scarlet: as oil prices resumed their slide, actually -- they are going to turn around. alix: when it comes to a rate hike, bill gross says a fed move might be too little too late. scarlet: when it comes to tech .pos, you are looking at uber i am scarlet fu with alix steel. alix: we see a rally underway. we are holding onto gains over 1%. stocks got slaughtered yesterday. got slaughtered yesterday, but the idea that things are calm is just temporary. china is closed for the next two days, so everyone can breathe a

sigh of relief that there will not be noise from the asia-pacific region. everyone here will go away for the next few days. alix: a search was done in the biege book for china and it was seven timestimes, in boston and one in dallas, meaning china is something the fed is paying close attention to in some capacity. scarlet: very interesting, very cool, even as they saw some signs of wage growth in certain cities. alix: right, and the other part of the market moving -- the ozzy dollar. a fascinating story. below sevenollar is cents for the first time in three years. this is where the currency action has really been. want to go in my bloomberg terminal to look at

how bond watchers are cutting their yield forecast on the 10-year over the next year. they see the 10-year yield going bottom., that is the there has been a steady drop-off from its high of 3.3% just two months ago. we got employment number today shows the job market is robust, remains robust, but when it comes to inflation, we cannot seem to get any going and it is seeected in bond watchers bonds trading. alix: take a look inside my break terminal. i am looking at the s&p versus stocks over the 200-day moving average. the s&p is the white line. the white line is that 200-day moving stocks. , theig concern for louise famous chart-watcher. her point is when we saw the markets rally above this level, did not go above 60.

we did not see the stocks participate. it speaks to the left of breath -- lack of record in the markets, our number one concern. a wayt: these charts are of quantifying where we are going to go from here. everyone is looking for a clue. you can say last time it did this, will it happen again, or how much dislocated will it be? alix: exactly. now for a look at stories making headlines. u.s. economy expanded across .ost regions and industries six of the 12 districts reported moderate growth and five other side expansion was modest. fed officials will get an additional month of data when labour figures are released friday in washington. official members will meet september 16 and 19th. addedt: adp says the u.s.

190,000 jobs, slightly below what was expected. productivity rose 3.3%. employee hours and condensation were also higher. alix: white-collar workers are sent for a nice raise in 2015. a stepping terms as professionals will get their biggest rate hike in years. willge starting salaries rise by almost 10%. scarlet: president obama has enough votes to declare victory on the iran nuclear agreement. barbara mikulski announced her support this morning. delawareer coons of and robert casey came out with their support, completing 34 votes in the senate. the president cannot uphold a veto. we spoke with william cohen about the efforts of secretary john chaired -- john kerry. : there are some 10

democrats that have not committed, and if he could get them to commit, it means a republican filibuster would cap. kerry will send a letter to members of congress today. kerry will also deliver a speech in philadelphia, focusing on how the deal makes sense for the u.s. and its allies, and how it makes everyone safer. alix: iran and saudi arabia on opposite sides of an internal division in opec, whether they should focus on prices or stability of the oil markets. beegates who asked not to identified say the saudis want to exclude price assumptions from the report. the opec strategy review is due for completion later this year. those are your top stories. scarlet: speaking of oil and opec -- prices are rebounding today after heading lower today. you see the big move higher right around the time the biege book report came out.

alix: what kind of opportunities does that create for our next guest? he is the founder of a paris-based group, alpha value. your firm is positive about oil and think it is a by. thank you so much for joining re. here -- pier why would you be buying oil now? pierre: i'm sorry. i lost to sound, so i could not hear what you said. alix: we are dealing with technical issues. of headline kind could push oil higher. the question is what would have to happen for prices to go higher in the longer-term -- you would need to see supply reduction. that is a long-standing move -- it is not something that happens right away. it takes a long time, especially

since we are up to our eyeballs in oil, to really move the needle on supplies. we are oversupplied indiana state and around the world. it is not something that will be solved immediately. alix: absolutely, and if you look at the volatility of oil -- if you look inside of the bloomberg terminal as i bring this up. can i get this up? of oil. like a vix i love the fact that alix steel has a vix of oil. alix: let's not look at that. it does not go back far enough. scarlet: live television. what can you do. alix: oil is volatile is my main point. scarlet: what i want to get from the guest is the division within opec -- you pointed this out, a lot of what opec says and does is a reflection of what saudi arabia wants to happen, but iran and saudi arabia are on opposite sides. it ran is not in any kind of --

iran is not in any kind of position, or it certainly does not have the leverage to do anything right now about changing production or not selling oil. it needs the foreign currency. saudi arabia wants to protect its market share. they are at loggerheads. alix: they are, indeed. we will work on the technical difficulties. in the meantime, lots more coming up on the bloomberg market day. the dow up 200 points. ♪

welcome back to the bloomberg market day. i am scarlet fu with alix steel. let's head over to our guest in paris. alix: he is here. founder of alpha value it for the first time in 30 years you want to buy oil at $40.

why? becausethat is right when we had this view three years ago that oil prices would collapse $50, it was on the basis of excess supply, and now we have the reverse case because there are three reasons why supply could start slowing down. -- stop flowing down. one is obvious. disruptive disruptors, new industry in the u.s. it is very clear that it is becoming very difficult for them to find extra financing. theout extra financing, margin of the darling is costing a lot. there is -- that is unlikely to see much progress. the earlier expectation of our increase would drop over about one billion barrels. that is aspect number one.

at $40number two -- oil is not making money for about 2 billion barrels. that will -- 2 million barrels. that will disappear. is a contentious 1 -- what are the saudis going to do? they play a public it again with the idea that china will be a long-lasting consumer. with you will never find a client called china, that is a risk. it is speculative on our side, but we think that might change the terms of the saudi's have been playing for their market recently. theop of that, there is recent situation with iran. scarlet: let's go back to saudi arabia and its assumptions about china. what evidence do you see that

saudi arabia has changed or evolved thinking because of what we see in china -- that it has made adjustments? pierre: it is a good question. it is speculated. our position is the game, which is tricky, is becoming more complex because we have the new context of demand from the chinese consumer. down, it might be hard to maintain. we know from a budget standpoint, obviously, the saudis do have to pay attention to margin expansion in that game. we travel to north dakota and we discovered the tone has changed a bit. there were very entrepreneurial explorers in the u.s. with the funding becoming a bit more scarce, it looks as if the

saudi's, to some extent, have reached some objectives, so they might slow down from there. alix: what is your timeframe for this? how high do you think prices can go and how quickly? wow.e: we are not same prices will go up sharply. there is a cap at about $70. next year, the average we target .s about $63 for the brent it would be different for wti. what we are speaking of this finding a bottom. it is not being speculative of finding new highs for oil prices. it is. -- it is purely to say that the games could be slipping the. alix: part of the issue has been curbing production in the u.s. and you caps on produces are getting squeezed on the credit countsut nonetheless rig

rise. at what point does that turnaround? i know there is a lag with prices. pierre: it is too much of a financial question for me, but what we understand is the ability for some of the players to pay for the completion of some of their assets -- it is becoming a little bit tricky to find the funding. thessume we will need to do statistics well by well. the extra supplies we are banking on might not happen. the statistics i was quoting on reduced supply in the u.s. is versus high expectations that we have. if you buy the dynamic of changing expectations, that might be significant. scarlet: i wanted to get your thoughts on the dislocation between crude oil prices and youline, and to what extent

look at that determine how long crude will stay at the bottom, which you think it is right now? pierre: that is a question that is very u.s. in many respects. we take a more global view. i have to say i cannot answer this one because we do not know enough about the logistics of oil product prices in the u.s.. in europe, it is very easy to see that margins for refining have really gone through the roof, so we could expect at some stage that refining capacity could drop quite quickly. scarlet: thanks to pierre-yves gauthier. he says by oil at $40 a barrel. alix: love that call. i want to check in on the rest of the market. matt miller is looking at some of the action. the dow off session highs, but still up on the day. matt: the dow, the s&p, and the

nasdaq, all still up, but it should be pointed out they are not up on the kind of volume we saw over the past two or three weeks. it is about 10% less value than we saw that. the s&p 500 at 1929, well above the 1867 lows we were watching yesterday. the 1867 lows were those from august. the dow right now now adding 141 point. it had been of about 100 points more at its high level. let me take you to some individual stocks. first off, disney. and were raised to an outperform -- or the coverage was started at out perform. film says that disney's studio and its licensing business are going to do better than a lot of analysts are although the consensus 52-week price target is actually $119, so they are still a little below that.

target also got an update -- upgrade from piper jaffray. adjusting enough, either says -quarter sales at target will be helped by the "star wars " toys they will start selling on friday. disney is the owner of the "star wars" franchise, and that is why they are linked. targetaffray also says is going to be helped by "star wars" into the fourth quarter. a lot of people think "star wars" will be is incredible in that nobody can -- boone that nobody can believe. if you can take my terminal, i am not sure if you can -- i have pulled up -- i actually have this vintage toy going for $5,000 on ebay. here you go. $5,000. it is not even like-size. even though he is my favorite character from star wars, i

cannot believe he would be worth that much, which is why we are ," excited about "star wars the new "star wars" coming out. -- right now, wynn resorts are up. they had a bad day because they came out with macau numbers that were not as good as expected. an upgrade giving it said they expect earnings to be lower. they are trimming earnings expectations, but because the stock has gotten so crushed, they are actually putting a full-blooded buy. i believe we have the year-2-8 chart of wynn resorts. no, we don't. it has been actually crushed. that is why they upgraded it to a buy while reducing earnings expectations. that is not something you see very often, ladies. youlet: matt miller, thank

so much, as we head into the final 40 minutes of trading here. alix: still ahead, when it comes to tech ipos, what can uber and airbnb learn from priceline? we will explain, next. ♪

loseet: when investors money in startups, it does not mean they are crazy, but it means they will have a difficult time making money on that invest. alix: take priceline, for example. for investors who bought in 1999 to regain losses, and how the company is valued at $62 billion. joining me to discuss is "bloomberg view" columnist justin fox. you had a great story with the history of priceline, what it was, what it became, and use that to look at the valuation of private tech companies. what did you find?

it could be that people putting all this money into value over at 50 billion -- $50 billion, they are not bonkers. they see the potential for lasting success, and all of this reminded me of priceline. i remember in 1999 when everyone talked about this brand-new startup worth more than every airline in the world and priceline is still worth more than the airline in the world. scarlet: and that is what it is known for -- the most highly prized stock in the s&p 500. it has the william shatner commercials that made it seem very dotcom-era. right, and to some except, priceline, which was the whole company back then -- you would say name your price, i would pay this much to fly to chicago, that is a tiny part of the company's business.

what happened was when everyone was down in the dobson 2005 about the internet, they still had to money -- down in the dumps in 2005 -- 2005 about the internet, they still had some money and they bought booking.com, the main reservation company outside of the u.s., and the biggest in the world because people, especially in europe, travel more than we do, and that has been this giant success. alix: you can see priceline compared with the s&p. it has this huge rise that has been sustained. that was not always the case. in 1999, if you bought in at that level, you could get really burnt, which could say something about people buying into uber right now. justin: right, and what is different with uber than priceline in 1999, all of this private money. that did not exist in 1999. if you are an early-round investor in uber, you have a

shot at doing well. if you bought in at this latest one that values them at 51 billion -- i do not know. the priceline stock price has $900 to seven dollars a couple years later, to $1200 now. it has been quite a journey. scarlet: quite a journey. the founder stepped aside and a four-higher ceo stepped in. he talked about the acquisition of booking.com. they made a series of acquisitions. what does that say about airbnb whethercompanies and they have to hire a professional manager as opposed to someone who founded the company? gotin: it works for them to from a visionary to a guy who really knew how to make deals. i think the guy, jaywalker at -- j walker at priceline was especially the centric, and i am sure some people can make the

ship. there are these moments about having this grand vision for the future, and there are moments a few years later when it is about figuring out how to survive and build from the wreckage. those take different skills. it's needinating, and to see what the company has become over the last 15 years -- and it is interesting to see what the economy has become over the last 15 years. alix: thank you, justin fox. scarlet: i will be back with you on "what'd you miss?" alix: we will dig deep into the technicals and find out what is next for the market. coming up, when it comes to a rate hike, bill gross says a fed move may be too little, too late. we will discuss. ♪

alix: welcome back to the bloomberg market day. i am alix steel. let's get straight to a look at some top stories this afternoon. the cia is stepping up

involvement in the war in syria. they have teamed up with u.s. special operations forces on a secret campaign to hunt isis leaders using drones. the targeted killing program will be run separately from the broader mission against isis. it is aimed at terrorist suspects deemed high-value suspects. russian president vladimir putin is visiting china for two as the nation marks 70 years since the end of world war ii. while the occasion is a test victory, there will be a display of current military power with the display of new weapons, most of which never shown in public. the president of mexico is delivering a much different state of the nation speech than he did last year. last year, he could talk about new reforms on energy, communication, and telecommunications, and this year he is raising -- facing a falling currency and an economy that is slowing down.

newspaper official rebekah brooks will make a triumphant return to the murdoch's news corp., when you're after she was cleared of all charges in a british newspaper phone-hacking scandal. market news, investors have pulled within $27 million u.s. mutual funds last week due to turmoil in the financial markets, the biggest withdrawal more than two years. the investment company institute says stock funds suffered reductions of $11 billion last week and bond funds sought $12 billion of outflows. stocks that by a mixture had a reduction of about 4 billion dollars. those are your top stories. the global stock market's take a breather, but investors are on edge over china. earlier today on bloomberg radio, tom keene spoke with tom and el-erian, bloomberg view columnist and chief -- spoke with mohamed el-erian, bloomberg view columnist and chief at all yachts.

he asked about the big unknown. mohammed: the spill back -- how much of this volatility will spill back onto the real economy? it is a big question for china first and foremost and in the global economy. the big unknown is the spill back. i know volatility will continue in the financial markets. will this undermine global growth in a serious way? tom: will that come over to the united states, and if we're talking about the money, the financial side, and it goes over to the real economy, can all impulses, dr. el-erian, affect the u.s. economy, and brings disinflation and weaker economic growth -- bring us disinflation and weaker economic growth? mohammed: it is a risk. the u.s. economy will continue to grow. it will not escape escape -- velocity, it will continue to

grow. my baseline is there is a risk. the longer the financial volatility continues, the bigger the risk becomes. tom: i know you are glued to the terminaltion of the where everybody games the parlor game of the moment, the fed. on is that thete october. out for chair yellen and president fisher? mohammed: it would be hard to move in september. if they were to move in september, they would risk two things. one is adding to global financial instability and the second is strengthening the dollar too much, too early. my gut feeling is they do not move in september. will they move in october -- if the financial system calms down quickly, maybe. i would suspect december would be more likely than october if they do not move in september.

tom: i do not see a financial system calming down. i look at a devaluation of the remnant the, further elements of devaluation that has been completely reversed with x number of days of currency currency appreciation. the ruble to 70 the other day does not tell me we are getting a calmer state, convenient for the fed. mohammed: so, i am with you in terms of volatility continuing for the reasons we talked about earlier, but i would tell you do not ignore two things. one is there is a lot of cash on the sideline. h&r block today, coming back in two by its own shares -- do not not underestimate the amount of cash on the sideline. that is one stabilizer. a second stabilizer in the system is at some point prices themselves become a stabilizer. if you heard me, for the last

few months, i have advised people to be much more barbelled most in cash, some in higher-risk ventures, because the public markets were simply mis-priced. now, some public markets are more attractive. i agree with you. the most likely scenario is continued volatility. tom: i have eight ways to go. i have to touch on what was said about morgan stanley the other day, a reversal from what was said at pimco of a coalesced central europe. he is agreeing with el-erian that we might get greg's it. xit.re i thought everything was clear in greece. spreads are wonderful. yields are wonderful in greece. is the crisis over? were you wrong? mohammed: unfortunately, the crisis is not over. they have not addressed the fundamental problem of how to

generate fundamental growth in the eurozone. we have calm for now. people are awaiting the outcome of the elections. money has come back into the system, but it is basically paying creditors. very little has made its way to the real economy. unfortunately, it has not been resolved. it has been more extended. the fundamental issue of generating economic growth within the eurozone for greece has not been resolved yet. tom: one more final question, how do determine a bottom in oil -- how do you determine if we find a did in oil? mohammed: demand is changing cousin the global economy, and you have no swing producer. that is a massive shock for the oil market. long-term, these oil prices will look attractive.

the most important thing is to recognize this price volatility, up and down, will be with us for a while. tom: ok. alix: that was bloomberg view columnist mohamed el-erian speaking with tom keene on "bloomberg surveillance." when will the fed raise rates -- bill gross says no matter when it happens, it is too little, too late. joining me to discuss is mary childs, who covers this in her article, one of the most read on the bloomer terminal. she must plug. thanks for joining us. what does that mean -- "too little, too late?" mary: the fed had an opportunity, things were rosie, markets were stable, and they should have hiked then and they did not. now they get interest about sparking instability and being blamed for a giant selloff and potentially rocking the vote of t of the entireoa

financial market. with that, they feel constrained and cannot do too much very quickly. whatever they do, the market will react tenfold. it is so easily spooked, so if they do anything, they will be very cautious. they are saying that we needed this to happen earlier, you should have done more, and they essentially missed that. is 20/20.sight did he have a theory on how he would want rate hikes to go? mary: he has been adamant on doing it this year, and he set his sights on september for a wild. he said they need to do something and his anticipation is it will be a small rate hike, but subbing to get the ball rolling. alix: one and done. mary: he uses that phrase. alix: is there an investment angle -- one and done, this is how i will play it? mary: he says investors have to be more concerned about capital valuation rather than a return

on capital right now, which is a little scary. one of the things he recommends is for kissing -- focusing on shorter-dated bonds. he thinks they are not high-yielding, and they will not put your kids through college, but this is safer and a better bet right now. alix: does he have any insight into how big -- part of the article was it is better to be big. what did he mean by that? spends a lot of the outlook looking at we really like wales, elephants, for some reason, but not ants and snails, that there is a bias for larger things and at the outlook is says it is better to have a big portfolio than a smaller portfolio, which is adjusting, because one of his needs to be at janice was that he now had a

smaller portfolio, which is easier to navigate, much more nimble in the market. it was a little contradictory to read that. we also get pimco total return for formally the world's largest fund that he managed. alix: which we are waiting. great stuff. thank you, mary childs. coming up, who is likely to take ?he top job at twitter more details on the twitter ceo search next. ♪

alix: welcome back to the bloomberg market day. i am alix steel. time for a look at the markets. 15 minutes before the closing bell. we will head over to matt miller.

right around, it seems, the highs of the session, matt. matt: the dow jones industrial average is gaining more than 200 points right now. on the s&p and the nasdaq national i will show you those in just a moment, but, look, we are 200, but down 2000 from the may highs. we had a rough last month. we are up 211, i should say right now. we are up almost 2% on the nasdaq, which was hit hardest yesterday, so it is coming back the best today. it is not on a huge amount of volume, either. let me pull up my terminal. function,the svs which someone had written in about. i will show you the volume changes. changes.see the a neat function. at the beginning, it will show you the whole s&p 500 is trading come at this time, over the last

20 days average, 11% less volume that we have seen over the last 20 days. then it breaks it down into the different sectors. so, financials are trading only 80% of the volume, 20% less than what we have seen over the past 20 days. energy is trading 14% less volume than we have seen over the past 20 days. very cool function. we can see the only two sectors thatng with bigger volumes we have seen over the last 20 days. there is not a lot of trading going on in these sessions, even though the arrows are green. look at oil. that is where you have seen a decent amount of trading and a roller coaster ride. even of the city intraday chart, it goes all the way back to -- this is the intraday chart, it goes all the way back to yesterday, we go back up and now we are back up at the end of the day. you can see a similar trend for a lot of currencies because the dollar has been moving around like that as well. alix, back to you. alix: i love that, svs.

i did not know about it. now to a story -- stories making headlines -- if you get the feeling queen elizabeth has been on the throne for longer than you can number, you are pretty much on point. she'll make history when she becomes the longest reigning monarch of all time. , toember 9 marks 63 years what it 16 days of elizabeth the second as queen, -- 216 days of elizabeth the second as queen, longer than her great-grandmother. more companies are looking to mobile devices to push their brands. while ads still account for the spending on mobile devices, spending on the mobile web increased by 100%. spending on the mobile web accounts for 30% of the market. fans will be out in force thursday when merchandise tied to the new film "the force

awakens" debuts. a relentless marketing push from walt disney and nostalgia from the top-earning years have translated into record prices for toys. an action figure sold for $28,000, the most ever for a mass-produced "star wars" character. , on, really? han solo is the best. we have an update on the search for twitter's next ceo. the board is meeting tomorrow in -- and we have learned the are planning to discuss search results. it is probably a situation they created, letting dick costolo, before they had a succession plan and place. i want to turn to -- in place. i want to turn to "bloomberg west" anchor emily chang. what can we expect out of the meeting? emily: they have not that in

some months. the search board has been meeting. they have been talking on a weekly basis, but this is the first time the whole board will be meeting for some time and we are expecting them to give an update on the search process. we do not know what that update will be. as you said, the pressure is certainly on. twitter's stock has dropped precipitously since this left theent that dick company and they had trouble before that. they have also seen top-product people leaving. you see -- top pot people leaving. you see people are anxious not peopler a decision, but want a detail on how the search has been playing out and a timeline. we do not know when it will be announced. we have heard it could take deep until the fourth quarter before we get an annual -- actual answer. alix: do we have any idea who has gotten a phone call as to who has been asked to come in

and talk? emily: we have been diligently doing reporting to get the outside names that could come in, in addition to jack dorsey, and adam bain, who are the top internal candidates. everything we are hearing seems to be leading back to jack dorsey. he is the obvious choice, the interim ceo right now, but he is a complicated choice as he has another job -- he is the ceo of square. square has filed to go public. the board, on the other hand, is saying they want someone who can do this full-time. it is absolutely crazy to be the ceo of two public companies. important,wo hugely big-time jobs. if jack dorsey is the leading candidate, they will have to work the issues out. either the board will cycle back on what they said initially, or? make it difficult choice. alix: -- or jack will make a difficult choice. alix: someone will have to

monetize twitter and get ad revenue in. do we have a timeline? emily: look, tomorrow they are meeting. there is a chance we could hear something tomorrow or shortly thereafter. other sources a real, in-depth search processes could take four months,e to and that puts us into november, december, but analysts are getting impatient, and it could happen before then. alix: thank you so much. emily chang. later, emily will be joined by rapper ludicrous. do not forget to tune in. much more ahead on the bloomberg market day. we are looking at markets pick up into the close. the dow up hundred 20, right around the highs of the session. we are breaking down the technicals -- up 220, right around the highs of the session. we are breaking down the

technicals after this break. ♪

alix: we are minutes away from

the close and stocks are bouncing back after a very ugly few days. so, is the worst over? redler, andin scott technical take on what could be next. props.i have to give you last week you were on and you pointed out there was a huge down move that started from a technical base. where are we now? scott: the first move was lower. we talked about the downside fall through through the capitulation pivot low, which was 1830. we talked about the retest, which happened around 1890. right now the market is in a packing and filling stage, trying to figure out what is next through price discovery. at this point, we are developing a new range traders are trying to interact with and with the next few weeks we will figure out if we hold 1830 or not. alix: just to look at the technical change that has happened, if you look inside the

bluebird terminal, i have been s&p chart going back the last five years charted against the 200-day moving average. you can see we have been in this uptrend. we broke it right around the october low. we bounced back and we have really destroyed that. tell me what you see when you look at the chart. scott: you see a seven-month channel that broke about two weeks ago. 200-daylly broke the first, so at least traders had the signal to reduce risk before the date punch monday. -- before the big plunge on monday. alix: right. i can zoom in. that was early-july. scott: right, and the followthrough happened in late-august, and you had the big down move monday. the traders sitting at the desk took advantage. it happened so fast you want to measure if there is demand for it. we'll have seen in the past week

, or even yesterday, we saw some downside. we wanted to see where buyers would step in that missed that monday. we held in 1903 yesterday. we are still bouncing around. we are in the middle of the range between 1830 and 1990. at this point you want to measure the landscape. keep it light. if you are sure in the market, you will probably get squeezed. if you get too deep and by the dip too heavy here, you will test 1830, and if we break that, there are macro levels below. alix: what will give traders confidence to go more long in this market? scott: today we saudis and economic news in the market did not selloff on it. before the fed minutes, people wanted a liftoff and all of a sudden they were dovish. people lost their narrative. good news today. the job number on friday, if it is decent, people could lift off.

issays the u.s. economy doing ok, and we do not have to be at zero. maybe that will help stock prices. alix: basically, good news is not bad news for the markets. good news can be good news. that is what you are saying. scott: we are past that. the economy can embrace good news versus more stimulus. alix: oil has been a huge weight on the market, especially what energy stocks. where do you see oil being able to bottom right now? below you had the break $40. that is one every analyst said it was going to $20. it had that sneaky three-day move. it called off on -- it could have fallen apart. if oil could hold above $42 and hold higher, maybe that will give confidence that the $38 is a low, oil names will rally, and that could broaden the move because the rally was so specific, with such a small amount of names, it could not

hold. if they start to bounce, that could be helpful overall. alix: and the shanghai composite. that need stability. scott: we talked about 2800. it held a 2800. there was a magician the cap bind the market into the close. if the shanghai can get over it 3200, maybe it gets out of the danger zone and it could be a tail wind instead of a had went. alix: awesome. good perspective. scott redler, chief digital officer at t3. much more ahead on "what'd you miss?" we will be looking at the technical charts and speaking with michael e. feroli of jpmorgan. ♪

alix: we are moments away from the closing bell.

u.s. stocks closing higher today with the s&p jumping. the question is, what'd you miss? what is next for the u.s. economy during turbulent times -- and mark what does it mean for interest rates? oil price decline. how asia may have triggered these low prices. we begin with the market. we're looking at stocks closing around session highs. the dow ending up 200 points. a gain of 2%eing within the s&p. utility was the laggards on the day.