friday 13th spooking investors as the global stock sell off intensifies. oil and copper sitting around six year lows as the federal reserve policy makers line-up behind the december rate hike. >> it's not as if it will be tight. it is still providing quite a bit of support to the economy. >> static on the line. sis coe lowers it's second

quarter guidance on china concer concerns. >> nordstrom shares lose a fifth of their value with the u.s. retailer cutting guidance after earnings missed expectations. >> markets not lending themselves to an ipo for loandepot as the california firm holds it's plans to price it's listing. >> it is gdp day here in the euro zone. i'm looking at 0.3% on the quarter. that's a touch below the forecast which was 0.4% on the year on year figure. we're bang in line with expectations, 1.6%. now the euro zone economy grew at a 1.2% analyzed pace in the third quarter. it's still 0.5% smaller than it

was at its first quarter of 2008 peak. so a little bit of a slow down compared to what we're expecting and let's have a quick look at the euro dollar. 107.57 is what we're currently seeing for the euro dollar pair so overall the dollar has actually lost it a little bit against the euro this week despite the fact that we're expecting a december rate hike by the fed. euro dollar, 107.59 off by .5%. quick look at u.s. futures after the big losses in yesterday's trading session. we're looking a little more mixed this morning. s&p 500 seen off by 0.6 points. dow jones up by 22. recooping some of the losses and the nasdaq seen up by three. how are the european markets looking? >> we're still lower here in europe. glances at the u.s. markets we're off by 1.5% on our u.s. closes in yesterday's session a lot of people now reconsidering

whether or not we should stay in equities or whether we should take a little bit of risk off the table if the fed is going to be starting to hike rates come december. so that's what we're seeing with the u.s. looking at the european equities we're seeing a slightly mixed story at the moment. a little bit more negative here around half an hour or so. the cac hanging on to red with the ftse while the dax has gone positive and the ftse mib seeing green as well. we have been talking about the move in commodities this week and the price of oil has been volatile. moving ever lower. wti crude and brent seeing green but wti close to $40 per barrel now. 41 in a bit. almost 42. brent a little bit higher and copper, i was talking about copper at the beginning of the show and why it's so important. it's a real gauge for economic health often because of the use in the industrial industry. we're in the region of 6 or 6.5 year lows on copper. so just be aware of that.

now it's friday 13th. sri rejoins us once again from singapore. are you suspicious? are you afraid to walk under ladders and pick up black cats and things like that? >> i laugh in the face of superstition lou and walk under ladders. that's throwing caution to the wind. fairly grim out here in asia. we're getting the sinking feeling as we round off the week and it's largely down to what has been happening at the cyclical end in the commodity market you were referencing the price of oil and as a result of weaker energy prices we have seen the energy stocks getting hit hard and the hang seng is the week underperformer off by 2.2%. elsewhere the aussie market got hit squarely because the index

heavyweights are resources, companies and broadly i think what the price action is telling you in equities and the currency markets out here is that we are still very very sensitive to a higher rates environment if we do see a december rate hike. that is what is generating a lot of the edginess as we round out the week. >> you might laugh in the face of friday 13th but listen to this, this apparently being one of britain's most unlucky individuals. on friday 1st his car ran out of petroil and hitched a lift with a policeman that's car broke down at the garage. he returned to his car but lost a wheel. he then returned home on a bus that broke down and completing his journey on foot he realized he left the keys in the car so he had to go back to the car to pick it up. >> but he probably won the lottery. he probably won the lottery next week, didn't he? >> he had his car stolen once

five times in one day. he once made 16 trips to casualty in two years. saw 8 tv -- he saw 8 tv's explode in six months and lost $4,000 lottery win ticket. so this guy was super unlucky. >> buy that man a cup of tea and a slice of cake. he'll be fine. >> good. no nonsense. nothing is getting to him. we'll see if we can get something to him later. thank you very much. >> let's hope some investors are luckier this week. at least betting on the fed. fed vice chairman stanley fisher says the strong dollar is restraining inflation and u.s. exports delayed the central bank's first rate hike but he says the u.s. economy is riding it out fairly well and it may be appropriate to begin raising rates in december. >> well, william dudley also

suggesting the u.s. economy can handle a rate hike next month. take a listen. >> it's possible that the conditions the committee has established could soon be satisfied. in particular, i'll be evaluating the incoming information to see if it confirms my expectation that growth will be sufficient to further tighten the u.s. labor market. after lift off commences i expect the pace of tightening will be quite gradual. >> well, joining us live from chicago is lindsey, the chief economist at stifle mixed income. what did you make of the fed speak yesterday? did we learn anything? >> unfortunately it's the sail message we have been hearing for quite sometime. fed officials are still very optimistic that conditions will warrant a rate increase by the end of the year but remember that's based on an expectation. actual monetary policy will not be based on expectations but will reflect what we're seeing in the evolution of the data and

the data still suggest ace very modest pace of hiring and virtually nonkpis tant inflation in the u.s. and we coming down to the end of the year. we have just a few weeks left and it's unlikely that any one data point will be able to convince committee members that the u.s. economy is on a different path than it has been for the past several years. >> and wage inflation isn't convincing you either, that there is some wage inflation and that along side with a couple of nonfarm payroll prints that have been better than expected, isn't that what the fed is focussing on at the moment? >> certainly the market is focussing on the october employment report. a nice headline increase. over 270,000. we did see a nice monthly increase in wage pressures. .4%. just about a .5% point but that trend will need to be confirmed by several additional data points going forward. remember that october employment report follows back to back months of extreme weakness in

august and september. so we're looking at a three month average in terms of top line hiring. still well below 200,000 with an average hourly earnings pace on a annual basis right around 2.5%. we saw this at the start of the year. wages increased .6 and then fell back down to the 2% pace the following month. so committee members i would hope are going to wait, sit on the sideline and be prudent if you will. they'll wait for additional months of confirmation that the labor market and u.s. economy is on the mend before justifying the lift off. >> they might be watching what's happening in the oil markets. everyone watching the big move to the downside yesterday. we saw the big drop for wti. we're at the 41 handle. dangerously close to the 30 handle. lindsey, what if we see a lower drop below the 30 handle. can the fed actually defend it's call to hike in december? because that puts a lot more pressure on inflation?

>> it does and looking at oil prices and copper prices and overall import index there's no pricing pressure coming down so committee members talking about the expectation of a near term reversal of inflation there's no evidence to support that expectation at this point. so further downward pressure in prices, be that from energy or other commodities is going to make the fed's job that much more difficult. certainly much more difficult to justify a rate increase come december. >> another complicating factor is the strength of the u.s. dollar. we had a lot of people on the show that said that you know what maybe the fed isn't going to hike if the dollar continues to strengthen because that in itself is the a tightening mechanism. what do you think? >> well, certainly in the long run we want a strong, viable green back but in the short run when we're still talking about an economy eking out 2% gdp a rapidly rising dollar certainly puts downward pressure on a

struggling economy. undermining momentum, making u.s. made goods relatively more expensive. obviously to foreign buyers. this will continue to undermine manufacturing here in the u.s. and continue to undermine further momentum that we're attempting to gain at a time when the fed is threatening a rate increase. so it seems a little counter intuitive that we're seeing the downward pressures and the fed continues to postjurorsure a ra increase by the end of the year. >> euro forecast for the retail sales numbers? >> retail sales were looking to come in under expectations to around .10 in terms of headlines. maybe a couple if we exclude auto sales. they have been quite robust lately but the u.s. consumer remains at a 2% annual pace in terms of retail spending. >> thank you for that. the chief economist at stifle fixed income. let's give you a run down of what to watch this trading day.

october retail sales are out at 8:30 a.m. eastern. expect it to have risen as consumers stepped up purchases of cars and a range of other goods. also we get the october ppi. at 10:00 a.m. november consumer sent lt. cleveland fed president who will be a voting member of the fomc next year speaks about the economy and monetary policy this afternoon. jcpenney also reporting third quarter results before the opening bell. all right. we're going to go for a quick break but still to come, syngenta is under pursuit again. which company is bidding for the swiss pesticide company this time around? we have the details of the short break. don't go away.

>> these are headlines. friday 13th might spook investors but pairing some losses after a sound off. it may be appropriate to raise rates in december and cisco with disappointing guidance sending shares lower after hours.

>> let's talk earnings. let's take a look at today's top earnings story. revenue more than 3% beat forecasts but the 2nd quarter outlook is below analyst estimates. falling 5% in after hours and off by 4.8% and on a programming note chuck robbins will be on squawk on the street today in a first on cnbc interview at 9:10:00 a.m. eastern time. you don't want to miss it. >> applied materials rose beating forecasts on higher demand for equipment to make smartphone and memory chips. they benefitted from increased demand for tools to make 3-d chips which hold more data and are used in smartphones. implied materials rose by almost 3% in after hours currently higher in germany by 1.5%. >> let's talk retail.

in ord nordtrom reported disappointing quarterty results. department sales began to fall in august across all categories including online and at full and off price rack locations. they moved quickly to mark down goods that weren't selling. as a result it did not end the quarter with excess inventory like rivals. macys for example. nordstrom falling in after hours trade. off by 20%. >> now syngenta told cnbc it has no comment on a report that it's rejected yet another takeover bid. the firm is said to have rebuffed the $42 billion offer. this time from chemchina according to reports that say the rejection stemmed from regulatory concerns. however the report adds that the two companies have not broken off talks and an agreement could still be reached in the next couple of weeks. >> now syngenta has been a big target for a number of years

now. the company was first approached by u.s. rival monsanto in 2011. the offer was rejected. another offer came a year later, 2012 but that too was turned down. monsanto came back to the table this year. third time lucky maybe. it wasn't with a series of sweetened offers but walked away dropping it's bid for syngenta. that was worth $47 billion. the ceo then quit soon after the break down of the deal talks and the company has now rebuffed this chemchina offer as well. it's really interesting. we talked to the analyst a couple of minutes ago and he said syngenta doesn't have to merge with anyone. they're fine on their own. he made the point they have a 21% global market share. they are the market leader maybe they'll have to merge but not

syngenta. the fact of the matter is that farm incomes are set to drop some 36% this year according to the usda. there's a lot of pressure in farmers and someone will have to tie up with each other. >> so maybe it goes back to him quitting and the new guy coming in whether or not they can with stand the pressure that always increases after you have these bids coming through and these are solid numbers coming through as well as we were saying here in the last hour. the initial bids from memory. just the initial past 4 or 5 ones. 42 dollars per share. i think one came in give or take a bit. but i'll make the point again as i was making last hour that i think some of this could have to do with protectionism. the analysts were saying let's stick to the numbers but it's an important company and has to do with people's livelihoods and it's pesticides and crops and things like that. the way europe thinks about it's food and growing food is still different to how they think

about it in the u.s. and gmo and whether or not you'd want to see a european company team up with a monsanto. >> it might be a fair point but the bigger overriding theme is still regulatory concerns. that was a big factor for why they rebuffed the couple of times and it significantly undervalues the firms and our prospects in the emerging markets and they were taking advantage of the fact that commodity prices are so low right now so i just wonder whether now given that monsanto walked away they would be happy with a slightly smaller bid or a bid that is around about the same price as monsanto's offer because time vuning out and many investors are getting very, very impatient. >> syngenta has responsibility to its shareholders to bring value so they must entertain all offers. absolutely and they probably are. these are big numbers coming through.

you can continue to write us if you want either at carolyn cnbc or on good old fashioned e-mail worldwide@cnbc.com. >> going for a quick coffee break but still to come on the show. planning a weekend getaway. it might be about to get a bit more expensive. find out why after this short break.

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>> hulu is in talks to sell it's stake to time warner which would value them at more than 5 beside and help it to compete against netflix and amazon. the wall street journal is saying the talks include investment and content licensing deals. it's the parent of cnn cartoon network and other channels. they would be equal to other owners disney, 21st century fox and nbc universal. trading lower in germany too. >> airbnb planning to start offering variable pricing for its rentals. could boost revenue for the company and it's host. the new system will adjust room prices based on real time changes in demand. hosts will be able to set minimum and maximum prices and say how often they would like guests. they'll automatically adjust prices that might for example drop on weekdays or rise during

conference. hosts that use variable pricing during a trial period saw a 13% rise in revenue. >> well, we have been talking about how today is friday 13th of course. >> quite scary. >> yeah. you have been making the points that markets in november on friday 13th under perform on that day. >> they do. so overall, the s&p 500 is up more than 50% on the time on a friday 13th but if you take a look at friday 13th in the month of november, the snp is actually negative 66% of the time with an average return of negative 0.6% going back to 1931. so i don't know what it is about november but -- >> so maybe it has to do with then whether you think you're lucky, how you do your positions on that. how you decide what to invest in on that particular day and a lot with regards to luck has to do with how people view themselves aparentally and apparently it's possible to make your own luck. they have done all of these studies and lucky people, they maximize chance opportunities. they listen to their gut

instincts. they're very good at listening to what their stomach says. they find good in everything. so if something bad happens they compare themselves to others and says it could have been a lot worse. if you expect to be lucky you are lucky. so then the latter doesn't matter. >> even on friday 13th. >> yeah. if you expect today to be the best day on earth, it just might be. >> i'll try and do that then. >> that's what i'm going to do. listen we need to show you what type of a u. s. market close we saw yesterday. we saw quite a bit of selling taking place at one point. we closed lower by 1.5%. >> for the week it doesn't look great. the weekly charts down 1.5%. s&p 500 off 1.4%. the nasdaq off by 1.22%. you would think with an impending rate hike markets will be more comfortable with the fact that the economy is

growing. that's good news but apparent it wasn't and we saw dollar strength yesterday. oil coming off quite a bit. we saw some declines more than 2 or 3%. >> we'll be battling it out. whether or not the oil chart or whether the euro dollar chart is the most important for the week and you can weigh in on this as well on twitter if you want. we'll map you through. >> that's coming up. is nordstrom hanging on by a thread? why the retail giant missed forecasts this quarter. don't go away.

>> friday 13th might spook investors as the global stock sell off intensifies a bit. oil and copper sitting at 6 year lows as they line-up behind this december rate hike. >> and static on the line, sis coe lowering the second quarter guidance on china concerns but impresses in the first quarter. later ceo chuck robins explains why he says 2016 should be a different story. >> nordstrom shares losing a 5th of their value after the u.s. retailer cut guidance with earnings missing expectations. >> and markets not lending themselves to an ipo for loan depot as the california firm holds it's plans to price it's

listing. >> thank you for joining us on the show. happy friday 13th. we have been talking about whether or not you're superstitious and what kind of market actions we can expect. things like that. we have seen quite a bit of red over the last 24 hours or so and our u.s. markets rather. being closed -- just being called slightly mixed here. a couple of hours to go but the implied open though, the s&p 500, nasdaq both being called just a couple of points lower with dow jones being called a few points to the upside. that's what we're looking at. when it comes, though, to our european markets this morning, we were called just slightly lower initially and indeed we're still seeing most of europe hanging on to just a bit of red out there.

the ftse mib trading just a little bit lower. the cac lower. the xetra dax and ftse down just slightly here at the end of the week. carolyn. >> all right. nordstrom reported disappointing 3rd quarter results and cut it's outlook. the upscale department store said sales began to fall in august across all categories including online and at both stores and off price rack locations. shoppers were buying fewer clothes and moved quickly to mark down goods that weren't selling. as a result it did not end the quarter with excess inventory like some of its rivals. like macy. nordstrom falling nearly 21% in after hours trade and germany off by 19.5. now walmart staff are planning a 15-day protest leading up to black friday. they're calling for a $15 per hour minimum wage and more opportunities for full time work. they say roughly 1,000 people

will participate and more than 100 walmart employees in the run up to the biggest shopping day in the united states. >> well, the u.k. prime minister is giving a speech outside downing street right now. let's just listen in. >> we will not rest until we have defeated this evil terrorist death cut and the poisonous ideology on which it feeds. today, though, my thoughts and the thoughts of our country are with the families of those so brutally murdered. japanese citizens and american journalist and the aid worker. and of course our own citizens, aid workers david haynes and allen hemming. nothing will bring back david and allen.

their courage and selflessness stand in stark contrast to the empty callousness of their murders. their friends and their families should be proud of them as we are. they were the best of british and they will be remembered long after the murders of isil are forgotten. thank you. >> all right. that was david cameron giving a speech outside of downing street. some of the things he was talking about is he cannot yet -- he said we cannot yet be certain that the strike was successful. this was a combined effort by the u.s. and the u.k. he talks about how this was an act of self-defense. the overall message being that there was a reason behind the strikes in the middle east. >> let's get back to the retail story. we want to head out to the managing director at strategic resource group.

he joins us from cnbc headquaters. we're looking at jcpenney numbers. the earnings more specifically because we got the better than expected same store sales numbers of 6.4% and they said that 3rd quarter margins and earnings exceed expectations. now, you really can't paint the retail sector with the same brush because we heard disappointing numbers from macy's, better than expected numbers from kohl's. where do you think jcpenney will feature? >> they'll still be five or six quarters away from turning a profit but margins increased almost a thousand basis points. the margins are narrowing. making the american come back. so the company has better quality products. it's moved to sephora. it brought back the salons and

the company deserves a lot of credit for quite strong turn around and in a very difficult retail environment. >> but this is a company that still makes mistakes so you have to wonder with that intense selling pressure for many of the retail stocks so far this year, take a look at macy's for example. they're both down more than 20%. amazon on the other hand is up 20%. can you afford to still be making mistakes? >> carolyn, the biggest mistake they made is the michael strahan collection but that's being more than offset with a much better color palate and better quality, much better radio and tv advertising and they're connecting with consumers. they're very strong with latina and spanish speaking consumers in the u.s. and appealing to all consumer constituentcys and some

of the mid tier department store companies are related to pennies come back after they donated over $5 billion to its competitors in three prior years. >> good morning, it's louisa. how strong of a holiday season do you think we'll have for u. s. retailers? >> it's like charles dickens. the best of times and it's the worst of times. a 3.2% increase for this holiday set an all time record first quarter will also be good against the favorable comparisons. last year we had the west coast dock strike as well as the polar vortex effecting up to 65% of u.s. consumers. yet it will be the worst of times by this time next year as we start to enter retail ice age. referenced some very troubling times and the rest of retail and that retail ice age will last through 2019 and then retail will rationalize and get very good again for a long cycle

starting at 2020. >> is it me or are retailers getting their inventories more wrong than in the past? it seems that that balance is it maybe upset by new competition or online offerings and things like that? >> louisa, you're making really pressing points. one, too many of the department store and specialty store retailers have rationalized out their senior buyers to go with lower compensated younger buyers making a lot of assortment mistakes. a lot of color mistakes, particularly, u. s. based retailers in the u.k. with john liu wis and others. they're still well but the grim reaper is amazon and with amazon going to homemade going against etsy as well as apparel and accessory manufacturers, particularly given amazon's

combined success, it's going to be a very difficult retail environment. but disney star wars will still save the holiday season because we'll have record sales on licensed merchandise. >> nordstrom, what a shocker from the company after hours. look, they're down 20%. we're expecting big declines in today's trading session. they didn't specifically have that inventory problem. what is the biggest problem that they face? or do you think the past quarter was really just an aberration for them? >> last quarter is definitely an aberration for nordstrom. best combination of family and professional management with the unevenness in the stock market, consumers tend to be middle to upper income. that effected spending and confidence and the reverse el nino combination of warmer weather and torrential rains in the key trading areas also effected the company but with their very successful openings

in canada their successful expansion in the years a head to new york city, very strong in off price. very good with jamie in orderstrom online. it's a company that will be a long-term winner for the foreseeable future even after the troubling quarter they reported last night as you referenced. >> burt appreciate your time. managing director at strategic resource inside group. >> hungry? >> always. >> me too. i'm on a seafood diet. when i see food i eat it. >> now i got it. >> i got the two seconds delay, you know? >> exactly. el pollo loco is cutting it's outlook after a sharp drop in 3rd quarter profits. sales rose 6% after rising 8% a year ago. they're taking actions to reengage customers but they wouldn't elaborate. el pollo loco fell by 8% in after hours recovering in

germany. >> same store sales in china rose 5% in october slower than the previous month. that includes 10% growth at kfc but a 9% decline at pizza hut. they're reiterating the forecast of up to 10%. now amazon is pushing further into britain's grocery space. the internet giant today announced the launch of amazon pantry in the u.k. with thousands of every district attorney essentials available for direct delivery. customers can order a box of groceries with 20 kilograms for a flat rate of two pounds for same day delivery. the amazon pantry service has been available in the u.s. since last year. >> now you were just talking about kfc. colonel sanders wants to deliver a bucket of fried chicken to your doorstep. they're testing delivery in los angeles and san francisco and more u.s. cities might come

later. the fast food chain is working with door dash. your four piecemeal won't come che cheap. there's a delivery fee of $4.99 to $6.99 based on your locations and prices of some items will be higher than in restaurants. they already deliver in china. earlier the yum brand ceo said the best things about buckets of chicken is howell they hold their temperatures. >> you don want sold chicken. >> especially not fried chicken. >> when did you last have fried chicken? >> a long time ago. >> i can't remember. >> we'll have to go for a quick break. the chaotic swings in the equity markets are putting a chill into companies looking to price their ipos leading to another u.s. offering being hold right before the finish line. we'll have more details on that in two.

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it's been a rough time for the ipo market. there's been 162 ipos that priced down nearly 36% from last year. and the average ipo posted a negative return of $4 from its offer price. let's get out to landon dowdy with news on one company that

won't be going forward with this ipo landon. >> good morning to you. online mortgage lender loan depot postponed it's ipo. it was set to price on thursday night. it's unclear whether the company will try to price again in the near future. they were looking to sell 40 million shares for 16 to 18 dollars each. that would have valued them at up to $2.6 billion. the ipo pricing may have been too ambitious for a company that owns $21 million in mortgage servicing rights. they filed papers on october 8th but replaced it's cfo during a stock offering. the ipo may have priced below the expected range. loan depot which is based in southern california was founded in 2009. it's grown to become the 11th largest u.s. lender by dollar volume. it's risen in the past year due partly to acquisitions and a

push into loans traditionally sold to government entities. it's recently expanded into making personal loans. non-traditional lenders have been taking market share accounting for about 4 of every 10 mortgage dollars borrowed and that's come as jp morgan and bank of america are pulling back from making home loans backed by fha. some worry the explosive growth reminds them of the boom that helped fuel the financial crisis but unlike other lenders loan depot is profitable and most of the loans require income verification. sought after financial technology stock versus come under pressure. lending club is down 46% since it's ipo last december and this is just the latest in the u.s. ipo market. last month, albertson's pulled it's offering on the eve of its pricing following a disappointing forecast from rival walmart. square is expected to price it's offering last week and last week the mobile payment start up said

it would seek a valuation of 35% below the $6 billion price tag private investors put on it last year. >> thank you for that. in other news we're following this morning, u.k. prime minister david cameron says he cannot yet be certain that the strike against jihadi john was successful. however if successful it is a strike at the heart of the islamic state adding that he posed a threat to the world. u.s. defense and military experts say he is, quote, likely to be dead. the pentagon confirmed it carried out a drone strike cameron described as a combined effort by the u.s. and the u.k. >> now they warned the oversupply in the oil market could worsen. in the latest monthly report crude stock piles are now at a record high thanks to continued supply from opec and non-opec producers with output from russia expected to remain robust the next year.

the iea rounded out the outlook with the warning that saudi arabia would not be likely to reverse the policy of the market share at the defense of prices at any point soon. oil prices moving higher today. brent up by just over .5%. wti crude up around .5% or so. 44 or $45 per barrel. >> quite a rebound from the big drops that we saw in yesterday's trading session. these are your headlines. friday 13th may be spooking investors but european stocks pairing some losses after a global sell off. the fed sounds a hawkish tone as stanley fisher says it may be appropriate to raise rates in december and sis coe beating forecasts but issues disappointing guidance sending shares lower after hours. [ male announcer ] whether it takes 200,000 parts,

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it out over each chart we feel is the most relevant to investors. now the chart that i picked for this week is wti crude. we're seeing a little bit of a rebound this morning up by 0.4% but yesterday we saw that drop 2.8% to the down side at 41.75. the worst performance since late august. wti down 11% since august. a couple of reasons for that, of course. the strength of the dollar and on the back of the strong jobs report and many pricing in a december rate hike but also the fact that at a at a shows u. s. stock piles rising once again. very, very close to that 30 handle, 41.93 is where we're currently at. what chart have you got? though i'm sure it's not as relevant to investors as mine obviously. >> you're completely wrong there. we're back at looking at the good old euro dollar. we're back at focussing in on

where the exchange rates are heading in the short to medium term based on the central banks. it's the bigger picture stuff now. and the euro dollar on the week might look uneventful. we have gone through that level. people arguing that the tlar is dead. that hasn't happened. if you sold the dollar here three months ago you would have lost a lot of money and over the course of the past year or so we have gone from 125 to 107. these are very big moves. it's all dependent in december and what type of trader are we going to see heading into december. if we see action from the fed which most market participants think we will, what is going to happen to the euro dollar? so position yourself to be ready for all of that stuff and i would argue that the fed's rate hiking cycle now is much more unpredictable than in the past. that's why i think the euro dollar is the winner. but let's talk to the president at traders audio.com. what do you think?

wti crude or the euro dollar? >> i'm not sure if i'm qualified to judge but you're both winners in my book. i have to side with you. the wti is a better representation in terms of the chart. it was a significant contributing factor to the weakness we saw across the board yesterday. a very weak afternoon session selling off into the close and while we have yet to open up to the door to the downside in either the equities or the crude it was a contributing factor and weighing on the broader based market yesterday. we saw it come off 2015 highs. trade up above the highs from wednesday yesterday and back down below the lows from wednesday. that was also adding to some of the weakness. so the dollar, yes, has been a focal point. interest rates as well as far as potentially siding with the euro dollar chart but have to go with the crude. a lot of the equities products are watching the crude in terms of a contributing factor or

leegd indicator if you will. >> but how about the notion that we're seeing this massive shift now in that we're seeing more risk off in equity markets also because of what's going to be happening with the central bankers. >> that's been the story for awhile now. i'm not sure that there necessarily is risk off. when you look at the nasdaq, the tech sector, nasdaq posted in the new 2015 highs. so i think part of the risk off kind of impression that you're getting is the weakness that we're seeing in the russell relative to the nasdaq and the s&ps and the dow. the russell has not been contributing to the rally we have been seeing. it's a representation of the broader based market but if you're looking at the nasdaq and the tech sector i don't see weakness at all. >> do you want to buy the dips if oil, in fact, stabilizes? >> well, at this point right now, i'm kind of stuck in limbo as far as the s&p goes.

i was heavily weighted and biased to the short side as we came off the balance forming up around the upper extreme throughout 2014 and recently as the s&ps have gotten back up above that 2000 level and back up above the 2100 level it's my opinion that the s&p right now at this point are in a bit of a limbo phase. so i don't have a strong position one way or the other on the s&ps. >> thank you for that. i'm so glad you're citing with me today on the charts. president at traders audio.com. just before we go, nordstrom called 19% lower after falling 20% after hours. this after disappointing 3rd wart results and cutting it's full year outlook. now that's it for today's show. >> very glad that you have been joining us here throughout the week. we'll see you same time, same place, monday morning, bright and early. bye for now. have a fantastic weekend. [announcer] if the most challenging part of your day

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good morning, is the american consumer now in trouble? shares of in ordnordstrom getti slammed right now. they join walmart and macy's on the list of retailers warning of a spending slow down. a little trouble in tech. cisco throws up a red flag on its business citing a slow down in order growth and weakness outside the united states. breaking overnight, loan depot pulls it's ipo at the 11th hour blaming market conditions. made in america but maybe not for long. why gm could soon be selling a chinese manufactured buick in the united states.

and in a galaxy far, far away, or maybe as close as california, a star wars fan taking an obsession to a whole new level with a two story tall homemade death star. it's friday 13th. it's november. but don't fear. squawk box begins right now. ♪ >> it is a busy day ahead. check out the economic agenda this morning. coming up at 8:30 eastern time we have october retail sales and the producer price index. it's consumer sentiment and business inventories. in earnings central qer