recess recessionary environment maybe it wasn't enough to get it done i'll ask the two that key questions now. how is the consumer doing? are they slowing down? shifting to value, using more coupons and is inflation coming down at all especially on food, which has been painful >> see you then. most important trading hour of the day, 3:00 to 4:00. >> it's not just us saying that. it's like a volume thing >> we're already past time tech check starts now. good thursday morning. welcome to "tech check." stocks are lower especially tech apple, amazon, nvidia down 3%. plus tt-mobile

crypto still the canary in the coal mine. the company loaning micro strategy those millions to buy bitcoin. let's begin with the market. we lost 30k earlier this morning. 36.63. the week is not over >> no, carl. it's pretty indiscrimkcriminate today. really not that much the breath on the nasdaq is not even as nasty as it is on the new york stock exchange. you now have this from the highs down by more than a third. more than 33% intraday basis goes back to november. i'll just point out, it's been a very, very steady down trend and maybe you could look at that and say, this is a channel that we have been trading down, then we're at the lower end of it maybe you get some relief but the direction of travel has been pretty clear right here.

we are in the mode of looking for conditions that seem to bad, such liquidation that it gets climatic take a look at a longer term chart going back three years this goes back before the pandemic actually have lost more from the peak in the last several months than you did in the covid crash. the covid crash right here was just over 30% intraday peak. a couple of numbers i'm kind of keeping an eye on. after we got that huge momentum to the best of your knowledge, you did have spike in the early september. apple splitting the stock, tesla. then the pretty good correction we got into the election kind of going back to the lows of that correction not clear if that will be significant. we have lost more than half of what was gained from here to the peak look, a lot of damage done a lot of that valuation premium swept away a will the of folk saying so

many things have gone back to pre-pandemic levels. valuation if the earnings hold up are back to pre-pandemic or below the pre-pandemic peak. >> maybe this is dumb question but why are the first two hours of trade so far today so different from the last two hours after trade yesterday? is it europe's reak that's being factored in here >> i think europe is the thing you can most tangibly pin things to europe, as a sense of what's been bothering the market for a long time which is inflation being stubborn enough to have central banks act very dramatically in response having global yields surge and then the don't fight the fed and don't fight the tape rules which kind of rules number one and two for traders or tactical investors. both of them are telling you to stay cautious.

it's more or less, we have been testing lows they have not really held. we have this big options expiration tomorrow. a will the of people saying that's exacerbating the moves. you get just this sort of crucible of volatility drivers this week that maybe you're going to abate going into next week i think we can throw all that together interestingly, u.s. treasury yields are backed up a bit still waiting to see if that will provide support for stocks. >> feels like everywhere we look, the news is not great. china is doing the opposite. they are looking at a potentially looser monetary policy even stimulus. those stocks, the chinese have been rebounding over the last few weeks but today they are down across the board. what are they responding to? china stimulus used to be good for a led line what every one is focussed on,

slow down risk across the rest of the world and china not necessarily acting from a strong position i would put it that way. we'll see in that continues. >> appreciate that is there more pain ahead for the market when it comes to tech, orlando bravo, major software investor thinks so. take a listen. >> i think there's more pain to come i do when those companies start getting down do answering the investor question that you mentioned, the profitability, they're not going to love what they see

great to have you back good morning >> morning, carl >> making some pretty provocative calls. where are you regarding sentiment and positioning and where is your mix of long shorts and cash >> yeah, i think this reaction to the fed is relatively predictable because if you look back over jerome powell's history at fed, when the stock market has been up, at least 1% during one of powell's meetings, the next day it's down five out of 7 times if you think about may, it bounced 3% the day of the fed meeting and the next day it went down 3.6%. this is a pretty predictable pattern. i think right now the stock market is dealing with the fact that you don't wantto fight th fed just like you didn't want to fight it for the last 13 years

when they were loose you don't want to fight the fundamentals because numbers are continuing to come down. for us, we're still pretty cautious we have over, i think 15% of the fund is sitting in cash. we have a fair amount of longs but we're balanced that out with a fair bit of shorts i think we're still playing for ultimately the market is down 30 to 50% from its peak because multiples still have to go down a p lot more before this is all through. doesn't mean you're not going to get great bear market rallies along the way but that's the ultimate what you're playing for and wh at you don't want the loe sight of >> let's take the valuation part we sink below the pandemic low of 14.7 times? >> absolutely. if you think about it, over 70 years worth of history when the cpi is above 5%, the

s&p is 12 times. if want to be completely optimistic and assume you get below 3% inthe near term, the trailing p/e multiple is 15 times. you're at 19 to get from 19 times to 15 times, you still got to go down 20%. if you want to get back to 12 times which is the average when it's above 5 and we're above eight now, you have to go down 35%. i think it's going to get worse when you see what q2 results are for the market in general when all of these companies have the

report >> the s&p is off 3.4% the nasdaq off more than 4%. things have moved your way we're about 35% off the nasdaq high i think we're almost 25% off the s&ps we only got 300 points to go on the s&p before we're in your zone of 30 to 50% down from the peaks. at that point, do you shift your strategy at all? >> well, it depends on what the fundamentals are doing, john.

five straieparate rallies while lost 20% of your money over that period you're going get these bear market rallies, big cap bounces, whatever you want to call it on the way lower because every month or so companies cut their numbers when they report they saw inverstors go it's a bottom it's a buying opportunity. the stocks are low and they keep going lower. if you haven't been investing longer than 13 years, you don't realize it can take you a year and a half to two years during a recession to find the ultimate fundamental bottom i think that's what we're in

for. are you getting out of that trade at this point? >> here is the big difference between chinese tech and u.s. tech in china, there's three big things that drove that market down.

those are all self-inflicted wounds that they are doing in the u.s., that's not what's going on we're dealing with fight if inflation and companies cutting estimates. that's doing a lot of the damage here they said we'll adopt more of a u.s. policy in terms of how we're dealing with covid they're in a very different spot don't forget, we're short a lot of u.s. tech we got a basket short about 15% of our assets in the portfolio against u.s. tech. we're balancing those positions out and the big picture. the market is down 30 to 50. it's going to be very hard for any long to be up. we just need it to out perform and then have our shorts do the work for us. that's why we're having a good month this month with the market

down 10% >> nbc news is reporting that u.s. officials are quietly discussing whether zelenskyy should soften his position of not giving up land to end the war. how are you hedging againstthe possibility that one day we'll walk into the office and see ukraine with a giant pivot and create a potential face ripper >> what you're trying to do is what we have been tweeting about. i think we had a pretty good history if you look back over the past year. we're short a bit of oil the moment that happens, oil prices will plunge we're bullish on commodities

the uso is one of our top five picks for the year along with cash for us, on day by day basis, you're looking at the headlines and figuring out what's going on it's still not over sold i think that's what younger investors need to realize. every time the market has a rally like it did yesterday, it means you have to go down a lot farther than the prior low to get to over sold levels. that's the unfortunate mask that you need to deal with. the bigger issue is fundamentals will be terrible when these tech companies report that's really what you want to be focussed on because multiples are high versus a face rip rally or zelenskyy decides you'll get to peace i don't think we're anywhere near that yet.

>> that's why the next few weeks and this so called pre-announcement season will be so key dan, as always, great inspiration. >> thank you very much >> shorts were going extinct early last year. life finds a way all in the red three worst performing right now. energy and tech. t-mobile providing high speed data and free inflight internet streaming on some big u.s. airlines other carriers the broader -- joining us cnbc interview t-mobile ceo mike, great to have you. i want to talk about the consumer in this inflationary environment. you say you aren't raising prices but your costs are going up what's the strategy?

you seem to be -- you're bringing on benefits like a luxury credit ard. is it reducing and boosting loyalty? >> you know, jon, our strategy has been consistent for a decade now which is we make big investments in our customers and because of that, more customers join the carrier one of the things you'll notice about today's big investment is it's so well timed with what's on consumer's mind as dan said, consumers are stressed out now they are worried about the economy. worried about inflation but after two years of lockdowns and covid, they are ready to travel. those two things create a combined pressure. we're able to use our size and our scale to make huge investments for our customers to make travel easier what the carrier does, we smash pain points. this is a big one this travel move we're announcing today. >> does that mean that you're expectation is as inflation

pushes prices harder, consumers are looking for a deal to trust and maybe willing to sweep in some spending that they would put elsewhere to stick with you? i know you say your strategy hasn't changed but the consumer sure has changed >> absolutely. by the way, look at how our competitors are responding to this macro economic environment. we have seen $2 billion of price increases being slammed on american consumer with at&t and verizon comcombined. that's nuts. right at time when consumers are most concerned about inflation that's not the way to handle it be we're creating new benefits and new value. we're putting those values in our best plans magenta max is our most popular plan when people select it because we're involving their travel problems, ta mthat may make our

revenues rise. this is about loving our customers and having them rise up to our very best and most popular plans where we have chance to make the return on revenues >> good to have you on the show. you're positive on travel. you see consumers are ready to get out and travel prices remain high do you expect that to continue are there other ways in which you can serve your customer that you look ahead to if that falls off if we do enter recession >> travel is up in april, may and june for first time since the pandemic at a time when consumers are stressed out we're providing free global roaming of high speed data in an unprecedented move now you can get off plane and not be with a choice of selecting a special plan or if you forget to get plan, maybe

being slammed with 2,000 dollars in roaming fees that can still happen with at&t with t-mobile, magenta max you travel the world and high speed data is included for free. that's a problem solved. this is huge it costs consumers a billion dollars a year to connect to wi-fi while flying not t-mobile customers this is a huge problem we're solving when consumers are worrying about rising prices >> travel has been stronger and it's caught up and surpassed 2019 levels. my question is looking forward, looking out to the end of this year when the economy softens and prices may go lower or sumer don't feel like they want to spend as much. is this the right move when entering this environment.

not what we have seen over the past month >> absolutely. it saves people money. that's what they expect from t-m t-mobile we're suring up long standing fame for value when customers have tight budgets, they will look to save money. in our category, that's t-mobile >> what do you do with capexhere in a rising rate environment i imagine it's harder to put peel people up on poles do you ease back on that to allow you to provide some of these incentives to boost customer loyalty >> luck kiply our business is generally much more insulated from inflationary pressures from

others because we're operating under long term contracts with tower company and even with our tech vendors like nokia. this is the max cap spending year we see in the near future we start the see cash flows being released >> we look forward to see how you navigate this. leaning in to try to make the consumer happy thank you. >> thanks, jon very difficult take today. nasdaq down along with the dow let's get a gut check on warner brothers discovery the stock is sliding under performing the broader market jp morgan rating is stock

neutral. stocks down 9% this orning. sgr plot twist from the bounce we were seeing a moment ago. ubs out. take a listen to a few of these. alphabet price target cut from 63 sorry from 3600 down to 2650 ubsarguing they see risk to margins and youtube numbers.

twitter is exposed to a lot more than ad pull backs >> looking forward to anything that comes out of that going back to alphabet they say google is well positioned they call out what they say conspicuous investment plans as a risk to margins. pointing out that $9.5 billion investment that alphabet has planned in u.s. offices and infrast infrastructure he said those are on track they are still committed to that but they would remap numbable. >> it takes us back to when moon shot spending was seen as irresponsible and found a new

discipline it would be material if they had a long term adjustment to their investment plans given the strength and siefz their balance sh sheet. >> sure. >> the trend in crypto is clearly not positive topped out long time ago i was with you in july of last year and bit coin was up like 60,000 or something. then it dropped down to 30%. it keeps putting in -- it looks like it's being liquidated i'm not bullish at 20,000 or 21,000 on bitcoin. i would be surprised at all if it went to 10,000. >> what does that outlook mean for companies like michael micro strategy who took a bitcoin backed loan earlier this year?

we're joining the ceo of the bank who issued the loan good morning to you. it's great to have you on tech check. i know you're not going to talk about specific customers like micro strategy but in a broader sense, how are you thinking about loans, security of cash and people's ability to repay it in the crypto system right now >> sure. thanks for having me on this morning. it's great to be with you all. i think we should step back and separate some. let's separate bitcoin from the rest of crypto let's talk about stable coins with a specific use of protocols. to provide tokenized dollars on the internet 24/7. silvergate provides services to that whole ecosystem however, we only lend against

bitcoin. we've been banking this ecosystem now for over eight years. volatility is not something that we're surprised by our platform has been built to support the volatility and what i mean by that is the send, the silver gate exchange network provides 24/7, 365 access in u.s. dollars for our customers around the world when we see these type of markets, this type of market vola volatility, our customers are relying on silver gate to provide them 24/7 access to dollars. that platform continues the work it's got 99.9 something percent up time 24/7 get to your specific question on bitcoin lending, we launched our send leverage product back in beginning of 2020 pre-pandemic we launched it in a pilot. bit coin only and within three months of launching that pilot, we saw the significant draw down

in march of 2020 when the pandemic hit and everything sold off the entire market was selling off. not dissimilar to what we're seeing now and our send leverage product worked exactly as designed it still continues to work exactly as designed. >> there's also another distinction between you and perhaps other guys that you are fdic insured you talk about it not being dissimilar to 2020 and perhaps many people say this is just another crypto winter. the crypto world has been through this before. however, it seems to me like a very important different between that period and this one is rates are rising is this time going to be different? how can it not in such a different macro environment? >> sure. that's an important distinction. i thought where you were going to go is not only with rates rising but with kind of just the whole broader macro/micro

economic cycle this is not the first time we have been in the market. the macro economic climate with completely different what -- part of the reason i wanted the make the distinction early on between bitcoin and everything else is because bitcoin is really the thing that brought silver gate into this industry back in 2014. we view bit justice coin as the innovation a lot of these other things are technology experiments trying to take different features of the block chain and experiment with them and most of those experiments haven't worked bitcoin continues to perform it has had zero down time since we got into the eco system >> i'm wondering if you're kind

of religious about bitcoin as michael sailor are you changing your policy because lending money to buy bit john bitcoin seems like backing mortgages in a bad neighborhood. if you're confident the home values will go back up then does that mean you're not changing your policy at all or if bitcoin does go down do 20,to 10,000 any there, how at risk is silver gate capital >> that's a fair question. let's think about the way we lend against bitcoin or the way we lend against residential homes. the key distinction here is our borrowers have to have what -- essentially they have the have skin in the game we are over collateralized whether lending against a home or whether we're lending against bitcoin. with the case of bitcoin, i actually believe the risk that we're taking is less than the risk i'm taking with lending against a home

with bitcoin, it's a digital bear asset that trades 24 hours day, 7 days a week around the globe which means that when the prices are falling, if our borrowers do not maintain the appropriate coverage, we have the ability to sell the bitcoin in order to pay back our loans it's not like the stuff you're seeing where people are undercollateralized. >> are you still planning on rolling our your own

>> we are. one of our customers who issues usdc, they also just announced the euro coin which is a euro backed stable coin and that will be backed by euro gate we announced we're opening up the send network to not only support u.s. dollars but also to support the euro >> how are you feeling about the largest stable coin in circulation, tether? does it have the ability to hurt the whole stable coin or crypto sphere if there's lack of confidence in this one >> sure.

we don't bank tether they have not subjected ed themselves to regulation in the united states. unfortunately, i don't have anymore insightinto tether tha the rest of the world does >> thanks so much for being with us hope to talk to you soon s >> you bet thank you. a year ago, this week, the

average rate was 2.93% revlove filing for chapter 11 bankruptcy production. the company is expected to receive almost $600 million in financing to help support its day-to-day operations. right now it's unable to meet one-third of customer demand for its products amazon annual prime day will return july 12th and 13th. sales will start at 3:00 a.m. eastern time and run for 48 hours in several countries hoping to top last year's $11 billion in sales carl thanks so much a heck of a session this morning. we're off session low a touch. part of it dynamic may be to watch yields which were higher across the board earlier this morning but now yields are now lower across the board. we'll talk about what's driving the selling in a moment.

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down we have more on what is being hit. >> let's get you a market reset on what's happening so far in trading today. we're off our session lows down roughly 760 some points we were down about 860 at the low of the session so far. it brings our record highs to now the decline for the dow

industrial the record highs we have seen in the decline. if you look within certain part of the market, we have solidified three key sectors as the worst performers in 2022 they house the tech and tech add jay -- adjacent stocks. technology down about 29%. the three sectors leading the s&p lower. if you dig down further within the technology oriented trade in that particular move lower, we have seen the semiconductors on the day so far down 5.5% 4.5% declines for the cloud computing stocks internet related stocks down over 4% losses for technology and software fintech down about 4.25%

it's been broad base selling pressure hitting many key part of the market that some traders have looked to toward the leadership within the stock specifically, in that nasdaq 100 trade, among the worst performers on the day so far, you have electric vehicle makers tesla is in the mix but lucid is one of the worst performers. data dog down 7% we'll bring you an update on the mega cap stocks. the ones that make up the large bulk of the s&p and the nasdaq 100 trade. those shares, you can see there down anywhere from about 2.5 to 7% right now apple is down 3.5% guys, carl, jon, when it comes down to it, ill rt really is go to be about those investors that favor the large cap tech nol trade find any kind of a level where they feel confidentable getting back in. it doesn't seem as though that's the trade right now for will the

of folks out there >> thanks. speaking of large cap technology, microsoft getting deeper, looking to expand its influence in the crm market. announcing sales in its office suite. joining us to discuss the strategy behind this launch of microsoft executive vice president and chief commercial officer, judson. i said what is this really it's like in the productivity suite but helping sales people to be more productive. then coming down to it, in this environment, companies really need to have productive sales forces to sell what they can how much of this is about you getting people into that microsoft productivity environment and increasing the likelihood that you grow your crm products with them

>> we are excited about this announcement because we believe viva sale s the future of work it's the first sales engagement solution that brings together on one screen everything a salesperson need to be successful in engaging with customer from a 360-degree view of the client to next best action to next best offer. >> when i saw sort of the demo of it, i understand this isn't a completely separate product that you're double clicking on and you're in separate interface it seems to me like strategically if you're the main

user interface for the worker, for the sales worker, for the sales team, then the loyalty to you is likely to be as high or higher than maybe the likelihood to sales force or others, maybe some more dynamics is that part of the broader strategy here? >> our strategy here is to deliver value to the client. if you think about what wii going through right now and really everything we talked about on your program so far this morning on the uncertainty in the market, the one that i think is certain is that innovation is the pathway to navigating these times right now. the idea of balancing this notion of employee productivity as well as employee satisfaction is top of mind for every c suite leader and every organization has a sales team that they need to make more productive and more effective in their work. what this solution does is it

brings together every piece of information you might need to engage with a customer, interactively inside of teams because these days we're all talking to customers directly through teams and today if you think of it, if you put yourselves into the shoes of someone trying to interact with k a customer, right now there's flood of information they have to manage. there's streams of information coming online. there's crm system, the notes. what we do with viva sales and bring this all together in one canvass with the backbone of ai shaping next best action and next best suggestion out to the customer >> in a hybrid work environment where the teams aren't filly together, i guess having that common set of data probably more important. what are customers and potential customers telling you about the

problems they need software to solve in the sales process right now. is it that they are having to do more with the same number of people, fewer people is that ha you're trying to solve with this product? >> yes, spot on. there's a talent shortage everywhere we have been talking all morning about the employment rates and how they are at record lows. you have to make sure that you have an attractive work environment for sales people the reality of the situation is that sales people spend about two third of their time either preparing for interaction with their customers or doing some sort of post-mortem interaction and reporting back to their upper management what viva sales does is makes all of that completely transparent,000 they interact with customers all the information they need to inte interact with customers is available through teams. there's deep integration with microsoft. the whole system, again, learns and pr vieds sentiment analysis

the coach back on how sellers can better engage with their clients and can track where things maybe went well as part of the sales call as where he will as things need to improve so they can get better in next interaction. on the backside, it all writes back into the system of record and we do this with any crm system including sales force so sales people can be more productive can provide a better experience for people in this day of navigating hybrid work quick last one for me. this is a really broad one on enterprise software. you have a good view of what customers are wanting in the current moment what kind software do customers get rid of first in the economic slow down. >> great question. what we're seeing right now is customers is continuing to need to innovate and solve critical

problems like the future of work, like sustainability. having a backbone around cyber but customers need the choose wisely we see microsoft is in a pretty strong position to help our customers navigate this. we do have the most comprehensive cloud in the industry >> definitely in position. >> thanks, jon the s&p are green. a lot of travel and leisure. neutral rating over at jpm dow still down 100 points which we lost earlier this morning ♪ (sha bop sha bop) ♪ ♪ are the stars out tonight? (sha bop sha bop) ♪

♪ ♪ alexa, play our favorite song again. ok. ♪ i only have eyes for you ♪ how do we show strength and stability? (eagle call) a mountain? a tree weathering a storm? (thunder) lions? nope. (lion rumbles) we do it with our people. it takes a village to support society and businesses have a responsibility to support that village. ♪ ♪ i am peter akwaboah, chief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community

and a belonging environment for the employees. they provide an avenue to support employees and ultimately it leads to retention of the best and brightest. the employee network represents the community at large, and it provides a good feedback loop to senior management to make the appropriate decisions, which ultimately contributes towards the bottom line. if you're thinking about growing your business, if you're thinking about driving the business forward, inclusion is a strong part of this. i am peter akwaboah and we are morgan stanley.

get a gut check on twitter twitter one of the few stocks that were higher today musk is scheduled to virtually meet with employees today answering some pre-submitted questions from his maybe future work force according to the journal, he's expected to reaffirm his commitment to buy the company and maybe comment on remote work, maybe the advertising business shares have turned around since the article first broke as investors try to parse whether he's really trying to get out of

buying the company or perhaps just trying to renegotiate the price. shares this morning down about two-thirds of a percent. 37.76. the most recent high back in april. you were closer to 51 which is closer to the actual offer >> renegotiating the price on everything in the public markets as well, carl after the break, the next big thing in the market. adobe. results are after the bell

how do we show strength and stability? (eagle call) a mountain? a tree weathering a storm? (thunder) lions? nope. (lion rumbles) we do it with our people.

nasdaq down 4% hey, christina >> i want to put it in perspective. there's one company out of the nasdaq 100 that's positive, that company is astrazeneca we are seeing broad based selling across all sectors trading the lowest level since december 2020. lucid, still the worst performer. down 10% fin tech is falling. you can see paypal, block, affirm struggling in the past week affirm down 40% in june alone. semiconductors struggling.

every constituent down 3% or more universal display on semi. advanced micro, amd, down about 8% on month to date basis, these names are 20% or lower then kathy woods arkk. zoom down 7%, tesla 7. roku, almost 4%. speaking of chinese technology, roku, we did see a turnaround on better than expected retail sales, stronger bond sales and bet that maybe chinese policy will be more accommodating that isn't helping today baidu, pin duo duo down 3 or 4%. if you want to talk about a crash. look at docusign they help you e-sign documents down 62% this year traders settling on the notion that the fed may not come to the rescue, even at the risk of

recession. jon? >> thank you let's check in on adobe, stock down 3% ahead of earnings, means it is doing better than the s&p and nasdaq these numbers will be another test of software resilience. shares took a tumble after the last earnings report impact on halt of sales from russia, one of the main concerns analysts focus on durability of consumer spending in the challenging macro environment, though the street is still bullish, more than 80% of analysts calling it a buy. stock down from the all-time high last november docusign, not that bad this is one of the names that's big and been growing, so the doane will be particularly important. >> guidance will be key. morgan stanley says operating margins are likely the easiest area to please if management

backs off investments. keep the margins a little more flat rather than down year on year. >> it is an early report, so indeed will set the tone see what it brings us after the bell if you missed part of the show, follow or subscribe to the podcast where you download podcasts tech check is back in a moment if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

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one more thing tesla shares down more than 7% the company racing prices. last raised them in march. last models jumped between 2 and $3,000 meantime, price of one of the suv models jumped by $6,000 overnight. today adam jonas says target of 1300 still bakes in. nearly 9 million units by 2030 still a long ways away >> nearly double you have to wonder what it means for the other electric ev automakers if tesla has to raise prices and working on manufacturing for years. what are they doing, down 9% lucid down nearly 10 >> i find it fascinating, there's a counter story in the

inflationary environment, carl, for elon musk and for crypto companies. the question is what can they buy with the inflated currency before it deflights which is different than what the average american is dealing with >> well said we'll find out in months and years to come. we'll see if the down side reversal in yields can help. let's get to the judge >> thanks so much. welcome to the halftime report scott wapner front and center, fed fallout, stocks hit new lows, fears of recession intensify. covering it with the investment committee. joining me, shannon is he khashoggi a, josh brown, jon najarian, co-founder of market rebellion.com. show you what the markets are doing. off the worst levels, still a love day, very much so on wall street dow has given up 30,000 and it is still below that. s&p off 3%, nasdaq 4%. it cut it a little, th