it must be a big day because "street signs" coming live from the new york stock exchange. the dow is down 250 points. you have investors dealing with a couple things, big economic reports, continued protests in hong kong and the first confirmed case of ebola in america with a possible second one, as well. >> this is the worst start to october in three years. with losses both the dow and s&p have wiped out their q 3 gains. there is hope because over the past 20 years the s&p has been negative in the fourth quarter only five times. let's go to talk more about y's slide. i know a lot of people are saying ebola is spooking the markets. there has to be more than that going on here.

>> what is interesting about this whole thing i was working the floor with the traders out here. they were saying the one thing they are looking for is whether or not a move in the markets towards changing momentum going to closing bell. right now the sense is that there is not. i talked to a bunch of guys telling me the orders they have to sell stock in the market far, far outpace the number of orders they have to pick spots to buy on the dip, if you will. the question becomes whether or not there is a deeper down turn that will happen. mark newton at gray wolf says this is a situation where we think the market may be buyable next week if we see stabilization. if we move towards 1900 in the s&p all bets are off. >> mark very smart guy, virginia tech graduate i should say but a technician. he is not looking at the fundamentals. he is looking at technical levels. >> here is what he was saying.

on the technical side he says we are not seeing a huge massive selloff because the largest of companies are still holding up relatively well to where the russell has been. we have been focusing on small cap stocks, the googles, apples, microsofts are holding up relatively well. unless you see a flush in those names you are not going to have a problem. on the fundamental side of things it is slowing growth, a lack of real inflation and you have geo political concerns and ebola. there are reasons why you want to be a little bit cautious on the market. two huge major catalysts. the ecb coming up tomorrow and then jobs on friday and then this situation here with ebola adds to the situation where things are maybe not as great as people want them to be but if we do see some kind of turn around towards the close that could change things. >> you know our mentor on

"street signs." we were just saying in the tease a moment ago at the end of the day we haven't seen anything that resembles correction in such a long time and we are 3% below all-time highs. maybe a bit of a setback on the market for those waiting to get in. >> and brian has done these numbers quite a bit. the average size of a pullback has been 4%. so as we come back towards these levels we are just about in line. we are about a percent or so away from where the average pullback has been over the past couple of years. if that doesn't give you an idea then maybe it should. right now some of the traders are not willing to step in to buy the market just right now. >> a lot of people view lower oil prices as a good thing. and they are. it's a tax rebate, a progressive tax rebate. you go to the gas tank, boom. however, if you track the markets and oil in the last few years they are not inversely

related, they are correlated so oil going up stocks go up. one does wonder if lower oil prices are not also hurting equities because there are so many oil companies now in many of the indexes. >> to be fair oil is a decent size of the s&p 500 but nowhere near the size of technology and financials. as those two sectors really start to show strength or weakness that helps set a huge tone for the rest of the market. right now today we know materials and industrials, the ones leved to the economy are leading to the down side right now. those are the ones you have to watch. when utilities are the best performing sector and the only positive by a wide margin that gives you the sense that this is flight to safety. >> see defensiveness going on. when you have low oil prices what is it saying about growth and demand, as well?

partly driving today's drive lower weaker than expected economic data from here. we have a number of data points this morning that weren't as good as expected. what are they telling us? what picture do they show? >> it was really a mixed picture with perennially troubled real estate and construction markets that was worse than expectations. job growth and manufacturing not too bad. we go to q 3 gdp tracking number at 2.3%. all of that from the construction numbers with a range of 3 to 3.5. we have guys like deutsche bank at the top. barclays at 3%. what was the data? adp coming in 213 versus 209. construction spending down 0.8%. ism is down but that was still a

pretty healthy number. there was some concern that maybe the markets got this wrong even though it was below expectations. steven stanley saying there is no way to look at this report as anything but robust in an absolute sense. although below expectations this is not a weak report or mediocre one. adp 213 as we said. we are on a pace for 200,000 what we are looking for for the friday number. it would be wrong to say the market didn't react to some of the weak overseas data. when i look at the concerns on the market i think it is not so much the u.s. which is still on a 3% trek for the third quarter but what is happening in europe and china and asia right now along with ebola are affecting u.s. stocks here. >> when i see a german bond market below 1% for the first

time ever i know a few things the printing press is probably going to kick in but what they are saying is that europe is sick. it is sick economically. >> it tells you there is a risk off trade that people are not willing to take on the risk of equities here because so many are piling into bonds. and that's also true in the united states. if you look at what is happening a bit of a bid on gold today and you see the ten year treasury down, as well. those are not concerns about higher interest rates but weak growth and low inflation. >> thank you very much. do appreciate it. so in case you haven't gathered it so much has happened in the markets here. although october has a nasty reputation it has been the month with biggest single day drops. >> that is absolutely right. >> it is overall under deserved. in the past 86 octobers since

1928, 50 times october has been an up month. not bad. let's figure this all out. they run about $320 billion. >> thank you for coming on. >> nice to be here. >> let's add stability to the markets. we are having a bad day, a bad couple days. in july of 2011 to october of 2011 we lost 19% on the dow. remember those days? how severe is this? >> this is nothing like as severe. >> all big drops have to start with a small one. >> what many comment ateers are under estimating is how strong the u.s. private sector is. you have cheaper energy. you have a housing market that is growing. you have innovation and productivity. the u.s. has got the most secure growth story in the world. so within the u.s. market focus on domestic earnings.

>> are you buying this setback as small as it is? >> that means when the market goes down you have to buy a bit. smaller mid caps, buying things like manufacturing and consumer stocks. not so keen long term on big financials because regulation will make it tough for them. next year you are going to see a flattening of the yield curve and that is not good for banks. there are areas to be wary of. material stocks. the problem there isn't really a deficient demand but oversupply. too much reduction of commodities. >> what is going on today in your mind? what is the main driver? >> the main driver is really to be concerned about the fact that the u.s. is still looking pretty good. the situation around the world is not so strong. you have europe on the verge of recession, japan dependent on

the yen. the slow down in the emerging world. how long can u.s. continue robust growth? >> at what point will it start to touch us? >> the u.s. is big enough and strong enough that it is probably a couple of years out. i believe the u.s. is a very safe place to invest. global investors will be more looking here. that is why treasury yields have gone down today. >> first i feel like an american commentator on a british television show. >> i'm sorry. i don't think i'm british and he is scottish. >> he is british and you are sort of under the queen still. if this gets you in trouble don't answer it. is there a wee part of you that likes down days? >> absolutely.

there is opportunity. if it was easy they wouldn't need us. that is a great constellation if you are in business. >> emerging markets, at what point do you say they are screaming by? in brazil as it looks like might win again i think it is hurting the etf for the last four weeks. at what point do we say emerging markets have had their pain? >> i think the right time to say that will be when they stop slowing down. that is kind of hard to say but probably sometime next year because a strong dollar, the prospect of the funds rate going up are killing the carry trade which is a lot of funding which kept emerging markets strong. if that continues i think you will continue to see a pretty negative background short term for emerging markets. >> do you mind if i jump in? it has been a great run.

king dollar is riding high. when do we know that will start turning? >> most of -- there is a lot of talk of strong dollar hurting u.s. business. i think that is overdone for the time being. a lot of what we do in america is not really very price sensitive. people still want airplanes. they still want technology and entertainment content even at the higher dollar. i do think it is a while before it chokes it off. there are a lot of risks in the market that need watching. none of them make me bearish of the u.s. yet. >> i want to follow up about emerging markets. especially latin american markets have been red hot. one of my four predictions for the year was that mexico would be really longer term idea, a better investment than the united states. the mexican better than dow. up 10%. are you an investor in mexico right now? do you love it?

do you hate it? do you not care? >> we are pretty significant investors in mexico. we have a pension business investing for mexicans. >> i did not know this fact. >> we are pretty fully committed to the mexican market. relative to other countries it has strong economic links to the u.s. are one of the most positive things. the rest of latin america is a bit too much of a commodity orientation for me to be bullish yet. we need to watch brazilian election. i am not one of those who thinks it is a foregone conclusion that he will win. i think this is quite poised especially since there is a month between first and second rounds. >> leads probably 90% of audience to say who is that? >> they won't say who is jim mccaulken. you are right here. >> let's get a quick market

flash. >> here is a quick check on the weakest sector out there. materials is down nearly 2.5% in trade. names like net app, citrix and facebook crashing down under 3%. the other big headline has nothing to do with stocks. it is the first diagnosed case of ebola in america. we will take you to dallas where the patient is currently being treated. we are speaking with one investor who made big bet on an ebola drug. we are keeping an eye on selloff. the worst start for october since 2011. the first day of october tends to be negative with the market falling six of the last ten years. you can see all 30 dow stocks are in the red right now. tag: sooner or later, everyone needs a helping hand,

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for now they are planning to close up shop by the end of 2015. >> thank you for bringing that first two things. our best to ralph whitworth and his family. do you believe given the size of the fund it could be in some ways contributing to today's selling? if they are winding down they could be in the market. >> it is certainly possible. they manage $6 billion. it is a lot of assets under management. i think part of the reason they said they are going to set a 15 month timer on it is probably to take their time on winding positions so as to avoid taking losses for the fund or disrupting the market. rumors of this just came around within the last hour or so. while they could be a contributor i doubt they are a key cause. >> could be the psychology. i saw that going around but we didn't go on air with it until confirmed. >> the big news broke late yesterday afternoon the first confirmed case of ebola detected

inside the u.s. the first incidents of the virus to incubait here. let's get to dallas where the patient is being treated. >> reporter: that's right. a press conference just now where governor rick perry attended. hospital officials telling us the patient is in serious but stable condition. he is being provided care in isolation here at the hospital behind me and monitoring all contacts which we are told included several school aged children. they are making sure the kids are safe and being monitored for signs and symptoms. right now governor perry making an appearance saying city, state and federal resources being deployed in order to contain this infection. >> and we got great local partners and everyone has their marching orders and understand the importance of that good

collaboration. >> reporter: health officials have been emphasizing since yesterday that the disease cannot spread unless it is symptomatic. the patient was not showing signs of fever when he was on the flight. it was four to five days after he returned that he started to show symptoms of the disease. they are emphasizing that they are not concerned about the disease spreading on the flight saying they are confident they are contain the infection. >> thank you very much. all of these companies that you see here are currently working on treatments for ebola. medical doctor is also an analyst at a health care focused hedgefant and joins us now. thank you for joining us. which of the companies we showed is the closest to finding a real cure or stop to ebola? >> on the treatment side of things we think techmira is the

closest. now that they have been in five to six patients it has moved from a theory to a reality. now we know the drug is safe. we know they could potentially make money off of this. >> tekmira just took off. do you think it is too late to invest in the stock? >> they have a lot of positive news from this last half of the year. part of it is going to be ebola. after they get this drug into trials they will be able to potentially monetize this as early as first quarter of next year. they may be able to use data for fda approval. beyond that they have data which this is an hpv asset. they have oncology platform. >> the only concern that despite being optimistic about being

this treatment is the number one most traded stock out there on many message boards up 240% year to date. up 20 plus percent today. they can't produce the drug or sell the drug? >> they can. we have learned a lot in the last couple of weeks between patients and management being on the road telling us that they have the ability to produce this drug in scale. so on that front i think it is still tekmira. >> what are their chances of having something in the market? how fast can they produce something that is viable? >> i think you have new link on the vaccine side. just in third would be j&j. bio c rrk yst they state they are not eligible to be used

until they have human data, animal data. that kind of takes them out of the running. i think a lot of this is hype from promotional companies. >> out of those tekmira is only one. >> a real pleasure. thank you for your insight today. we are keeping an eye on the big selloff but we need to talk about housing. where are the most over and under valued markets in america? is it your town? >> i recently came back from the most under valued town. we are swimming with the sharks, at least one shark. robert herjavec will join us live to talk about the selloff and where he is putting his money and the economy when "street signs" returns. make sure you stay with us.

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welcome back to "street signs." we have additional breaking news this time on the world of bond funds. the double line fund major competitor of pimco said inflows for the month of september doubled relative to august and saw $1.65 billion in september, the very month in which long-time head of pimco investment strategy bill gross had left the firm abuptly for janus. an addition at janus and net inflows are now over 5 billion so a really good day here for jeff gunlock. it appears he is the beneficiary of uncertainty around the gross move. >> not the only one. thank you very much for that. no one can say the entire american housing market is too

expensive or too cheap because can't say the whole country is this or that. everything is local. what we can do is dig into the markets and find the most under valued and overvalued metro areas exactly what the bubble watch report does. let's bring in the guy that does that. chief economist. which one do you want? the most under valued? >> for once i am going to be the bad guy. you take over and i take under. >> let's go with good news. what is the good news in this report? >> the most overvalued markets in the u.s. right now are in california and texas. remember that even though some of the markets are overvalued by 10% or more. we are nowhere near where we were last decade when the market looked more than 30% overvalued nationally. >> nowhere near it are we likely

to get near it? >> we found yesterday that home prices are still increasing but at a much slower rate so it means the pendulum is swinging more towards higher prices but more slowly. prices are slowing down before we are back into bubble territory. that is a good thing. >> let's find good news. to me good news means i can get something that is cheap and likely to be worth more down the road. give us the under valued markets. where do homes look inexpensive? >> the most under valued homes are in two parts of the country, midwest, places like dayton and cleveland and detroit and parts of new england like new haven. we are seeing markets that both have had longer term economic challenges even though they are seeing price rebounds as well as markets where prices aren't much

where prices look 10% or more under valued compared to what is normal for that local market. >> tomorrow is a big day -- not tomorrow. later on this week is the big jobs report. i understand that you believe that the virtuous cycle between housing and jobs recovery is broken. why do you say it is broken? >> even though it looks like prices are getting back to normal in much of the country the link between housing and jobs is broken. construction is still far below normal levels and young adults aren't back at work. they are really important for the housing market because that young adult group, those are the people deciding whether to move out of their parents' homes and become renters or home buyers. both of those numbers are been bad shape right now. i also can't wait. i keep hoping it is tomorrow and not friday. >> here i was hoping it was maybe thursday. no such luck. it is still only wednesday.

we can always hope time speeds up. time flies when you are having fun. >> we know the market has not moved on any of the monthly payroll data days in two years. >> i don't know how much of a link there is between adp and payrolls. >> adp has become more important than the bls numbers. thank you. speaking of housing. be sure to watch "mad money" tonight because jim cramer is speaking with zillow ceo spencer rascoff. a big story on crude oil. >> we are watching a reversal here. the last trade it looks like we are going to settle at the lowest we have settled since april 23. we had a strong morning because we had a bit of a bounceback this morning and also got pretty good numbers out of eia, the inventory showed it bigger than expected and a supplies decline

of 1.4 million barrels. overall that carried through the energy sector and was holding up. about a half hour ago energy was holding up despite the strong dollar today but now given back right along with the rest of the market except for gasoline having a bit of a snap back today with a much bigger draw than expected. we are getting a real tail wind from this price decline on gasoline at $3.33 nationally on average. that is about a $13 billion tax cut if you look at it that way. >> thank you for that. you were saying the other day like $2.97 a gallon. >> i paid it. >> i drank it. i filled up like 60 gallons and put it on my roof. >> i see how heavy your pockets are. >> don't horde. >> spending good. keep the economy going. we are keeping an eye on the

selloff right now. dow currently down by 228 points down by 1.3%. >> we are about ready to speak with a couple of the best market minds. "street signs" returns to give you a guide post to a terrible start to october unless you are short in which case congratulations. we're back after this. st cold s runny nose. i better take something. dayquill cold and flu doesn't treat your runny nose. seriously? alka-seltzer plus cold and cough fights your worst cold symptoms plus your runny nose. oh, what a relief it is. sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.

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we are red across the board here. one more day like we have seen today and we pretty much wiped out all the gains for the year at least for the dow jones industrial average. the vix around 17. volatility is certainly picking up. the anxiety is clearly picking up out there in the market. i think volatility has jumped about 40% in three years sitting up by about 4.5%. >> back in february -- most stocks are down. one big group of stocks are up are power companies. high dividends, slow growth, low risk. duke, southern company, they are all up going off the top of my head.

northeast utilities all up today. another company oddly is general motors. gm stock is one of the few non-energy related names up today. just wanted to point it out. ford has had woes but gm doing well. from hot to not. the etf tracking the bio tech hitting all-time high last week down today. a hot sector this year. all the concerns about ebola aside many names have done great until lately. we have eric schmidt joining us. we have jonathan crimsky. bio techs tend to be technically driven often. how do charts on ibb look? >> high momentum trade. we see well defined long term uptrend channel really for the past couple of years. if you are a long term investor you ride this channel a bit

steep for our liking. until it breaks that 2.40 level you are probably okay. if you look at the daily chart you see well defined uptrend. we had the pullback in march to may of this year. now it tried to break out this week and this really concerns us. tried to break out above the march highs and failed creating the false breakout. they say from false breakouts come fast movers in the opposite direction. we look for a pullback back to around 250. we would be sellers of ibb right here. >> fundamentally speaking looking at a little further term is there reason to be excited about bio tech stocks? >> fundamentally we are bullish on the sector. we have tremendous pricing power. we have companies that independent economy are growing 20% plus per year. no surprise the ibb is up about

20% year to date. i think you can expect the same in the next months. >> i will add we are in october. historically october is worst month averaging about 1.7% decline. if you are looking to get in we would like to say at least wait until this month. >> maybe a little bit of season ality. >> just one fundamental aspect to keep in mind we have q 3 earnings coming up. last quarter 6 out of 6 of largest companies beat and we look for the same in the third and fourth week of the month. >> gentlemen, thank you very much. we can check out the online edition of "talking numbers" in partnership with yahoo finance and hosted by our good friend right here. >> who? >> he is over there in the corner. i will introduce him later. >> just walked by. small caps once again taking a beating today pretty much like everything else.

let's head to courtney reagan looking at the russell 2000. >> both the russell 2000 and stocks at the nasdaq are among weakest equities we are seeing. it has been a rough summer particularly after july. we are in correction territory falling below 10%. the high level that was hit on july 1 falling below the 12-13 level. investors cutting back on risk. i know you talked about utilities being the standout and all other sectors are lower including information technology, bio tech hitting on that earlier in the segment. here at the nasdaq we are seeing almost every name of the nasdaq 100 trading lower. we only have three stocks trading higher. and you were saying earlier in the show that if the dow has another big loss day like today you erase the losses for the year.

nasdaq 100 has a way to go before that would happen for it. nasdaq actually still up about 10% for the year. a number of names that are lower today are those bio tech names. yes there are some that are higher because of the hopes of the ebola vaccineuations. we are seeing moderate to heavy volume on studies and data that is yet to be released in the fourth quarter. a lot of pressure from whether it is a risk or bio tech names. it is a rough day for small cap stocks as well as technology stocks. back to you. >> thank you very much. on deck again bad day today if you own stocks. we will find out what is on the minds of investors both good and bad ideas. >> and we don't want bad investors on our show. another look at the big board currently down by 1.3% on the dow jones industrials sitting at

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a dow a little off the lows. still 218 points. 16824. the nasdaq and s&p 500 are also lower. let's get reaction of what is happening on the floor of the new york stock exchange. art casion, what is in the stew causing the selloff? >> you have had the ebola which has been picked up and everybody turned it into saars. the airline stocks are down. theme parks are down. everybody is hitting on that. you had some weaker than expected data. you had weakness in europe and several technical levels in the stock exchange, dow and s&p

break over and over again. you had cascading avalanching built in. >> fear is a terrible thing. fear and uncertainty. the biggest thing when it comes to ebola is not the disease but the fact that people will stop taking planes and theme parks and avoid places where they might be in congregations. how much is it important for us to watch these technical levels? we watch the technicals where we are confused by the fundamentals. >> i think you always need to look at the technicals. so many people are trading off of them that i think that is one of the main reasons you need to. as art pointed to we have gone through a couple of levels in the dow and s&p. every time in the past we broke levels we quickly recovered. that hasn't been the case in the last week or so. i think that is spreading a little bit more nervousness throughout the market place. >> what is next? the big thing on your radar now?

>> one of the things holding people back from buying the dip you have the ecb tomorrow. what will he say? great expectation that he is going to find a way to do qe. i doubt that strongly. i think there will be disappointment there and non-farm payroll on friday. we had a level in the s&p of 1853. that was the exponential moving average. >> a very wise man once said a small stepback was a big stepback. that was you. this small setback that we had, what is the chance of it becoming a big setback like 10% correction? >> if you ask most traders if they were expecting a correction they would have said yes and

sometime probably in the next couple of months. i would say right now the likelihood that we hit that probably a little greater than 50% at this point. i'm not saying it will happen today or tomorrow but this market feels like it is running out of steam a bit and would not be surprising with the confluence of events taking place that the market could drop a little farther. >> it will sound weird but do you find solace in the fact that for the first time in a long time bad news appears to be bad news rather than bad news be good news because it puts the fed into play. >> the bad news is good news story is a financial news story. and this is not necessarily directly financial news. ebola is not going to move the fed. >> not yet. it depends on what it becomes. >> if it becomes a major event then they are stuck between a rock and hard place. >> one person. >> reports of a possible second

being monitored. >> one person and the cdc saying we are going to contain it. >> if they come back and start a new qe what will be their credibility at that point? >> right. >> okay. thank you, gentlemen. thank you very much. >> you're welcome. >> augs, we are about to enter shark infested waters. not the stock market but "shark tank's" robert herjavec to talk about the selloff, the economy, where he's investing, opportunities, guys, opportunities, the upside when we return. one day, machines will be sprayed to be made.

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the ultimate arena for business. hour after hour of diving deep, touching base, and putting ducks in rows. the only problem with conference calls: eventually they have to end. unless you have the comcast business voiceedge mobile app. it lets you switch seamlessly from your desk phone to your mobile with no interruptions. i've never felt so alive. get the future of phone and the phones are free. comcast business. built for business. welcome back to "street signs." i'm phil lebeau with breaking news. all the results are in. the sales pace for september, 16.43 million vehicles, increase

of just over 9% compared with september of laes year and, brian and mandy, we should point out that's 16.43, roughly in line with what wall street was expecting for the month. back to you. >> all right. phil, thank you very much. not bad. head of cnbc's "shark tank" mini marathon tonight, we have a shark on set. joining us is robert herjavec. and before your thoughts, two things. goat lawn mowing and bikini waxing, what do they have in common? watch yourself. >> if you watch the show tonight, we have somebody that comes on with goats to clear your lawn. >> i think it's a brilliant idea. why not? natural eaters. if you want your lawn mowed or like your trash cleaned up, goats do it all. >> you don't need a dog. play with the goat and the lawn mower. the bikini wax?

>> the painless bikini waxing? >> doesn't happen. no such thing as painless. >> with the goats -- not sure where you were going with that. >> no. you have crazy stuff on tonight. trying to promote the show tonight. that's what i get. >> one time somebody came up with a golf pole to pee into. the pp pole. anyway. >> before the producers say we're not talking about the market, what's your read on everything, ebola, the selloff today, your best wisdom? >> it is interesting. i was in london yesterday and there's a real sense of fear in london with what's happening in hong kong and it's the uncertainty. i mean, i think we sometimes forget that hong kong is owned bay communist country. we like to forget that until push back against the government. >> it's easy to forget when you're there. >> of course. but now, the government pushes back. and i think you add ebola fears on that. a friend said he went home last night and his child asked him,

daddy, are we threatened by 0 bah la? is this coming to america? uncertainty creates a lot of fear and seeing it in the market. >> i agree with that, robert. i'll -- i'm not discounting anything but show me a time in four or five years we have not been under threat of something, maybe not ebola but at war, bombings. financial crisis. >> always something. >> countries default on debt. >> i hear you. >> all these things. >> what's happening is numbers last week in europe showing stagnant growth. >> europe is sick. i said that at the top of the show. >> uncertainty and stagnant growth is a problem. >> bah da thdata breaches, all . you name it. your area of opportunity, right? >> tremendous growth in our industry so sometimes i feel like an undertaker. i'm benefiting of people's malay. one of the most dangerous times

to be online. >> what are the best stocks in that area? >> you have companies like rsa part of emc doing tremendous numbers. fire eye, i mean, the numbers are down but their growth is spectacular. palo alto. people are consolidating technologies and seeing a lot of growth in this. >> robert, we look forward to tonight and the goats and all the other stuff that we mentioned. not the pp pole, though. i hope nobody invested in that. >> invest in the goats, brian. put all of your money in goat farming. make a fortune. >> and you can -- if it turns, you can eat them. >> they're great friends. >> they make great cheese. thank you. >> it all starts tonight. thanks, a lot, robert. tune in 8:00 p.m. tonight. you're hopping off for the 3:00 show. >> i need to hop off. absolutely. thanks a lot, everybody. see you on "closing bell." don't change the channel.

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