# >> welcome back. the august selloff continued today. ed the dow on a six day losing streak. that will do it for "closing bell." thanks for being with us. special show tomorrow from the manufacturing summit of walmart. we'll have mike duke the ceo and bill simon. "fast money" begins right now. live from the nasdaq market site in new york city's times square i'm mandy drewy sitting in for melissa lee tofrnt. our traders tonight, karen finerman tim seymour, john

najarian and mike khouw. let's get to the big story. taper tantrum. it was a whip day for the markets. stocks and treasuries both initially sold off after the immediate minutes only to fully recover, then just selloff again. how did you trade it and what did you take away from the fed commentary. >> an awful lot of volatility today. bond markets, currency markets, everything moved a lot today. what i took away was actually i think the fed is less likely to potentially taper in september. i know the market took it a different way, but when i read the minutes and when i read the commentary afterwards, it seems to me that they're's one, data dependent. i don't think the data has been that great. they're looking at roughly a ten year economy. they're at 280, 290 at this point in time. it looks a little overdone. >> they're tapering but the timing. it feels as if they're more confused. >> i kind of disagree with

beeks. they did say the economy is worse. they pointed out a lot of things. i think they're agreeing with themselves and what they said in june. the market reaction in june was right and where we got to in mid july was about right. one of the quotes was something -- i wrote it down. the committee considered whether to add more information concerning the contingent information to the policy statement but it might prompt an unwarranted shifted in expectation. they look where they got the market. as much as it seemed like bernanke was scared and he had to apologize but the data is different. i look at the treasury curve and you look at the five year part of the curve and you're having the lower end of the curve react almost as if people are getting ready for rates to change and that's big. >> what's the take away for you, karen? >> i feel like it's going to happen at some point. i think in six months from now we'll look back assuming tapering has started then, and it won't really have mattered

whether it started in september but how quickly they make the changes. that to me is more important than exactly when they started. >> to that point, john did the minutes today change anything for you? >> no the minutes didn't change anything at all for me. we're looking at a selloff of 700 points for the dow since august began. the s&p percentagewise right around the same numbers. we're not going to get enough positive news september the jobs report in october. this is hardly a big deal. again, 700 points on a 15,000 index doesn't seem like the end of the world to me. >> but do we keep on selling off and to what degree? mike khouw can you answer that question? >> basically there is a

consensus that it's going to come to an end. it's to karen's point, it could be sooner or later but there is obviously a big market on the markets what it's on going and we have to say that the inverse is also true. if qe supports home prices auto sales, stock and bond prices we have a sense that it is going to be tapering and therefore those impacts are going to be muted so we have to expect softness and that's exactly what the market has shown us. at first there was a sigh of relief that nothing happened right now. now if you look at the term structure in options, we're seeing there might be opportunities to sell this year term volatility and that's what i would be inclined to do. a lot of these premiums have gotten elevated in this. i would be selling premium here. >> walls far go announced they're slashing jobs because mortgage lending is plunging.

if you believe what happened after bernanke spoke in june was where the market should go then we've got some selling to do. where were we on june 21st. >> doesn't that argue for the fed not to taper in september? the news hasn't been that great. if we say the stock market has been supported by qe and the chances of them tapering and maybe even keeping qe -- >> they're sticking to their guns. >> i don't think they're. >> by ron said there is no economic reason to taper right now. >> precisely. they are data dependent. the data that i see is not that great so why would they stop it. >> our next guest has a year end price target of 1750 but says now may be the time to bet against the u.s. consumer. let's bring in the head of u.s. equity and quantitative strategy

at bank of america merrill lynch lynch. that's quite some title. i understand you upped your target of 1750 on july 15th. now you've read the minutes and of course some time in the markets has passed since then. a lot of things have gone on. are you changing your views at all in terms of your target? >> no we're not. in fact, i think the selloff is kind of -- here's the thing. five percent selloffs happen pretty frequently in a year. we haven't had one in a long time. it felt like we were getting to a point where the market was complacent. if anything this should be used as a buying opportunity for equities. >> buying of what specifically? >> that's a great question. i think that's where it really gets interesting. we downgraded the consumer discretionary sector to an underweight from an equal weight. the reason was that we are effectively in a tightening cycle at this point. the fed has already started to communicate that rates are on the rise that this is an

imminent likelihood and i think the market has already started to react. if you look at the performance of the sectors over the last couple of months now, we've seen this rotation taking place where tech has kind of come back from the dead a little bit. >> particularly apple. >> exactly. some of these stocks that have lagged for quite a while are starting to perform. we're at the beginning stage of that. tech actually happens to be one of the best performers in the early stages of a tightening cycle. the market does pretty well but tech industrials, some of these mid cycle sectors tend to lead. >> 1750 you can get there without the u.s. consumer? what are the sectors that are going to get you there? >> i don't think we see downside risk to the consumer but there are better places to get cyclical exposure. assuming we're in the early

tightening phase, consumer stocks do okay but they dramatically underperform in the market. the market continues to go up but it's led by different sectors than consumer stocks. the other issue is housing. that's been a bullish story for the market for the consumer sector. rising rates don't kill the housing story but i think they do slow it. it's hard to imagine that 100 basis point increase in the average mortgage is going to keep the housing market running at the same rate. >> the refi for sure but -- >> you buy energy which is one of the sectors that you like? do you get to a place where part of the rotation which has been the first part of this year which has left a lot of minors and energy in the dust. >> energy is one of the most hated sectors. one of the reasons we love it is it's the most underweighted

sector in the portfolio. it benefits from an economic recovery. it's done bad things for a while so i think it's time to start thinking about these sectors that could be better cyclical bang for your buck than the consumer sector which is already expensive, trading at peak margins. things are not looking great for them. >> i'm confused. you're talking the stocks are overvalued. sysco is laying off people wells far go laying off people. what inputs are telling you that the economy is going to start to ramp in the last half of the year and that would make you want to buy the cyclicals. >> the driver for economic recovery may not be the consumer. it might actually be the corporate sector. corporations are sitting on piles of cash. >> but they haven't spent it yet. >> there is no policy change to get these guys out of hiding

with their money. what's going on in washington that's going to change that. >> i think they almost have to. you look at the age of capital stock at this point, it's old. we're going to see companies start to -- i don't know if they hire back but we're still in a fairly soft labor market but i think they start spending on tech or ways to improve efficiency without maybe hiring that marginal employee. again, the consumer looks a little bit strapped because the cost of hiring another full time worker is a lot higher today given that mandatory health care costs and all the wrappings around hiring another u.s. worker. i think it gets a little bit harder for consumer stocks to continue to hit new highs at this point. >> thank you very much for joining us today. let's get a quick market flash with josh lipton. what are you watching? >> mandy, two names on our radar. first up, l brands its

portfolio consists of victoria's secret, bath and body works. revenues in line but q 3 guidance comes up light. haines, beats on the bottom and the top, sales rose 18 percent in the u.s. more than doubled in the uk. also pointed elizabeth arden's cfo to take over. that stock up six percent in the after hours. mandy, back to you. >> before we head to the break let's check on another big after hours mover, hp falling on disappointing third quarter results. revenue came in light. full year guidance as well coming in at the lower end range, down about one percent. we'll have the latest from the

call in just a few. coming up from worst to first, a deeper dive into netflix's ultimate come back story of 2013 as the shares are heading closer and closer to $300 a share. sticking with tech former dell cfo and current board member done carty is going to join us live. we're going to talk michael dell and a whole lot more. stick around. we're back in two. thousands of presentations. and one hard earned partnership. it took a lot of work to get this far. so now i'm supposed to take a back seat when it comes to my investments? there's zero chance of that happening. avo: when you work with a schwab financial consultant, you'll get the guidance you need with the control you want. talk to us today.

>> welcome back to "fast money." i'm john fortt. ceo meg whitman is highlighting pcs and servers as weak points. also highlighting some positives that they lowered the company net debt below preautonomy levels. she talked about the personnel changes that we've been talking about all die. diane weiss ner she said is more effectively shifting to a multi-os form factor strategy with those products. we'll see what that means in terms of what happens under that

leadership. she ran down bill vecty now running the enterprise group and henry gomez talking through their qualifications. guys, back to you. >> thanks very much to john fortt listening to the hp call. let's trade this at the desk. john we were with each other at halftime when those two reassignments came out before the earnings. what do you make of this. >> i thought it was shrewd that meg whitman elected to bring that information out prior to the earnings release. we did see a response over $26 a share, then a harsh selloff to $23.75. now we're 30 cents from where the stock closed. a big come back. i think this call was surprisingly good quite frankly. >> how do we trade this guys?

>> on any rallies you short this. this is a stock up 40%. a lot of what meg whitman talked about, a lot of it is in the stock. no reason to chase this. you don't even have a chance to chase it. let this thing settle out and sell it short. >> a lot of negative headlines. pcs service struggling. enterprise spending not good. we know this this is built in? >> there is been a lot of low hanging fruit in terms of the stock price. there is nothing new you should expect until you get more guidance. october 9 is when they say you'll get full earnings guidance. don't do anything until that fourth quarter. what they told you today is that they are entire industry that we've been watching for the last two years is in decline. >> mike khouw, agree or disagree? >> i would actually be inclined probably to take bearish bets. i might be using options to do

it. there was a lot of speculation going into this number. the options market was anxious about the results. it was implying a move of 11%. that's more than double what it usually has. tomorrow the prices for these options is going to decline significantly. they still face secular headwinds and we're probably not going to see good news. you might buy some puts going into year's end. >> after hours it's down by two percent. investors have really left netflix for dead but it is actually one of the best performing stocks of the year so far. this is the ultimate come back story. is it for real? >> absolutely. netflix shares hit a fresh two year high pushing the stock 11 percent from its record high of $304 which it setback in july of 2011. these numbers leave quick star

pr disaster a dis anti-memory. it can compete as a next generation premium tv channel with the same content and similar subscriber numbers as the likes of hbo. with the likes of original series house of cards and arrested development, netflix grew subscribers to 31 million up from 25 million a year ago while international exchanges has yielded 9 million outside the u.s. in 2016 in the paid tv window show time currently airs. we saw, quote, we see improving content and consumer acceptance driving a surgery in profitable domestic streaming growth. it really depends on confidence that new content will draw new subscribers subscribers. back to you.

>> dr. j., do you like netflix? >> i like it. rita hastings aside from quick ster or whatever it was, they have done a lot of things right here but it's too fully valued for my taste at this point so right now, although i like it i have no position in the stock. i like the stock as a useful item rather than as an investment vehicle. >> like amazon? >> yes. >> let's get back to john fortt with more headlines from hp. >> this is a big one. meg whitman saying moments ago due in part to weakness in enterprise other signals that they're getting out there that year over year growth in fiscal 2014 is unlikely. keep in mind she categorized fiscal 2013 as a rebuilding year and promised growth in 2014 up until this point a few moments ago and now says because of these issues in the enterprise

and others revenue growth now unlikely. >> that's a big headline. thanks for bringing it to us. >> i love looking at things from a valuation analysis and this is cheap on that metric however. it should be cheap. there are a lot of things going wrong. i do like meg very much but there is a lot to not like. it should be cheap. >> cheap for a reason. >> cheap for a reason. >> that's coming from a value girl. >> i know. >> she knows her cheap. coming up target is becoming the latest name in a slew of retail reports to lower guidance and also miss on revenue estimates in the second quarter but should you be buying on the dips. dr. j. says yes, bk says no. it's a street fight. also don carty, former chairman and ceo of american airlines is

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. >> target down three percent on disappointing second quarter results. are the company adjusted its guidance to the low end of expectations, but does this weakness present a buying opportunity. it's time for a street fight. dr. j. is on one side as our bull and tim is our bear. guys you have 90 seconds, no more don't pull a steve weiss on us to make your case. >> i would never pull steve weiss. >> bull case on this one is the following. number one, tim just had a baby boy, congratulations. you're going to be buying a lot of diapers, buddy.

target is where you're going to buy them. you've also got in addition to that predictable dividend growth stocks down 12 percent since the recent highs and their online stores as well as their combination with facebook for cartwheel or something like that, i don't know how that goes but any partnership with facebook right now is a good partnership for target. >> look this stock, even before today's announcement, it was under pressure. but today we learned three new things there are a big problem. you absolutely don't need to buy. the canadian dill lugs in terms of the eps is pith.significant. it was supposed to be creative on eps but it was destructive. to say they're going to get to $8 a share by 2017 is going to say that canada is going to not only be destruction tif but a

kick to the bottom line. the guidance is very poor which means the fourth quarter has to be more important than it was yesterday. it's going to be a shorter fourth quarter. the stock still trading at 15 times which is above the 13.5 year average. >> only 125 stores are going to be in canada by the end of the year. >> that was the catalyst a big driver. >> the buzzer has gone. let's get the verdict from judge karen. who are you going with the bull or the bear? >> i think target has been down on the same news every day for the last six days. that's when macy's was week. we told our target to by macy's which down so it really didn't matter. bottom line i like macy's better. i'd rather own that than target. makes me a bear.

>> viewers, you can tweet us on who won the street fight. tweet us @cnbc "fast money" using the hashtag bull or bear. we'll have the results on what you thought at the end of the show. let's see how option traders are playing tar get. >> there was a lot of activity. it traded 8 times ats daily volume. the bearish bets outnumbered the bullish by two to one, the most active were the weekly 65 puts. buyers of those options are obviously making bearish bets that the stock will be below $65 by friday's expiration. as far as the stock's valuation is concerned this is about fair money, dead money to me. i'm kind of with karen and would agree that macy's is probably a better bet if you are going to make a long bet in retail. >> coming up next from icon and dell the airlines we've got one

big name guest to weigh in on everything. the former cfo and the current board member. don carty has many caps and he's going to wear them next. plus the biggest movers and shakers in today's session. we're back in two. [ indistinct shouting ] ♪ ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ ♪ all on thinkorswim from td ameritrade. ♪ ♪

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>> if that doesn't get you in the mood i don't know what will. welcome back to "fast money." we're live at the nasdaq market site. let's hit today's top trending trades. we've got stocks getting the most chatter on twitter. first up is lowe's hitting all-time highs and getting plenty of attention in the twitter sphere beating both on the top and bottom lines echoing

home depot. >> it's hard to buy a stock that was up four or five percent. for me i'm not going to buy it here but this is how you trade it. look at home depot. they did well. if the fed says rates have gotten a little too far, we're going to make sure that rates stay within a range and the housing market should be okay then lowe's looks like a buy. see if it holds, then it's a buy from there. >> if you had to choose one, maybe long term which would you go with? >> probably home depot because they seem to execute a little better over the last couple of months but it's a toss up. >> goldman sachs, a trading glitch on tuesday could cost the firm $100 million or more. tim? >> any time you talk about electronic trading glitch or anything that has had a lot of day traderers, a lot of people who are retail traders in

addition to the street in horror you're going to get a huge response. people pay attention to it. ultimately this was miss pricing of tickers putting limits on them. this is why this is scary again, when machines are running the business people get concerned for goldman sachs. this is not a night trading incidents. this is nowhere near in terms of the balance sheet. the stock didn't react but we should all be concerned. >> finally the nfl season is kicking off in a few weeks and google may be making a play for the league's sunday package. the nfl did confirm that it met with senior google executives. >> it's a game changer. it's also recognition of the fact that we do watch an second screens, whether it's ipads to communicate what we're watching in particular on these sporting events was extremely popular in

europe where they can bet side by side on those games that they're watching and it's a massive opportunity for the nfl, for google potentially for netflix, amazon apple, any of these folks that might compete for to space because this is prime territory for advertisers. >> a disaster for cbs and fox. >> a doubt they would ever go completely away from free tv but the internet certainly offers compelling opportunity for the nfl. >> a number of winners and losers. dr. j. from the computer industry to airlines he's an executive involved in some of today's most high profile companies. he's dell's former chief financial officer. you used to run american airlines. thank you for joining us. i want to start with dell in light of the fact that we've

heard negative headlines out of the call from hp. there is no much strength in enterprise spending et cetera. in light of that how is dell doing. >> dell is doing all right. obviously the pc market is a very tough market. dell's transformation is to continue to be a low cost for pcs. the rest of their focus is on moving up the food chain in it. i think dell is making very good progress there, very interesting acquisitions over the last several years that is going to allow them to participate more fully in the services business and the enterprise space and in the software business. i'm quite encouraged by the future of dell. >> we've been distracted by the on going shareholder fight. what do you think of carl icahn? >> he's nothing but a great investor. there can be no criticism of

that. certainly carl's participation in this has caused a slightly higher increase than the board was originally able to negotiate. that said carl of course never made a real offer and as a consequence the board is thrilled to accept the current offer and has done so and is recollect recommending it to the shareholders. >> when do you guys start hedging gold what do you think about gold at these levels? >> as a general rule people invest in gold stocks because they want gold exposure. if the gold companies simply hedged that out, they're thwarting the objective of the investor. i think we'll be very thoughtful before we re-enter the hedging business for gold. obviously we would be happier if gold was at $1800 than its current prices but the fact of

the matter is our job is to mine gold and mine gold very efficiently. >> you've been around a lot of different industries and a lot of different cycles throughout ups and downs in the economy. how would you say the picture right now looks to you? >> i don't differentiate much with many of the guests that have been on cnbc today. the economy is moving toward but it's moving forward in a very sluggish way. i see it in every board that i'm involved with. i'm involved with the board of cn rail and we see across a number of industries. with the exception of the oil and gas sector in north america which is growing very quickly and creating a lot of jobs the rest of the economy is very sluggish. >> don, it's tim. we have to talk about the airline industry. the merger potentially. you sit on the board of porter airlines as well which i think is fantastic. do smaller airlines benefit from

this? obviously the bigger are getting bigger. >> the small airlines have opportunities. they have to be entrepreneurial. they have to have something unique. the big airline are very competitive. justice clearly got it wrong. competition would be enhanced by having three strong network carriers, but i think given the nature of the complaint and the breaths of the complaint there is a problemability that this merger won't move forward. ultimately if necessary they will convince the courts that it should move forward. if it doesn't, amr is actually quite well poised to be an effective competitor. the network is not as big as the current delta or united one but

it's got strong international presence a great fleet of new airplanes and a great reputation in the marketplace. i think american will survive. i think the bigger challenge, simply because of the size of it is usair is not as clear what their strategic future is like without american. >> what do you think will be the best for us, the people who fly, the consumer though? >> i think and i genuinely believe that justice did get it wrong. we'll see more effective competition across the network if there are three strong network carriers as opposed to two and with american being somewhat smaller. i think there will be entrepreneurial airlines that offer a competitive product to the consumer. southwest is out there, virgin america which we're very proud of is out there and is a very effective competitor on the west coast and the transcon markets.

jet blue is effective, spirit has emerged. there is no competition and i think justice got this wrong. >> in terms of pricing though are airline prices not across the board but in general do you think they found the right equal brum? do you think this is a fair value proposition for consumers? >> i do. during the transformation of the airline industry that has taken, really almost 40 years to complete we had some years when consumers absolutely benefitted by the ferocious competition and the restructuring of the industry. remember, the airlines were losing billions of dollars in those days. that's simply not sustainable. the airlines are not making extremely high profits. they are profitable today but they're not making extremely high profits, so i think what the consumer is seeing today is prices that are competitive and

yet sustainable. >> it's been really great to have you on the show. don carty, thank you very much for your time today. >> thank you. >> she's a smart man. he could talk about anything. >> tell you what is the best kitchen sink. >> he said airline prices are good and they're going higher. i'm long a lot of global airline. if they control their hubs and they're in major international ports. i think delta at place to play here. i would stay there. >> i like airlines as well. i think stable fuel prices at these levels have been a benefit to them. but the baggage fees and the rest of the fees that they have lumped on, that's where they feast. the fact that they're able to get additional fees on top over

and over, that's huge. >> there is almost nothing left. >> easy jet and ryan air have found ways to make money. >> you pay to go to the bathroom. >> mike khouw, what do you think? >> john hit on something with stable fuel costs. fuel costs represent 50 percent of the net airline costs from an airline now. that's double what it was several decades ago. fuel volatility is something that's a risk factor for airlines and that's one of the reasons why the valuation is so cheap. delta is trading in mid to high single digit multiples and that seems like a high stock but there is still a lot of risk. there may be upside here but that's all i would say. >> thanks very much. coming up next the earnings parade marching on from a major retail to radio. we'll look at the stocks that are sure to dominate tomorrow.

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the biggest moments on cnbc today, here's a rapid fire recap in tonight's edition of executive edge. >> the ceo was quoted in the press release saying continued cautious spending by consumers. that could come down. >> we have july existing home sales jumping a whopping 6.5% to a seasonally annual rate of 3.9 million units. that's the highest monthly increase going back to november of 2009. >> at 85 billion a month they're going to put 1 trillion dollar in a year and they can't get the economy to growth. >> you don't think there is an economic reason to taper? >> no. >> it's a big structure with the fedex playoffs.

we look forward to this time of year. it means it's time to buckle down and play well. >> afraid the fed is not delivering the charity you seek. the committee in the july meeting was split over the timing of any reduction in qe or quantitative easing. >> stocks are selling off because we theed more clarity here. there is a lot of things that are making the markets nervous. >> how does the economy feel to you? >> nondescript. >> wow, that was quite a lot that happened in just one day, right? >> those existing home sales to me were about everything else. rates are going higher people rush to sell. a lot of people don't think the economy is sustainable without the fed. >> on every trade isn't somebody in a rush to buy? >> everybody wants to trance act at low rates on both sides. they're rushing in on the side lines and that may be the boost you saw. >> increasingly people are buying with cash, all cash in fact. >> the banks aren't lending

which means they're not resuscitating. it's negative. >> the thing about today was murkiness every where, the confusion. the market hates uncertainty. >> when we saw that knee-jerk reaction to the fed, some felt we should be patient or do it now or september. there was a lack of clarity and lack of one mindedness about the policy makers that disturbs people. >> we talked about there is no economic reason to taper at this point in time. there are some headline risks as we come in for september. he may be hinting at that. remember we have the german elections elections, and then we have the budget debate in the u.s. we have a problem with that. there is a lot of stuff coming in september that the fed may not want to taper. >> oh, yeah the budget debate.

it's amazing how it's buried under these taper headlines, oh, yeah. that's what happened today. let's look to tomorrow. folks,

>> maybe the way into that business is for them to buy them. now, i heart radio are out there but, boy, these guys own the space, pandora right now. could they be bought to tim's point, that's what people are betting on. >> our viewers have questions on everything from tesla to costco. we're going to be trading your viewer tweets next. (announcer) at scottrade, our clients are always learning more to make their money do more.

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>> you tweet it we trade it. let's get to your tweets to our crew today. karen, i know you like the north atlantic drillers. which ones and why? >> i like one called north atlantic drilling. my favorite name north atlantic drilling. we buy it in norway but it does trade as natdf. we'll see them do another offering this year which should increase the liquidity. i like the name. >> bk you've been bearish.

are you content now? >> i am content. not sure this is the ultimate bottom. as long as the fed continues to pump money into the system it's hard to really get bearish. we've probably had enough for the time being. >> sounds like you're bouncing a little bit. >> listen i don't think they can taper, i don't think that is correct get out of this without causing severe severe problems. it's hard to be real bearish. if i can figure it out, ben bernanke can figure it out. >> dr. j.? >> un alever that seems to be turning. i think un lever plays. >> thanks for the tweets. come them coming. more "fast money" up next. in today's markets a lot can happen in a second. with fidelity's guaranteed one-second trade execution

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>> back by popular demand a few more tweets from our viewers. tim, this one is for you. will the taper impact the emerging markets negatively? i guess they have? >> absolutely all year on some level speculation that money was coming out of fast markets have been negative for emerging markets. here's what happened places like india, south africa have been cained because currencies

have gone down but they have been able to support the flows and utilize them in an economy that maybe isn't measuring up. i think this is a major opportunity. around 3650 we degist this. that would be retesting the lows we've seen. >> next time you have to do it in 140 characters only, tim. >> can't. >> costco is that a good play for you? >> it has fallen back a little bit. that makes it not overwhelmingly compelling 22 23 next month's earnings. this is looking at 7 to 10 top line growth. gun to my head i'd rather own it. >> we've tallied the votes and you say team bear won the street fight. time for the final trades.

let's go around the horn. karen? >> i like city bank. >> tim? >> buying it. >> catch "fast money" again 5:00 p.m. eastern tomorrow. street signs tomorrow. my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money," welcome to cramerica. other people want to make friends, just trying to lose you a little less money than the other guy. my job is not just to educate but to coach so call me at 1-800-743-cnbc. glad that's over with. that's how the market tends to react to the big bad events and today was no different because after we got the dreaded month old federal reserve minutes, the market did breathe a