what his country will do once the sections are lifted.

we are planning to increase our production immediately after lifting the sanctions have a million per day. after cointreau months -- after 4 months we plan to increase another half a million barrels. betty: which leads eventually to what? ed: a timeframe to look at. we will have a signal about where sanctions are going by the middle of december. the iranians have an election in february. they would like to commit to all of the things they have to do under the auspices and instructions. sometime in january i think the market will this million dollars a day increase over six months. we will see if they can do it. alix: they are like we should talk about their prices for opec but i will keep pumping. ed: they also said we would do this at any cost because we need

to get our market share back. alix: betty was talking about inventory in the u.s. what is a concern of a global product glut. turning into products that we are not using. where are we in that risk? ed: we are in a very funny position because all products do not look alike. we have a tremendous build out from capacity going globally. build outs of capacity in india and europe. world wants gasoline. we have had a shortage of gasoline in the summer that was led largely by shutting in of european refining capacity. we used to import one million barrels a day of gasoline. we are no longer doing it. the market is tight. it will be type the next year and the year after.

oversupplied and the other. betty: global demand will finally catch up sometime in the fourth quarter of 2016. the using that is credible, reasonable? ed: it is credible. it is based on one big assumption and that is where is global gdp going? if we get a recovery in china and other emerging markets like brazil and we do not collapse here, you need to be an optimist . of -- that the end makes sense. alix: awesome stuff. i love talking to you. thank you for joining us. o, we are watching the markets. they are rebounding today. betty: we will tell you about the rebounders today.

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alix: welcome back to the bloomberg market day. it is hot outside. betty: it is. some are just will not let go. alix: i love it. betty: it is crazy. alix: stocks firmly in the green today but well off the highs. we want to check in with matt miller. this is coming off the heels of the brutal day yesterday. matt: it is hot outside but not in the markets right now. there is a cooling off periods after the 500 point drop yesterday. we saw duringps

the hot month of august. all of the majors are up right now. percent.pling bac link back haa w is still up 100 points. it had been up more earlier in the session. check out the spread here on my terminal. it shows you the different sectors that are rising. almost all of them, basically a gaining.10, are one of the only gainers for most of the day amid the sea of red, today he joins the pack it would have been with yesterday and other energy stocks down as well as oil turns down. look at some tech stocks.

intel is coming out with a new chip that is supposedly much faster is dollar and use less energy. can plug it into a screen or monitor or tv and run it like a thumb drive. i also want to talk apple. there is some interesting stories. gene munster came out and sent a 60% chance of a car. it will take 10 years rather than five years but it would still be a luxury product. netflix is getting hit right now. netflix has had a number of issues, not the least of which that apple may try to come and eat its lunch as far as original programming is concerned. one analyst says it is time to shortness stock from positive to negative. a number of analysts have downgraded gopro. $54 a share.

stephen engle is saying it will have a tougher q4 and 2016 because one of gopro's big chip suppliers had a very negative outlook or at least not a positive outlook or q3. that is a problem for those shares. those are a couple of tech stocks i wanted to share with you. i will hand it back to you. betty: thank you so much. my mother with a roundup of how the markets look right now. a little less treacherous. alix: yesterday was brutal. a look at the top stories of this hour. netflix now has its first foothold in asia. it has launched a streaming service in japan. to disrupt theng television industry japan away it has in the u.s. and europe. the company has plans to produce original programming in japan. it is official. former newspaper executive rebekah brooks will make a triumphant return to rupert murdoch's news corp.

this comes a year after she was cleared of all charges in a british newspaper phone hacking scandal. betty: a new front in a battle with apple and lenovo. the titles mobile phone maker -- the chinese mobile phone maker out something that year. alix: still ahead, it is a huge win for president obama and supporters of the iran deal. senate democrats now have enough votes to protect the agreement even if congressional republicans voted down -- vote it down. betty: we will look at the economic repercussions of this that implications of this. ♪

a moment ago we saw what was outside our window in new york. there is in washington capitol looks nice. alix: nobody is there? and his vacation for congress? -- endless vacation for congress? betty: are you calling them out? president obama has secured the iran nuclear deal. senator barbara mikulski became the 34th senator to support the agreement so the republicans will not have the ability to override the veto. alix: the deal was the best option available to block iran from having a nuclear bomb. we want to go now to phil mattingly in washington for the latest. walk us through the development

at how significant they are. here, andt off, i am i am working hard, and i am working hard for you. today is a huge day for the obama administration. thought secretary of state john kerry give a 53 minute speech in philadelphia really laying out a systematic effort to refute the concerns raised not just by those opposed to the deal but many of his supporters. when you talk about a support for israel or the sanctions will leave the iran will be getting. what the secretary tried it to layout is this is a deal that works. take a listen. >> president obama and i are convinced beyond any reasonable doubt that the framework that we have put forward will get the job done. in that assessment we have excellent company. phil: that company includes the

europeans that have been involved in this deal, the united nations national council. the point the secretary was trying to make is that there are a lot of supporters internationally here. those that get behind it are joining a big team. those that are opposed are putting the country diplomatically in a bad position, and potentially international supporters in a worse position if this leads iran to go nuclear. betty: does this put the issue to rest? what else could the republicans do further on down the line, particularly as they start to see it is not being executed well? phil: the debate is not over. you will see an intense debate when lawmakers come back next week. 34 means the president can sustain a veto. that is great. now they want to get 41. thethat blocks the resolution altogether. couple of democrats

out there that are still skeptical so they want to work against that. more broadly, you see this turn into a broader ideological debate in the political arena in the what's going ahead -- in the months going ahead. alix: how does the u.s. get affected if it votes 3441? phil: there are concerns domestically that the partisan divide right now sends the u.s. back nationally and internationally on a negative. what you see here matters. alix: thank you so much. phil is working so hard. i am leaving you, betty. betty: you are but we have a lot more ahead including looking at how the stocks are doing. ♪ the only way to get better is to challenge yourself,

and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20.

it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. toty: welcome back "bloomberg market day." a good look at the stories that are headlines this morning.

germanye protests in and other european cities. the main protest was outside of budapest. >> we are taking action right across the board. we are hoping the countries from which these people are coming, stabilizing them, and trying to make sure they are stronger economies there. we are taking actions in terms of the channel, which i described that there is more that we need to do. these are big challenges, but we will meet them. betty: budapest has become the latest focal point for tensions over the unrelenting flow of migrants from the middle east, asia, and africa fleeing war and poverty. thebiden is not in presidential race but he looked and sounded like a candidate today. he's scheduled to give a speech in florida. a super pac is hiring staff in

an early voting stake, new hampshire. cnn is changing his rules for the next republican presidential debate. the network will choose representatives by polling. that could help carly fiorina. she has surged since the first debate. the next debate is 12 days from now, so mark your calendars. the presidential selfie. s took this picture in alaska when taping the episode of his program with president obama. the selfie just will not go away. there is a look at the top stories of this hour. a look at we'll take keywords in e-mail that can tip of government investigators to potential illegal activity on wall street. what are the acronyms they look for? russian president vladimir putin arrived in china. we will look at what he hopes to accomplish during his visit

there. turning back to the markets, stocks are a bit higher today, rebounding and dusting themselves off after a brutal start to the month yesterday. u.s. markets are bracing for friday's jobs report and the fed decision on the 17th. how concerned should we be concerning this all is a living? -- because of this volatility? webecause of interventions, set monetary policies all around the world by central banks. there is no safe assets anymore. betty: no place to hide. is there really no place to hide? barry riddles joins me now with much more on the markets. nowhere safe to hide? barry: it depends on your timeline. if you are looking at things hour-by-hour, there often is no safe place to hide. if you're are an investor in your timeline is measured in decades and not days, there are

safe places to hide. betty: what if your timeline is the next five years? barry: if you are 64 years old and thinking about retiring in five years, you probably don't want to have that much equity exposure. 70/30 portfolio probably does not make sense for you. 50-50 at most is likely where you will be. you do not want to find yourself tiring and a-- unre huge portion of the portfolio is worth 20% with 30% less. that is within the realm of possibility. if you are a twentysomething or thirtysomething or fortysomething, and you are looking 25 plus years out, every time there is a dislocation, that is a sale, not a reason to panic. betty: in your view what we have seen the last few days or weeks is a correction, not the start of a bear market? barry: it is a little more nuanced. i will give you the short

version and and we can expand on it. we have had a long-term uptrend in the markets. that was fairly clearly broken depending on what index you look at. that does not necessarily mean it is fatal to the bull market. it does mean there is a whole lot more work that has to take place. concerns about valuation are answered when either earnings go up or stocks get cheaper. we are seeing a little bit of both. betty: nobody was concerned about valuations. who was concerned? barry: bob shiller. he has been talking about kate and how they are overvalued. those a really nice look at 16 different valuation metrics. for the most part, they find ,tocks are fairly valued well valued. a couple of things said they were slightly undervalued. i will spare the details of it. valuations, you cannot say

stocks are cheap. the nicest things you can say are your thoughts are reasonably priced. reasonably priced stocks can go up or down. betty: they are cheaper down. clearly cheaper now. barry: 12% compared to a week ago. betty: we have not hit bottom possibly, so how long are we going to stay around these levels of the lower? barry: we have done some damage by breaking the trendline. you have done some damage by having a 10% correction, which we have not had for a really long time. typically you see a 10% correction if you take the past century and average it out it is every 18 months. that is not how they roll. we have gone and extensively long period of time. just from june at all-time record highs. the fact that we have had a

reasonable correction does not mean the bull market is a bear. it is not mean a recession is coming or we are entering a motion,riod of protracted. but a bear market remains an outside possibility. have you not look at the numbers that say we could go sideways for three months or so? barry: sure. that is not atypical. if you look at some of the history, a trend break is not normally resolved by biding time. usually you have some sort of selloff that reaches even a temporary bottom, and then things start moving up again. 200%body forgets we are up from the march 2009 lows. the market was up 12% last year and 30% the year before that. betty: we got fat and happy and we forgot. barry: we got a little complacent. betty: a little in asia. barry: every time traders and investors get complacent, the

markets get angry and slapped him upside the head and say it is not a one-way trade. it goes both directions. if you are an investor, if you have a long-term horizon, take advantage of this. if you are a traitor -- betty: i kept hearing that during 2008 also. barry: here is the key difference. i am going to say something that is conflicting with the previously. 2008, when yout look at the massive amount of derivative exposure, when you look at how artificial that boom was, it is hard to say that 2008 was not really telegraphed to anybody who is paying attention to it. i know people will say to me what don't we have that now? betty: of course. barry: the difference is pre-collapse and post-collapse, you have a very different environment.

post-collapse, they are rolling as fast as they can to not go over the falls. pre-collapse, whatever you do is ignored because you have cointreau or five years -- 4 or 5 years were markets were up. now we have the cathartic watch out. that is a bottom i doubt we will ever see test again in our lifetime. 18 months. 56% or 57% on the s&p 500. huge volume. betty: we will never see that again. barry: i would not say never, but it is unlikely we will ever see s&p 666 again. i hope i don't have to eat those words. betty: does it make you feel better that strategists have not revised their year and target? does that make you feel better? barry: i do not feel better because i am familiar with their track record which is uniformly terrible.

they get paid for generating activity amongst their clients who are getting paid by their clients for generating performance. everybody is always looking for that little bit of a niche. some of these -- a little bit of an edge. some of these guys get paid for explaining what is happening today. you cannot explain the future unless you have a good grasp on what is happening right now. giveest of the strategists investors insight into what is really going on right now. when they look out 12 months, that is a roll of the dice. betty: someone said yesterday that they feel sorry for them. in january, they have to come out and say what i believe in 12 months. they are painted into that corner. if you are a betting man, i don't know if you are, but if you are what you think the fed will do on the 17th? barry: before this volatility

began, i would have bet that 65% probability they were going to take rates up to a quarter of a point. right now we are between zero and a quarter. no one knows exactly where that is. going up a quarter point is not that big of a stretch. the volatility creates an argument that the fed should wait until december. i don't necessarily agree with it. zerogument has been interest rate policy is an emergency funding. the u.s. is no longer on emergency funding. therefore, let us start normalizing rates. betty: you believe they will still go? barry: gun to the head right now i would say there is a higher probability of december going a quarter point in september -- th an september. i have lowered my austin 50-50. if you made me pick one or the other, i would say let us begin

the process of normalizing rates a quarter point per quarter for the next year. it is unlikely. if they start in september or december, it does not make much of a difference. betty: we will see how it all plays out. we have a jobs report on friday. barry: here is the thing i think people get wrong. i don't think the jobs report will make a difference. betty: really? barry: since the recession ended, you have five years with the jobs data that have gradually improved. this is not been a fantastic recovery, but john tucker improved -- but jobs have improved. with teachersust going back and idle plants coming back, it is always a funky month. i do not think it'll make a difference to them.the volatility in china could have an impact . betty: we are all watching what is going on in china. thank you so much. barry: my pleasure. time: still ahead, now any

can be mcmuffin time as mcdonald's rolls out breakfast all day is america. that story after the break. ♪

betty: welcome back to the "bloomberg market day." let us get straight to matt miller for the big stories of the day which is really the recovery we are seeing. matt: it is not a huge recovery considering how far down we were not only yesterday but in the month of august. we are back towards session high. adding 1% on the s&p and the

nasdaq as well. yesterday was the worst start foreign equities market in the u.s. since 13 years ago. august was the worst month for any of these indexes in at least three years. it was the worst august for the dow in 17. adding this much back does not make a huge dent in what we saw. it is still a recovery. we are in correction territory. if you want to use the definition of a 10% drop from market highs, not quite there for the s&p 500. we have been there. that is about 1919 from the highs. transports today are doing well. oil comes down. here is the transports. they are adding 104 points as well. they are down about 15% year to date. they have had not the best time so far.

take a look at the airlines index as well. on my terminal right now i have the regression analysis. you can see airlines and oil. let me pull up a simple chart here. this is the lilly pulitzer chart of airlines and oil. oil prices in pink or a magenta. a key lime green for the u.s. airline index. you can see that they are almost exactly negatively correlated. there have been times when they are off here in 2012 and the end of 2014. because oil is coming down, and i will show you that right now, airlines are coming up across the board. american airlines, delta, united. here is oil today down 1.5%. we were down yesterday 8% and change. we are seeing the worst back-to-back day for oil. worst if you are long oil. that is since january.

before that, it was the best three days for oil in 25 years. betty: i like that. with a roundupre of the markets. a look at the top stories now. shares of republic airways took a dive as a union decided not to force a vote on the airline's final contract offer for pilots. airline couldrned be forced into bankruptcy protection. staying with airlines, a government advisory panel says airlines can be able to decide whether passengers can make mobile phone calls during flights. the transportation department panel includes airlines and consumer groups. two years ago, it was reconsidered whether the ban on in-flight calls should be lifted. the division leading kansas city royals are worried about a chickenpox outbreak now that two players have been diagnosed. alex rios and calvin herrera

will miss two weeks. players are reaching out to the parents to see if they had the disease as children. that is a look at the top stories of this hour. finally, you can now get your hands on egg mcmuffins, sausage burritos, past brown's whenever you want -- hashbrowns whenever you want because the plan on starting to sell records all they. it is the biggest menu change in years following months of testing the idea at various locations. it may help them compete against starbucks and dunkin' donuts. however, mcdonald's timing may not be the best because egg prices are at record highs after the worst bird flu outbreak in history. family dining change and strong sales were up financially more than restaurants. joining us now is mark crumpton.

an egg shortage maybe? mark: i don't know what to say. a lot of other places have been doing this. if you go to denny's or ihop you can get this. the new ceo of mcdonald's that's it over in the spring has been trying to reverse the sales slump, which is the worst in over a decade. they are basically going to stop at the wall and seeing if it's six -- if it sticks. they wanted to see how this would take with some of the customers. apparently, it went over well. some people at some point -- you know what it reminded me of? sometimes we find out 44 hours in advance what stories we will do. it reminded me of that scene with michael douglas in falling ammy when he goes to the whm

burger and he wants to get breakfast. they say we stopped selling breakfast at 11:30 a.m. and it is 11:33 a.m. have you been in a mcdonald's when you see the breakfast still up there and they will tell the customers i am sorry. it is right there. betty: i think it ends at 10:30 a.m. mark: can i have a mcmuffin please? it is right there. the mcdonald's president for the u.s., there were notes to a presentation that he gave back in the spring. one of the things mcdonald's has to figure out now is if somebody wants hash fries and it is 6:00 at night, there is not enough room because the fries are there so they have to figure out how they can do this. betty: they will have to take some menu items out. not the french fries, but some menu items out. i am looking forward to getting my egg mcmuffin anytime.

mark: so in my. -- so am i. we will talk about the volatility we have been seeing. betty: i will see you in a little bit because we will have much more on bloomberg market day. we will show you how the fed uses a simple control function on your keyboard to not criminals. we will tell you how. ♪

criminals leave behind everything from fingerprints to dna. from financial villains, it is e-mail keywords that are helping the feds uncover some possible lawbreaking. here is keri geiger. great story here. there are some acronyms that the feds search for when looking at e-mails, right?

keri: think of it like this. a federal prosecutor gets wind of something going on at a bank or insider trading or something like that. or may berough 10,000 more e-mails to figure out what is going on with a particular trade or trader. where to start? acronyms. all of these are ways to appoint prosecutors in the direction of things they need to be looking at. they can also show criminal intent if someone is trying to hide something by taking it off line or call my cell or something else to keep it out of official records. betty: they live in those acronyms and then they look at the context around why that was used in the figure out there is more digging. is way someone got around it other ones were used.

keri: a cleverly used fon instead of phone basically so that he could get around these types of searches. obviously the sec, federal prosecutors, and state prosecutors know this is going on. they also do these listen ins for keywords on wiretaps. it is a great way for them to sort through thousands of documents and point them in the right direction of where a possible crime could have been committed. shorthand,sing this is it possible they are possibly missing other red light flags? keri: the search just starts the keywords but it is really one area they can dive into and try to find something. they move on. there are all sorts of things that look for depending on what

kind of case it is. that includes trading records or other types of things outside of that. it is part of the process but a really interesting and fun part of the process that i think we all use these acronyms on a day-to-day basis in our e-mails. betty: we do. to the point that it gets annoying because our e-mails are full of acronyms. keri: they are not looking for lol, though. betty: we are good on that because i do that a lot. thank you so much, keri geiger. much more ahead on the "bloomberg market day." he warned as a month ago this a lot in the markets was about to hit the u.s. it happened. ♪

mark: this is the bloomberg market day. the markets swing back after two days of losses.

closedinese market is for the next two days, the focus is on the u.s. employment report. presidentinviting vladimir putin to the chinese parade. isk: mexico's president giving his state of the nation address at this hour. what will he say about slowing economic growth, crippling poverty, and the decades long fight against drug cartels? betty: good afternoon. mark: thank you so much for joining us. hope everybody got to watch your interview last hour. it was a primer for what is going on in the markets now. we are seeing a swing back from what we saw just yesterday.