bertha coombs at the nasdaq. and also a report from the new york stock exchange. first up, cnbc's scott wopner joins us from the new york stock exchange. >> it was an extraordinary day down here at the new york stock exchange. the dow jones industrial average seeing its worst intraday plunge ever. at one point the dow was down nearly 1,000 points. it came back almost 700. finally finishing down by some 347 points. volume was extremely heavy. more than 2.5 billion shares traded. the highest volume since december of 2009. certainly a lot of it had to do with that fear combing out of europe and that debt crisis in greece, fears it would fed to other countries as well. take a look at what happened with the dollar today. there was a flight to saf into the dollar. really, if you look at the impact between the dollar and the dow, you can see, as that dollar moved higher, the dow

jones industrials continued to move lower today. financials led the way down. there are still questions about financial regulation. there are questions about american bank exposure to some of the european banks as well. on top of it all, we had less than stellar retail sales for the month of april. march was a good month. you had an early easter. not so much in the month of april. even though you had some companies with better than expected same-store sales jushgs most retailers really sell off. you take a look at those names right there. target, macy's, gap. nordstrom had a good report, yet the stock was still down more than 2%. freddie mac, didn't get a lot of conversation today, but it has asked the government for more money, an additional $10.5 billion. said it lost some $8 billion in the quarter as well. larry, everything sets up for tomorrow's jobs report. there still is that job reports that people down here are talking about tonight.

larry. >> 50,000 new jobs, but the consensus is 50,000 to 75,000 private sector jobs. the only ones that really count. that ain't bad. scott wapner, thanks. before we go to the rest of our reports, let us bring in my great friend and former partner, cnbc's jim cramer. says they're going to bust trades today. what does this mean? what was the impact? >> first, i want to -- first, thank you for having me on, partner. >> anytime. >> when you see these broken trades, here's what typically happens. you get a situation where the machines have run amok. we all know the world has changed radically since electronic trading. when you enter an order these days, there is no real human that can stop it. we're really in a world where i could type right here "sell $15 million worth of stock," i could do that, and because i hit the "b" instead of -- it's very

close. there's only that "n" in between there. i might sell 15 billion. that kind of -- >> is this the so-called fat finger i keep hearing about? >> yeah, it's interesting. if you hit the "v," we would have villion. maybe that's like a google million dollars. but here's the problem. the retail investor sits back and says it's a mug's game. stocks aren't a mugs game. we have to try to find some way to make it so there is even just a second -- i know that's a lifetime for these guys -- where we can just say, wait a second. now, aaron and i were on. it was about 2:40. >> i watched it. >> it was so clear. it was so clear that the market was broken. right then someone should have called us -- everyone watches cnbc, and said, there's a mistake, please be careful. why not just call us? ought to have the courtesy to show the retail investor, "we see there's something wrong, please be careful." used to say, "it's a fast

market, be careful." nothing from these people. they should have the courtesy to call. and just explain to the public, listen, we know there's a problem. but no, no, no. not till after it was too late. then to glibly break the trade. i'm angry about this. they've got to develop a policy. they can't stop the fast traders. at least call the media and say we know something's wrong. >> you don't suppose some hacker hacked into the system? i mean, this is the modern age. and that includes these bloody hackers. >> you know, i am certainly hoping it is a mistake because you know what? i always hate to even put the idea in people's heads. we live in a world where capitalism is a little more fragile than you and i like. and i think that we have to do more to harden the system. i know that credit card systems certainly have been hacked into. you raise a good point. the bad guys are always real smart, aren't they?

>> i'm just throwing out wild guesses. >> -- it was a guy who should have hit -- if he had hit a "c," it would have been better. what i want to emphasize it's not a mugs game. there are great companies that pay good dividends that are coming down because of problems that have nothing to do with our country. and you and i know that. and we have to keep a cool held. this is not 2008/2009. >> this is a key point. this is precisely where i want to go. as always, you anticipate my whole thought process and my brain, jimmy cramer. what does the retail investor do? unlike 2008 and early 2009, we look to be in a recovery. unlike then, proves are rising now, they are not falling. i'm afraid that people are losing sight of that. really, v-shaped recovery of some kind with the profits rising, is it at the end of the day, in my humble opinion, more important than greece? let me ask you, what does the retail, what does the individual investor do? >> first take the scenario of

2008/2009 off the table. the collapse of bank of america at three is not the national bank of greece. we've had that. our banks are stronger than they were. our consumers are stronger than they were. our country's -- our country's individual's balance sheets are better. there's still plenty of people out of work. but in the end, we're better off. so we may see dow 9,000. it could happen. but you and i both know this time it's an opportunity, not something you should run from. >> an opportunity, an opportunity. >> remember, i came on tv here at dow 11 and dow 10,000 and i said "get out." it was a tough call. dow 6,500, some of the bears i've always followed, even they go got -- >> that is a great point. your health care call, which was a warning to take sot some profits off the table, you might have been a day or two early, but to some extent that chicken has come home to roost. >> yes, it has. >> does that mean people should

flee the market? should they flee the market, jimmie cramer? >> i think they have to raise a little cash if they're running around fully invested. stocks are not cash. i think that we could get a balan bounce and maybe look, you doha some stocks you don't really like. >> a special cramer investment. >> i'm going to give you as simple as it gets. i like people to think about att. it's 6.5%, 7%. solid relationship with apple. something -- you'd do worse than that, partner. >> thank you. jim cramer, great stuff. coming up, we're going to go tick by tick inside today's market collapse and we're going to tell you the safe trades for tomorrow. you heard jimmy cramer. do not give up hope. corrections come and go. there are still places to invest. you're watching cnbc, first in business worldwide.

on a brutal day of stock

markets. as we reported earlier, trades from today's market action are being canceled by the new york stock exchange and the nasdaq. an incredible story. cnbc's better bertha coombs joins us now with the details. can you clarify this situation? >> if you were watching this afternoon, it happened within basically a 15-minute span starting at about 2:40. what happened was the nyse seeing a lot of selling had sort of slowed trading. some of those trades from the nyse and the nyse's arca system, that's the electronic system, came over to the nasdaq market system. that's where some of those big trades that went down low really quickly happened. nasdaq this afternoon -- actually this evening saying they reported that they had no technology or system issues themselves. in a statement in that trading that occurred between 2:00 and 3:00. they said their market close

process also ran successfully. that said, they are canceling trades that were above 60% of where they were trading at around 2:40 this afternoon, when we saw that big plunge. one of the first ones that's being cancelled this evening on their website, nasdaq traders, is the hhh. this is the internet holders trust. and what appears to be an erroneous trade on this one, larry, actually happened at the close. it happened sometime after 3:55, between 3:55 and 3:58. they're going to cancel any trades there. i don't know if the chart comes up, but it was kind of weird at 2:45 and even weirder at the close. it traded up as high as $156. those trades being canceled. so anything above $60.08 on the internet holders hhh are canceled. some of the others folks are wondering about, they're likely going to be doing these name by name. apple is certainly one of them. the apple plunged this afternoon.

accounted for about 16% of the drop on the nasdaq 100. the stock dropping over $40 during that spell when things went very quickly. traders over at need traight tr telling me they saw traders coming to sell because their stocks kicked in. microsoft is another big one that saw a huge swing as well. sisco and those really contributed to the plunge this afternoon. we're going to watching these names. a lot of burning the midnight oil. >> bettrtha, hang with me. i want to go to cnbc's rick. >> if you look at interest rates, let's look at the biggies. it was a precipitous fall. fell close to 3.25. of course it's not quite there now.

it's a few basis points higher. if you look at the boon, this is a more remarkable story. the flight in the euro zone, this traded down over 280. 280 basis points. that is all-time low yield for that boon. let's look at the epicenter. i was on the air watching these currencies as it occurred. the euro traded down to 125 handle. the expediency, how it traded down to those levels, is truly breath taking. the biggest currency of them all in many ways was not only the dollar/yen. remember, the yen benefitted -- if not more than the dollar. but look at the euro versus the yen. i know scale makes everything look about the same. but this was falling from the 116, 117 area down to 110 before it had a small bounce. that is huge. and if you look at the bound 147 handle and all of this of course propagated by maybe a collateral grab overseas. but let's not forget, computers

make things happen fast. in the end, you can break trades, you can do what you wish, but the nano seconds nobody complains about when they're going up, they sure scream loud when they're going down. >> i want to ask you about some money market spreads in the repo market. those are all-important risk indicators. i need to go to sharon. she joins us now with details of today's sell-off in the oil market, sharon, and i'm hoping you can give me a little bit of gold, which really was a big winner today, and many people are saying gold is the new reserve currency substitute of choice. hello, sharon. >> hello, larry. you're absolutely right. this is what people are talking about. the sell-off we saw today in oil and in the commodities market was broad but it could have been even deeper. keep in mind this occurred when the floor session was over. just about 10, 15 minutes after oil price had closed. that is when we saw equity sell off so steeply. that's when we saw oil prices fell below $75 a barrel.

we are watching right now the trade session for tomorrow, for friday's trade date, and we're looking at prices right around the 200-day moving average. in terms of gold prices, we did see that rally above $1200 an ounce. the highest price we've seen in gold and the biggest one-day jump we've seen since march 2009. again, all these moves could have been much more extreme had the floor been open and there was more volume. a lot of folks including the head of the largest clearing firm here at the nymex talking about the fact it was algorithmic program trading that caused this to happen. it could have been much worse, perhaps, even if the floor was open. one high-frequency trader i talked to today said it probably was with the simultaneous and orderly sell-off we saw, it's likely it was a computer-assisted error that added to all these woes across asset classes. >> let's head back over to the new york stock exchange. cnbc's bob pizoni had the tick

by tick details of today's market nose-dive. >> let me get to the jgenesis o what i think the problem is. the circuit breakers are called lrps. when stocks trade outside parameters, the old specialists can slow trading for short periods. that's what happened in procter & gamble. trading was slowed for perhaps 90 seconds. about 2:45 when it was trading at roughly $60. in the mean time the stock traded away from the new york stock exchange, all the way down to $39 in a matter of seconds. but it never traded below $56 here at the new york stock exchange. even when trading resumed a few second laes later. how did this happen? we don't know. we don't know if it was an erroneous trade, technology malfunction or, and this is perfectly possible, the stock traded away from the nyse perhaps there was simply no bids and that's why it dropped so much. similar events happened quickly with other stocks. the most egregious example

accenture went from $40 to 1 cent in a couple minutes. 40 to 1 cent? there were other examples as well. how could this happen? on one sense it doesn't matter what caused the drop. they were clearly erroneous trades. any commonsense definition of erroneous will tell you when a stock goes from $40 to 1 cent in a couple minutes, something's wrong. after the close you heard nasdaq and nyse canceled all the trades executed 60% away from the market from 2:40 to 3:00 p.m. what's wrong here with this picture? trading today, stocks, bond, comb mmodit commodities, it doesn't matter. it's a combination of technology and some judgment. clearly, too much technology and not enough judgment. where's the duty of care to clients when a broker lets a stoke go from $40 and sells it at 1 cent? at least the new york stock exchange saw something was happening, they acted on it. the way the rules are, everyone can ignore the nyse.

reg mss says all markets must route orders through the best price. if your market is not automatically accessible or slows down, people can trade through you with complete imp n impunity. that's what happened here. for all the derision the nyse floor and the floor traders down here receive, traders who directed their trades to the new york stock exchange floor in procter & gamble today never saw it trade below $56 and i bet there are some guys down here they're proud of the fact they saved some people some money. >> just a fast trading fast question here. jimmy cramer asked it. let me get your take. when the officials at the nyse and the nasdaq saw these mysterious developments, as i'm going to call them, why didn't they alert us here at cnbc? we are the investor class station. we are covering this and everybody's watching us. why didn't they call us and say "something's fishy" right away, right at the time it happened? >> well, remember, in fairness

to the nyse, when the market makers in procter & gamble and 3m saw things happening and saw events occurring outside of the right parameters, they slowed trading. the nyse reacted properly. i don't know if they have a requirement to call all the reporters out there. when we saw accenture go from 40 to 1 cent, the trader said, what the heck happened here, and people were standing up. we were on the air immediately about that. >> thanks, bob, very much. all our cnbc expert reporters are staying with us. plus, we're joined by chief market strategist joe terenova. real quickly, how much of the net drop of almost 350 points in the dow, how much of that is attributable to these technical glitches we've all been talking about? if there had been no technical

glitches, would the market still have been down this much? >> i think clearly the momentum in the market is pointing down right now. we've taken this battle ship out to sea, this bull battleship, and once you begin to turn it, we did that a couple of weeks ago with goldman sachs, and clearly the social unrest, which i think is one of the biggest contributors right now, the problems out of europe, we've turned the battle ship now. it takes a long time to turn that battle ship around. once we broke below 1150 in the s&p, the technical indicators do kick in. right now, we sit in the s&p somewhere around 1115. the concern i have is asia. asia was weak last night. they're coming on board again tonight. weak last night. let's see what the response is. >> bertha coombs, can i come back to you, can you add anything to the narrative we've heard from bob and now joe? with respect to the drop in the nasdaq today, okay, it was off 83 points, 3.5%.

what might it have looked like if there had been no technical computer glitches? >> we were already lower on the day. we were coming in to, you know about midday or so, about 2:00, in fact, we were at that point having three-day plunge that was as bad as the three-day plunge we saw leading to the march 9th low. so the market already here was basically doing some risk aversion, some profit-taking, and tech has really been taking it on the chin in the last few days. sort of the first shall be last. some of the best gainers are the ones that are really selling off. >> so you agree with joe? there was more -- much more to this story than simply these computer-type glitches. is that right? >> we were negative to begin with. the computer glitches certainly exasperated whatever nervousness people had. you know, watching those pictures of the unrest in greece i think uneverybody nerved peop.

suddenly you get these wild swings. it just has everybody on edge. one trader says tomorrow it has to be a mother of a jobs number to really change things around. what he's watching is what's going on in europe. >> sharon epperson, can you help me on the gold story? i think the gold story is emerging as a major headline investor investment story. suddenly gold is in favor. there seems to be a global revulsion, a global rebellion, against all the big spending and all the debt and all the fact that money is running out in greece and who knows where else the money is running out in europe. and whether the germans are going to vote tomorrow in favor of the imf bailout or not. what about here in the states? in other words, what is the gold story? how deep is the trading? how strong is the rally? how much up side is there in your judgment? >> the traders say there's significant up side. technical technically, we're looking at

higher open interest, higher volume and higher highs, of course, every day, and is that spurs momentum buying in gold. this trade that was on today even before the meltdown, and this is folks wanting to sell the euro etfs, buying the gold etfs very strongly. where the buying seems to be coming from in gold, even more so than the u.s., is overseas, with folks not wanting the euro. they want another reserve currency as you mentioned and they're looking to gold for it. as we see more unrest in greece, as we see the contagion fear spread, we're going to see more buying in gold. today we saw some option buying in the december $1500 strike price so that's something to keep in mind. there's a long-term interest here in having and owning gold. >> larry, everyone keeps talking about a computer glitch. it's possible it did happen. my point is the way the market is fragmented right now, the way trading is fragmented, it's possible this could have happened without a computer glitch and in a sense that's even more alarming.

>> we got to get out. thank you very much. staying with us is scott wapner. coming up today, winners and losers. plus, are we looking at the end of high freak wency trading?

welcome back to a cnbc special report. the markets in turmoil everywhere and a brutal day.

staggering 95% of stocks trade down today. matt nesno join us with a look at some of the key movers. >> you say we were down only 3.2 today. about a $340 billion hit in market cap. at the worst, that 8.5% decline on a 1.5 trillion market, that's about a $900 billion hit that we saw in the marketplace today. so if you take a look at it, 486 out of 500 stocks were down. 60 stocks were down 5% or more in the s&p 500. some of the big-name stocks that saw big hits today, bank of america was off 7%. the financials, sectorwise, the worst today, down 4%. they're down now 9% from the closing high in april. gap stores, leading to the discretionary group, down. that group is now down 8% from the april highs. corning down 6% today.

technology's off 3.2%. bad day for them. they're down 8.5% now from that high watermark in april. hess energy with a 9% decline for energy there. a few winners today. most were positive long before we saw the sell-off. they were able to hold their gains. fidelity national with a possible takeout order. we saw titanium metals doing well. some of the electronic stocks. some of these declines that we've seen for the indexes, i mentioned some of the sectors, some of the subindustries. since that april 23rd high, you can see the dow, 6, s&p 500, 7%. almost in the books for some of those corrections. >> correction's supposed to be 10%. so we're correcting. thank you, we appreciate it. here is the business professor. we have jim lee camp of macro portfolio providers.

and mike holland, chairman of holland and company. do we have the mohamed el erian quotation? take a listen. >> what we've seen today is something we saw in lehman not as bad, but same characteristic, which is european bank "a" says to european bank "b," i don't know how much exposure you have. i'm going to step back. european bank "b" says, i don't know how much exposure you have. what you see is the system slowly starting to have cascading failures. >> all right. with all respect to mohamed who is a friend and a brilliant guy, i don't see this repo market breakdown we had in december 2008, the end of interback trading. the short-term money market spreads, libor and so forth, widened, but only a little bit. andy bush. what is your take?

do you agree with mohamed? what is going on here? >> this actually started last week with the greek banks. i think it was actually two weeks ago when we were very concerned about their inability to repo anything beyond one day and that's really what got a lot of interest in greece going. so i think mohamed was right about what's been happening. there's huge demand for dollars in the marketplace right now. some of the spreads you mentioned have moved up. some of the cross currency spreads, between us-ibor, are moving significantly. where is the ecb? i still believe they need to act and act soon to calm these markets down and put some liquidity into the system. >> mike holland, worth noting technically on this issue of greek bank trading with each other, which may or may not be the beginning of something bigger as el erian said. the ecb will accept greek debt as collateral. they raised their repo trading.

they raised their short-term rps at a 1% target rate from $75 billion euros per day to 90 billion euros per day. the shortest term market. if the demand is there, mike. now that doesn't sound like september 2008, but you tell me. >> no, i agree with you. with all due respect to mohamed el erian who is also a friend, i would accept your read of this, that we are at a point where people have to understand things have to get done. the europeans are screwing this up. they will find a way of getting out of this. but the concern has been fulfilled and the markets today spoke. >> the markets spoke, jim lecant. how did you hear what they said? >> well, investors are saying they don't want to wait until the news of these spreads really widening and panic setting in

before they start selling like we had last time. in 2008, all these explanations came out and all these spreads. they didn't signal to investors that they need to get out now. investors remember the painful lessons of that year. so what's happening, it's all about a lack of confidence. there's a lack of confidence when they see european rioting. there's a lack of confidence when they see gdp numbers that were good, but not great, given all the stimulus. then the unemployment claims. the retail sales that came out. they spell, okay, we've got an okay recovery going on, but look at what the economy's recovering into, a global situation that's deteriorating. >> but i find europe was improving. see, i factually do not agree with what you just said and i want to stay with fact, not opinions. except greece -- >> okay, would you agree the banking system -- >> let me finish my point. except greece, all of the evidence compiled by jpmorgan with respect to various purchasing managers across europe shows expansion.

risms show the same thing. we've talked numerous times on this program how well the emerging markets have done. you agree with that. we know profits are rising substantially, completely unlike 2008. i must factually disagree with you. i beg your pardon. but i think we have to stick with facts on a night like tonight before we advise individual investors. >> okay. the facts are that we have 20% unemployment in spain and they're on the hook for a tremendous amount of portuguese debt. we have portuguese debt on the hook for a tremendous amount of greek debt. this is all interrelated. it can be a domino effect. it doesn't mean it will be. what investers are saying is we've had a nice run and they don't want to stand there waiting for the news to happen -- >> so you're not going to address the economic improvement. >> no, no, no, there is -- >> let me go to peter navarro. what is an individual investor to do? i'm not suggesting there aren't serious risks here.

i understand those risks. some political, some bank credit, some of them are debt related. i want to ask you what an individual investor should do looking at a wild and crazy day like today. >> that's the perfect question. i put my money where my mouth is larry. three weeks ago, i went to cash in, in local real estate. right now, it's a fact the stock market trend has broken. it's in a correction. it may go into a down trend. small retail investor does not want to be on the long side. the small retail investor does not want to hear the siren song of pundits who get on the tube and say "this say great buying opportunity." so i would say whenever a small retail investor is listening to somebody who manages a mutual fund telling them to buy right now, that's wrong. because all the mutual fund guys have a bias towards the long because they have to have all their money deployed on the long side. the other thing we know that's a fact is that the yield curve spread is flattening. we were rejoicing several months

ago, you and i, v-shaped r ed recovery, steepening yield curve, strong economic recovery. for some reason that yield curve spread is flattening. often that's a sign of recession. if you're going to trade this market, larry, think you'd be in cash -- >> peter, for heaven's sake, the 10-year note is 340. i understand it's come way down. >> it's plantening. >> the treasury bill is 10 basis points. that is still a sloping curve -- >> but the short end -- work with me on this. the short end is artificially low. so if you're looking at the real spread as what it should be -- i'm just saying, larry that as a -- tonight, you and i talk policy all the time and it's great -- >> i'm just talking facts. i just want to get the facts on the table. >> the small retail investor looking at this market over the last several weeks has seen the trend under pressure and breaking this week into a downtrend. >> i accept your market view -- >> if you're just a trader. >> mike holland, wasn't to ai w

you, do you agree, this is a time for individuals to get out? >> the individuals, most of them are out, larry. if you look at the cash numbers there are very few individuals who sold back in the crisis who got back in. and that's unfortunate because we had horrible ten years as you've reported many times up and through last year. we have a situation where one of the few assets in the world that makes any sense to look at in terms of a cash yield at all is the large cap u.s. stocks, companies like 3m, intel, johnson & johnson, which yield more than the 5-year treasury. they may go down and peter may be right, they may go down for a few months. i have to recall for you that in 1987 the downturn there was much worse. scott wapner in the opening said it was the largest decline in the dow. in today's dow, the 1987 went down 2,000 points. 20% over a day and a half.

>> larry -- >> let me just finish. so two years later, after that crash, which by the way interestingly was computer generated. it was something called portfolio insurance. it was completely computer generated. two years later, stocks were at a high. >> we kididn't have the debt we have in the system then. >> excuse me, you had 9% treasury bonds at that time. which were -- >> and they were falling -- >> -- what are -- >> you can buy them at nine. >> andy busch, let me just ask -- >> -- helped the market -- >> if in fact greece worries played a role in today's market, as i'm sure they did let me ask you about your current thinking regarding the parliamentary vote in germany tomorrow to rat fight bailout package. now, the greek parliament ratified the package despite the fact there was mob rule right outside the parliament in greece. will germany follow through in

tomorrow's parliamentary meeting? this could be a huge, i mean huge, event for the markets. what's your take? >> yes, i think they'll pass it. not only that, i believe the ecb will act in some kind of quantitative easing after that bill passes and it gets the full approval of the european union as well. think the ecb's waiting for something like this to pass and then they'll act. >> you're saying more greece coming from the ecb's quaint quaint tative easing. they'll come in and buy bonds, greek bonds, create money in the process. >> i think they really need to do that. eig it's an act of confidence in the system. it will help generate growth for southern europe. >> the lifting of the repo injections -- >> that will help. >> -- may be a precursor to that -- >> that's correct, yes, it is. >> we're going to talk about all this stuff.

everybody, please stay. much more. our focus really is what is the individual investor to do with this incredibly difficult market situation today and, really, in the last two weeks? meanwhile, asian markets open at the top of this hour. we're going to find out what the asian futures look like right after the break. a program note, special live coverage till 10:00 p.m. tonight. cnbc reports, markets in turmoil, maria bart homeo, beginning at 8:00 p.m., right after this program. we will be right back on kudlow. please stay with us.

on a brutal day today. computer glitches and all. there were serious fundamental questions. uncertainties. threats to the economy. and the whole world credit system. we're looking for investment advice for you, the individual investor that watches cnbc. we have a panel of experts. peter navvaro, jim lecamp. peter, i'll go to you. one of the big stories today and in recent days is the big, big rebound in gold. is this the debt revoltion

around the world? i know the dollar's on the other end of that seesaw. what about the gold play as an investment play, peter navarro? >> start with the observation that this is not a greece story, it's an end of the euro as a reserve currency story. enter, stage right, gold. gold is going to be the de facto world reserve currency over the next 20 years because the dollar over time is going to be under pressure from all the debt we've incurred. and the yuan in china is not going to have the heft in order to carry that. so that's why people are moving to gold. even as you see other inflation hedges like commodities and oil going down. so that's -- to me, that's the gold story. it's very simple. >> all right. great. the french parliament approves the greek bailout. important breaking headline. the french parliament approves the greek bailout.

the greek parliament today bravely withstood the pressures of the mob outside and approved the austerity measures, in terms of sharp spendi ining cuts. the german parliament will look at it tomorrow. it also looks like the torries will have the victory, the conservative party in england, according to exit polls. the torries will have the number of votes. whether they get it or not, we will see later on. let me go to mike holland. mike what is an individual investor to do? you started to make some recommendations of some of the nation's finest industrial companies. how would you play this right now? >> for the fewers who are watching and hearing these numbers for the first time for today, many of them have already sold the stock market over the last couple of years. don't just do something, stand

there is a great -- when the headlines are really ugly. if we have a period here of the stock market going down, add some companies or mutual funds or whatever you want to own, take a look at them, find them. things that have a big fat yield. some of the great yields are on the best company because their prices are down. so i would take a look at those. one other kind of out of the way thing to look at is taiwan. i think the asian story continues. i think taiwan has a 4% yield on its market. they have the technology companies that are leading the world move into a -- greater products. i think you can buy there in taiwan. >> speaking of taiwan, you're very active in china. what's the china story? you got people very bearish on china? you got people bullish? >> play china? i just keep listening to the

companies. they continue to tell me indigenous business is very good and the stock market is down over there -- same story. >> stay with me. we want to get to andy busch and jim ymy lecamp. a brutal day today. there are a lot of cross currents and maybe some favorable political developments. greece is going to make the tough imf cuts. french parliament just endorsed the package. germany's parliament will vote tomorrow. the torrey conservatives look to be regaining power in london. special edition this evening. we'll be right back.

what is your recommendation now in our last minutes? >> i do like gold stocks. i still like those. i don't think investors have to be completely out. i just don't think they should be aggressive right now. >> what do you mean? tell me what you mean? >> having 30% cash on the sidelines keeps you out of these markets that are careening on both sides of the road. let the dust calm down a little bit and then come down to the emerging markets. that's our story moving forward. >> thank you very much, gentlemen. please keep it right here with cnbc special report on market turmoil.

a special night of cnbc reports. please stay with us. it's a rough evening. we're going to give you the best advice we can.

>> a 700-point plunge in 15 minutes. >> this is at that capitulation, really. >> a 600-point rebound. >> let's look at p & g, now down 25%. >> all those in the market earlier today, gone. anybody who had any interest in buying anything, gone.

>> big volume on the way down, panic selling on the way edidow and snapped on a dime. tonight, a cnbc special report, the markets in turmoil. good morning, i'm mario bartiromo. >> today's coverage of "turmoil on the street" continues. >> fears about what's on the horizon hanging over the market. so to help you make sense of the madness, we are harnessing the global power, experience and know-how of cnbc. we will take you to ball h wall street, of course, plus to washington, to greece, the trading pits in chicago, london and asia, where tomorrow's trading is already under way. >> and maria, before we look at the carnage from today's action, a quick look at how our futures are setting up the all-important jobs report which we have tomorrow. you can see right now, fair value would indicate that we may be a bit higher. >> and it was an extraordinary day. the do