dow jones industrial average and the s&p. art cashin saying they need to hold the 1967 mark but it's testing it right now. and the nasdaq composite off almost 2% on the trading session. ty, the yield on the 10-year 2.50%. >> bumpy end to the end of september. >> "street signs" begins now. well, here yesterday, gone today. stocks tumbling on growth turns around the globe. none of the dow 30 higher but what's different one day later? mandy, we have a chart to make you think differently about the sell enough. >> i'm sure it will. we are all over the accelerated market selloff. bertha, bob, rick is all in place. bertha, we start with you where the nasdaq is having the worst day since july. >> yeah. it's a big cap story. earlier in the week it was all

about the small caps that were leading the way lower. but today the small caps in line with the overall market and it's the nasdaq 100, the big cap that's really moving things lower and the reason for that, of course, is apple. apple responsible for about 20% of that decline. mark newton at grey womlf says ndx level is 4006. below that he would be very bearish. at this point he doesn't think technically it's that weak. apple, though, on the other hand right now trading right around the 50-day moving average. bear in mind apple has been a very strong performer. but since the continuing woes over the iphone 6 launch are weighing on the stocks it is taking a pullback here. bio tech and chip stocks are among the bigger movers here. among the biggest gainers and today hit hard as we see this pullback. they're leading among some of

the nasdaq laggards and down more on a bigger percentage point than apple. the small caps today in with the rest of the market and as i say for much of the year certainly for the quarter and for the month it's been a small caps that have led the rote. you wonder if people are starting to evaluate. >> we have breaking news on apple. let's get to jon fortt with it. jon? >> i had a conversation with apple about the iphone 6 plus bend issue. i'm going to look at the notes to run through some of this. apple saying their iphones are designed and manufactured to be both beautiful and sturdy. pointing out that they're machined from custom grade 6,000 series anodized aluminum and stainless steel and titanium inserts and say up to this point in first six days, nine customers complained to them

about iphone 6 plus bending and their belief up to this point is that under normal use such bends would be rare. now, want to point out there's a reviewer from "wired" magazine who had the bend problem with his 6 plus. he said he doesn't recall sitting on it. so this isn't necessarily just an isolated incident. we have got also to remember lines outside apple stoerls because customers haven't brought it to apple. a number of different reasons why that might be so it's still early. also, consumer reports is doing some testing on the iphone 6 and 6 plus, as well as other phones. android phones and will be out with their findings in a few days. but at this point, apple saying we have done rigorous testing and pressure point cycling, three-point bending, sit test, torsion tests and the phone passed all of those. one final thing, a lot of tests that i have seen on devices tend

to do quick movements over a series of time to represent just wear and tear over time to speed up the process. i asked apple, did you do a test of pressure, sustained pressure over a period of several minutes or several hours? apple has not gotten back to me on that because a couple of cases of people said they were sitting or put pressure on the phones for several hours and that's how they got bent and the story continues to develop, guys. >> thank you. just to reiterate the share price of apple down over 3% and brian is good for a lot of nasdaq 100 losses today. >> i wonder if they dropped them out of a second story window and complained. if your jeans are that tight. >> get into the cargoes. let's get back to the markets. the day's lows on the dow 260 points to the downside and very close to that right now. bob, feels like the perfect storm. not one big headline but maybe a whole pile of little headlines.

run us through the main influence. >> brian, i agree slowing growth concerns, particularly in china and europe and two things appear to be moving the market. right at the lows for the day here. richard fisher head of the dallas fed, a hawk, was very aggressive this morning in a statement made in rome saying the fed may raise interest rates by spring of 2015. we saw the markets move on that. we also saw him make a very specific comment about the high yield market saying he's beginning to see extreme risk in the markets implying it might be a bubble. no surprise here. high yield etfs to the downside. .6%. we have other issues out there. emerging markets get hit. you see the eem. in turkey and india. second biggest issue is there is reports out, they're not confirmed, that the russian government may be enacting laws

to seize foreign assets. not happened yet but the concern about that dropped the german, in fact, all of the european markets prior to the open. take a look at germany here. this is where the announcement is made roughly 8:45. here's our open here. you can see our open added to the concerns in europe. the reason we don't need this in europe is we have no growth. france is the same thing. in europe, this is the kind of conflict that could turn europe into negative growth and potentially even a recession. that's why this was taken very, very seriously. finally, all of the high beta etfs, solar, bio technology etfs. they move more than the average market with high volatility days. there's the semiconductor etf. they're moving more than the overall market. back to you. >> quite a list. thank you very much. let's get to rick santelli in chicago. a lot's been made, rick, about a diverging rate expectation and

the euro zone benchmark going to a 15-year high now. >> yeah. i'll tell you, there's a lot of questions and, of course, should janet yellen follow through on trading to end zero interest rate policy in 2015 how that plays out is anybody's guess. one thing we know is look at this intraday of 10s, many traders commented to me today they're surprised we haven't traded under 250 yet but i think i have a reason why. the stock market's been kevlar coated. it always comes back. i would say look in the last hour of trade, if interest rates slip under 250, the reason will be is that nobody's suspects that there's going to be a late-hour bounce in stocks. three-week low yields, should we close here, and also keep in mind that even though the auctions were messy, it didn't seem as though it was the type of messy that one would look for should a major financial calamity be ensuing.

>> rick, thank you very much. speaking of kevlar coated, i guess the iphone is not. stocks taking a big tumble. guys, take a look at this chart that we had made. i think we sent it to you earlier. the s&p 500 over two years, the 50-day moving average is highlighted and you can tell and listening on the radio, we have broken below the 50-day moving average at least six times in the past two years. each one being a buying opportunity later. so i ask you, steve, is the same thing going on here or is this time really different? >> well, i think it's quite frankly the same time. i don't see any reason to believe that interest rates are going to go up significantly any time soon and i think that the easy money has been the, you know, the impetus of the stock market and continues. corporate profitability continues to be good. we have needed a decline from a psychological perspective. one thing to look at that's

scary in my opinion is looking at vix futures trades, no one expects it to continue. about 2, 2.5 points of con tango and the v ix around 12 and now moved to 16, the futures are flat and in fact, the october future's back ward so the one thing that scares me a little bit is people expecting the indices to rebound and maybe we need a little more fear and foreboding out there a little further decline to get the psychology cleared out. >> tim, answer the same question. before you do, the futures price is below the current price. the opposite of a -- if that makes it clear, tim, what do you think? is this a buying opportunity like it has been at least six times in the last two years? >> you know, brian, i think it goes back further than that. how many european crisis have we had and expected interest rates to go up?

causing fears in the stock market. longer term, rather than a price chart there's valuation and something that's going to change either the earnings path we're on or the market sentiment and with the 10-year at a 250, we don't see it yet. unless we see major changes in interest rates or in earnings, i think this is just your garden variety pullback until we see something different. the other thing to note is, you know, when we go down 8% or 9% in a correction, boy, that feels like you're headed to 20 and the market does a good job of not making a correction feel like a correction until it's well in the rear-view mirror. it's never really easy to tell when you're in one. >> indeed it isn't. brian asked a pertinent question. when's different today than what we had yesterday? steve, apart from hawkish comments of fisher and apparently we have that. apart from maybe the chatter of russia seizing foreign assets, when's different today than what we have had in past days and

weeks? >> you know, the funny thing, nothing really. but the funny is this decline started around the considerable time debate around the fed meeting and there was a fear of interest rates going up. small caps got weak. small caps have been considerably weak for a while now. especially small cap dividend payers extremely weak and extended from the fed meeting and no longer about roits potentially going up but a contagion decline and money flowing into the bond market and out of riskier high yield, you see the russell 2000 really taking a hit so what made this? i think the russian, ukraine crisis is a real problem. i mean, winter's coming. europe's going to need to buy gas. this could be a new european crisis brewing here. one thing i see out there that i think is particularly negative. >> did you blame "game of thrones" for this?

wenter is coming or the derek jeter selloff? steve, sorry. >> more the russian/ukraine crisis than winter is coming but it is, quite frankly. >> yes, it is. yes. that is a statement. death, taxes and winter will always come. tim, is there anything in particular you see today that could have a little bit more longevity in terms of an overhang or a weight on the market in future days and weeks? >> what happens between russia and ukraine, a concern, a concern if europe continues to not come out of the market and we need another growth area in the than here and in asia. but, you know, the high yield numbers, you know, for a long time a lot of call it weaker companies feeding off of cheap money. and i guess i'd be more concerned about the effect of those -- of that, you know,

comment of the fed governor fisher if we saw interest rates going up instead of down today. it doesn't look like the cheap money's spigot shut off for the lower quality companies in the market and the low and mid cap stocks beneficiaries of that. >> okay. steve and tim, thank you very much for joining us. go watch an episode of "game of thrones" tonight. >> if that didn't make sense. all right. on deck, more on the markets. plus, a new report says that oil prices could fall as much as 30 bucks here versus overseas and if you think that sounds like good news, you might want to think again. and time for today's mystery chart. now this stock doubled in past two years even though it is down a little bit today. you can tweet us if you think you know what it is.

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let's take a look at what crude oil is up to. currently down by .6% at $92.23 for a barrel of crude and still down as we can see significantly over the past number of months. listen to this. the next guest says u.s. crude oil prices could fall $30 below international prices in coming decades if we don't step up the exports. bring in senior analyst of wood mckenzie. you know, the headline sounds scary and digging deeper is it not as many as concerning as we

think? >> yeah. i think the reason why we believe that the prices could drop up to 30 bucks is the significant upside that we see on the production. if you look at the current technologies, it is horizontal drilling and hydraulic fracturing. that's where it's on the shale and tight oil and it's been tinkering with these technologies and making them better for the last ten years. now, in the reservoir which the -- from which you're producing oil, you have the rock and you have the fluid. so until now he have been tinkering with the rock and operators are just starting to deal with -- tinkering the fluid. so, if all of those really rectify then we are seeing a very significant upside production potential. now, that number could be as high as 2 million to 3 million

barrels per day by 2030. since these technologies are lagging behind the horizontal drilling and fracking by about a decade, we believe that by around 2020 these will start to kick off and the big volumes start to come probably by the 2023 to 2025 time frame. >> okay. i totally understand the thesis behind it but just to try to explain my first question, not like it's $30 a barrel down below today in the 60s but might be $30 below international prices in coming decades. brent crude could be like $150 and then wti is $30 lower than that. right? >> that's correct. that's correct. and the reason why that happens is the u.s. gulf coast refinery complex is designed to take in medium to heavy -- sour crude and the light tight oil needs to

get discounted because it's nowhere to go for it to really be -- to really be pulled into the complex. so which makes that $30, basically a difference of the international prices, yes. >> so to follow up on mandy's question, do you believe that in ten years oil prices here will be lower than they are now or higher than they are now and much lower than the international price? because that's an important segue to the next guest. >> under the best case where we don't have the strong upside from enhanced oil recovery and so on, we believe that will be about $10 cheaper than international. $6 of which is because of the quality discount because it's -- the crude is much lighter here and about $4 is the

transportation part of it. >> all right. >> brent and wti will hover around the $10 range for a while. >> all right. thank you very much. do appreciate that. thank you. okay. so let's get now to the next guest here because where prices are in a few years matters to one group a lot and that's the oil and gas producers in the shale in north dakota because their cost of production is higher than nearly everybody else in america. let's bring in analyst paul grego. paul, okay. do you agree with what he just said? do you think that we're going to have that big of a spread difference between here and overseas? >> hi, good afternoon. i think there will be a spread continuing to go forward, especially as crude oil production growth in the united states increases and believe that there will be a separation between the brent pricing and wti pricing going forward and $10 to $15 differential going forward and don't get to a case of $30 at this point in time.

>> what does it mean for a number of various oil producers who need a certain level of oil price to be profitable? >> no, i think you are asking the right questions on is it differential or absolute price on crude oil and i think given where the current price is, it's a profitable play. and can continue to be that and done a great job, most mature and really done a great job of developing different legs to the stool and been able to go to the east coast, the west coast. the gulf coast w. those kind of different takeaway measures, it's been able to have a competitive advantage and may have one takeaway market at the end of the day. >> of the players up there, paul srks there one or two that stand out as the single best? >> we prefer to play whiting, wll. we rate it an outperform with $119. the company announced an ok acquisition of kodiak oil and gas and not reflecting that

multiple that it should. >> yeah. because some people, paul, sorry to jump in. i was up there recently. some people say they overpaid for kodiak. >> i don't believe that's the case. kodiak has for a long time been on the market and everyone was aware of the premium it traded at. the stock was able to -- whiting able to take the stock at actually a slight discount to the closing price on the day of the okacquisition and believe tt whiting with the great operations team is able to take the very high quality assets and take it to a new level of production growth. >> thank you for your ideas. thank you. next, a look at the move amid the selloff. what are the base and precious metals telling us? yeah. look at the red out there. we have your selloff playbook coming up and one guy thinks he knows why there's so many sellers today versus yesterday. there's a very interesting and unknown view and haven't heard it today. you will if you stick around. [ male announcer ] automotive innovation starts...

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well, gold is currently up by about five bucks. steadying off nine-month lows as the markets have been turning south. we saw a moment ago all 30 dow stocks in the red. let's get to jackie deangelis. >> hi, good afternoon to you, mandy. it's been a really interesting day here in terms of commodities. start with the metals because gold as you mentioned was down about 10 bucks earlier in the session and did manage to rebound as equities selling off. at the close, gold at 1221.90 up $2.40. this, of course, is bucking the trend of the stronger dollar. we have got that dollar index sitting at an 85 handle pushing the rest of the metals lower but gold sort of safe haven a little bit today although traders saying, look, in the past seeing selloffs to this extent usually gold would be substantially higher and not really confident in the action seeing there. the other thing to point out is move we saw in copper down 1%

earlier on in the session and down 6% in the last month alone and, of course, sometimes the markets look at copper as a precursor to what we see in the broader equity market. so there could be a little bit of a correlation there and of course the energy pits, things managed to reverse a bit into the close here. we did see brent prices lower and seeing them more steady at this point. guys, back over to you. >> thank you very much. on deck, why one little stock, not a name you think, may tell the entire story about the stock market right now and i trust, trust me, not a name that you probably ever thought about. >> another look at the dow. i mentioned all 30 dow stocks currently in the red. the one that's least down is mcdonald's. go mcdonald's. currently down by .8%.

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i'm looking at you phone company dsl. go to comcastbusiness.com/ checkyourspeed. if we can't offer faster speeds or save you money we'll give you $150. comcast business built for business. dow down 241. yesterday everybody saying it was fantastic. maybe derek jeter. could be rained out tonight, last home game. blame it on russia, blame it on the rain falling, falling. >> okay. let's do something we do every single day at this time. we'll go do the work for you. five analyst calls on stocks we

believe you need to know about today. first up, visteon. >> yeah. nothing's being helped today. almost everything is down. take everything with a grain of salt. but saying, listen, the car part industry is doing well. tail winds on visteon's business a good thing. also, you should get a benefit to the stock perhaps from other industry action. either way, boost the target on vc to 130 and see about 25% more upside in visteon. >> next up, merrill lynch resuming coverage on medtronic also down. >> they're bullish. okay? the target more bullish. 75 bucks, more than 15% upside to mdt and caught up with the controversy of inversions. people, by the way, angry that they're reinbursing top executives of $63 million of personal taxes. editorialize for a second.

if you're sick of all the negative headlines, getting rich anyway, don't get reimbursed for the money you owe on a deal to send taxes offshore. >> doesn't look good. bad optics. >> now i need a stint. >> boston properties up next. capital one securities more bullish. the same story. down by 1.17%. nothing can catch a break today. >> they can't. take the calls with a grain of salt. the boston properties up to over overweight. target boosted to 135. 17% upside stock. target 6 buck less 129 and still $15 on average above the current price. people bullish on boston properties which owns properties in boston. >> really? >> among other cities. >> not australia? >> they might. >> next up is heating and cooling company lennox with an upgrade and also not reacting positively again take it with a

grain of salt. >> upgrading lennox to a buy from a neutral. the target on lii is 93. the stock's at 78. you can do the math on that. >> today's under the radar name is former safeway company black hawk. >> yeah. this is going to be less under the radar because jim cramer, our own guy, the mad man, mentioned it last night. blackhawk networks with prepaid cards and spun off of safeway and he likes the growth rate versus the current valuation. 18 and a half times multiple and blackhawk networks, hawk up 7%. so, you know, jim making a dent there. all right. there is one stock that may embody the current stock market overall more than any other and not apple or google. it is not a name you probably know. it is beauty company coty makers of playboy performs and jeans. why coty? two smart analysts see wildly

different things of this company. one positive, one negative. like the entire stock market. bull and very bear case. let's bring in linda bolten riley and stephanie wysinc with coverage of an outperform rating. linda, first i'm going to start with you. why negative on coty? >> well, i've been following the stock since it came public last year and had a neutral rating and rising to where it is now in december and within a slight valuation difference relative to estee lauder, i had to go to a sell. the earnings estimates dropped 10% since reporting the last quarter. >> stephanie, i know you beg to differ. you believe that the outlook, fundamentals, everything, far superior to estee lauder? >> yeah. we see this as the lauder of ten years ago. actually quite a bit more profitable at this time. we like the mix, the geographic

expansion opportunity and doing things to help shareholder return to take costs out of the business. so net-net i think you have a better opportunity with this name than even an estee lauder. >> let me frame this up, stephanie. listen. you and linda both very smart people talking to the same executives, reading the same releases and same income statements and balance sheets. why do you think you're seeing such wildly different things on the same company? >> well, frankly, i think it comes down to risk tolerance and the market is going to risk adjust the revisions seeing out there today. but i also think investors in a time of uncertainty in the economic environment and the market environment are looking for good self help story where is there's trajectory of growth potential and why we think coty is a safe haven in the beauty segment. >> linda? so what would have to happen at coty for you to be more positive on this stock? >> well, i would have to see some resumption of top line

growth. they have promised, for example, here in fy-15 that growth still sluggish in the first half of the fiscal year and improve in the second half but that's a lot on the comps. they have a lot of new products here in the first half but in comparisons harder in the second half and still think second half is better. i don't see that. it's all on the comps. promises, promises. the company hasn't come through with growth since coming public last year. >> linda and stephanie, hey, thank you both very much. kept it civil. we appreciate that. just a reminder, i think now we can say that little old coty may now be the poster child for this stock market. >> well, it's the beauty company, right? should be the poster child. >> smell good. >> okay. still ahead, a good friend of the show with a really interesting take on why they're more sellers than buyers today you may not have heard anywhere else today. >> this is the final call to the mystery chart and some guesses

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welcome back. i'm phil lebeau. i have a news alert regarding gm's victim compensation fund for the ignition switch recall. they make offers to a number of victims deemed eligible claims by ken feinberg. we have learned that the first family to receive an offer for a settlement has decided it will accept that offer. i just talked with mar ji bescow, the mother of a 15-year-old and amy was killed in 2006 in a 2005 chevy cobalt in an accident in wisconsin. she has decided that she will be taking the settlement offer from general motors and not said what the offer was. i asked if it's fair? he said yes and no. no amount of money can bring amy

back but i'm ready to be done with this and talked with margie's attorney and he said to his knowledge this is the first settlement offer that has been accepted from the gm compensation fund. guys, that's a news alert on the gm victim compensation fund. back to you. >> thank you very much. the stock of gm currently at $33.03, down by about 1.8%. it is time to reveal today's mystery chart. it's doubled since may 2012 which was also a debut as a public company at 38. yep, facebook. trading lower today and earlier the stock hit an all-time high. upping the target price, get this, to $99 from $95 so already quite bullish and currently at $77.67. an upside they see there. >> people saying that facebook if it's not already may one day basically become the internet. >> that's right. >> you know? google is not indexing off it. you have two platforms

everything else and facebook. all right. as you know by now and if you're just tuning in, good morning guam, stocks are lower. the dow more than 240. let's bring in market reporters bertha, bob, and nothing to do with heritage and i find spectacular. >> very efficient. >> henceforth you are bob pisaelli and dominic chu. i'll go to richard santelli in chicago right now. we have a little bit of a move in 10-year yields, rick. are you surprised it's not a greater magnitude? >> i am. truly, looking at a xart of the s&p and dow, it's limb sim to the chart in 10s. we are bumping along the extremes. low yield of 250 and many traders on the floor say if we make a move back towards only down 200, look for yields moving up to 253.

but if we look at we're going to make a play for down 250 to 300, many traders think we'll see sub-250 yields and a sidebar, the variations whether it's 2s, 5s, 10s, flattening everywhere. what does that mean? the longer the maturity, the more it's pushing down the winner is 30-year bond. >> talking of numbers, how much of today is technicals, bob? first of all, the s&p breaking below the 50-day average of 1976. 1967 the next number to watch and in germany closely watching this, the dax breaking below the 200-day moving average s. this a technically driven move to start with? >> no. look. there are always people that act on technicals and confused by the fundamentals or the fed, that's a way to welcome at the market. i go back to the top of the hour and our conversation and i think brian's right. slowing growth concerns particularly in china and europe is the issue. today mr. fisher saying we may raise sooner rather than later

and said that before. i am more searched about the fact there are reports that the russian government may enact a law to seize foreign assets in russia. now, that's an escalation of the conflict an we don't need that in europe. they have reacted very quickly to that. my hope is putin is supposed -- president of russia, mr. putin, supposed to meet with european officials in milan very, very soon. i hope that there will be a little bit of de-escalation of that and calm down little bit. >> all right. let's go now to bertha chumbs. what are you watching? >> apple today, obviously, that's the big drag. if you look at apple year to date it added 120 points to the nasdaq 100s outperformance for the year in terms of point gain. today it's definitely the big drag. it is technically weak today. we often see this obviously with apple after you have a big launch. certainly when you have negative headlines.

but, you know, this is not a stock you count out and put them out for the count. a lot of folks wondering whether this issue with the bending is going to actually be something that's longer term. you know, we saw the problems with antennagate and hit the stock for a bit. but certainly did come back from that. >> you know, you're a very sunny person, aren't you, dom? always a happy face around the newsroom. >> i try to be. >> find the green arrows for us apart from gold. >> i was tasked to tell a positive story in this very down tape today and did find, it was a struggle, but about 15 or 20 stocks in the entire s&p 500 are either flat to positive so i expanded the search to the russell 1000 large cap companies and take a look at the stock that is are nowhere near the size of apple. don't have as much impact and see there on the green, deckers outdoor behind eggs up on the day. also taking a look at the other stocks moving alistening to the green side today. going to movies? the theater, the company and the

green today. also brocade communications on the upside. looking at one of the biggest gainers in the russell 1000 today, rayonier advanced materials. it's been on a down trend since it got spun off and a bit of a pop today after languishing over a few days. so four names in the green and overall, mandy, brian, the overall sense is this is a broad based selloff. every industry group to fine in the s&p to the downside but there are stock specific stories still making green arrows. >> that's why we have you. >> i want to poind out rick and bob it's peas piselli. >> delicious. >> give peas a chance. >> i like that. visualize world peas. thank you very much. bertha, this might be of interest to you and the viewers, not saying it bend it like applegate and referring to it and might not be a big deal.

but do you remember four years ago antennagate? >> yes. bertha mentioned that. >> last commercial break i quickly scratched together a chart. look at apple since antennagate. it came about and it was a big deal at the time. >> it really was. >> i'll point this out. all apple shares have done since that massive scandal is -- >> gone up? >> 170%. >> uh-huh. that kind of says it all, doesn't it? this, too, may possibly blow over. we have to wait and see and when a new product comes out, people expect a certain level of perfection from a certain very highly regarded brand like apple and when there's anything but perfection people tend to -- maybe overreact a little bit. >> i sent to a viewer, there's videos of breaking galaxy sh4.

i'm not defending apple but since the last scan dl and don't call it bendgate. right? bend it like apple. the bends. a radiohead reference. >> next model is bendy phones. >> terrible album. up next, your selloff playbook. we'll hear what they're doing with their money ahead. >> hopefully investing it. heading to break, another break at all ten s&p 500 sectors. red, red, red, red, red. it is not a good day. raining in new york. derek jeter, last home game supposed to be today, too. back after this.

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comcast business built for business. everybody seems to have a different reason for today's stock market selloff but folks, one really reason, more sellers than buyers or more buyers than sellers. why are people selling? john kozar, asbury research, joining us by phone and says today's sharp collapse might be the beginning. john, you sent me a chart that you had sent out to your clients about an hour ago so we couldn't get you in front of a remark i appreciate you joining us. it's a little complicated, but tell us what you think is behind the selloff technically. >> hi, brian. basically what happened is when we broke down into the middle of

the month, that was the support level on the s & p 500 about 1985. and what i noticed was in the spdrs, in between then and last night, which was eight days, we had an increase from 173 billion to 186 billion invested in the spdrs, or about a 7% expansion in those assets in just about eight days. that told me where the pressure point was and basically anything from 1978 up, that was going to be the lowest september 15th, that was the break everybody bought. this market has been trained to buy the break. so what happened is we got a break and everybody jumped on this thing with both feet. so when i saw the market this morning and i saw what was going on, i put a note out because i was afraid if we started to get back down to that 1980 level, we were going to be in trouble because we had almost $12 billion of assets with spdr and

we were going to be under water. >> basically, your thesis is this, all the buying pressure we've seen seems a little bit contradictory, the money going in spdr, s & p 500, etf, not familiar with the nickname, actually created selling pressure, people realized they were mispriced? >> no i just think that sometimes, it happens where the market gets a little too top heavy and you often see that at a peak where everybody's afraid they are gonna miss the move, so you get this rush of interest in and makes the market top heavy, which means that what would otherwise be seen as a normal move down 10 or 15 points in the s and p, all of a sudden, people start seeing that they are losing money, 'cause it's underneath the place that they bought. so, it doesn't happen very frequently, usually much more of an even asset swell, but in this case over the past eight days, we had a real rushing of the spdr and when those happened, it often is the starting point for

something like this. >> john, it was a pleasure, hey, thanks for jumping on the phone for us here, interesting view, john kozar, asbury research. >> michael, we were just talking about the technical side of the market here, bob pisani made a pertinent point a moment ago saying people look to the technicals, maybe more of an influence because sometimes the fundamentals are a little bit confusing right now. would you agree that the fundamentals are confusing right now? >> a little bit, mandy, yes, a little bit confusing, listen to what kenny polcari was telling viewers last week, he was right. the market got tired. the buyers have reached an exhaustion point, we have made successful new high after successful new high and here we are with marketing pulling back. well over 20% the past 12 months, up 7, 8% year-to-date. we are back. this could be the beginning of a more significant correction.

so hold all tickets, wasn't clear this couldn't evolve into more, particularly with this broad-based selloff. >> here is the thing -- >> you watch. >> forgotten what a correction looks like, when was the last time we had a correction? mag, is there anything, in terms of the ingredients that are lined up right now, that you think could warrant a correction from here on? >> i think the people are very afraid. we have got global issues that are scaring the heck out of people. we have got the u.n. meetings. we have got president obama talking about the steps that he wants to take, all of this creates fear in the mind of the investor. put on top of that china's pull back, take a look at what the fed has been saying about the gdp growth rates, 2014, oh, moved them down a bit. 2015, oh, move them down more and we listen every single day what could happen. apple took a hit today. i happen to like apple. you have got all of these

factors in there that are scaring people. >> when you're scared. >> when you're scared -- lots of reasons to step back, take a look at your portfolio. do you really have your own personal portfolio correlated the way that it should be? are you lopsided or perfect balance where you want to go? >> very quickly. michael, you expect a sharp move higher in gold if we see more of a selloff? >> yeah. >> why? gold has not been moving much on the selloff recently. >> has, i expect the flight to safety we would seeker the dollar's been getting a lot stronger, i think you could still see that sharp spike in gold. we have seen bond yields fall as a flight to safety again today. i think what mag said was absolutely right. look, we are seeing a little bit of fear today. this is not panic. this is not the beginning of a

real -- we aren't seeing real values or deep decline here. so keep your powder dry. reassess your strategy. but know that markets go down. i mean, this happens. this is what they do, which has been so long, we don't remember anymore. >> indeed. hear hear. i agree 100%. mag, michael, john as well. thank you. up next, setting you up for the final hour of trade. whenwork with equity experts who work with regional experts that's when expertise happens. mfs. because there is no expertise without collaboration. "hello. you can go ahead and "have a nice flight."re." ♪ music plays

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"closing bell" will have more on the markets coming up,

but the worst performance of the s & p, steel company, allegheny technologies. >> the best s & p right now is auto nation, up by .8, which doesn't say very much, does it? we have got a lot of road to climb. thanks for watching street since. everybody. >> closing ball, more on the selloff coming up right now. welcome to the "closing bell", i'm kelly evans here at the new york stock exchange. >> i'm bill griffeth. it is throwback thursday on wall street, back to levels we haven't seen in five weeks. you see what i'm doing there? >> i like that. >> okay. >> it is a difference a single day can make, a pretty good rally yesterday but we now have four consecutive days for the dow to have triple-digit moves, three of them down, one of them up. that's the heat map, as we call it, for the standard & poor's 500 index. all 500 compone