stuart: what do you got to say, trump's putting it right out there. >> i reiterate my earlier point. this is great entertainment, and discourse, but i don't think he's going to go. >> he's great for the process. stuart: he's been interesting. we're out of time. look who's here in for neil cavuto. our friend. >> hey, guys, new months but same old wild market, i'm charles payne, neil is back tomorrow, maybe he'll bring the markets with him. the dow is down 300 points and the market in volatility overdrive. these are the major swings, off, all the major indices down 1%. the dow jones industrial average down, the blue chips off 2%. selling frenzy. market pro jim lecamp says the fed is the one we should be worried about and they're a bigger thorn in our side, jim, state your case, buddy. >> look, the federal reserve

board needs to have two more mandates, they have the inflation and unemployment mandate. do no harm and be aware of the unintended consequences of your actions and failed on both counts. the fed is way too involved with the markets. they needed to do qe 1, probably necessary. qe2 probably unnecessary. qe3, probably unnecessary and qe infinity probably unnecessary. they didn't have to buy $3 billion worth of treasuries for that to happen, it was going to happen anyway. and in the meantime, the markets are addicted to what the federal reserve board is doing. it's tied to china, not that we can focus on fed or china, they're tied together because china is manipulating currency lower and if the fed tightens at the same time, you're going to have disruptions that hit the emerging markets, commodity prices and hit the global economy, now they created a

problem in that they can't move unilaterally without severe repercussions. i think the federal reserve board needs to be much less involved, much less tinkering and get out of the way of the markets. we in the markets now are all about gaming the fed. tonight be look at the economy. i want to be looking at free markets, not manipulated markets. >> here's the problem, the theses as far as college, i give you an a, my man. too late. i would have say never created the fed, they were created for a bunch of wealthy, i'm not talking about the 1%, i'm talking about the 1% of the 1% and do nothing for main street. want you to have more items! forget about four or five. how about trying to figure out how to get the 3.8 trillion dollars into the hands of businesses, buy house. why does the money go to the banks, buy all the stuff from the bank, prop them up and nothing happens to the economy except more risk. >> i couldn't agree more, and you know who it really hurts? savers and seniors.

because they can't get anything on income vehicles. they can't get anything on cd rates or t-bills. and interest rates would have found a natural place where businesses can make money, and savers can profit. >> jim, let me butt it, i only have a minute and catch up on one thing, i think it's important. i think that the tails wag the dog for a long time with respect to the relationship of wall street and the federal reserve. here's the irony of it. if the fed does hike rates in september, they're saying we're not controlled by wall street, but to your point, the worst possible time, so it's an interesting conundrum. >> it is. and markets have gotten out of hand as far as the fed is concerned and the market is telling the fed what to do because the markets continue to be weak prior to the meeting, i doubt very much if the fed is going to move interest ratesment the problem is it's a much bigger problem than they thought they were going to have

because of the china situation. it's a conundrum. i wish they would say a quarter and hibernate for 25 years. >> always love having you on. see you again soon. look how volatile things are. talk about the last nine trading days, we've seen eight triple digit market swings for the dow and today would be number nine. lots of folks are seeing the craziness and wonder if they should put money in the stock market or under their pillow. what do you do? scott martin says simply keep the faith. scott, interesting piece out in morning stars, since 1976, five days where losses amount to 10% or more. unfortunately i've been involved in every one of the times. >> you feel them. >> the ultimate story there when someone looks at this, we've always come back, enduring the pain is easier said than done. >> easier said than done, that's the hardest thing to do, working in the longer term. funny part about the stats, and we're seeing it now because of

the wild swings in the dow. you get a down day like today, last tuesday, what do you get? you miss a wednesday, thursday, which ended up being the biggest rally in years. the reality is if you have a financial plan in place, shopping list of stocks that you use, stocks you know and like, those are the ones you got to stick with and if you have cash, put more money into them. >> a lot of people said, i said the same thing, i work with individual investors on a day-to-day basis. a lot of people don't have ready cash. that i have to determine what to sell during the down periods in order to buy, to get names. that's where it's tough. >> that's where you've got to win the game, right? i tell you what to do. if there's a silver lining what's going on, you're starting to get fire drill in the portfolio. you're going to take a look at name us that own, whether it's health care stocks, maybe you own financials. maybe you own the biotechs still and able to see how those guys are reacting to a pretty

bad tape. if you look at names and they're reacting to the downside, not going up as much on the upside on wednesday and thursday, you got to boot them out of there. they're not going to deliver the return for you. >> take a big gulp, take a hit, so can you have the cash to buy the ones that rocket back. >> yeah, there's a good chance, charles, the market environment, september, october could be a rough month too that the market environment is going to be here for a bit. get yourself out of the way while you settle out and get back in. >> scott, is there a number on the down side where you rethink investment thesis. instead of buying the dip, head for the hills for a little while. >> i follow fundamentals strictly. if things in the u.s. turn over, if gdp is revised down all a sudden, a jobs report that is less than a couple hundred k, averaging for years, really, that's a sign that things are starting to slow down in the u.s., that would make me worry or see the slowdown in the emerging

markets overseas. >> the china argument, you don't buy into it as much as everyone else. >> i think the u.s. is a good chance to decouple. i think there's a chance the markets hang in here. >> we're impervious to the inflationar pressures to the rest of the world. it's not the greatest recovery in the world. >> money has to go somewhere, it has to flow to equity somewhere and still the best game in town as u.s. stocks emerging markets look weak, the u.s. still looks pretty good. >> interesting you said, today the one thing that won't get buzz is a construction number, a huge number coupled with the things we've seen. >> housing numbers. >> we have positives. but it is so tough for the average investor knowing this is perhaps the worst post recession recovery in the history of america, at least, to go ahead and buy into the notion that america somehow will be able to withstand what's happening around the world. >> very behavioral, the numbers you pointed out, if they come

back in april, may, they would have popped the s&p five or seven points. now sending down. shows you what kind of market environment we're in. if you're uncomfortable, if it's keeping you up at night, get the high beta, big movers out of the portfolio and wait to get back in. >> good to have a smart fundamentalist. >> where is he? it's me! >> speak of volatility, you got to take a look at oil. you think stocks are nuts. down 7% today, after the huge rally yesterday, a huge rally in the last three sessions. phil flynn on what the drivers are and what we can expect at the pump. phil, they don't go down at pump as fast as the crude oil market. >> they don't. today that maybe different, charles. with the drop-off in oil prices, we're seeing one of the most significant drops inr bot in some time. the futures market are showing gasoline prices are down 10

cents a gallon on the day. in chicago, where we had the refinery outage a couple of weeks ago, that is flooding the chicago cash market with gasoline right now. we're hearing that the prices are down over 20 cents a gallon just today. in the entire midwest region, over 21 cents in the wholesale market. that's a major sell-off in one days, i think it's going to show up at the pump very quickly. >> phil, we've had the bounce early in the year, went from 40 to 60. we're tickling $50. if we can break out through there, i don't know, do you think we'll get a reversal to the upside? >> i think so, charles, you know, there's a big gap on the chart at $57 a barrel. when we broke down after the greece crisis and iranian crisis and the chinese crisis, so usually in oil the gaps get filled. and officially with oil down $3, it doesn't feel like we are

back in the bull market. technically we are with the big sell-off. if we see any stabilization in the u.s. stock markets, this could rally. >> phil flynn, thanks a lot. always appreciate it. china, china, everyone is worried about china after they were hammered last night. who says the china collapse has to be bad news for america? it could be great for us. peter, help us out on this one, that hasn't been a narrative so far. >> global growth is repivoting to north america, manufacturing is becoming less important, i'm less concerned about the ism data today. what is going to be very important going forward is the chinese have to move up the technological ladder which means they have to do business with us. this isn't going to be about cheap pens and textiles and stealing cell phone designs, design and innovation and those are american strengths. other thing is what we have

learned is that chinese stock market, whether the chinese economy is doing good, bad or indifferent is not an honest game. therefore the best place for equity investment is in american stocks, even if it means buying american stocks that service the chinese market. that's got to bring capital our way, and that's a good thing. >> what about when they announce the news on a devaluation, when the you know what seemed to hit fan around the world, and people were saying they did that deliberately to hurt america. i saw it as throwing in the towel on the effort to make the yuan replace the dollar as the de facto currency and giving up on the domestic ambitions and focusing on exports, sort of a victory lap for america to a certain extent, no? >> to some extent, the yuan is weakening, if you threat float, capital is leaving china. that is a very significant development. granted, they're not letting capital, in but heck, we can

invest the big institutions on the major chinese exchanges and they're not jumping in. why? we know it's not an honest game. if we know, that think about what the chinese know. they absolutely know it's not an honest game after what's happened, so they bring their money here. ideas here. we've had a lot of students come to the university of maryland, come to the university of california, study energying and want to go back to china. guess what? those people are going to stay here and grow this economy. america is going to come out on top and american equities are going to do well. i'm not talking about today, tomorrow or the next day, the next six, 12, 18 months, three, five years. >> it's not a zero-sum game. we can come out on top, and maybe disspell this notion that the next 100 years will be the asian century but by the same token, china can do well, what they're trying to engineer is virtually impossible, but the overall trend seems to be okay. >> i think it does.

asian century is over, it lasted 15 years. and the second american century is about to begin. importance of that, the very significant importance of that, barack obama clearly understands. it's about who gets to make the rules. we are not going to lose our rule making capacity in this context. if we get on make free market rules, american companies will do well. we are dangerously close to the chinese dictating a system built upon their state owned enterprises. that's not going to happen. that great news for american capitalism. >> free markets and american capitalism. who knew? see you again, peter, real soon. does marc faber see stocks roaring back? one of the biggest bears, one of the most famous bears on wall street is saying could this be a buying opportunity? that's next.

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than dsl from the phone company. call 800-501-6000 to switch today. perks are nice. but the best thing you can give your business is comcast business. comcast business. built for business. . charles: you all know marc faber has been calling for a crash in the market for years, and said this on air last week about the sell-off. >> the market is very oversold now, and can rebound meaningfully any time soon. charles: and he was absolutely right because stocks roared back after he made those comments. in fact, david asman is giving marc faber for the amazing reversal last week. does the gloom doom and boom report publisher think it is a buying tonight today. marc, welcome to the show. >> thank you very much for

having me. charles: i love it when notorious bulls are bearish and bears are bullish, those are signals, what made you think last week and even now is a time to change your mind and go along? >> a week ago the market became very oversold because in one day, i think it was tuesday, a week ago or wednesday, we had over a thousand new 12-month lows on the new york stock exchange, and over 600 one year lows on the nasdaq. these are high figures and indicate a very oversold position. i also pointed out at the time, i not expect new highs, and after a sharp rebound which we had over 100 points on the s&p, that the market was again lower. i think we have reached some kind of a tipping point because

the markets have moved side wards for essentially the last 12 months, and this year when the crash really happened we were 2% lower on the s&p year to date. charles: right. >> we were down 13% for the transportation index. so the internal of the market has been weak, and we have now the realization, which i argued about for a long time, that the chinese economy was decelerating far more than all the optimistic fund managers and strategists were predicting. charles: so, then marc, where do we go from here? are we going to retest the lose that were established last week? or do you think china will find a way to turn this around? even if it takes something extraordinary as finding another 2 trillion yuan or something like that.

>> look, an economy like china is not like a car, where you just drive around the corner. the chinese economy cannot be stimulated meaningfully for the time being. it will take time. like other central banks, they can address symptoms of the weakness in the economy, but they cannot cure the cold, and this is the great fallacy of central bank. they have addressed symptoms but not the cause of the meaningful slowdown in the global economy, after 2007. charles: well, essentially, i'm going to use your cold analogy. for the most part, we don't have a cure for the common cold, we have to let it run its course. are you saying the forms of central bank and government mettling are creating more risks and ultimately you have

to let these things run their course? >> correct, it would be much better. charles: having said that, why is our stock market down so much on bad news out of china. seems that it's an overreaction. >> i explain to you. you look at announcements of hewlett-packard, united technology, car manufacturers, they have a large exposure to china, and when the chinese economy slows down, what really drove the growth, namely capital spending in china and consumption in china slows down, so in july, car sales in china were down 7%, year over year. charles: okay. >> and the chinese economy was an indirect impact on the u.s. economy. charles: okay. >> because it drove commodity prices higher until 2008. the resource producers of the

world were wealthy and spent a lot of money importing goods. as you know commodity prices have collapsed because of the chinese slowdown, so the countries, including brazil, african countries, asia, middle east have money. it is good for the u.s. >> we had the flash crash, the flash rebound that you predicted and down to the central theme which is actually working. you've been right and you're spot on. we're coming down, brazil is a recession, canada is a recession and america holding on by a thread. marc, love having you on. appreciate when you give us the quick buying opportunities. >> thank you very much. charles: why some say if an iran deal goes through, the global markets will be in turmoil.

. charles: all right, you're looking at the new york stock exchange. the dow jones industrial average, the big board, lots of investors worried. wisconsin governor scott walker told stuart varney there are people benefitting in this economy, but they're in all the wrong places. >> the real issue is about growth. how do we grow the economy? over the last year or so, seen six of the top ten wealthiest counties in america, you know where they were this year? washington, d.c. people like president obama and hillary clinton think you grow the economy by growing washington and k street. charles: makes a great point. here's another question is scott walker the guy to grow this economy. he's lagging in iowa. wait until you hear who's surging. we'll tell you in a few moments. what would a nuclear iran mean for the stock market?

it will not be good. former state department official joel reuben says it will be dangerous. it begins the official countdown to getting the bomb. you lay down $150 billion in cash to continue scorched earth backing of terror in the region, and a lot of people think this is really bad for the markets and society in general. >> thank you, charles for having me on, and that's just erroneous. this is a good deal. it's a strong deal. it has our partners from europe, asia, china, russia, all of them on board with this deal. it will be verified by the international atomic energy agency, and it's going to block iran's pathway to nuclear bomb, providing the certainty and the predictability the markets want. they'll be able to know there is an agreement in place they can count on, and if it's not lived up to by iran, there are mechanisms and consequences to

deal with that. charles: when the president talk about the consequences, he talks about shaming iran, and that the world will know if they're cheating. so what! they have a history of cheating! if they start to cheat and begin to build the nuke, does it matter they are shamed in the world? this is the false narrative that the mechanisms are in place, if the only issue is they are shamed on the world stage. >> currently, we don't have enough mechanisms in place, that's why we have to have this deal. what this deal does is extends the breakout time for iran to have enough fissile material for the year. it takes away 98% of stockpile. shuts down plutonium facilities that can make a bomb. it's about verification, not about trust and not about shame, it's about ensuring that there is certainty. ronald reagan's mantra about trust but verify, that's the mind-set behind the deal. >> i understand the mind-set,

but you said we have to have the deal, we have to have the deal. president obama negotiated under the same mind-set, and in my opinion and to a lot of people, the iranians took advantage of that and structured a deal with secret side deals that no one knows about that benefits them, if they cheat, it's hard to catch them. they have three weeks, maybe longer to hide things, they can be secretive and their reputation is so bad, it feels like we negotiated from a point of weakness, getting a weak deal. >> we actually negotiated from a point of strength, the sanctions in place that the obama administration organized with the support of the whole international community, we're talking about massive international sanctions that congress supported. that's what brought iran to the table. but this argument about the verification being weak is really a false argument. we will have 24-7 inspections of all of their declared

facilities and be able to within a day see sites we believe are hidden from us at this time. and iran has 24 days of negotiation to show it otherwise they are in violation of the deal. that's unprecedented. currently the international community in agreements with other countries does not have a cap. so this is very strong in the verification. charles: fortunately, we don't need that outside of a north korea, other people that possess nukes. i don't know, joel, you didn't change my mind. you got a lot of people talking about this and talking about the article. so congratulations on this and obviously it's a debate that must go on, it's an important deal for the entire world. >> completely agree with you. >> thanks a lot, joel. third straight week of major stock market volatility. we'll show you where some investors are flocking to now as a safe haven. that's a big question and it's next.

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. charles: all right, take a look at netflix, a seriously hot stock, down big today. down 7%. they lost a big movie, "the hunger games," transformer and a lot of others to hulu, they wanted to focus on original programming that paid a

licensing fee. some people think they made a mistake. it was up 4%. investors not fretting overall. up 130% from last year alone. fleeing stock markets and fleeing to safe havens, that is a big, big question. i want to go to lori rothman, another big day for gold. >> reporter: indeed, yes, seeing a bit in the price of gold. up 7 bucks an ounce, that's not the best levels. we saw gold peak at 10:00 a.m. this morning and shows manufacturing at weakest level in some two years. right now gold is trading $1139 per troy ounce, no surprise we're seeing a bid into bonds as well. the 10-year yield down to 2.17, as investors pile into the perceived security of u.s. government debt. interesting to look at russell 2000 as well.

down 1.75%, it is still outperforming the broader market averages which are at session lows. back to the russell, comprised of small-cap stocks that don't have exposure to china and the european sovereign states, so therefore, you don't have the china exposure and the index is outperforming. so lot of question about money flows today, and if people, charles, are stuffing it under the mattress, i hate to say it. as you pointed out all of the weeks of volatility have a lot of question what is the best and why is this a conservative move in this climate? charles: it was the least volatile year in history until two weeks ago, and now all hell breaks loose. >> what happened? charles: all right, lori. we will come back to you. what about china and russia, using information stolen in cybersecurity attacks in america to build the massive databases, according to a new report.

want to go out to blake burman, he's been following this. blake, how bad is this for government, private companies and private americans, individuals. >> this is something they're keeping their eye on because of the latest report. one of the most high-profile attacks, the office of personnel management, the government's hr wing, they deal with security clearances and the like, hackers thought to be the chinese access, the personal information of 22 million people in that case. the russians are believed to be a big player in this part of cyberspace as well. now the los angeles times is reporting that spy services abroad, especially from those two countries, china and russia, are aggressively cross-indexing hacked u.s. computer databases to identify intelligence officers and agents. what that means essentially is according to the report, they're taking bits and pieces from here and there, successful hacks across the years to paint a clearer picture of our intelligence community. the "los angeles times" also

reported that at least one secret network of american minds who provide technical help to u.s. undercover agents abroad has been compromised as a result of all of this. yesterday the white house press secretary josh earnest was asked about a "washington post" report that says the u.s. is preparing unprecedented economic sanctions against china for cyberthefts. ernest would not comment on the possibility and, of course, the timing of all of this is interesting because china's president is said to visit the white house later this month for a state visit. and you have to imagine all of this, or a good chunk will be brought up. charles: it better be brought up and i hope we greet him with hard tacks instead of the diplomatic stuff, americans are tired of it. thanks, blake, want to go to jared levy, adding to the long list of problems china and

russia, it's amazing, i saw a piece where china and russia are working on a high-speed rail, $15 billion project. they're working hand in hand on so many projects, belligerent from a military point of view and people have to wonder what the heck are we going to do about it? it is impacting us in more ways than one? >> china, and let's be clear about this, china and us have a money based relationship. we're obviously not allies. like having a greedy, sneaky business partner that you are kind of stuck with, right? and on that end in terms of russia and china collaborating, that's an issue, china has been at this for a while, testing their military might, not just with us but other countries, and as weird as this may sound, their economic slump that they're moving into might actually be a good bargaining chip for us, and in other news, there was talk about sanctions on private entities in china

stealing our american information. charles: but jared, let me cut, in buddy, we've been talking about those sanctions for years! that's all they do is steal property. they don't anything originally, they steal it and sell it back us to. when are we going to use the strength we have? this one period of weakness, will we leap on it? make them pay? will we save america and our markets and get leverage back? >> from your mouth to god's ears. i don't think the president is going to push the issue. and you're right, they've been doing this for years, i've thinking in my mind, how in the heck is the white house, how is america going to sanction a chinese company without the cooperation of the chinese government. >> i think this is posturing. china changed the conversation later in the month when leaders from china come to the u.s. i don't know, charles, and i don't think they'll be enforced. as an investor one place to look is an etf called hack, h-a-c-k.

basically a conglomerate or an index of all the top cybersecurity firms, and if you want to profit from this mess, that's one way monetarily to do it. i don't have the answers, there's a lot of things that anger me, and you, too. but for now, if you can't beat them, profit from it. charles: listen, i'm with you with respect to profiting from it, we've got the chart. you can see it was a juggernaut, come down a lot. a lot of individual names, some were up earlier in the session. that etf is oversold but the whole thing is overdone to the point where we've got to show gumption or we're going to keep getting run over, our companies and everything else about the country. thanks, man. >> appreciate it, charles. >> just as obama is in alaska pushing the climate rules, we're hearing the rules in place are doing major damage here. find out how bad it is, right after this. can a business have a mind?

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. charles: take a look at oil, all over the place this week. right now down over 6%, close to 7%, and the white house is making things easier for energy companies, right? okay, wrong. i'm being facetious. president obama pushing another climate change rule, this time in alaska today. and hearing another coal company is going bankrupt as the others are way, way down under this administration. chris horner says the white house is making matters even worse. hard to imagine them making it worse for coal companies, certainly energy companies in general, listen, candidate obama said it's going to happen and it's happened. i don't think anyone thought it would be this bad. >> well, i don't know. remember, there are three ways he's killing jobs and also killing people because the cost of energy is embedded in everything. he promised it was going to be like europe where, we saw the

opportunity costs, spain 2.2 jobs lost because of the wealth transferred to uneconomic politically selected interests. what would have been done with it with the private sector? obviously the industries he vowed to bankrupt like coal and the communities surrounding them and scaring off foreign investment. it was predictable. in fact it was widely predicted. it was not only likely but inevitable because he told us to look to europe. when we didn't expose these things, he stopped giving the speech, charls but pushing the policies harder. let me point out something worse than 2.2 jobs in spain. they're killing tens of thousands of seniors every year with the policies. tens of thousands of the move vulnerable dying from energy poverty, freezing in the flats because of hypothermia and protecting the most vulnerable after admitted it will have no impact on the climate when it's in the name of the climate. it can get worse. not computer model deaths,

killing people. charles: we've got an actual casualty count to your point. tens of thousands, makes sense, every winter we hear where elderly americans who can't afford their heating bills have died, and now, of course, with electricity through the roof, that's going to probably happen here and more in america. >> let me tell you something, you can see the headlines at ee legal.org, and you'll see pensioners burn books to stay alive. burning books seeming wrong but they like the hard bound copies. 40 something in additional excess winter deaths from half of those from freezing in the flats. why? they have priced energy out of the reach of people. we would know that as unnecessarily skyrocketing. he told us to stop looking to europe. please, look to europe, if you

know the pope's advisers, tell them to look to europe, too. they're killing job, killing people, and the people they're supposedly seeking to protect. no climate impact in killing people. charles: before we go, chris, the white house encounter with the enormous numbers to your point computer generated lives that they're saving through the odd metrics to determine from dust particles to protecting ponds to protecting little bitty water, you know, pockets of water on the driveway, that somehow they connect that to saving hundreds of thousands of lives. where is the fallacy there? >> right, different rules. what we caught them saying was they acknowledged. i have e-mails using the freedom of information act which they said climate is an increasingly or persistently case to make. it's not about asthma. they admit there is no detectib detectible impact on climate. the proper amount to spend for

no impact on climate is killing people. that's the proper response. charles: chris horner, thank you very much, appreciate it. >> thank you, charles. charles: markets are losing steam. we're around the lows of the session. take a looked at dow jones industrial average, off 412 point. anti-establishment candidates are gaining steam. we'll tell you what else they're gaining, when we come back. [ male announcer ] we know they're out there. you can't always see them. but it's our job to find them. the answers. the solutions. the innovations. all waiting to help us build something better. something more amazing. a safer, cleaner, brighter future. at boeing, that's what building something better is all about. ♪

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. charles: stocks continue to sell off, establishment republicans feel like or start to seem like they're petering out in tandem. voters in iowa looking to donald trump, ben carson and carly fiorina. top three picks, all anti-establishment candidates. all gaining city. to noelle nikpour, you just

heard that jeb bush lost quite a few of their big donors, where are they going? >> you know what? it's a lot of the country, charles, they're feeling frustration with government. but it's beyond that. i think they're thinking government can't fix it i.e., politicians, so they're looking to the private sector. look at carly, private sector. trump, of course, private sector, ben carson, private sector. they're looking and thinking that they don't have trust, they don't have faith in government. therefore, unfortunately, a lot of politicians are getting swept under, so now they're looking at hey, help us out. restore america. let's let the private sector do it. have you noticed? charles: listen, i'm with you and think it's interesting, if you recall, and i'm sure you do, president obama threw his hat in the ring because he was the anti-war candidate. and let's face it, a collapsing economy, a collapsing stock market fell right into his lap.

that's got to be playing a role with regard to how some of the donors are looking and shifting their donations. >> yeah, and you know what? i got a really weird call a couple of days ago. one of my donors who supported chris christie and another guy giving money to bush, and they called me and said we are fired up about donald trump. we want to hold a fund-raiser for him. and i'm like, oh, okay. this is really strange. and these guys are educated. these guys are politically savvy. they're both in the private sector, but they're both look at these candidates going, well, i guess, you know, trump, i guess he's here to stay. so the money is going to eventually be following. charles: i get that, people say the money makes the candidate, but sometime the money follows the momentum as well. are you saying it's strange, are you saying that the money -- jeb has raised 120 million,

maybe 130 million, a lot of the industries that want to have the candidates in the pocket. it's better to have a candidate that can lift the entire economy rather than having someone who is pushing my own personal agenda. >> you nailed it. you nailed it on the head. that's exactly right, and i think that's what we're starting to see. and you know what? business people, charles are smart. and business people are not going to let a momentum and let these double digit poll numbers come into effect and still be trying rah-rah their original candidate so. a lot of them who have given to bush, already given to walker and rubio, could be hedging bets and going you know what? i might as well make nice with some of these other folks that are running because you never know. a lot of people don't want to ride a ship all the way down. and it's early, this is early, these aren't -- this isn't fed law, this is early.

it's looking like a momentum builder as far as the nonpolitician candidates. charles: real quick, when do the establishment guys, guys that have fallen completely off the radar. walker three or four months ago i thought he was going to be in the top two or three. jeb bush was at the top. when do the guys panic if the big donors go away, you start to sound s.o.s. >> i think when we lead into the winter months, another debate in september, when we see who the merging of the top five or the top eight out of that tier, i think people are going to start getting really, really nervous. charles: noelle nikpour, you know better than anyone else. >> thanks. >> i was on the show august 21st, i offered you a special report, there were 12 stocks on there, every single one made huge rebounds last one. go to my website, you better read it right now if you're nervous.

also, the latest clues from the fed president, one of the fed presidents whether or not we can expect a rate hike next month? a lot of people saying the ability or the inability of the fed be able to communicate this is helping roil the market. we'll try to get clarity for you. we'll be right back.

>> welcome back to "cavuto: coast to coast" i'm charles payne filling in for neil cavuto stocks in a huge selloff right now take a look dow up 225 points low of the session this week, of course, we have a massive capitulation culminating worst month in the dow for five years, it has been extraordinarily wild an volatile market and today session closes down over 100 points to mark the 9th day of the ten with with triple digit moves. mcconnell on the new york stocks exchange and which stocks are getting hit the hardest? connell? >> some of the banks are getting

hit hard as well. in the middle of the day here selling picks up. odd as you know in the beginning of the end of the day. but a lot of talk of level on the s&p 500 okay if some of the tech stock. year to date numbers are interesting with the like of an apple or microsoft came down even with the big names. bank of america. jpmorgan holding on and declines for others. energy stocks those are big at the bp and chevron, exxon. now today's trade if you look at the s&p 500 1926 levels wise that was -- a lot to talk about that as being they call it a support level for the market. once we broke through that charles, we saw selling pick up and hovering around this 1921 market. mark on the s&p, we'll look at that on the count down to closing bell this afternoon. see if we can break through that and maybe we hold back.

that's like 10% direction territory in the market. but once you go through the 1926 that's when you saw that down more than 400 on the dow. so another day. >> another day. that's why you get paid the big bucks buddy we'll see you soon. speaking of things that happen, oil just race all of those ingas that they made yesterday it was up huge to matt who is on what he expects the prices and where could stabilize here. it is interesting because a week ago, of course, matt we were hearing oil with a three handle. oil with a two handle and then rally to almost get back to $50 a barrel. this volatility has been with us a while making it tough to pinpoint where the bottom is. do you know? >> it is real tough charles. two of the thingings that we look at, we try to separate out our global macro with our technical you get nice news flow with slumber j and 55% over

cameron closing price in the middle of the week. a huge number if you were short and negative oil to find that they found that kind of value in cameron last week. and then later in the week with some of the different reports you had buffett being a buyer of phillip 66, between 71 dollars and 79 dollars. interesting news flow again that is fundamental macro we did reach last week 200% oversold on weeklies in our shop, trading we think of that as kindling in a dry forest it needed a spark. it got the spark and slobs cameron by. you have the buffett news friday. you know, it's a thing we're looking at closely. what we want to see to get involved a high or low here on the pullback. we're fortunate to be out of energy so we've been happy for -- for eights or ten minutes and miserable for wednesday, thursday, friday as we missed that rally.

but now what we need to see on both the barrel and the equities is a higher low. pull back today. >> matt, you know, people by the way equity investors don't like that too. everyone who waited on the sidelines for that 10% correction missed it last week. but having said that then what's the magic number 45, 44 dollars? what number dow want to see hold before reverses and that would be the ultimate buy signal? >> you know, i don't think you're going to get an ultimate buy signal by back and fill in here when a sec or tore or a commodity or in a deep negative trend. it is rare that you're going to just move. if we can -- if we can hold two or three dollars above our low from last monday on the barrel that would be something for our trading team to look at. on the equity side same type of story. you know, xle that covers some of the big guys if xle could pull back an hold a 62 were 63

versus its 58, 59 of last monday, it would be a playable trade. against that -- >> getting wrap signal but i have to ask there's differing missions in the oil market. too early to go into frackers there? >> it proanl probably is. if you look at them, they had highest damage in their bounce hasn't been quite as strong. very speculative better playing mainstream and smaller level. >> i wrote a special oil report about she have is ron you have a 6% dividend and continue to pay no matter what happens. thank you very much buddy we've got to go. we're awaiting big signals now from federal reserve in just moments, the boston federal reserve president eric is about to give us clues on as to whether feds going to raise rates this month. peter barnes standing by. all right peter, listen, i guess we're going to get some kind of clarity here every time fed officials speak sometimes they contradict each other but at this the point we're all

desperate for some clarity. >> well, eric, just to reminding everybody charles is a long-time dove at the fed. and he has been kind of arguing to raise rates later rather than sooner. he doesn't think the economy is there yet particularly on feds inflation target of 2%. so he will start his speech at about 1:10 as soon as he does we'll bring you the headlines on his latest views. >> all right. hey, stay right there peter because i want to bring in mcconnell charlie gasparino and scott martin on what we should expect. again, the doves has been somewhat doveish. the hawks and boy believe me there's not kind of the hawks that were in last fed most hawkist person would have been the fourth most hawkish on the bernanke or vice versa? >> i understand what you're saying but i think there's a

consensus that is now starting to form right now with the fed and consensus is not necessarily sepght. it's before the end of the year that they have to raise rates. i think that's where -- we're hearing that. >> that came out clearly from jackson -- >> why, though, because we look weak if we don't. see that's the weird thing that's going on. everybody is saying feds have to raise because things are bad if they don't. if things get bad because they raise maybe we can cut. : here's the whole thing fed is not saying why they're going to raise rates because the real reason i believe is that they know economics cycles run in seven-year cycles economic expansions run 7-year cycles we're on the cusp of that and we don't have that strong as it is right now. and china -- one other thing. >> the thing let me make this point and chinese numbers are not factoring in -- >> the thing okay this is not your typical business cycle but your typical business cycle doesn't get $2 billion in qe and have is a policy that the obama

administration had. this is not the rebound that we would typically see in a normal business cycle for so feds to take a victory lap or scots point not controlled by wall street would be a huge mistake. >> you have decent employment growth. you have employment growth you have unemployment rate that is going down. >> what about raise -- nowhere. >> yep, some wage growth, you have pockets of inflation in rents, in you're starting to see wages pick up. you have all of these major discount retailers raising wages and the like, and you look back at the second quarter it is back looking but that is not bad growth. but i do think it is going to take a lot to shake the fed at this point. will their knees buckle because of china? that would look like -- >> the fed will raise rates. there's no doubt before -- [inaudible] >> before the end of the year they're going to -- they have to, because if they don't, it is a pr problem looks leak we're going into a

recession they want to say especially since yellen, and number two you basically have a -- you have a situation here where we could seriously run into a recession next year. [inaudible] >> cycle. >> feds prematurely raise rates would that make us push us? whole problem and that's the thing is like if there's so much at the fed -- [inaudible] >> the people who were calling for the fed to do nothing have no vote in that. >> here's the other thing, that may be true. the biggest problem is -- that you had billed that vote, and he said -- >> bill yellen a dove. over the weenld thbs they don't need to see 2% of inflation as long as trending there but aside from things you brought up they're official says -- >> the only thing, 25 basis points or 50 basis point will go through a cycle. >> you know what will hurt --

>> pumping out -- >> it is going to hurt the market. >> great poangt. that's some people think that ain't good -- >> points of savers are rates going down ten years going down to 2% again as we're supposedly getting close to the first rate hike in ten years. i think we all agree -- small to be 25 basis points one and done for the most part. peter barnes you're back with us. what -- what is the boss and president actually saying? got the speech here he does lay the ground work forking the first interest rate increase until later, though, he does not say exactly when. he says that the fed has largely met his objectives for job creation as she was saying unemployment with 5.3 pbts. but arguings fed is nowhere close to hitting the inflation target and could be headed further way from hitting it because of continued slack and labor markets, in fact, there's that could slow u.s. economic

growth such as weakening foreign economies and volatile financial markets as a result he makes the case for a more gradual tightening shook l tharkd monetary to gig out while maintaining stable prices, and he argues that the exact timing of the first rate increases aren't that important anyway. saying, quote, macro suggest little impact on the landscape for moving the time of initial interest rates forward or backward by a couple of months. most recent fed forecast shows he wants to wait to raise rates until next year. he's meeting with reporters after his speech. and we'll see if they can pin him down on the date. >> all right peter barnes thanks a lot. back to charlie, scott, start with you we've got the speech. nowhere close on tin flags side. they're going to use a gradual model we all agree that was not necessarily news per se, and sort of in different as to when they actually pull the trigger but that is 64 trillion dollar

question. he was dismissing when it happens that that is less relevant. something most relevant is something they have written and talked about, it is the progression how fast will you raise rates? >> gradual. everyone agrees gradual. >> but that is -- critical to the feds theg it is like how fast and how quickly once you start -- just because they start doesn't mean that you're beginning to have one every -- that's important. >> not going to destroy -- 50 basis points wouldn't destroy this economy. what will is on the back end of the economic cycle china filtering in. one other thing markets traded off. they're going to raise rates this year. that's what that -- >> that's the thing scott a lot of people argue if you look at the fed, and they brought up china. they brought in the idea of the china exporting deflation. it feels leak there are a lot of different worries that they have outside of this official mandate that if they do make this move and they have to go back and

lower rates that's going to be -- >> not good if you look back in history when rates fluctuate like that and do this back and forth that's what hurts stocks. yellen has been very mindful of global constraints global issues since she got into the chairwomanship. now follow me through the forest here. let's say that they raise rates charlie in december. okay. market -- market says it is a bad thing. down 400 when they saw it next. >> the dollar -- it boost the dollar, therefore your s&p companies boys and girls now get 50% of their revenue from overseas. they get a hit on earnings. therefore, their stock prices go down and hurts the wealth effect they pay workers less you don't get inflation you thought you were going to get. >> already happened maybe what we see in the market is in anticipation of the fed hiking rates and if i would argue you've seen a bursting of the commodity bubble and market volatility it is not the feds' job to bail out speculator they

need to move on. >> take profits you've been in the market this market insane. almost phil dudley can say. market goes up and down he have to raise rates because they need some gun pout where the economy hits the you know what, and in which it will after seven or eight years. >> a rate hike will do it. extra error and we start to collapse, they'll break it. >> coming out in february or march. >> in september? >> this market is so stretched after the recent selloff that you have a collapse because of a quarter rate hike that is a sad, sad state of affairs. >> not worried about the market as i am about the economy and fact that they took on $4 trillion in rift, and a lot of virtually none of the money made it to main street. that calls into question just the very -- existence of the federal reserve

in my mind. >> you don't want more then. call for more -- >> awaying from china, now, too money starting to flow in the trillions over there too. >> feds defense it was the only game in town. >> only game in town. leave it there global selling frenzy across the world europe is down. asia is down. but should you really choir now about your retirement money and take a breath this is not the end of the world? we'll tell you exactly what it is, now that's going to happen you navigate through all of this. many people clean their dentures with toothpaste or plain water. and even though their dentures look clean, in reality they're not. if a denture were to be put under a microscope, we can see all the bacteria that still exists on the denture, and that bacteria multiplies very rapidly. that's why dentists recommend

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>> breaking news ptd says it is

not clear that a rate hike has been met yet on the markets right now, though, are near session low we're watching this as investors digest from the fed official. meanwhile damage done to the dow, and how much has been done, though, to your retirement? the big thing is we always try to stress is don't panic we bring in jerry willis who says not to worry about your 401(k) just yet. when do we start to choir? >> if you be summon the courage to look at it that is number one but dote sell in fear, that's always a bad solution to a market like we're seeing right here. you know, destabilizing unnerving, and frightening, but trying to sell on a day like today is a recipe for disaster. as we saw on monday those etf's got creamed and people messed up so my advice to your plan and remember if you had sold -- at the market bottom in 2009,

you would missed out on one of the biggest, strongest bare markets in our history. i'm sorry bold markets in our history markets up 180% since then. i want to show you because by got numbers on this. these are 401(k) balances. take a look at these numbers, look at change over time. now low was in 2009 but we have climbed up so far since then. so if you're backing off a little bit, and remember, look your balance isn't going to mirror the dow today because you're not 100 dow stocks right? it is gng to be something less than that. so just keep in mind hedge fund managers if you'll remember, they got scared. they sold out. they missed the turn they missed this full market. don't let that happen to you because you can't predict what's going to happen tomorrow or next day. >> some are trying to make it go down. they're so far behind they benefit big time because they

can go short, do other things to catch up quickly. i think they helped them, what about, though, the idea of there's one thing to hold. another thing to keep going. like a lot of people happy for those who did hold in 2009. i had a hard time getting people to buy in the 401(k) on hold. >> best time to buy stocks are on sale. youyou like apple now, is the te to look at it. tech stocks they're on sale today my friend. this is time to buy particularly if you're young you need to put your money in. do you want to buy stocks at their all time highs is that your plan? a stupid plan. that means that you'll be paying most you can for your investments i say it is time to buy now. don't sell in panic ask allocation is your friend here to protect you to make sure that you don't lose too much. >> if you peck the bottom there's three things lucky, lying or you have a 401(k) and always bought and you happened

to buy because you buy all of the time. all right jerry thanks a lot. appreciate it. china weighing in on u.s. big time and hacking us bigger time hanging at the white house might be something to retaliate. but george pataki says damage may be already done, and he's here.

>> two big economic crisis much here at home. canada officially is falling into recession first half of this year. posting weakest results back to back quarters of negative growth the weakest since the 2008 financial crisis. meanwhile as china owning the united states? the cyberattacks against our government putting millions of people information at risk looking at what's happened over the years particularly this year with advance into intergnarl waters and address of new islands in south china sea if there's ever a time to push back, isn't it now? >> sign to push back as scott

walker says china drag markets down hacking government and building islands talker to the whoat whole specific area also reporting databases together with russia using a speaker liz mcdonnell on it pensions promised and threatened by this administration are too little too late? >> that's the question may be too late because when read this l.a. times story it puts it all together charles so we have the opm hack. jpmorgan hack. what l.a. times and airline industry were hacked they're saying that now china and possibly russia are cross indexing all of this information to see who they can blackmail who they can commit extortion against in the intelligence committee so they have marital problems, intelligence offer to refuse ashley madison and anthem you know insurance company filing so that's the pressure and entry points and that's

that -- old school cold war tactics that worked a lot they stuck out on our country so that makes it wold car go longer maybe a decade or so longer because they found a weakness with vulnerable officials and took advantage of that. >> that's a great point. thing is intelligence community has said 9/11 was failure of the imagination in the difficulty to understand government roles it is about imagination so right now, the obama administration is saying we're going to boost our security defenses horse left the bar, so personal management thing is stolen. so what do you do now, and should you -- you know do sanctions. well here's the other problem with china and, of course, sanctions against russia, and china according to to this report these governments in china, russia, they use criminals to do the hacking to put distance, sort of arms length between them so you know it is a criminal and hacking not

us. sanction us. >> although and to scott walker's point with china and manmade islands going to try to concur the rest of the pacific. they just had a joint military exercise china and russia biggest ever. they're being belligerent in fronof o facand els ke ybe was oba's iistee of phing resetutton and promentses to officials we're doing a lot of things once i'm elected to your point too late to come back. >> when you don't come from a tough bargaining position these guys exploit weakness. you have to say to yourself more at home, because it is economic weakness in china. economic weakness in russia, so to maybe to distract the population they will say all offensive here an go after big guys. >> vladimir putin popularity has come down. much more popular than president obama is here. thanks a lot. thanks for last week.

appreciate it hey guys we have breaking news for you on our iran philadelphia inquire reporting democrat senator bob casey will support in support of the nuclear deal with iran. another democrat that is supporting this bill that looks like -- critics of the bill are in trouble of being able to stop it but we're going to continue to monitor this, that is a big, big win on this iranian nuke deal people are worried it is disastrous. other side of this story china mess is worsening our problems here at home. are we too tangled up with china? and pataki right after this.

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♪ charles: well we got another storm brewing on the campaign trail. many voters worrying we are too attached to china. to presidential candidate george pataki how we can start breaking away from our china dependency. governor, welcome to the show. >> good to see you, charles. charles: when you hear, don't hear trump's name but when candidate talks about starting a war with china, economic war with sanctions and things like that i get where he is coming from. >> yeah. charles: however the average american who sops at walmart may not be prepared to see the

flat-screen tv go from 300 bucks to 1300 bucks. how do we get off the reliance on china particularly when it benefits low income middle americans? >> that is exactly the right question. i think the answer is pretty simple. think back a few years. everybody was saying we're too dependent on middle east for oil. what we did was develop fracking, domestic sources here where we're no long they're dependent. we have to do the same thing with china. instead of being dependent on china dumping goods in america we have to make things in america again. no reason with our workforce, our entrepreneurs, our investors, lower energy costs to make things to compete with the world. except our government puts too much regulation and tax on businesses. disengage from china. make things in america. grow america. we would all be better off. charles: irony china is working overtime to try to duplicate our economist. they're trying to get dough

messtic-led economy and buying all watches and buying all the cars. that used to be america. >> not just what you were saying we're overly dependent on goods from china, but we can't count on china. they were ones who engaged into cyber warfare, that breached into our highest cybersecurity network, they have hundreds of thousands, millions of email documents about americans they're not using to help america. they're using it to help themselves. by the way, chars, i think they have everyone of hillary clinton's emails when she was secretary of state. the american people don't, china does. hillary should be not just investigated but charged with having broken a crime, create ad crime but we have got to disengage from china. charles: governor, with respect to hillary, if you said two months ago, a month ago she would be charged under this administration i would say no way. this snowball thing has become a boulder. maybe it does happen. to china, belligerence of china

to do this kind of thing. bald faced approach they have had, i just spoke with elizabeth macdonald about this, maybe sometimes china, russia, use criminals to do this they know they are proctor & gamble systems we know where this is coming from. we know what they're doing with the information but we don't retaliate. >> we don't. america has shrunk from the world. this ad minute abdicated by america's role in the world. russia and china don't share our values. when america retreats who can lead? who can defend the rule of law? who can defend human rights? no one but us. that doesn't mean soldiers fighting all over the world. it means standing up diplomatically, economically, against a country like china. charles: there is one thing about this economic battle obviously we're all concerned about, i'm worried about physical, military encounter with china, russia, in tandem in the next decade.

you look man-made islands and joint ventures. inability, talking about boots on the ground, do we have the stomach to be the sheriff of the world anymore? >> we shouldn't be the sheriff of the world but should stand with people on our side. charles: but we watched christians get beheaded and which have done nothing. we have done zero. >> egypt is fighting against isis right now. we're keeping them at arms length. we should be embracing them. the u.a.e. is fighting in yemen. they captured iranian backed islamist. we do nothing to help them. we should be helping yazidis. we should help the kurds, we should help the sunni. not with our troops necessarily but if need be i would do that but with direct training. charles: with the kurds, what they have done i tip my hat to them. with the idea we can't help them. before i let you go, got to talk ba latest polls, coming in, non-politicians look at these numbers. >> absolutely. charles: donald trump, ben carson, carly fiorina. what do they have in common? never run for elected office.

they're wiping floor with you guys. why. >> i understand. people are fed up with politics as usual. they're fed up with washington. it is summer of discontent. charles: how does a governor from new york tell the american public i'm not establishment guy. >> i'm not a washington guy. never had a job down there. when i go there, as much like foreign planet than anybody else. but i do have ability to run a government to bring people together. as we move out of summer, closer to the fall, people say we have to solve our problems. another thing to be angry and another thing to have leadership to share the anger to solve the problems. think i'm that person. charles: governor, you have a lot of fans in this building and in this state. i appreciate you coming on. thank you very much. there is a storm rumbling in the market. dow is off 400 points. more storms are brewing in the pacific. this could disrupt everything from power to oil. find out where they think they are heading. we'll let you know right now.

>> i'm lori rothman live on the floor of the new york stock exchange, with stocks in the midst of a sharp selloff. once again blame china, setting tone before the open with weak neverring data. stock investors running for the exits. right now the dow is down 414 points, 2 1/2%. that is not the weakest level of the session.

s&p is level to watch on the 1926, couple points below the s&p average, down 2 1/2% today, but that 1926 level seeing all kind of resistance today. oil, huge story, oil breaking down after three-day rally here. it is off significantly, down 7%. the oil stocks are following in suit. gold is a safe haven. up 8 bucks an ounce. many gold related stocks are benefiting from that. a bid in treasurys, a safe haven play, with the yields on benchmark note around 2.15%. much more --

charles: well, stocks not only thing churning. major storms are brewing as hurricane season is beginning to heat up big. let's go to meteorologist janice dean in the weather center for more. janice. >> hi, charles. we're watching the pacific and the atlantic. it is peak season. something we've never seen, three category 4 hurricanes churning in the pacific. that was over the weekend. we have hurricanes but not as powerful. want to point out tropical depression number 14 newly formed off the coast of mexico, not expected to effect land. here are the triple hurricanes, our tripletts. that is the category 3 storm,

and there ising nacchio and kilo. as it comes over international dateline they are named different things in different basins. hurricanes in the pacific basin. as it passes over the international dateline, a typhoon. kilo has been with us at least a week. none of these storms will be a direct impact on land. we'll certainly see large waves across hawaii. tropical storm fred, this was history maker yesterday. the fartherrest east ever on record. we actually had hurricane warnings for cape verde islands. that never happened before. the good news about fred, it is moving away from land and it is weakening. we call this charles, a fish storm because it will not affect anyone. those are the tropical modelses with' go further out in time. the good news none of these forecasted tropical entities are going to affect land. it is peak season. anything can happen. charles, back to you.

charles: janice, thank you very much. lots of people blaming china and fed for big swings in the market but former sec chairman harvey pitt says something else is to blame. >> real issue i see it, that we've become a nation effectively of day traders. people who are going in for varying incremental changes. they're using computers to trade in enormous numbers. charles: to raymond james investment strategist, jeff saut. jeff, high frequency trading, that in your opinion one of the big reasons for all this volatility? >> i have said on a couple of panels with harvey. he is very, very bright and contemplative guy, but if he thinks this nation has become a nation of day traders, that is just plain nonsense. charles: i know nation hasn't. i know average individual gave up the game a long time ago. but feels like wall street has become day traders or funky

thing with the high frequency you trades, 40% go out and are never filled and testing around and seem to exaggerate what happens. last monday down 1000 points. that wasn't the average individual selling. that was some sort of a man-made "flash crash," high frequency trading run amok, no? >> well, i think high frequency trading did have something to do with it, charles, but i also think you had etf liquidation. you had margin calls. the selling gave the s&p the most oversold reading since the 1987 crash on october 19th, to expect some two to seven-session throw back rally was in the cards. we said it on my friend nicole petallides's show tuesday morning. we had the throwback rally, 1970, 2,000 overhead resistance. we're now involved in the retest. we'll see if the retest is successful to the downside or not. charles: here is the thing, jeff, individual investors markets correct. they even go into bear markets.

i think average person can deal with that what they can't deal with though, up 3%, down 3%. this kind of thing, i can't put at the doorstep maybe of the average person. even with the margin calls i'm not sure where that is coming from. but with people taking hundreds of billions of dollars out of u.s. domestic equities doesn't feel like we can blame the individual investor as much as wall street hijinks? >> i would not disagree with that but i would also suggest you have gotten nowhere near to the type of enthusiasm, you've been around a long time. we have got nowhere near the type of enthusiasm on upside for a secular bull market peak. charles: i don't disagree with that i also agree valuations outside of the thing schiller put together nothing says we're anywhere near an outrageous top yet the market is down 400 points at this very moment. we had tough week and august the worst month in four years.

this is this correction gone awry overdue but somehow being exacerbated by other forces? >> i think that's a fair point. i think the s&p corrected something like 12 1/2% from its recent intraday high to its recent intraday low. what you typically get is off compression low you get rally and retest. i think that is the classic way to create a bottom. i think we're involved in the retest now. we'll see if it is successful. charles: retesting last monday's lows could be frightening. i agree with you. one reason we love having you not only brilliant but voice of reason. need you on days like this. plus you have you great tan. >> my pleasure. charles: see you man. donors want a blast from the past. we're hearing rumblings of believe it or not of another mitt romney run. we'll get you all details right after this. ♪

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>> a lot of us guys were bummed out when you said you weren't going to run. are you saying never, never, never, never? >> not going to happen, sorry, neil. >> never, never, never? >> no realistic scenario which that would happen. charles: i don't know. because they're just not taking no for an answer. we're hearing rumblings are fund-raisers secretly hoping mitt romney will reconsider a 2016 run. charlie gasparino has been talking to his sources. >> wait a second. who is that fox news anchor? charles: i'm not sure. >> i can't remember. did we work with this guy? charles: occasionally fills in for me. [laughter]. >> blast from the past. although i heard he will make a guest appearance on wednesday. charles: can't wait. our fearless leader. >> what is his name again? charles: neil. >> neil cavuto. anyway, i'm fired after this show.

but any event i spoke with source close to romney, gop operative, one of his main bundlers in 2012 in the new york area. anybody that has a good pulse on, on romney's intentions it is this guy. charles: right. >> this is what he said. romney is, there is quote, no chance, that's what he said, no chance he is getting into the race. i can't predict the future. i'm giving you the audience a source that i'm telling you is impeccable very close to romney. he says there is no chance. yes, there is yearning among some gop donors. we should point out that when you have a field that is being dominated by real estate billionaire, talk show host or whatever donald did, who used to be a democrat he three years ago, and he is winning the race, as of now, there is an obviously freak-out factor involved here. so you hear people thinking why -- charles: what about the other guy, the other establishment

guys are not offering? >> that is a good point. the other thing, what you have here is combination of donald trump winning this thing and people freaking out about, the celebrity talk, the celebrity who is democrat three years ago who could be the nominee. on top of the fact that jeb bush and scott walker have been very unimpressive so far. you just watch them. they seem, actually seem small compared to trump. we should point out that jeb put out his first attack video on trump. shows basically all his liberal positions over the years, including not too long ago. but that is what people are looking for. but i'm telling you from someone close to him, like real close, he says no chance. charles: what do you think, charlie, about the establishment warming up to donald trump? about, at some point if he continues to hold, listen, not just donald trump. we had the new poll. trump tied with carson. carly fiorina gaining ground in iowa. this is distinct, look at this

thing, this is distinctly saying that the republicans people who vote for the gop are fed up. listen i think it all happened with this midterm election. they gave them the midterm election. won by a landslide. what do they do, rubberstamp everything single thing obama wanted. >> you're absolutely right. i appeal to this this is appealing to me. he is sick of political correctness. he is not afraid to say immigration problem. i think some of his rhetoric is way over the top and just bad for the country. everybody in their right mind know there is immigration problem. jeb bush won't admit it. they come here out of lo. the republican electorate is sick of it. charles: they are, buddy. looking at where the stocks are year-to-date. tech sector down, apple down, microsoft down, facebook up over 14%. look at financials. bank of america down 8%. goldman sachs up 2%, jpmorgan is up 2%.

those are supposed to do well when fed raises rates. energy, bp, exxonmobil, all down. put it in a pot, what does it all mean? we'll give you answer and much more right after this. with cop? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled copd maintenance treatment that helps open my airways for a full 24 hours. spiriva helps me breathe easier. spiriva respimat does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva respimat. discuss all medicines you take, even eye drops. if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain or problems passing urine, stop taking spiriva respimat and call your doctor right away. side effects include sore throat, cough, dry mouth and sinus infection.

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charles: we've been following this news all hour long of course. big news, stocks coming back slightly from the worst of the sessions. we could see it down a lot. boston fed president said it isn't clear rate hike conditions have been net yet. we're not sure what the heck is going on. every time the fed opens their mouth we're not sure. every time chinas reports news we're not sure. we're not sure about the economist. we'll have more tonight on this, liz ann sonders will join our panel of experts. what i like to focus is actionable help.

we'll give you parameters. talk about different things. what does the collapse in oil means? what happens in the markets? what happens to your 401(k). these are things you need to know. i feel great we kept you sort out of the panic mode. we want to help you make money. that is the name of the show. neil is back on kos to coast. trish: thanks, charles. free fall on first day in september. even oil which was a light at end of the tunnel for some traders giving back most of the earlier gains. this is the teleagainst report, everyone. i'm trish regan. buckle up. it is getting more wild here on the markets. stocks sinking after that lousy manufacturing data out from around the world. we're not manufacturing much. china is not manufacturing match. we have fears of a globe slow down hurting investors. nonetheless, climbing back to