ni. >> wti, i think oil is oversold. we should be looking at that -- >> six-month low. watching brent as well? >> a little more confidence in wti. >> it's going to have here. thank you. "power lunch" starts now. halftime is over. "power lunch" and the second half of the trading day start right now. >> indeed it does. what an interesting wee, what an interesting trading day. the big question this hour -- how bad will it get for the bulls? the the dow is down and down sharply. about a half percent at 16,471, on top of yesterday's 317-appointed decline. what is your best option right now? we're going to talk about junk bonds, which have been not doing so well. dividend stocks, hunting for yield, shelter from the storm, you name it, folks, we've got it covered today. another big number today is

209,000 job in july. we will debate whether the job creation -- this makes i believe the sixth months in a row of above 200,000 being added to the economy. what it might mean for fed policy. first let's check in at a very busy new york stock exchange with sue herera. >> absolutely. it really is the big story today. this hour the markets. just told you the dow was down. it was worst. down 89s points. also getting the hit, the nasdaq, down just under a full% once again, the nasdaq down 34. s&p 500 down -- the russell 2000 down almost a%. now, in terms of.gold market, we're up. remember yesterday we were down about 13 bucks, we basically gained it all back. crude oil is down 91 cents, and the yield on the ten-year note broke below the 2.5 mark.

for the european markets, it was another very bad day. we have the ftse over in london, the dax, and the french market as well. we'll start here with impossible. >> hello. it a little disappointment. it's not been able to stick. we did rally a bit going into the open and rallied again, but just drifted lower, the disappointment was closing europe didn't help at all. here's the three data points that matter. the jobs report was weak, but not too weak. kind of muted. the ism was quite strong. europe had a lousy close. everybody said that's where it's going to turn around, we closed europe and it's not really happened. some people had written to me and said maybe it's because of the argentina however, that

happened late in the morning. offthat was a major factor. with brent near lows for the year, a major sector is having problems. so being themes like pioneer and refiners are all down rather noticeably. i think the volume was heavy, not as heavy as yesterday. i think after yesterday a lot of people not willing to come in and defend the market. a a lot of people were looking for chances to move with the market. any excuse. >> and so far they are succeeding. >> professional traders want volatility. >> that's how they make that money. uptown to the nasdaq and seema mody. >> good afternoon, sue, investors using the prospects of rising rates. we're seeing pain across the board, but let's focus in on tech. that's where we're seeing a lot

of action, one of the worst-performing sectors. first solar, acamy, sales does that force are the biggest losers, just an indication of how the sell offis broad-based. koraning mark of glass screens, lower after data show the a slowdown in tablet sales facebook rounding out the top five. see, back to you. >> thank you very much. seema. argentine is is now fibly in default. they made that call just a short while ago. the judge in new york overseeing argentina's dispute with creditors said today a settlement is the only way for the case to be resolved. he urged both sides to continue working on a deal with the court-appointed mediator. the main deal is argt, it's down almost 3% on the trading

session, down 3% in the month. ty? >> thank you very much. scott collier is chief investment officers at advisers, and tim courtney is chief investment officer at accentual. let me star with you, scott. in your note, you made some very interesting points that are the telltales underlying your view of the market right now. first, where do you think the market is headed? then dance me through a couple sort of pressure points that you identify. >> sure, tyler. thanks for having me. we feel as though that the market for quite some time is probably telegraphed a correction in the equities side of the market. we saw the yield curve begin to flatten back in february. the yield curve tunds to be a pretty good indicator of growth in the united states. it sends to flatten out when we have a slowing. i think we saw that in the first

quarter, though the second quarter had a big number on gdp. we've also seen -- >> forgive me for interrupting, another of your points is that margin debt sore of peaked a few months ago, and that's obvious a telltale that the market may dip. how low do you think this market could go, scott? >> well, as we like to see a healthy correction. higher markets are built on corrections. it tends to get the excesses out of the markets. however we've been frustrated the last few times it's tried, so until we get there, it's hard to know. >> what do you see and what should our viewers do right now? >> i think statistic market is trying to adjust to the reality

of interest rates moving higher, and so i don't know if this is going to turn into a correction or not. we've had six or seven times in the last couple years where the market as gone down 3%, 4%, 5%, and that's the end of it as money comes rushing back in. because interest rates are still so low, there's just not an attractive viable alternative to stocks right now. we very well may notsh because a 2% yield, 2.5% yield in bonds are not as attractive as a 6% profit yields on stocks right now. >> you seem to favor a fair number of etfs in technology. quick reasoning there? >> yeah, those look like areas that have come down in price. they look atrackedive from not only pricing but also from an economic growth. china has turned its growth

story around. just globally like value stocks. >> scott, i've been about 15 seconds. you seem to draw a lot of attention towards the metals. quick thought on why. >> true. i would agree with the other guest, that we are seeing a turn in the china markets. wee also seeing a turn in some of the latin-american markets, obviously not including argentina, but i do believe, you know, that metals, we have miners up to 16-month highs, aluminum companies are coming and beating earnings. those are good places to be. >> put some teal in your backbone, steel in we're portfolio. have a great weekend, scott. >> morgan brennan, she does it all. she's got a market flash. >> thanks, tyler. two stocks getting downgraded getting flashed to neutral from overweight at piper jaffray, saying delayed printer sales are now trading down about 5%. meanwhile, open hyper also

downgrading beth bath and be yond that's because they might see it as a better buying opportunity in the future. bed, bath and beyond trading down about 2.5%. >> thanks, morgan, the auto sector a big focus, voting today to approval a merger with chrysler that's been five years in the works. the move will pave the way for chrysler to be listed on the nyse. it comes as other automaker release latest sales figures. big gains. phil lebeau behind the wheel for us in chicago. hi, phil. >> hi, sue. i'm not surprised to see the auto stocks trading lower, and frankly, this is a sector that's not been loved for some time. that said, as you mentioned, strong numbers for the month of july in terms of what ultimate auto makers reported. here they are and what they did behind the month. the thing to keep in mind, these are very good, but they're not

quite what many people were expecting, maybe a percentage to 3% lower than expectations, and a couple of these stories in here stand out. first of all, general motors. fleet sales jumped 26% in the month of july. 26% while retail sales were flat. a bit of a concern for some people looking inside the gm numbers. still a gain of more than 9% for the month. as for jeep, boy, these gees have been red-hot. jeep sales surged 31% in the month of july, the best july sales ever for jeep, and that stock, that company has been doing so well lately. it's reflected in what you mentioned rather fiat, the shareholders today did approve a merger for fiat chrysler, and yes, chrysler will return to the nyse. we'll see that listing before the next three or more months is the expectation. finally shares of toyota. toyota reporting quarterly

earnings next week. by the way, sales today up 11.6%, so the monthly sales pace expected to come in somewhere around 16.7 million. very good, but not excite as high as some thought we might get. >> brian johnson is a senior auto analyst, good to have you with us. phil earlier this week was leaking at whether this hot sales pace can continue or was showing some signs of maybe cresting. who do you think? >> well, our view is we're on a plateau in the mid 16s, which is very much today's number. that could continue for two, three, more years much as it did in the mid 1990s. it's more of a plateau. >> i'm going to put you on the spot, if you don't mind, brian. i want you to give me one choice among the big automaker add one

choice among the suppliers that you would choose right here. >> well, the suppliers are easy. we like the higher tech focused suppliers. so within that, delfi is our top pick. you get the benefit of margin improvement around the world. the oem frankly we see more as trades, because we do think there is increasing signs of pressure, particularly in the sedan marketplace. we saw that today. gm remains or top pick one that just off the recall issues, and we think an oversold condition both coming out of that and probably a bit of unfair disappointment in the most recent quarter. >> i love anybody who answers a question as crisply as you just did. thank you very much. >> thank you. sue? >> ty, is the bull run for junk bonds over? we'll talk dividend plays, and smart trades beyond our shores.

power countdown is coming up next. plus small caps and tech catching a falling knife? or is it time to buy? what do you say, seema? >> summer swoon for the russell. small copse were up about 36% in 2013. is it a good time to play in is it or is the run over? we're sizing up the small caps, coming up next on "power lunch." just take a closer look. it works how you want to work. with a fidelity investment professional... or managing your investments on your own. helping you find new ways to plan for retirement. and save on taxes where you can. so you can invest in the life that you want today. tap into the full power of your fidelity greenline. call or come in today for a free one-on-one review. who don't have electricity 400 million people and i just figured that it's time i do something about it. what we're doing right now, along with ibm, is to actually transfer data through a satellite

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the dow falling, continuinging where it left off, taking a look, it's down about 96 points, about half a percent to 16,466, leading the way downward, american express, jpmorgan, goldman sachs, cisco systems and chevron. it's been a run two days for blue chips. >> morgan, thanks very much. the russell 20 on 00 small-cap index, the worst monthly performance since may of 2012, so what does this tell us about the direction of the overall markets? and is this a time maybe to start nibbling? seema mody taking a look. >> hi, tile her. >> the small-cam index definitely getting taken of traders. on track for the worst four-week loss. down about 8%, getting close to entering correction territory, but we have seen this picture befo

before. it was highlighted today that they have been underperforms since the start of the year, even before fed officials warned that valuation multiples were stretched in the asset class. b of a merrill lynch recently cautioned that despite the sell-off most of these stocks are still overvalued. i found this interesting. earnings from the small caps have been somewhat good, that if we get a second-half bounce, small-cap earnings will accelerate and so too performance. that's something to watch when it comes to the small caps, how earnings play out. back to you. >> okay. seema, thank you. time for the "power lunch" countdown, today dedicated to helping you make the right play. jeff kill burg joins us, as does jim iuorio, director at tjm institutional services. they're ready to go. first off, jeff, junk bonds have taken a hit recently. today no exception. what do you make of it?

>> sue, 5.4 bill chron was sold in the month of july, typically a great barometer. as the fed has forced a lot of people -- so i think you have to take notice, but this isn't the red flag it used to be. >> do you agree, jim? >> definitely agree. and another level, when i was first asked this question, i said to myself, where do i think the treasury notes are going? and then i said, no, forget that. maybe they're starting to get hit, but that's about a bell that will not be unrung. when people start to panic, you sell what you have. that spread has been too tight. that jnk etf, if that go the into the high 40s, i would sell it again. i don't think it's going to get there. i think the bubble is bursting there. jim cramer says he likes industrials, the one stock he says will rise is dow chemical. jeff, do you like it? >> dow chemical, one year out

57%, a complex company, 58 billion in predicted sales. a lot of moving parts, but i do like it a boo-yah for cramer, because he's right. why is he right? dan loeb is putting a lot of pressure on, divesting. i have to explain it to iuorio. they'll be divesting. >> here why jeff and unfortunately jim is a little wrong, too. i hay to say jim is wrong, because i love jim, but i'll say it to jeff anytime. when the markets starts to correct, people sell what -- it's an outstanding company, but will trade with a high correlation. >> you can get it cheaper. i'm still right, sue. >> i'm going to give you each one. jeff, dividend stocks, because them now? >> the dividend stocks have been a great play, but the fed has pushed a lot of people into

this. i think you have to be selective going into this. something that has performed as well, but think about it. people are looking at just the dividend instead of the fundamental. they're reading for this, so be careful. >> i agree with being selective on this, too. a lot of the dividend payers have been up huge. you've got to look for something that's been knocked down. it seems to me that it's in a recovery phase, as everything else is kind of getting hit. i did buy some of that last week. >> argentina defaulting on its debt separate from argent a argentina, do you see opportunities overseas or stay domestically? >> i think you have to remember our economy looks better than almost everyone else. if i was forced to make some international trade, i would like to something like yum brands, a high exposure to china. i think it's had enough, i would

probably buy that. >> i think argentina has been a great excuse to sell. look at the price of the vix. we talked about buying this when you need to, so i think you have to be very careful, as they're still full-blown in a currency war. >> on that note, guys, have a great weekend. >> you too, sue. the big number today was the job number, but job creation came in below expectations for june. so where are the jobs in america? mary thompson knows. this times she in augusta, georgia. >> hey there, sue. the jobs, just like these easy-go golf carts, they can be found everywhere in america. everywhere, that is, with a factory looking to outsource the maintenance. i'll have that story, after the break. over 20 million kids everyday in our country

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and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. that is down about half a percent form the big laggards, perkin elmer, tesoro and western union. back to you. >> morgan, thank you. procter & gamble shares jumping today. the consumers products giant says it may sell about half of its brands in an effort to revive sales growth and cut costs form the stock is up better than 3%.

rival clorox also higher, profits falling 7% on weak sales of household cleaning products. foreign exchange rates also hurting international sales. the street doesn't seem to care. chevron down on the back of its earnings. top line missed. higher energy prices offsetting -- all right. to the bond market. it's been a fascinating week for the treasuries. rick san telle is in chicago to wrap it all up for us, rick. >> many traders are having this huge debate. some things argentina is having an effect, but many are looking at the following charts. then they think about what stocks did. stocks went a lot lower. the open the chart back to mid may, if we should settle under 244 it would be the third time. look for some action, say

technicians. a lot of talk about the dax, we've been watching it, but 9200, 9,000 is the left to pay attention to. a breach of 9,000 would be very significant. we now the hyg, the junk. but there's no high in high-yield anymore, so that's why the chart is moving. traders on this floor say it's probably time to look for the corporate investment grade to sell off if the drop in equities continues. sue, back to you. >> thank you so much. rick santelli with the bond report. a look at metals which are closing right now. yesterday down about $13. today up about 12, so the market is kind of drifting as we go into the weekend. ira harris is with praxis trading. what do you expect next? >> sue, it's been an interesting week. yesterday was a day i would have expected the gold to be up. but the fact that bonds

basically closed lower on the day, even with a massive sell-off. that would have told me that, hey, people are getting nervous about dollar assets, not just equities assets, but of course bond assets, and gold didn't perform that way. it was really confusing. now today after the unemployment number, the gold said, hey, you know what? everything we thought yesterday was right, and it's been confirmed that janet yellen and the fed will remain easier for what we thought was -- which would probably take us into late 2015, so the gold -- >> ira, thank you. have a great weekend. >> sue, thank you. ty, up to you. >> sue, thank you very much. on these jobs fridays, we like to send mary thompson out to find where the jobs are, and she goes to some very interesting places. today, augusta, georgia. what takes place in augusta every april? you know what, the masters. she's at a textron special vehicles plant in augusta.

mary? >> reporter: hey there, tyler, we're about ten minutes from the home of the masters golf tournament where for a couple decades they've been making easy-go golf carts as well as other light transportation vehicles, but about 11 years ago, they said we're not too good about maintaining the equipment in this factory. so they hired someone to take over. the payoff has been significant. here's plant manager carrie thompson. >> over the last five years we've laurgeed 45 new vehicles to market, and so by allows a.t.s. to focus on the maintenance of our equipment, we can focus on growing or brands and our business. >> not only does a.t.s. maintain and repair the equipment used to make these carts. it also basically maintains the building, means it takes care of the tracks on the floor, it takes care of the ceilings or

the fans on the ceiling, essentially dealing with all heating and cooling issues. the aim, of course, is to create an environment with few disruptions so it's operating at peak capacity. now, when a.t.s. sends their technicians into their clients' factory, they essentially become partners in the business, taking part in morning meetings, connecting to internal systems so they can respond quickly to any problems. it's a prabs that a.t.s. head of training is established before technicians even step foot on the factory floor. >> we understand outgoing equipment, incoming equipment, changes to the processes, and we tailor our training to make sure we are meetings the need they have. >> reporter: a.t.s. is retirihi new technicians here this years, but finding the skilled workers can be difficult. one thing that a.t.s. does to

ensure it has a constant flow of potential employees is keep an eye on you for any plants around the country that are closing down and they go in and hire some skilled workers that have been laid off. >> it's fascinating to be on a factory floor, one of the fun things we get to do. i love going to factories. >> reporter: it is. there's something about it. i think it's just actually seeing something made and seeing the care and the process that goes behind it when you see something put together. it really, as you say, is one of the benefits of this job. >> mary, thank you very much. eamon javers has breaking news. >> the white house is saying that president obama spoke with president putin of russia by phone today. they just put out a readout detailing some of the president's concerns here and some of what he told president putin. the readout, the russian version, that's given to the press and the public, the

russian says this was initiated by the american side. the american read outdoesn't make that point, but clearly some high-level conversations going on here. we'll see if it bears any fruit throughout the rest of the day. >> eamon javers, thank you very much. the story of the week. the dow's gains of the year gone after yesterday, but the s&p is still up 4% for 20 shall. these two usually move in tandem. we'll tell you about the stock that is explains the divergence. the sell-off continues. what's your trade today? join the conversation at cnbc.com/vote.

today the casino stocks are falling after the macau government said the revenues were down. chinese fans stayed home to watch the world cup matching. so they're all also down, sue.

we actually have a decent comeback. we're delayed here, but we'll take it. three chances to rally today, one at the open with the jobs report a little weaker, but not bad. the ism was strong, and we did rally, but we sort of drifted lower form the a lot of people are pointing to what's going on in the ukraine and russia. put germany up here. that will impact global growth. that's what i lot this morning. all of europe has been a mess for the last several weeks. the isda late in the morning formally ruling that argentina had defaulted. maybe that's also thrown into this mix right now. as for today, the sectors

decidedly defensive tone, you see what's on the bottom there, energy stocks. ivity noted with bron near new blows the energy sector is starting to fall back. no longer a leadership group it was several weeks ago. that's a subfactor in this whole market decline. >> bob, thank you very much. we'll see whether or not the cusp-day-old back continues. the stock moving to the down side, analysts say this is what you call a reset in valuation. on the flip seed expedia a strong beat on the bottom line. that stock moving higher. the weakness in old-cap tech.

they're moving to the down side. sue? >> seema thank you very much. do you buy, sell or hold? or sit tight right now? log on to cnbc.com/vote, and tell us what you're doing with your portfolio. if you could stand short-term dips, you shouldn't have equity. here is sam wardwell, with 253 billion inship assets. tell me overall whether you think yesterday was simply an overreaction or whether or not you think this plrkt is making a

turn. what i can tell you is as we look at the news flow, the gdp number, the income numbers, they don't show economic weakness. they show economic strength. so maybe investors are thinking the fed is behind the curve, but it's not because the economy is weak. i think really what happened is that maybe some investor got to a tipping point, but we did get news that changed everything in the markets. >> you say stick with your strategy, whatever as an individual investor that strategy is, you shouldn't deviate from it based on a one-day event. >> exactly. if you're a trader, you can be a trader, but if you're a buy and hold investor you should be a buy and hold investor. >> do you find value in the market? i mean, the big debate down here is whether or not we're fairly valued, slightly overvalued or whether there's, if we look at

it in isolation, it's not cheap, but if we look in the context of where bonds are, or where inflation is, either stocks are cheap or bonds are expensive. on a relative value basis, stocks still look like a very attractive alternative. so in our portfolios, generally speaking, we prefer to overweight equities, underweight bonds on a value basis. >> does the fed matter to you in the investment strategy? the debate is also whether or not mids yellen will start to, one, end the taper and start the tightening sooner rather than later. >> i think the fed is critically important, but i think you have to understand how yellen is thinking. what she understands is that with the fed's balance sheet being bloated, with interest rates near zero, if the economy goes into another recession, if it goes into deflation, that's very bad, because the fed has very few bullets in that situation. given how weak europe is and

japan is, that's not a risk she wants to take. she's perfectly willing to take the risk of temporary pain flation boom overshot, because she had a good set of tools to fight that. if you're commanding a submarine, you don't go under water when most of the lights on the christmas tree tell you most of the valves have been closed. she's going to wait until she's have sure. that means you could have an upside surprise, but it makes investors nervous. >> sam, thank you very much for your perspective. have a great weekend. >> thank you very much. let's lock in the viewer vote. 55% of you are buying stock. only 18% are selling stock. 8% buying bonds. 4% putting in protection through the options markets, and 15% of you are just sitting tight. interesting, ty. >> i'm in the sit tight crowd, i think. >> me too. >> i just sort of sit there and watch it all flow by. >> 209,000 jobs created back in

july in the unemployment rate at 6.2%, those are the statistics. what does it mean for the broader economic? we will discuss that next. we want to know what you're thinking, what you are observing in your area. what does the jobs picture look like? there are more jobs? fewer? ing stagnant for a while go to..yahoo.com and weigh in. we'll report. so there i was again, explaining my moderate to severe chronic plaque psoriasis to another new stylist. it was a total embarrassment. and not the kind of attention i wanted. so i had a serious talk with my dermatologist about my treatment options. this time, she prescribed humira-adalimumab. humira helps to clear the surface of my skin by actually working inside my body.

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a stuff day for solar stocks, weak outlook for the third quarter for sunpower. other solar stocks are down in sympathy. taking a look at those, first solar is down about 2.6%, solarcity down about 4%. and canadian solar down as well. let's run through some of in

harmie davidson recalling more than 3,300 fxdl difxdldyna, pot shutting the engine off while drying. balan bally technology soaring. tyler, up to you. >> sue, thank you. power rundown times. joans us is ceo. national urban league, and ron christie, former special assistant to president george w. bush. 209,000 jobs, 6.2%, ron, how good a number is this? is jobs growth slowing? this is six months in a row of over 200 grand. >> i think it's a mixed bag. i think the market was expecting another 21,000 jobs to have been

created last month, which it wasn't. i look at the workforce parts rate, which is still very, very high. a loy the people out of work, still looking for work, but i will say with six months of sustained growth, i think we're in the right direction, but we have a long, long way to go. >> mayor? >> i'm pleased with this report. it continues the consistency of job creation in excess of 200,000 a month the gains were broad-based. wages grew slightly. so overall, i think it's a good report. i also want to give credit, ty, because we have spent a lot of time calling out the congress to give them credit. because it one to some extent unnoticed that recently, within the last ten days, they passed by overwhelming majorities in both houses, a new workforce investment innovation act. that's a new broad job training

design for the country. so i'm going to give the congress some credit. >> rarely three cheers for congress, but there's may two or maybe one. you just raise the the questions of incomes moving up a bit. ron, yesterday the market was jolted with some data that indicated the employment cost index -- i guess it was actually wednesday in connection with the gdp report, was up 0.7 in the second quarter, faster rate in almost six years. i thought we wanted wages to go up, ron. >> we do want wage to go up. so i take that sort of a mixed bag as well, but also what we have seen going up can the consumer price index. that's ticked up a bit. a report that was just out yesterday, gasoline prices are still very expensive and on the rise, so i think americans want to see their wages grow, but they don't want to see going to the store or going to the gas pump to fill up the cars those prices increasing as well. there's so much we need to do to

make sure our economy is on a strong recovery. >> oil down a bit today, some gas prices have started to come down. mayor, this points out to me the disconnect between the real economy and the stock market sometimes. stock investors don't like it if wages go up. why? because it means higher business costs, but higher wages is good for the people who buy the stuff that businesses make. >> and the stock market has had a relatively good run. certainly it's always a little up and down, and that good run has not been matched by the livelihood of main street america. so overall, the way we should look at it is overall inflation is not beyond targets, not in an excessive range, and this may be an indication that the economy is in fact improving a tighter labor force, more competition for employers, for employees by employers is a good thing for the future of the american

economy. >> let's look at the yahoo finance question of the day. what does the job picture look like, as al roker would say, in your neck of the woods? 23% say less our fewer jobs are available. 44% say it's been stagnant for a while. the mayor just gave a shoutout to congress, but sharp divisions, ron christie, remain in the house which derailed basically a vote on the border bill between the house and the senate. the question is in this another sign of dysfunction. i pose it a different way. does the failure to solve the matter of border security, like the failure really to move forward on tax inversions, suggest that our system -- not congress, our system is unable to tackle the tough ones? >> no, i think our system designed by our founding fathers is an excellent one, and i think there are appropriate checks and balances. we've had so much historical

pieces of legislation moving through the house and senate signed by the president. you look 50 years later after the voting agents, the civil rights act of '64 in a tumultuous country at that point. i think there are issue that is can solve. i think we need to secure or border. i think we need to built a fence. we need to enforce our current laws. the dysfunction you have is we're getting into the silly season, frankly. of heading to a mid season election. i think they're starting to lose sight of what the american people sent them to washington to do, which is solve problems. >> i saw a wonderful play that's no longer on broadway, called "all the way." it was the story of the civil rights act. >> a great play. >> i'm glad you both saw it. >> sensational. >> it reminded me of a history we all lived, you know. >> i was a baby. >> you were a baby. you still are a baby. >> you're my baby. [ laughter ]

>> remember, ron, that that was a time when the democrats -- and it was -- the democratic party was fractured. it had the southern wing, dick russell and all those guys, but that was a time when the democrats controlled the house, they had strong majority in the house and senate, and they controlled the white house. we have divided government now. can we not get anything dodge unless a single party controls? >> well, you had a bipartisan coalition of democrats and republicans that passed the civil rights act and the voting rights act and the fair housing act. congress is dysfunctional. it isn't the system, but if i could just add one thing -- too much money, an obsession about the next election. >> about winning. >> and zero-sum gains around politics prevents reasonable men and women to find common ground on big issues that face the country. i think it's those that serve now have to look themselves in

the eyes. i think there's an intractability, and some people have drawn an unfair line in the sand, vis-a-vis the president also. >> we all agree that "all the way" was a great play. good to see you both. >> guys, we have a comeback on our hands, stocks well off the low, down only 42 points on the dow. but after yesterday's slide, what if you want to short this market? is now the time to do it? ron insana says yes. we'll show you the trades if you want to put on if you're betting short this market as well. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price, maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity.

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responsibilities to both good news and bad any, to me that represented a big of change in character. longer term i think it's a secular bull market. from a tactual perspective, i just wanted risk off the table and yesterday was a tell of whether a correction might be starting. it certainly felt like it to me. >> what strategy did you put in place? >> i because september 1850 puts on the s&p, even if the futures contract. basically i bought puts on the s&p 500, with the expectation by the expiration of september it will come down by more than we have now. that would be a profitable trade. i've been wrong before, i could be wrong here. i look more strategically at the market. this time more tactively, because it felt like a character change. the market didn't absorb the body blows the way it has in earlier cycles this year. so maybe it was more significant sell jot than we have seen thus

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the dow making a comeback, leading the way is procter and 2k3w578 able on better than expected earns. the dow is still now, but not out. sue, back to you. >> thanks, morgan. we're also watching the bond market, because the yield is back up at 2.5%. as morgan mentioned, there's the

dow, but the s&p 500 is also paring its losses, almost even on the day, the nasdaq is down only less than half a percent. so it would be an interesting afternoon. >> if uny how that happens after a big down morning, we are close to a level on the s&p 500, and the dow, as we pointed out really the outlier here. all the other markets are higher. "street signs" begins right now. have a great weekend, everybody. all right. two hours now until the close. could we see the markets beginning to turn around right now? we've got a lot of stuff going on out there, folks -- the fed, russia, argentina, all sendings shivers into the market, but is there something else also at work here? there's a big show today, folks. we'll hit that, full market coverage, and an important playbook for what to do in the months ah