learn more at standard lithium dot com. >> what a show thank you dagen mcdowell mike murphy great to see you. >> great. love being here. every day -- me too. have a great weekend everybody. i'll see you sunday. "varney & company" begins here's charles payne. >> what a week did he miss, stocks, though, right now look like they're going to bounce back a little bit this morning. equity futures have been up 200 and 300 dow points all morning long and then earnings coming in so far positive reactions jp moore dpan citi group, mixed results but positive reaction ares dig in there. a lot of bargains out there in in this market and keep in mind dow lost more than 1300 points in the last two days and, of course, we've seen a lot of wild rides along the way and never know where this market is going to go but volatile up, down,

believe it we've got you covered for next three hour, in fact, we have an amazing lineup for you and in addition to our market coverage former ambassador to u.n. -- on the possible release of an american passer who has been held in turkey for two years. and fcc chairman on what he's going to do about about those annoy robo calls on your cell phone and candice owens by the way she met with kanye yesterday as well and wednesday a bang and hopefully you'll make some money in the process. see what i did there? "varney & company" starts right now. [laughter] ♪ let's get right into your money and bring in john, joel and elizabeth macdonald lauren simonetti. okay futures bouncing back here a little bit, of course, we have a rough days how do you see the day play out possibly? >> may have a bound back nothing

fundamentally changed an trade wars in inflation it is market shows this tile to selloff and computers kick off and selloff get selling. >> can buying can we have one of those days? i was saying i wouldn't be surprised if stars aligned and conference goes well with these banks and we were up 500 -- >> great earnings from jpmorgan and cover it in a minute but typical of what's going on in economy computer bank up significantly and you have corporate earnings boosted by corporate tax cut so it could be getting by. >> your thoughts? >> i agree completely with your sentiment you go back to last 30, 40 years, generally a week after a day recently markets go up and 27% then one year after, so i agree with you. i think we've got a buying opportunity. this could be an early christmas present for investors. >> you know, these guys are spot

on because here, we have zero volatility markets run are up tripled since financial these are normal three to five to the downside two or three times year history shows in a year. so this a normal market, market trading action which we didn't used to over the last eight years. >> you make a great point we definitely were so complaints with respect to the idealic nature of the dow it was down now bouts of this this year. but lauren, we think need a wakeup call. >> wakeup call indeed with a midterm election upon us. so october historically most volatile month of the entire year coupled with with an election just a couple of days later. i don't know. i think this -- i don't think we've hit bottom just yet in the stock market. and with the earnings reports upon us especially from the big technology companies that high flying sector we hear from them how major geopolitical issues are affecting them. i don't know.

>> it is interesting, though, because they've come down so much that the dynamic of change pe ratio peg ratio everything, may be expectations don't have to be blown away like they normally would. i want to talk about, though, earn technician, though, because these big banks they report earnings before bell this morning. and you know, typically there's now set the tone for earning season. let's talk about that. we've got 54 names 54 big names reporting next week. john. >> i think we all know that they're going to be great right expectations are that they're going to be great. but now we run into guidance particularly comparison to being amazing year that we saw with earnings and revenue growth. >> it's all about guidance right now. earnings show to be up about 19% this quarter which is a huge gain. it was a -- >> particularly after two quarters. both 20% growth this is incredible to have this in the stage of the bull market. i think difference is in 2001 when bull market ended you have tax cuts in later in the 2002, gdp went to 3.8% in 2004.

this time we got the tax cuts before the bull market ended i think that's why we're seeing extension and point here is guidance. when jamie says geopolitical uncertainties we see that and talking about that. but he also says economy is on sure footing right now to me that's the most important part. >> joel -- >> of issues that are currently being discussed inflation interest rates unemployment trade wars, and profits i'm not worried about first three. i think interest rates, i mean, you go back last 70 years -- it 72% of the time interest rates have been much higher than what they currently are 2.25%. with inflation not worried about that one employment not worried about that $3 trillion to keep unemployment in check. two key issues as i see it are traitd war with china and corporate profits which you just alluded to. now we talk about corporate profits we have looked over every single earnings transport for the last month for those who reported corporate profits. those that announce china terrorist as an issue those

dropped about 9% in almost about about double of the bench mark. so i think we focus and those companies that are exposed primarily the industrials materials handful health care companies that are exposed to the china trade wars, i mean, those are ones we should focus on. this is going to be a stock pick orers market. >> focus on this potential bonds or avoid them? >> no, no it is both. i think we're going to see company it is that benefit from the trade wars. they're going to be net buyers so there's going to be a lot of winners and losers we're going to see going back to earlier comments a volatile month with lots of winners, losers here and not plain vanilla. not everything or for everybody. >> it is the thing to watch is when they start breaking down below the 200 day moving average right ting that dow did that. the last seven breaks were false alarms because market did go back up and scale back up that's historically when you have it staying down below it is because recession is triggering a bear market we see pretty strong

fundamentals coming in here. >> so i think the reason that asia was so strong today is because of this expected meeting maybe progress that least they're talking more which between president trump and the chinese leaders. >> down from the high and it has down a lot this year so oversold. i agree. i mean, listen, we a stealth rally march to 22nd when a trade war began dow rally 3600 points and everything on tv people said it was afraid of the trade war and it wasn't afraid and those are afraid and some, obviously, ceos are anxious about it. but this announcement that perhaps this meeting going to happen is critical right because we don't need resolution right away but i think we need to know they're working towards a resolution. >> it is important that president i think that could possibly get something done. problem is i think right now the u.s., though, team we've sent over there is overestimated our

hand in china and overestimated hand for us. gdp in china was up in july and august and you have exports that were up and those were getting ahead of tariffs but they're not feeling this yet so until they start to feel this we dongt have a great position. >> people bank of china has hundreds of billions of dollars. that was in the last round before that -- and also if you look at internally i think they're in bad shape. >> term bad shape is not because of tariffs but -- that'sy mention 2015 because to you look i think they were already in bad shape. i think that tariff were reveals that they're not the nation that we think they are. the building that cities live in and looked goo for gdp but more debt and could be a ticking time bomb. >> but if we think tariffs get us to a solution i don't think tariffs are going to get us to that solution. i think we're both becoming entrenched and i don't see offramp with china and a way we're talking about midterm they're talking that getting it

build by 2049 we're talking about two completely different -- >> on silk road a month ago malaysia turned down 22 million pakistan turned down 2 billion and last year 14 billion and today -- >> what do you mean china from build because many countries are realizing hey you're not helping us this is not an investment but rip us off a great article about colonizing so they're waking up to this belt and suspender thing that reverse marco polo if you will but joel, what gets us through this? like what gets us what breaks this out? you know what gets this back -- >> to corporate profits. corporate earnings we're going to seat next few weeks this company starts it announce third quarter profits. this is really going to be a game changer we saw -- major correction in the last week or so. where we came off the october third highs and so -- traditionally, i mean, u.s. small cap growth which year to date are currently 7.85% dropped in half in last couple of weeks. these companies went up early this year.

because -- >> is there a signal like someone is watching joel and they -- can't listen to every conference call like you and your team did. is there a signal out there. maybe a -- numeric signal own dow or something to say okay to the mass audience, maybe the worse is over for now. >> i think the worst is over. i mean, again you go back to last had 30, 40 years these types of corrections usually are in following week which we may see starting today and following year certainly. and there's only been about three exceptions of the top 20 drops in last 40 years so traditionally and we have great interest rates right now great low inflation strong profits. fundamentally reason why markets went up this year so far and in of our u.s. growth areas is because of profits i think in next couple of weeks -- see profits going -- strong. >> they say that's what it is about and drives markets. thank you all very much i want to get to hurricane michael because it is still a huge -- in the florida panhandle is remarkable.

jeff flock joins us now from panama city beach, florida what are you seeing now? >> they're not thinking about this stock market here. i think at the moment charles, i'll tell you you can be overwhelmed by this damage but look at just one house and one situation. i'll let you come over here to see this. look at this just one house and one tree, can you -- this is why we say maybe it is a good idea to get out. the house would have survived except for this street look at this. isn't this amazing? this is the pulled out by the roots that's a two foot diameter maybe 2 and a half foot diameter pine tree real quick come arranged back maybe steve you'll see -- what this looks like. in the back this whole house enveloped by this tree just one scene. charles, to give you a picture of what this is like. this is all over the the panhandle of florida right now. charles. >> devastating images thank you very much. and thanks for all of the work

you've done down there this week. thank you. let's check on equity futures here. we've heading higher since we've been talking this morning. going to be our significant bounce but question is will it stick would be buy rs off sidelines there was a major awake withening this woke and we saw a panic yesterday. i think for the first time in a long time and keep in mind also we've got a very big guest coming up in our 11:00 hour. fcc chairman you want to know right about those annoying robo calls you get well guess what there's a new report out there that says they're about to get worse. we'll have the chairman about that. and saudi journalist goes missing after visiting the saudi consulate in turkey. now there may be evidence he was killed, in fact, an extraordinary story. former ambassador to the u.n. will join us on that plus -- plans for trump to meet with shi next month reportedly moving forward so -- how long can this trade fight go on? some say maybe 20 years we're

going to get deeper into that as "varney & company" continues. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know

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all right to trade a lot of news on china, the white house reportedly moving ahead with plans for president trump to meet with china's leader shi at a summit and proposals have new exports to join us now with the hudson institute all right michael you know china as well as anyone. you visit there frequently, and you understand it from the top officials to the journalists what's this sense now on how long this fight is going to last? >> well i think a lot depends on the buenos aires meeting they're the deciders from what i've heard recently i think that chinese are forming an offer they've been searching for president trump's bottom line. they don't know what it is yet. but they're beginning to form an

offer. as you know very well, there's the american 24 points in the chinese ten points are in total conflict there's almost no common ground. that was early may. now we're five months later. i think the things began to be sorted out so that chinese side knows what it might take to get a deal with president trump. but i don't think they're there yet. so there is some chance at buenos aires would be making of a deal it that president xi would offer concessions that president trump has been looking for. so i'm mildly optimistic that the chinese want to headoff the full 25% tariffs and they want to head off tariffs at 25% and pretty big incentive. >> to that point countertariffs in a 10% change that underscores

love to have a computer driven economy like america but this wouldn't be the right trial to raise prices on their citizens, particularly as the wealth is started to dissipate two days ago louis vuitton made a major warning because china wealthy customers there's no more demand so there are cracks in armor without a doubt but a lot of folks talk about the ego of both leaders. [laughter] but china specifically the issue of saving face as a cultural issue and how that play play a role ultimate play in a resolution. >> that's a important point charles that chinese seem to deny all of the allegations they want to deny technology theft, they want to deny rule of state own enterprises to claim they have a free market they really doapght if we let them off the hook on that. and go for actual benefits to us that might be the makings of a deal. it is very hard to get them to confess all of this theft and mistreatment of our company for the last to 20 years they're not going to do that in my view but

might change treatment of the companies they might allow a great deal of investment in their closed economy and most important of all they might double their purchases of our products. >> didn't see earlier this week wasn't it bmw able to buy out chinese partner even bmw or mercedes. >> in the china press today it is bmw towght this as an example of see how china can be nicer. they're also letting the tesla investment in shanghai go ahead. so there's these gestures that chinese is making nowhere near enough for president trump in my view but they're starting to move in the right direction but again as you say without losing face, without acknowledging the wrong doing, in the past. >> michael one of my biggest concerns when this whole thing evolved was -- when president trump accepting victory and what point does he say okay it is a victory?

he's got some advisors around him who will whisper that's not enough. that's not enough. that's not enough so where do you think he should accept victory? what would be the ideal deal for you? >> for me the the ideal is what president trump has basically written about for almost 20 years. he uses words like reciprocity level playing field, and more american jobs. his focus is is very clear. so if the chinese would say would meet one of his commands, i want 100 billion dollars more purchases by you, china, this year and next year. two years in a row. that's going to create an awful lot of american jobs. so that's something he's looking for i think he'll probably get it eventually. the area of a technology theft as you've mentioned many times, charles, much harder to police much heart diseaser to verify they've already promised and denied that ever endanger in technology theft so that's harder to negotiate so there's a third area their economy

really -- following the rules and following the judgments against them at world trade organization in geneva there's a famous credit card issue to promise to let credit cards be used they never did. five years ago this was -- and now they've got the biggest credit card in the world. so it is a total violation of a wto ruling against them. some movement in there possible. >> we hear points about that all of the time a great article recently about how specifically they bullied one american company but we with see it all the time but may be we'll get to a point to be resolved sooner rather than later it is a pleasure to talk you michael appreciate it. thanks a lot. >> thanks, charles. >> all right folks take a quick look at futures here because we're poised to have a really strong start to the session. you can see dow futures up 250 we might be up as much as 350, 400 points right out of the gate. the question, though, is will it stick? are you going to be a buyer on this dip? meanwhile ieg phone users listen up tired of getting scam calls

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>> all right folks let's set the stage here we're down almost 1400 points in last two trading days everyone on pens and needle

and major relief at start of this session. will it last? are you a buyer e let's piepgd out what the pros are doing. john is with us shah gilani is with us elizabeth macdonald lauren simonetti. the last two days you've been a rock you said i'm not afraid ain't afraid of no ghost ain't afraid of no selloff and it got worse people were tweeting me what the heck is shah talking about i'm losing my shirt. do they buy today? >> they shouldn't have sold. i'm actually buying i got a buy program in starting today there's a lot of stocks gone on sale and the selling is over and actually could be over if earnings start to come out in solid double digit gains then this might have run its course typically when it kind of selling happens short period it plays out longer so it wouldn't bother me if we went down more and not substantially i think this is a buying opportunity and a lot of stocks on sale right now. >> i think overall you're optimistic is there a point

where you become more bullish you know as sort of a signal that this particular moment in time as passed? >> you know when you start seeing more liquidity in the market but you look at companies like shah is right like company like facebook trading at 218 a few months ago 150 bucks yesterday. that's a 30% discount for one of the biggest gross companies in the world you may have a further dip in stock market here but you have to pick stock and choose where to get in an bite bullet and get had. >> you don't have to pick the bottom. i think that's -- that's right people pick the bottom always make a huge mistake by the way attention apple iphone users, a new apple patent will allow users to recognize those scam calls liz people want to know. big time -- >> because you know, we were just talking at the break we get robo calls all of the time i think from rotary phone days -- [laughter] so here's the thing. yeah this patent has apple has been working with on these getting these one of the things dates back couple of year. it is not just hitting block on

your iphone apple patent will detect incoming calls based on server speech code, the network identifier, and block it for you. so you'll never even see the phone call coming in. and wow this will be something that the u.s. government has been trying to work on and stop across the country. the avalanche of robo calling that's been going on. remember that one guy recently arrested major felonies from robo calling i mean android is doing working on this. we knew samsung is doing this and revolutionary what apple is working on. amazon built a sextist robot lauren explain this. >> how could a robot be sexist and those they like to hide behind blame algorithm for us putting conservative content for those on our site and flagging wrong content you can't hide behind artificial intelligence who program it is because it gets it sometimes which is what

amazon did. reuters working on this robot and spit out who you should hire. the best resumé -- it all spit out men. because algorithm was wrong, in fact, amazon is 40% women it just lifted old data something they tried to fix it a bunch of times and never worked so they scratched entire program and said nobody was hired because of thissing gore rism because of this computer. >> that's crazy. but it does point to fact that the people who build algorithms have to be held accountable they can't put them out there and say it wasn't me. >> robot who programmed the robot? >> exactly. programming note it tell you about my show making money with charles payne moving to 2 p.m. starting on monday in liz well we also have a program note for liz as well. share that's right -- you see it right there on screen starting evening edit move 206 p.m. can't wait. >> i have big shoes to fill, what size of shoe are you? >> 12 to 13 depending what

you're buying. well folks 16 seconding until opening bell again it is going to be tense watch technology, they have been hit dramatically. leifield laid it out for you stocks like facebook an saying unstoppable get crush ared two big upgrade this is morning that's going to help. netflix buy from neutral city, microsoft outperforming and watch this stock as we pop dow jones average up 411 points. will buyer emerge? will this be the bicycle that people say okay, now the worst is over. we've only got one stock down. and that's coca-cola down 15 cents. all right let's get a check of the s&p please. s&p 500 -- up 1.6.almost 2% and real decent start to this session. and, of course, everyone is concerned about nasdaq yesterday 80% of tech names were in correction mode. huge start up to 2.5% again you've got leadership there being helped big time by

uptbraidz this morning. checking a tenure what's started turmoil in the first place at 3.15 coming down maybe it finds a trading range of below 323 a point ahead even running for hills. all right shah with a week for stocks how will folks know the stablization point? >> i beg your pardon how low? >> how will we know maybe all of the wildness is gone. maybe the triple triple digit moves, you know, and we can just get more of an orderly market that emac remember ared last year was that it was little volatility and market went up. >> recognize that when we see fewer wild swings during day and markets dockets close near their low. i think that combination of those two things will tell us to settle dun and buyers are coming in. i want to address something that i don't know that has i haven't heard anywhere else in the third quarter there was 46% less money

flowing into mutual pungdz and etf for years now that flow of money into etf into passively manage mutual funds if you will act aively manage fund as well has been a source of capitol lifting market up. so the third quarter saw a dks of what has been traditionally a strong quarter for money coming in for past nine quarters less money coming in than we have traditionally have for last five year so all of a sudden less capital to in to buy stocks i think that what happenedded as they made highs and couldn't take it higher higher so sell orders profit taking came in and there wasn't this flood of bid orders that we're used to and coming in to buy at these levels. question is what will trigger that money to i buy and certainly be earnings right we start with the bank earnings this morning and so far john you're encouraged by earnings you see them? >> encouraged by what jpmorgan did there's a rumor that china is trying to manipulate interest

market by what they by and sell as far as our government did to influence midterm elections go up and that's a big concern right now that's been forecast for some time that's easily seen what else has been forecasted is growth of the overall economy and jpmorgan came out with a big part of corporate earn frustration the tax cut also from the consumer bank arm. which shows you the the consumers do welling and tax cuts are having a big effect. saw the credit card were up. they're actually lending money back to banking 101 -- >> absolutely. look this economy is absolutely on fire their headwinds are real i believe it is 6 to 18 month prices and inflation with interest rates and they're going up and soon or or later a effect on stock market and could be mitigated those headwinds are real but tremendous market traitding what you want and economic fund mentales and those are strong. >> got banks up and bring you one second. but i want to point out to audience we have banks up what

is interesting i thought wells fargo number was in the a great number. we see it higher maybe they said something good at the conference call started only loser so far tnc technology. >> i was going to bring up mortgage unit seems squeezed they extended over 22 billion dollars in mortgages in the quarter but that was down 16% year over year as we talk about interest rates going above, 3.3% averaging over 5%, the banks might start to feel a pullback. as to housing market -- >> last month have laid off people in their mortgage divisions and you know, this kind of brings up the big another big story this week. that's president trump's criticism of the federal reserve. and shah you know listen, john made the point, obviously, in a robust economy you expect rates to go up. but you know, under president trump, the rates were only raised twice and the last time was after the election. they've been raised about 6 times i think so far since trump

has been in office. and i think his argument is that the feds moving too quickly. he doesn't have a problem them addressing this robust economy i think he wants to take a bow for it is there any lingt city with the housing market faltering, what auto maybe dipping that the high-pay movements by fed could do damage to this recovery. >> well theoretically it is possible i'm no fan of the feds -- right off the bat, however, i think raising interest rates does make sense and robust economy. i don't see particularly any sign of inflation to worry about. but they do need to keep some dry pouted per we have some issues down the roads. i don't see any. the fed wants to get ahead of the curve they want to move towards normalization. and that makes sense. the president's rhetoric makes sense from the president's point of view that the economy has done very well with cheap money and he want it is to continue to do well. cheap money move it is forward moves a stock market higher so yeah i understand his position. i think that fed is doing the

right thing and there's no way they're going to overshoot and crush the economy. it's not going to happen. >> really interesting is jpmorgan had a derivative strag ji i strategy five of the nine times that jerome powell has spoken in the past year, year to date, the market has lost one and a half trillion dollars down to the downside that's wiped out after his comments. so that gives fuel and ammunition it a trump saying the speeches -- >> i think the the problem john is what he's saying what we get from the communication at the meeting, with the way i read it is one more rate hike this year three to maybe four next year one in 2020 i think that's reasonable. but then when he says something like well we're going to overshoot or nowhere near being done that sends a conflicting message out there. >> i agree, and i think we're trying to get to normalized rates right now but look at the fed trek record it is awful. awful. >> near normal --

>> missed the last few crisis and not only missed it. they think they've exasperated problem. >> you can't take it away when i have a house, i don't think we get there because they would be such a knee jerk reaction for that -- >> and low rates. but at some point you have no cushion if you have some tiff of systemic problem that's what former head of tennessee talking for so long if interest rates are zero and you have some systemic problem there's no way to address it. >> you don't want to create a crisis because you were building the tools to manage a crisis is. >> correct. >> full irony. >> i want to -- because i want to throw something in here because i want to give them a little bit of credit the the fed should for the last couple of year when is they have raised rate, it has been when the market has been at a very high level a very strong is level so they're very conscience and very aware of where the stock market is at all time even though they don't say they are. but constantly watching that as part of the wealth they've

wanted to create. they make these moves when the market is high. if market sells off because of that and bouncing back then that act happens to be pretty good and in their announcement so i'm not worried about this. there's no way to overshoot and destroy the wealth they've created move the economy -- far, that far. >> december 2015 rate hike by janet yellen led to first two weeks ever, the following two weeks as we went to 2016, you know the market got slaughtered i think janet yellen sending message to wall street learned a lesson so did jerome powell and now let's talk about big tech guys because they took a slacking this week and john you made point facebook on sale any other names? >> i like wal-mart you talk about big tech wal-mart big in e-commerce right now store itself are going to go korgd jdp but they're e-commerce to me is doing significant things with a great deal with paypal working on unbank population of north america right now which i think is a huge growing population.

but it was up to 110 an hour in the low 90s i think you've got to sell with wal-mart you have to sell with facebook. i would be worried a little bit about amazon. i own it but i'm not buying more right here. >> seems that wal-mart we commerce like bar is higher you know if you remember last earnings period, target, everyone announced on the channel trying to perfect that to keep brick brick-and-mortar stuff but they have to deliver like 40% e-commerce growth quarter after quarter. other retailers can do 20% in the stock goes up so wal-mart under pressure by wall street to deliver quickly. pnches they are. and acquisition added to that, high standard that they have right now, but wal-mart is one company that can compete with amazon. they already got distribution all over the country so they can do same day delivery for anywhere in north america right nowamazon has to build this out. wal-mart already has it. >> only the channel thing. >> i'm looking at oil companies but they've been terrible.

[laughter] >> you're talking about this last time. golly. i think oil is headed higher from here. i don't believe this stuff with demand in inventory but we have barrels off the market in iran probably in november. you have problems in venezuela and libya a rep finery blew up with barrels off the market. i think oil prices globally trend higher here until the pipeline gets built in west texas take another year to get that oil out of that eagle shell. >> forgive me before we get to shah's esteemed ticks i love this conversation what i want to give viewers some kind of perspective buzz you and i, all of us have been market watch ergs for a long time. and answer me this are we seeing different v shape price action that is so nerve wrecking that people say, oh let's avoid disaster and a lock in now and then they miss the runup? in other words have the algorithms changed pattern of the market to get v shape to downside in severe bounceback up

instead of cup action when it was human traders? right? now in the age of robots are we seeing real white knuckled -- stomach gut clenching rides right now to deal with. >> they exasperate move. to the down -- side especially at the end of the day. >> only pick men for jobs -- [laughter] orb delivered a trillion robo calls. you know, they overdo it. they overdo it so what do you think? >> i agree completely retail investors notorious about buying high and selling low and problems they look at it and say i have to get out of this stock and get out at the wrong are time. >> give us a couple of ideas you like here, shah. >> i'm in facebook might be wait for facebook to kowm down been accumulating to hit 150 my level the other day. so i love that. amazon i think is on sale. got buyers on amazon today i think netflix is on sale i like netflix down here i like banks got on bank of america today.

i think earnings coming out bank of america has been hit and it is financial supposed to be, you know, next leadership group that haven't really done much. i think bank of america having been hit makes great opportunity i think earnings will do excellent i think that stock has a nice bump ahead of it. also with john i like oil services here. i agree with john also in terms of oil i think oil has a bit to go higher here and may settle down lower but one was things that bothers me is, obviously, i think this bothers everybody is what happened with this journalist saudi arabia who knows what will happen in terms of oil come out of saudi arabia and sanctions and -- that really is a huge i think -- on the oil market and then it could reduce the supply, and really bump up prices. so i like oil here. i like oil services buying halliburton here. >> so audience knows there was a report late yesterday that -- this journalist a strong critic

of muhammad -- [inaudible conversations] might have been murdered lord to turkey to saudi consulate there. may have been murdered may have captured that murder on his ieg phone watch. the turkey says they have it and they will release it. if that is indeed true it sengdz our diplomatic position with a saudi it puts them in a tail spin turmoil there. i'm not sure what's going to happen this is a dark cloud over geopolitics and the markets. speaking of the markets, we've got news for you this from cigarette maker which is in talk with cannabis producer, alfira this company, of course, it was seem like a natural fit, right? >> it is a canadian company afria pot is legal in canada all next week by the way. and more and more different townships of companies consumer companies in this case cigarette maker team up as best they can with pot stock. so into that, into that market, i talk to one analyst who says

he thinks this is going to be a 35 billion dollar industry. and the u.s. will legalize marijuana in the entire united states in a year and a half. >> so let me tell you what i've told everyone and on the show within two weeks the stock was up 300% a lot of people bought it i told them get out they took profits but they want to know when to get back in. i believe the day jeff sessions leaves or fired from the white house if you're one of those weed stocks john you make yourself -- >> there's a reason canada was first they need to the to watch charlie. [inaudible conversations] >> i love charlie are you kidding me? that's the best -- >> how much money is coming in it is like sports betting and states is will legalize look at what's happening in colorado and washington. >> any banking for it then they can figure out how much cannabis is dealing with and tax it and that's so much money in the states. >> that's a federal issue right there and once we -- smg set to go.

no doubt it be. but then also figuring out the true winners and losers going to take some time i think. by the way, folks we're up, but we're more than 100 poipghts off the high of this session so this may feel eerie to those watching all week long. every day we open down, we with rally higher and as soon as those rallies peaked it was down she goes. it was and, of course, per turning into boulder so we need to see this market fake a stand early today in this session test the high, pull back and then break out from the high established early this morning. we've established it already. by the way let's talk about google here because it is having a pretty good session we know not having a good week, though, or a good month senators now down to washington. they want the the company to explain the delay and disclosing those vulnerabilities that expose user data, the company, you know, of course, guys we know is going to be kind of tough here. because we there's been memos leaked right there's been some evidence they deliberately

didn't share this because they were afraid of regulatory action has possibility of regulatory, you know, axon both sides of the atlantic -- been part of the reason these tech stocks have been hit? >> absolutely. especially in europe. i think europe is going to happen first i think going to happen and hopefully it doesn't here because who will regulate we have a congress who can't run a one-car parade and can't regulate for computers and google unless these guys were born before the computer door were lengted before the computer was created so i hope congress is not getting involved. i don't think they will. i think they will in europe. >> saw this during hear technician rights, embarrassing questions. right there's no federal law that obliges google to disclose data so state level and after the fact finds and penalties that google can handle. >> that's a great point and may have -- should be laws then. >> yeah. they regulate them and a information they're not just search engines. they're not just social media

even zuckerberg said that. we are information utilities. >> shah. >> google is on my watch list. but i'm not stepping in yet because i agree with john. he brings up the european regulators google has been hit very hard for very -- steep fines by european regulators i think another round is coming i think in multibillion dollar range so remains to be seen and i think we may get some action over here because this continue. congress has to do something about hacks, about, you know, the misinformation, on some of these sites et cetera, with et cetera, an they haven't done anything yet and they may -- they don't have to do a lot but they have to do something. >> shah that's a great point they are a new bank whenever something goes wrong where they blame banks, they blim and now tech companies. >> when bernie sanders said he wanted to attack jeff bezos never would have heard that ten years ago. i have breaking news to share with everyone. andrew american pastor who was held a prisoner in turkey for

two years, has reportedly been set free. that's coming from a turkish reporter who was in the courtroom for the pastors hearing president trump lobbied very hard for this release. we are expecting now to hear from the white house we think they'll weigh on this report -- officially some time this morning. of course we're going to continue to monitor this major, major win for the administration and a major win for america in general. hey let's check on the big board because up well over 400 points of impact out the gate and starting to drift a little bit. i tell you it is nervous, a nervous period right here. this first 30 minutes is beginning to be extraordinary crucial and still up 300 dow points. president trump criticized this week for meeting kanye west an holding rally in pennsylvania. when hurricane michael hit florida now the question is this criticism warranted? tweet me at cv paine and get into it next.

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>> quick check of the big board dow jones industrial average up 333 points a pretty good start to the day. well president trump, he's getting criticized this week for meeting with kanye west and holding rally in pennsylvania. while hurricane michael ravage the florida panhandle i want to bring in larry o'connor column wise washington time. larry is this criticism warranted?

>> oh. gosh. charles i can't keep track of the criticism of this president from day to day and you know what's funny about this, this criticism about kanye meeting with president along with jim brown they don't mention that jim brown a long time civil rights advocate was also in that meeting they like to focus on kanye somewhat erratic. the criticism was first that kanye was mentally ill, that he wasn't informed he wasn't well read. that wasn't playing very well, you know, by the way, they told us when president trump was elected president, that suddenly that would normalize racist language in our society i didn't mean that meant lemmon and lineup at cn but that was the criticism of kanye west being in the bhows that wasn't playing very well. people were saying ka yay allowed to do what he wants that's what narrative shifted to end of the day yesterday and some of said oh but there's a hurricane in florida. the president shouldn't even be taking meetings like this when

hurricane is there. charles, i think this is just another example of the media and the left and democrats trying to find any reason to criticize this president any chance they can. >> i saw someone -- use donald trump tweet where he critique president trump, for campaigning when the hurricane hit the new jersey a few years ago saying that was an a physical to apple comparison was there difference? >> i don't think. first of all, the president is -- has tweeted and commented on various political things throughout his career and trying to pleasant our flag on consistent message from donald trump over decades good luck with that. he hasn't been all over the ma with various thing but i think there's a difference when you're talking about the president himself campaigning for his own reelection back in 2016. versus what we're seeing now where he's the president of the united states conducting business in the oval office and taking meetings what is she posed to do not take meetings

about -- prison reform crime rsm and economic rejuneification in the inner city buzz we have a hurricane in florida. the president is ceo of our government. and he's got plenty of people right now on hand taking care of the business on the grounds. >> larry i do agree with you it feels like grappling for straws and first critique of kanye was sharp. it wasn't -- it wasn't about mental illness until yesterday the day before, though, they called him some bad things it was so sad. it was heartbreaking. >> amazing to me the -- to back that krit semibecause you and i engaged in that same conversation they would be having hard criticism from us. >> watch with out amazon prime wal-mart teaming up with echo to make video content lauren so they're getting serious now. >> doubling down on streaming so they're working with echo i'll tell you about that in one second but mgm to create original content shows movies starting with remake of the mr. mom vudu you can pull

advertisers in with echo. but remember it wasn't too long ago a week oar two netflix said to give you some options you can pick how the end of a show is going to be. different scenarios -- so if echo is an interactive company we might see more of that so this is completely up ending video model and way we watch shows in general and wal-mart doubling down on it. >> cool. it is interesting to see but we're going with all of that but great for consumer. thanks a lot. uses michelle obama to go after republicans he says, though, when they go low we kick them. michelle obama is responding to that one. you're going to hear what she has to say, next.

pier.

charles: 10:00 a.m. here on the east coast. let's check on the big board. it is having a big morning. off the highs of the session. we were much higher than this.

this is great start. dow jones industrial average you have 350 points. that is because earnings season is kicking off. we heard reports from big banks. consumer sentiment, emac, drum roll. what is the number? liz: don't have the number yet. that was a preview. 99.0 slightly below expectation of 105. still trending at levels we haven't seen in 14 years. consumer sentiment is at a levels we haven't seen in 18 years. charles: the lower level surged in that report. everyone is feeling better economically. i want to bring in market watcher david bahnsen. what do you make of it? >> consumer sentiment number is one of last things we ever look at. we think it's a classic lagging

indicator. we think business confidence is more of a mentor where things are going forward. we want to look forward, not backwards. charles: nfib? >> absolute two of the most important indicators you can get. small business confidence and overall business sentiment and i think those things are telling you what is going on in the economy and productive aspect of the economy. where innovation is and where profit growth comes from. it is overwhelmingly positive. charles: been a crazy week for the markets. unnerving in part because we gotten used to this sort of idyllic, markets are up a lot or down a little. does it tell us anything? is this harbinger of things to come with respect to the perhaps the economy? too tells us two things. first and foremost, most people tell you why the market went down 1000 point have no idea what they're talking about. secondly it tells you, reminds you that market volatility is

part of being an equity investor. i think a lot has to do with? italian bond spreads blowing out. china yuan to the dollar high it has been over 10 years. the fear about the them labeling china, currency manipulator. that is one of the worst things they can do. they are a currency manipulator. charles: they probably won't do that. >> everybody threatens. nobody does it. i'm not saying they're not a currency manipulator. everybody is a currency manipulator. u.s. conditions are good. unbelievable hedge trades unwound in the hedge fund world. i understand it. investors need to be used to it. it is part of a investor. charles: if our economy is so great, why do we care about italy? don't we have a an economic moat around us and they are not necessarily our biggest trading partner? >> italy is not. telling you that the entire european union is completely tepid state of economic growth.

china factor is far bigger. s&p 500 revenues are somewhere between 43 and 47% global. nobody can act like all matters is us. capital flows. capital will come back into the u.s. i have no doubt about that. along the way volatility is expected when you get these types of incidents. we got a good reminder of it week. charles: sometimes markets go up or down. more buyers than sellers. on surface looked like they were mixed. what do you think? >> again financial sector, we're big owners of jpmorgan. jp coming into this was only super bank up on the year already. it is up more this morning. it was very positive. but again i think we're looking at the wrong things. we're not looking to bond debt activity. we're not looking anything other than what do they say about economy going forward. long growth, jpmorgan raising the dividend 43%. i think ultimately financials

this year have been very contra market. i believe you can't have it both ways. if you think interest rates are going higher, that widening yield curve is good. charles: they have gone higher. banks underperformed. gone higher last couple weeks. as far as widening out of yield curve. recent fa many no that. not reflected in earnings. charles: almost every brilliant mind said this is the year rates go up. no-brainer you should own the stocks, bank stocks. large money center kind of banks. they have been a disappoint. >> they have. part of the problem with that prediction believing all banks trade together to begin with. you go back to 2011. some banks are basically same price they were there or very close to it. jpmorgan i believe is up 250% since then. all these banks are different operating businesses. that is something i think a lot of analysts have missed. i would rather buy the regional banks if all you're trying to buy is net interest margin, net

yield curve and buy bbt and by buy the regionals. big banks has far bigger impact in the overall economy and jpmorgan is the leader in that space. charles: you don't like the new tech names, the original horseman of technology. >> the ones that make money. charles: the ones that make money. does ibm make a lot of money. >> ibm makes a ton of money. they give a lot to shareholders. the problem ibm is a utility. ibm has old line business. charles: you like the stock though. >> because it is so cheap on price earning basis. it's a good value play. i believe they are growing free cash holders and they are not tricking us and they have growth catalysts in blockchain and cloud and other businesses. charles: should they be more aggressive on that? last few years they poured billions of dollars in stock buybacks, with looking at stock performance seems like massive

waste. they could have done more acquisitions and been hot player. are you convinced current management are moving too slowly? feels like they are holding on to some of these businesses they should be shedding and not aggressive in other areas? >> i don't believe they shoulding shedding. cisco and intel great examples, made new highs as old businesses provided cash fodder for new businesses. am i convinced ibm management will pull it off? of course not. there is risk getting that thesis. but i'm getting paid to take the risk. 4% dividend yield. a stock below 15 times. it is a good value play. that is what we are. charles: any newest tech you like? any of the names, you got to buy facebook on the dip, netflix on the dip. >> they come on the show and say buy amazon? wow, that is corageous. no, i don't buy stocks 183 times earnings. i don't buy stocks without earnings. that is just out. we missed out a lot of gains in

the name i freely admit it u. charles: thanks a lot, david. i want to switchers go. i have to. this is amazing story, susan rice's son, john rice cameron, who by the way is republican, was assaulted by liberals at pro-kavanaugh rally. tammy bruce, independent women's voice president. i was kind of shocked when i saw it. more saddened than socked but it is amazing. >> it is making news of course because who he is. this is protest. he is the president of stanford republican club. so of course they're having a demonstration for judge kavanaugh. there were counter protesters. this young woman she says, he was filming her in a public space and there is video of her approaching him allegedly and pushing him on the chess and hitting him in that process. so he pressed charges. she has been arrested on battery. and this is the kind of thing though that we see in most of these demonstrations where there is counterproat thers, they're

not kept apart. for stanford, for this young man is opportunity. he has a high-profile. she has been arrested. that is not always usual. charles: doesn't it speak to larger issue underscored by comments by eric holder, comments by hillary clinton promoting incivility and eric holder can say tongue and cheek and fake news, the words came out of his mouth. >> that is my column of "washington times," fueling endorsement of chaos and rage in very direct ways. hillary clinton saying, there is not going to be civility until they win again. look, a lot of women are familiar with that kind of rhetoric. in other words, if a batterer says to you, thing will be better if you comply. if you do as i say i won't hurt you anymore. we're seeing that in a larger framework. it is not a coincidence that two days later eric holder made his remark after hillary's remarks. these are not lone wolves or out of place remarks. this is now i think strategy.

charles: this brings us, tammy, to michelle obama who responded to eric holder, took her comments, when we go low we kick them. listen to what she had to say. >> do you think it stands, when they go low, we go high. >> fear is not, it is not a proper motivator, hope wins out. and if you think about how you want your kids to be raised, how you want them to think about life and their opportunities, do you want them afraid of their neighbors? do you want them angry? do you want them vengeful? >> that's nice. it is appropriate and it's good. she has a profile she can say that but what we need to see especially with the context what happened in this country before the kavanaugh hearings and afterwards, attempted mass murder, attacks with knives, almost fatal injuries of steve scalise, envelopes with, you know the precursor to ricin and powder to ted cruz, chasing

people out of restaurant, what we need are, is, actual party leadership. charles: yeah. >> to join her. she and heidi heitkamp both condemned those remarks but we need barack obama and others to come forward to say this has got to stop. charles: tammy, thank you very much. boston dynamics, those amazing robots, think got more amazing, they can climb stairs. >> liz: right out of an anxiety dream. what is the next job for this stair-climbing robot? did you see the robot snake that can climb a ladder? talk about being afraid of snakes. robot snakes can climb a ladder. this is pursuing robot break throughs. what is the next step for this boston dynamic robot? will it be at a mcdonald's near you? the robot snake is cool well. it can go into pipes and wells and natural disasters searching through rubble for human beings can't do.

applications absent anxiety dreams. >> she talks about anxiety dreams but gets excited about the robots. liz: exactly. charles: trish regan is with us. how shocked are you by this? >> they don't creep me out a lot. i don't watch a lot of science. charles: terminator? >> i don't watch those things. dream thing, i have a little girl who is convinced robots are the scariest thing out there. she may be on to something, they are sort of taking over the world. >> i want to ride a robot horse. >> i think it is pretty incredible, right? amazing to think where technology is taking us. i probably should be more frightened by it though. charles: i'm not afraid of the robots. i'm afraid ultimately of the people who control them, right? liz: make me really more scared, thank you. charles: check the big board. the market is holding up the

rally. up 420, pulled back, meandering. not bad to meander 325 points on the dow up. this is the video everyone is talking about. kanye west heaping a lot of praise on president trump at white house. you have never seen a meeting at oval office like this one. he met with our friends charlie kirk and candace owens and they will talk about the big meeting. a journalist missing after visiting the saudi consulate in turkey, turkey says it has evidence that he was killed. what does that mean to our relations with turkey? ambassador john negroponte is up with that.

charles: now, turkey reportedly released american pastor andrew

brunson. brunson was in prison there two years charged with aiding to terrorists. president trump tweeting, quote, my thoughts and prayers are with pastor brunson and we hope to have him safely back home. joining us former ambassador john negroponte, former ambassador to the u.n. obviously this is a huge win for president trump, isn't it? >> i think it is. pressure he chose to apply had its effect, the positive effect. he has been released from house arrest and hopefully getting out of country very soon. charles: erdogan tried to use this as a political rally cry in his own home, not unlike chinese leaders and canadian leaders when they have these tough battles with president trump. we are the most powerful nation in the world and when there is injustice we should use our might to correct those thing. >> especially if we have right on our side. the other thing of course, is

that the economic relationship is important and we were starting to squeeze them economically and was surely a factor that played into this. charles: absolutely. another one for you, sir, turkey says they have video evidence that saudi journalist ya'll mall khashoggi was killed inside the saudi consulate in istanbul. what does that mean for our relationship with the saudis? >> many people are wondering about that. people canceling their attendance at conferences in saudi arabia and things like that. i think it is quite alarming if this turns out to be true. this is gruesome and terrible thing which happened especially if the royal family is responsible for this. in the past, of course, we haven't put that much weight on the saudi human rights performance because we, and the rest of the world were so dependent on their production of oil.

i think that's really diminished somewhat with the shale oil boom and in the united states and perhaps we have a little more flexibility in our relationship with saudi arabia now. so, i think they got to be very careful in what they do. charles: to that point, mohammed bin salman was being championed or marketed as the new modern, modern leader to bring saudi arabia into sort of a more western standards with respect to how they treat people, how they treat women, how they treat their minority population. this is, this is a significant setback to this. do you think it is enough to even creature moyle there where maybe mbs is asked to step down? >> you know, i wouldn't be able to hazard a guess on that. it certainly mixed signals. giving women the right to drive but start arresting women activists. now this situation, if the government has something to do

with it. things are changing in saudi arabia. women are getting more rights and probably over time that will lead to greater expression of popular will or at least of the will of the middle and upper classes. charles: right. >> in saudi arabia. it will not be solely the word of one monarch. charles: you know, it is interesting, before we finish, i want to let the audience know according to one report, khashoggi you can hear how he was interrogated, and hurted. ask but the possibility of replacement for nicki haley. apparently dina powell with drew her name for consideration. any thoughts on this? >> i would hope it has somebody with the confidence of the president. hopefully somebody with international experience, a politician, senator, something like that who has that kind of background or somebody from the foreign affairs or business community with a food international record but i always think in jobs like this

the, especially if you're going to be a member of the cabinet you have to have a good relationship with the president, so when people in new york are talking to you they know you're somebody who has the confidence of your head of state. charles: ambassador, thank you very much. always appreciate it. >> charles, thank you. >> check on the big board. we're starting to drift a little bit and that drift is picking up momentum, up 240 points. every single day this week every rally failed at this time in the morning ultimately led to really massive selling later in the session. we're starting to see the scope and damage done to florida in the panhandle there by hurricane michael. just utter devastation. we'll have a live report from the storm zone right after this. here. we perform over 50,000 operations a year in places

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charles: quick check of the big board. this looks good. but we are drifting lower. it happened every single day this week. the market will have to stage a rally to test the high earlier today or it could be tough going into the close. speaking tough, look at the massive amount of damage left behind by hurricane michael. jeff flock in panama city beach. jeff, how bad is it right there? reporter: yeah, i tell you charles, the best thing we can do is show you individual homes. this is one right here. this hurricane is now just a low pressure system out there off the atlantic but look, it is amazing what these storms do. there is a clock still left on the wall up there. it is telling the correct time. this is central time. and it is, you see what time it is up there. that is the right time. steve walks around to the side, you see the rest of what is left of this. this is being played out all over, all over the panhandle.

some of it worse than others, but, damage, widespread. no worse than in that mexico beach which is of course where themost, the worst of circulation came ashore but here even in, you know, in panama city beach where it did not get the worst of it, the fellow that was in this house i would think take issue with that. that's what we're seeing. all right, charles. charles: jeff, thank you very much. more storm cleanup coming. the aforementioned mexico beach leveled. tyndall air force based in panama city suffered severe damage from the storm. the question everyone is asking, how much will it cost to clean this up. we'll ask deloitte's top insurance guy next. all those protests about justice kavanaugh might have backfired. they're raking in a large amount of donations because of them. kayleigh mcenany coming up the

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this is basically clickbait. charles: how many did they take down? liz: more than 800 pages and accounts. they're saying it is clickbait. it is spam. violates facebook policies. both supporters and opponents pages of trump, president trump pages were removed. again it is raising issue, how does facebook decide whether this really was spam or just controversial content and not fake news? so that is the debate again with facebook. this is prior to the election. facebook made this move. mark zuckerberg said, quote, i'm not sure we should not be regulated back in march. so this raises that debate again. how do you -- regulation of social media controversy is here again with the facebook move. charles: what do you think? >> i have an idea how to regulate it. it is an antitrust issue, right? this company has gotten so big, you have a over a billion users, and unfortunately primary way

people connect with each other on social media. could say twitter is sort of a competitor. instagram is out there, although owned by facebook. whatever happened to myspace? maybe get a few others like that along the way. this company has become too big for its own good. it doesn't know how to police itself. it tends to police often the wrong things restricting free speech while going after conservatives for example, we've seen that time and again allowing terrorists to connect and flourish on-line. so i think that they need to have a real soul-searching mission here over in the halls of government and question whether or not this company has just gotten big. break it up. charles: i have a feeling those questions have already started. i bet there are a few conversation like that already. thank you, ladyies. communities completely leveled after michael. joining us howard mills, he

handles insurance for deloitte. any estimates coming in. we're talking about an entire town. everyone wants to know the aftermath, how much is it going to cost? >> really charles, estimates range from two to $10 billion by contrast, florence, estimated 2 to possibly $5 billion. it will take some time to figure out the total cost. charles: who is going to pay for this? we know obviously there is some government agencies. >> right. charles: this gets a little murky particularly with the government getting involved in some of these insurance plans quite frankly think the private sector should be handling. >> there is a glimmer of good news in this tragedy, charles. the florida insurance market is very unique, going back to 1992, hurricane andrew, a lot of large insurance companies left. today florida is unique market it relies on 50 small to mid-range insurance companies, all of which are watched very closely by regulators and required to buy a great deal of reinsurance.

so the good news is that the global reinsurance industry, the london market, reinsurers based in bermuda, europe, japan will pay the cost of this storm. charles: is that the model then we should apply nationwide to remove this controversy? it does prove that private companies will take the rick, that the average american taxpayer doesn't have to pay the insurance or pay for damages for someone who gets to live in beachfront property, otherwise, i'm in montana? >> yes, the best short answer is yes. the most we can get private industry carrying the risk the better. between the insurance industry and reinsurance industry, together those two industries have hundreds of billions of dollars of capital in surplus. the good news is, hopefully some solace to the homeowners impacted by this storm the financial stability of insurance and reinsurance industries is not a issue. charles: next one for you, tyndall air force base severely damaged.

how does that work? it is a u.s. air force base. the damage is significant. some of the worst images i have seen from the storm? >> government entities, government properties will be rebuilt by the government. people without insurance will be having ability to apply for low interest loans. but the fact is people without insurance will be taking a very significant loss here. this is unfortunately going to be a very impactful event for many homeowners impacted. most of the damage was done by wind. people impacted by storm surge closer to the coast, if they did not have flood insurance coverage, they will take a total loss on their properties. charles: how barred, always great talking to you. appreciate it. back to your money, earnings season kicked off officially this morning. a lot of big banks. we put them on your screen. we reported about it. we have nuveen's managing director. you are positive on earnings coming into earnings season, aren't you? >> yeah, we are. we like large cap banks today.

strong credit quality. share repurchases. we like the financial sector because of strong balance sheets. most importantly this is the beginning of a very strong earnings season. it is earnings that will drive markets higher from here. we see strong earnings from here. that should help ease investors concerns over these markets. the bull market isn't over yet. earnings growth of almost 20% this quarter, that should resume the bull market cycle from here. charles: here is the thing, jpmorgan is negative for the session. that was the one everyone was watching. maybe jamie dimon would be the savior of the market and say the right things. listening to initial analysis of the report it was mostly good stuff. if this doesn't, if jpmorgan doesn't rally today, pnc bank is down, citi off the highs of the session, consequently the broad market, dow jones industrial average, for instance, we given up half the gains this morning, if this starts to falter does that change your thinking? >> no. generally as earnings season

rolls on we'll see high earnings growth. there is confluence of multiple events that influenced investors. markets were priced into perfection going into october. higher interest rates and trade issues concerning markets. those are valid reasons if we can separate perception from reality, investors realize reality earnings growth is remains strong from 2019 into 2020 and we can handle higher interest rates and that continue this is bull market from here. charles: other factors, perhaps intangibles, midterm elections, the turmoil there, does that play a role in your thinking? let's say the republicans lose the house and or senate? >> we don't see that being an issue for earnings growth and economic growth for the markets. what we see growing forward the dominance of growth stocks led this market for multiple years will probably compress from here. it likely will be more of a cyclical and defensive value-led market. turning outside of the u.s. you

have cheap valuations in developed europe and some of these emerging markets as some tariff issues die down. we think non-u.s. markets look more attractive into 2019. charles: we've been hearing about non-u.s. markets for a while. they have been taking it on the chin. we've been hearing about rotation in leadership in case big tech starts to falter, so far, so far it hasn't materialized. >> it hasn't yet but we think as the economy remains strong and interest rates stay over 3% that will cause the market to shift. you did see that in the second quarter. those valuations have gotten to stretched levels. if you look at growth versus value, we're at valuation levels we haven't seen, that are so stretched since the internet bubble. charles: value names looked really great. so hopefully that will happen, that transition will be smoother than we've seen the last two weeks. thanks a lot. really appreciate it. >> thanks for having me. charles: apple filing for a patent to detect robocalls.

emac, how does it work? liz: did you know nearly half a billion robo calls in california alone this past month? that is crazy. this patent came to light. apple filed it a few years ago, apple is working on the way to block spam or robo calls. not just that pops up on message on your screen, you can block the call, it stops it before it comes into your phone. charles: really? liz: that is kind of cool. it identifies where the phone call comes from. stops it from hitting your phone. >> yes. charles: you like that one? >> yes. i would pay for that service. that is a good business for them to be in. robo calls are so annoying. not as bad on my cell phone but starting to get bad. i moved recently. and i have yet to get a home line. i have to do it. i know i have to buy the bullet eventually do it. as soon as i do it, charles, i will get the darn robocalls again. charles: i hope they extend it to distant relatives that want to borrow money. then they hit me up on twitters

something like that. amazing technology. liz: on twitter? wow. >> they will find you. charles: charlie, good tweet. by the way -- thanks a lot. another look at the big board. we were drifting here. we're fighting a little bit. michigan sentiment number was somewhat of a disappoint. that was taken before the market turmoil, there is specialization the number could be worse. 288 points, we'll take it. rumors of nfl demise could be greatly exaggerated. numbers are up. they are up for the first time since 2015. fox sports 1's jason whitlock on that coming up. ♪

♪ liz: asia expert michael pillsbury was with us last hour. he said he is optimistic that president trump and china's xi xinping can get the trade deal donaldson but he warns there is a lot of work to be done. take a listen. >> there has to be things sorted out so the chinese side knows what it will take to get a deal with president trump but i don't they are there yet. there is a chance at

buenos aires. there is makings of a deal that president xi would offer some significant concessions president trump is looking for. i'm mildly optimistic that the chinese want to head off the full 25% tariffs. they certainly want to head off all their exports being tariffed at 25%. ♪

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we're stablizing here up 286 points. about 120 points off the high, not a bad start for the session. your top stocks on the nasdaq right now, let's take a look at them. do we have them? there you go. big names, c trip, chinese travel agency, activision, big name there in gaming a nice mix. a lot of names who were heavily hammered this week, some of the biggest rebounds this morning which we would expect to happen. two major upgrades, upgrade from citibank on netflix, buy from neutral. helping that one of the biggest performers, microsoft up to outperform at. nfl viewership up first time since 2015. average tv audience is 15.6 million, up three years compared to the same time last year. jason whitlock, "speak for

yourself" host. looks like maybe some of these controversies are fading away? >> i think the controversies definitely faded away. the anthem protest deal is reduced down to a handful of guys that want to build their twitter brands and want to cater to social media and twitter but look, there are 1600, 1700 nfl players. if five or six guys want to do hey, look at me stuff during the national anthem, it is easy for the television networks and for viewers to ignore it and move on. so i think that's what happened. i think that we've got some exciting young quarter backs in the national football league from patrick mahomes to baker mayfield and old standard tom brady. there is lot of exciting things in the nfl. that excitement trumps the polarizing anthem issue and anything else. charles: is the pace of the game getting faster though?

that is a criticism both sides of the political aisle had. too many interruptions and too many flags. it made it difficult to sit there? >> i do think the flag situation is still a bit of an issue but not as much -- i think during the preseason they were calling a lot of helmet hits, really trying to soften the game up, but once the regular season started, they backed away from that. but yeah, we've seen a lot of games with flags, particularly early in the season, you're just not allowed of practice as much as you used to in football. you see sloppy play early in the season. these quarterbacks are so exciting, it's a league driven by quarterbacks, there is so much young talent among these quarterbacks, i think that excitement swept up football love in america. charles: you mentioned the new rules and the hits on quarterbacks. listen, i happen to be a redskins fan, i think clay

matthews got a bum call recently, are you okay with the coddling of these quarterbacks? >> no, no, i'm not. we're making the game a bit too easy for the quarterback. they live in really protected space where you almost have to ask permission to tackle them. there is risk and danger to the game of football. the most important position in all of sports, most elevated position in all of sports shouldn't be this easy. i think there is five or six guys on pace to surpass peyton manning's passing yardage record for a season, or at one point there was. there is still a guy or two. there may be five or six guys that mowthrow more than 5,000 yards. in the history of nfl there have been eight and five guys may do it this season. we made the quarterback position a little too easy and comfortable. i'm not comfortable with it.

charles, you and i may be outside the mainstream. we may be too old school, based on the ratings. people love it. they want to see the quarterbacks put up numbers. charles: is it too early for you to sort of guess -- >> guess? i'm an expert, charles, are you asking me a super bowl pick. charles: expert guess. yeah, super bowl pick right now? >> if i had to -- listen you got to like the rams and the chiefs. i'm achieves fan. i worked in kansas city for 16 years. i love the kansas city franchise and i love patrick ma homes and what the chiefs and rams are doing. if i'm looking for a sleeper team in the nfc, i love the way cam newton and the carolina panthers, what they're doing. they may be able to come out here to l.a., beat the rams in a road game, maybe. in the afc, can never call the patriots a sleeper, but the patriots obviously would be my

second choice in the afc. charles: i like the panthers but i think they're running mccaffrey on first down runs way too much. he is a little dude. he is getting beat up. they're giving me the wrap. see you real soon. >> thank you, charles. charles: mortgage rates getting a seven-year high. a lot more expensive to borrow money. that cannot be good news for the housing market. we'll deal with that right after this. ♪ alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.

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bigger way that is very palatable. we're going to dive into it. we'll dive into the policy and politics. we have midterms coming up. it is every night at 8:00 p.m. you know news never stops. it is breaking, breaking, breaking. i will be on it. charles: can't wait. everyone is excited. thanks a lot trish. we all know now, getting more expensive to buy a house. mortgage rates are at highest level in seven years. we have author of, sell it like sirhant you sell high-end real estate. is this hurting your business right now? >> not really. charles: you deal with cash buyers, right? >> not as much as you think. media says there is a lot of cash buyers but new york, specifically, rest of the country is local market. it is globally thought about but locally bought and sold. interest rates went up a quarter

point. how high they are, they're 5%, really historically low. that is really only 15 is dollars extra on 100,000-dollar loan on 30 year fixed. not that much per month. charles: mortgage applications haven't been robust for a long time now. we're, i know you're new york centric, right? >> yes. charles: but around the country, seems like bigger issues on opposite end where you are, starter homes. there is nothing under 300,000 in this country. >> right. where homebuilders need to pay attention. those are the first-time buyers buy the homes. maybe rent them out. airbnb created a whole new investment portfolio for people who can buy small homes in rural areas, rent them out, make a little bit of extra cash on the side or still own or rent their current home. we have a lot of clients who rent primary home but own small investment properties. they will watch them appreciate overtime. charles: that is a great investment opportunity. overbuilding, new york is it is

nuts. feels like dubai back in the day. >> yeah. charles: there are cranes everywhere. building everywhere. building entire cities within the city. is that ultimately a good thing? >> i think it is. listen, new york city at one point was a farm. so you have to remember that everything is relative and change is a good thing. and so if you build it, they will come. people are still moving into new york city in droves. there are some job opportunities here across all sectors which new york hasn't always had. we have a lot of tech jobs happening here which is wasn't what we had 10 years ago. charles: spoken like one of the best real estate agents out there. brian, we appreciate it. >> no problem. charles: we had a couple huge selloffs. we're trying to rally. we're trying to get guests to come in wrap this up, former reagan budget director, david stockman. he has been critic so he is not surprised a lot coming up, stay with us right after this.

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matt good morning. at 11:00 a.m. in new york. we are starting with a check the big board. j.p. morgan was a leader at the start of the session reporting earnings today but we do have a big rally going on. the dow jones is up 281 points. we have two big guest to help us walk to the market. jonathan is the equidistant strategist and former reagan advisor. the big question people are asking is is now the time to buy. >> this short answer is this is when you want to buy. the key issue is there's no smoking gun, there's nothing new that has happened to tell you that it just justifies the selloff so until you have a reason not to want to be in. >> ironically doesn't make it more worrisome that everything

is so great and always on the market fall through a trapdoor. >> not really. corporate profits will be up over 20% this year. gdp, the economy will grow at about 3%, the u.s. look stronger than any other market, were the only place in the world that has a large and robust tech sector. markets don't go up in a straight line. if it's down for a reason that's one thing, if it's just noise then i think you buy it. >> you kind of saw this coming but this is just a precursor to something much worse. >> i think it's a wake-up call. it's telling us the fantasy is ending we have to get back to reality. i don't buy this thing that the economy is strong. we've had one order of 4%. obama had three quarters of 4% in a 11 quarters of 3% but on trend the economy is weak.

they haven't abolished the business cycle. we are eight months from the largest in history and next year there will be a recession, earnings will be $160 a share, they will be 75, this market is overvalued and people are getting in harms way if they take debate this morning. yesterday and the day before told us something. last night the trading went to the lightbulb. we ended 40 points below on the s&p at 2:00 a.m. they were back at the 200 day to see if they could get any factors to come in and take debate. if they have any sense, get the hell out of the scene all because it's going down big. >> the only thing keeping this in going is the greater fool theory and easy money. >> i don't believe there actually going to debate the great david stockman on the

market. i'll take the other side. when something goes up and it's all because of earnings, not multiples, that's not an expensive market, that's just a robust market. the stock market is trading less than a 16 multiple on a forward basis that is historically more like average. there's a bunch of really useful indicators that say are we facing recession in the next 12 or 18 months. whether this goes on for two years or 12 months of hard to tell. by the way, it's a good signal and once you get flattened, once the curve flattens you have about 12215 months before you begin have a risk. a flattening yield curve could be a risk. 18 to 24 months from now and you've never had a recession in the next 12 months where

the employment picture is this robust. there's a variety of things. >> i don't remember 11 quarters of 3%, i have checked my records on that. coming into the trump administration in 2016, last two quarters were 1.196. we were limping along. trump has reinvigorated the economy, i think you have to admit to that. >> now, there was just a global commodity cycle. the market peaked and boomed in 2014, earnings came in at $106. share. over the next two years will prices went from 125. , earnings fell to $86 a share. nobody notice the 18% decline. we recovered that because a comedy cycle came back in

china had a temporary surge with their new emperor and that's all behind us, this is a global cycle of short run nature and we are piling on massive debt at the end of a busy cycle. >> you know we love you, have you sold all of your stock? >> yes two you have not. >> yes, of course because i'm not a my market timer. >> will you missed out on massive run ups. >> if your market timer in your watching it by the day, be my guest, but if you're in investor. >> when did you sell all your stock two i haven't been in stocks for years. >> when did you sell. >> i will say this, your brilliant person but you have been negative for a long time. >> of course i have two our viewers have watched and set them and await until david gets positive have missed an extraordinary rally. >> also the time that comes

with that, we can't discount, we don't give back nine years. >> yes we do. we take it back dramatically. in march 27, 2000 it was 4700 points. 13 trading days later i was 3200, down a third and two years later it was down 83%. people got massacred. it happen again into a way. >> there's a big difference. >> no. >> the differences that the tech companies of the late '90s were companies with no earnings, there was speculative names and if you look at google and facebook and apple, they have great earnings, great profit margins, huge markets. so they don't resemble. >> that's what they always say. >> look at cell phones, look how many people are getting an amazon package delivered. it's not the same picture.

>> let me say that in 208 the s&p 500 which had nothing to do with eyeballs intact and all the rest declined 55%. >> you're comparing it to the late '90s so which pair are we looking at. >> i'm taking both. i'm saying markets are false and fake because they're inflated by the central bank by the massive money liquidity injection. >> 50 billion a month and the raising rates. there doing what you want them to do, they're pulling this liquidity out. >> that's why the bubble will collapse. for the first time in 30 years fed is draining massive liquidity out of the bond marke market. when greenspan went in, and this is important. >> but liquidity was still in there. were making the assumption the only reason is that it's printed money that just flows in as opposed to these are really great companies that are generating jobs and

profits and ultimately that's what you're buying. [inaudible] but come on, let's not beat up the.com era. i will tell you wall street always says it's 17 or 16 because earnings always 30% higher and it never happens 80%. >> you are taking one quarter. i'll go back to september 2014, 4 years ago earnings were $106. share on gas. you don't go to jail. [inaudible] even if you want too, it doesn't. you can't get frustrated because everyone doesn't agree

with you. i'm guessing the market trades. >> i'm sure it doesn't tell it doesn't. we had to massive crashes in this century we have the greatest inflation of stock prices in history. >> it's simple, the business cycle is more robust than david is saying. i don't think it last forever, we know it doesn't, recessions are part of the picture eventually but in the next 12 to 18 months we are not facing recession and if that's the case you want to buy. >> i think that was a great conversation. i appreciate you both. >> we have to come back and keep doing this. >> next time bring gloves. kanye west main appearance at the white house, i think you heard about it, president trump said he told president trump he is proud to wear the hat. the left is going crazy. they are really loco.

forget about jay powell. right after the meeting they met with candace owens and she is with us today. the rnc said donations have surge five 100% in the wake of the kavanaugh confirmation battle and it looks like all that drama has fired up the parties. stay with us. we have a lot coming up every ik questions. is our money in the right place? what am i really being charged? and is it eating into my returns? is my advisor a fiduciary? is he always a fiduciary? a good place to start is with an independent registered investment advisor. as fiduciaries, they live by a simple rule: always act in the best interests of their clients. that's why charles schwab is proud to support more independent financial advisors

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extraordinary news this morning, great news, american pastor andrew brunson has been released from prison in turkey. president trump tweeted he will be home soon. he spent two years in detention, he was accused of espionage in aiding terrorists.

he has denied all charges and fox news learned he will be flying to germany tonight. doctors will give him a medical exam and then he will fly back to the united states. they are reportedly in talks with canada's producer to check both stocks you can see that cannabis name is ups slightly. also check google. some want them to explain the data briefed at google+. take a look at walmart. that company is teaming up with echo. they will make video content. now to politics, the rnc said donations surged 500% in the wake of the kavanaugh confirmation battle. the democrat protest as well. joining us is amy kaylee. it looks like republicans are fired up. can they keep this momentum going into the midterms? >> yes, in the left is only helping with their violent extremist rhetoric. it's pretty startling that september 30, it was the largest day of online

fundraising for the republican national committee in history. not the cycle, not this year, in history. that was the kavanaugh effect. this violent extremist effect is kavanaugh 2.0. >> what's interesting is these are small donors. these are sort of, these are people who are motivated by simple passions, regular folks, regular americans, and you know they're doing that in there also can go vote. >> that's right. a lot of it is small donations and in any given month direct contributions are small donations. the left used to have a monopoly of small donors, president trump, people forget, outraged both hillary and varney combine. >> in the meantime you got guys like bloomberg stepping up, they've got some big, mega mega billionaires pumping in hundreds of millions of dollars. president so interesting the juxtaposition of that that the democrats used to say what we stand for the little guy, the union worker, and i don't

know, i think sometimes that backfires. >> absolutely. you have the party motto that we reject big money until they become candidates and then you've got big money. you've got the big money bloomberg's but without votes the money doesn't do much. we saw that with trump who was outraged by hillary but he won. >> the passions behind those small numbers have always been very intriguing. democrats don't seem to be listening to this in the sense that the hijinks come of this shenanigans, outrage, mobs all associated with kavanaugh, the disrespect instability, it's now been tou touted as an okay tactic to use going forward by very powerful democrat. >> were built will dirt because we saw the kavanaugh effect fuel votes. we found some cases double digit leads open up and some of these senate races and it's

double down on this violent extremism. again, it's feeling our voters and you have hillary now, maxine waters and eric holder all doubling down on extremist violent rhetoric. moderate voters and even moderate democrats reject that. >> i get it, a segue over to this kanye west visit to the white house. i felt it was more remarkable and there were amazing things brought up, he talked about prison reform in education, he talked about education away that a lot of people didn't talk about. when we come back don't talk about that. we will actually talk to candace about that but real quick i just thoughts on how the meeting went. >> it was phenomenal. his well-informed political opinions were on full display from welfare, manufacturing, it was great and that's why the left test undermined it. >> they went nuts. we will get into that later. always great to see you. >> let's check at gold. they had a dip yesterday, a big move giving some of that back, it was the first sign of

real panic when money left stocks and went into bond and golda went to some of the safe haven currencies around the world. not happening today. take a look at bitcoin. it's starting to fade away a little bit. about 6000 but remember this had everyone's imagination at the start of the year. then check on oil prices, crude oil 74, 75 earlier in the week, pulled back a little bit this morning and consequently gas prices have dropped apparently. national averages $2.90 a gallon. we were 291 for most of the week. check this out, they release the picture of the first ever luxury yacht. a 65-foot are expected to be released sometime next year. stuart varney is probably out there test driving one right now. no word on how it will cost everyone else. they show this robot atlas who is getting better and better, now hopping up a series of platforms after jumping over a

log. this is phenomenal. boston dynamics, their other robot, now taking a test for commercial use. this video shows spot navigating construction sites in japan. business insider ranked the top performing economies including washington d.c., this is all based on job growth, gdp, wage growth and unemployment. we will tell you who came out on top, next. ♪ ♪ ♪

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checking on the big board, we've settled in a new trading range between two and 300. were drifting a little bit higher in the past 15 minutes. before the break we asked, we wanted you to guess which state and quitting washington d.c. has the top-performing economy in the country. this is according to business insider. number one actually is washington. >> newsflash, all that taxpayer money. >> they looked at all kinds of factors like job growth in gdp and wage and unemployment rate. now rounding out the top five, washington state, al rado,

wyoming and hawaii. i really beg to differ on most of those, but it is business insider. on the other end of the spectrum, mississippi has the worst performing economy. average wages actually declined thereby more than 2% in the past year. >> now when it comes to household income, marilyn takes the top spot. the median household income is just over $80000. rounding out the top five, you've got new jersey hawaii, massachusetts and connecticut, all of them beat it because they have some big taxes. good luck. at the bottom west virginia, there median household income is just about 43000. it's one of only five states were income has not increased since 2015. now back to the market spread big tech names, bouncing up pretty good today. you can see amazon up $69, over $2000 still going extra ordinary well. apple holding in there pretty good, how about google., all

these stocks are doing well, couple upgrades in the group. our next guest that avoid these stocks. and in fact avoid them at all costs. he will make his case and you will hear him because he is very bearish about this market. he's bearish about the market coming into the week, i've given them a hard time but he's been right arena discuss it with him when "varney" returns.

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medicare advantage plan is the right plan for you. pick up the phone, and call the number on your screen. the call is free. and licensed humana sales agents are standing by. so call now. check at the big board, we gave up about 40 points in between break. that shows you how volatile the market is. the majority of big dow jones stocks are higher, but we are wobbly little bit and that wasn't a great sign any day this week. meanwhile sears is reporter bully nearing a bankruptcy deal that could keep it open through christmas. they have 900 stores and about 90000 workers. >> it's such a top story. could be passive billion to keep it (sears won't turn the lights out for christmas just now but they are still struggling to figure out how to liquidate and how to appease which lenders. we did the story the other day, a group of blenders

including wells fargo and citibank are saying i think what's going on behind the scene is there trying to price real estate assets. we know, when i look at the balance sheet is $11 million in debt. the real estate value is between two and 3 billion. i don't know how they're gonna break up this company. the lights will still stay on. they've got financing sears to the holiday but they will have less stores, fewer numbers of stores. >> that's been going on too. it's just devastating. thank you. despite this rebound that we are seeing, so far today our next guest is not bullish, he's been advising people to be cautious for weeks. listen to what he told stu last week. >> i understand you have turned bearish, time to sell, make your case. what's the problem. >> i was preaching caution a couple weeks ago on this program when i get the whomp whomp music. this is the reason why.

this market has turned extraordinary week. i don't think we have any trump music for you, but congratulations. you believe this is just the beginning and there's more selling ahead. >> the trend is down. charles, as you know markets move in trends. they move in trends that tend to persist over time and often time even longer than we would expect. it was certainly the truth on the way up and i believe it will be at the truth on the way down as well. keep in mind, you've heard we were oversold, that doesn't mean you're necessarily bullish. just look at the big board today charles, almost 200 lowe's, only about ten new 52 week highs, this market was week and it still week despite today's rebound. >> the market has been extraordinary week and to your point getting weaker. >> is its too early to assess

how much risk there is. >> it all comes back to your own individual position. the thing i want to caution people about is buying into this idea of stocks being cheap. i use microsoft as a great example. microsoft has been in the news and microsoft in 2000 fell, fell and people sediment hold onto it, it's cheap while microsoft didn't go out of business and neither did cisco systems or oracle, but a lot of stocks stayed as dead money for ten years and that worries me. i don't know if this is the collapse in 1929 again, the worry is being in underperforming stocks and holdings. if i own a stock that is down and has a loss, i'm looking to take that loss, not double down by adding in a falling market. >> it's interesting because they put an outperform rating and upgraded microsoft this morning. netflix got an upgrade this morning, a lot of people looking at the things stocks, jonathan, big tech and saying

hey, now's the time to buy. you say no, now's the time to avoid. >> analysts, we used to say they make great fades. often time by the time analysts upgrade or downgrade, the move is already been made. more than anything, what concerns me, i enjoyed your discussion with david stockman and some of your other cast members a moment ago. what concerns me is the diversions between the price action, stocks are prices. the price action is very weak and the news which is very good. that's bearish in my opinion. you want the news to be bad in the price action to be good. the fact that the news is so good and the price action is so worrisome that's what makes me cautious moving forward and most likely through the end of the year. >> one of the best things that's worked in the past several years, almost nine years, is buying the dip. as you're saying okay, go through your portfolio, be honest with yourself, maybe mitigate your losses, it has

worked over and over again. that's a trend that has worked. it's tough when it stops working, even though who would've thought it would be in place for nine years. >> the difficult thing charles is that we don't know if it the debt. often times the bear market starts as a dip so i was looking even very broadly at the dow jones industrial, people don't like to hear this but i often believe you would rather buy a stock higher, you'd rather wait to see it establish some sort of a base or momentum higher so something like the dow, for me in my money, i want to see it eclipsed 26000, i like to stocks like international paper, goldman sachs at least have some sort of a floor in them, not continually making new lows before i start putting new money to work back in that market. it's an old saying you don't have to buy the bottom of the move to make money on the move. i don't think we've seen the bottom just yet jonathan we will get the trumpets out next

time. a new apple patent will allow users to help them recognize scam call. >> you get a lot of those. >> we were just talking last hour, nearly a half billion robo scams, spam calls in california alone. that was in the month of september. that's a lot of call spreads apple has a patent that is just newly surfaced, it takes a couple years back. it's a really cool patent on stopping them from ever hitting your phone. another words you put on your iphone and you can block calls but somehow this apple patent will identify that it is a spam robo call coming in and you won't even see it. that's one idea. for that you will get a warning that hey, this is a robo call, a flashing warning on your iphone screen for this is a spam call. it's really cool technology. >> perfectly timed. thank you. the florida panhandle is still in recovery.

there is a ton of disparat destruction there. jeff is in panama city with the latest. >> we been showing you the scenes all morning. i just wanted to put a face on this one. what you're seeing. this is someone's home, this is two or 3 feet in diameter pine tree. we found the guy who actually was in the trailer when this hit. bill grimes, what was it like when that tree came down two it was the scariest thing i've ever express to my life. >> why did you decide to whether it out. >> i just had all my stuff here. i didn't want to go anywhere and leave my stuff. i know it takes two or three days let people back in and i didn't want my stuff to be left out here for anybody to get a hold of event we said folks in this neighborhood don't have a lot. i look at that tree, you thought maybe you made a mistake. >> yeah i did, me and my little dog in the front bedroom when it came through, it jarred the whole trailer up.

i had a mattress folded over top of us as i knew it was fixing to flip. there was no doubt my mind two it might've the tree had landed on it. >> that move very well could have been the case and i certainly stories out here. are you gonna whether another one? i will definitely be gone when another one comes. to make any insurance cover. >> now, and i don't think many people around here got insurance either. everybody's in the same vote. >> is not a good book to be in at the moment. i just leave you with that picture and bill story which, they tell you, why do people evacuate, that would be reason. >> absolutely. you better listen come next time. i know i will. >> can't put it any better than that. he's alive and he learned a valuable lesson and i'm glad he shared it with us in the audience. thanks a lot.

not going to get back to the big board. we are losing him over slipping a little bit. sprint has been the same all week long. you're right. >> these early morning rallies, once they stop, we start to slowly drift and then that slow drift becomes, it gets a little more velocity and a little more velocity in the next thing you know we are moving in big 1500.2 not exactly. in the last five minutes of trading, the problem, john has it right there's a lot of selling into the rallies. with profit taking off the runoff in the tech stocks, as they get afraid again and again. we hear that story. it's a tug-of-war in the markets between the tenure treasury and the interest rate story. the question is are they coming in strong enough to underpin or give some stability in the market. we saw loan growth weaknesses but then we see a pretty decent consumer sentiment

number coming and that wasn't, it was disappointing slightly to the downside but still wrong at multiyear highs. >> we thought j.p. morgan, there's some hope that they would be the savior today and that hasn't happened. >> kanye west meeting with the president. he's getting a lot of back lash from the (candace is a frequent guest and she joins us, next. ♪ ♪, ♪ ♪ ♪ ♪ ♪

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i'm live from the floor of the new york stock exchange. as stocks are rebounding right now we want to call your attention to two stocks, walmart and paypal. in time for the holidays, making it easier for paypal shoppers to get cash, either deposit or withdrawal from their app at walmart stores. so paypal, popular digital transaction company, customers now it's easier to shop at walmart, paypal users will pay three dollars for every time they do this kind of transaction at a walmart store. some see this as walmart closing the bridge between brick-and-mortar, digital and

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or visit kohlerwalkinbath.com for more info. right before when the break we said when we start slipping like this is not uncommon to see 50-point chunks. we just had a 50-point chunk over the course of the break. we took out below the session were making new lows. someone is going to have to step in or somebody or we

might see a repeat of what we seen all week long. when these rallies fade, the market has come down really hard. we will watch it for you. president trumps oval office is meeting with kanye west and generating a tremendous amount of bugs. it seems like no topic was off limits. roll tape. >> people expect that if you're black you have to be democrat. we can empower the pharmaceuticals and make more money. that's one thing i've never stepped into a situation where i didn't make people more money. if you don't look good, we don't look good. this is our president. he has to be the freshest, playas. >> and i love this guy. joining us is candace owens, i gotta tell you it was an meeting. >> it absolutely was. i think i've been smiling for the past 24 hours. i'm just in sheer excitement

for this moment in history, particularly black history. >> kanye west brought up so many issues that have always been relevant within a black community, the absence of male figures in household, education, prison reform, it's just amazing to me that the mainstream media overlooked all the and yet, this is what we've been asking for in our communities, a voice, a seat at the table and a voice to be able to express these problems. >> that's correct. you'll notice that in all their criticisms, they have not attacked his argument whatsoever. they are attacking his dead mother, they're attacking his mental capabilities, they are not attacking his argument because all of his arguments were valid. this is what i have been trying to preach to the black community is that they had been distracting us with all of this false noise, accusing our president of racism when he has been the best president for black people, far better than his positive trim

predecessor and this is what it's about. it's about driving the conversation forward which is exactly what kanye west is doing at this moment. >> another one for you, then you just touched upon it, mainstream media, they are hammering kanye west for this meeting. take a listen to what don lemmon had to say. roll tape. >> i'm just to be honest, i may get in a lot of trouble for it, actually feel bad for him. what i saw was a mental show. him in front of all these white people, mostly white people, embarrassing himself and embarrassing americans, but mostly african-americans because every one of them is sitting either at home or with their phones watching this, cringing. >> you weren't print cringing. >> i was not. look. it don lemmon is looking for a mental show i suggest you tune into his own programming where they called him a house and word, a token and were just a couple nights ago and now he's talking about is dead mother

as they tried to draw blood from him. that is an example of a mental show. >> you brought that up and for people understand it, let's share that bite with the audience and then we can continue. this should share with the audience. >> this is what happened when negroes don't read. we have this now and now donald trump is going to use it and pervert it and have somebody who can stand with him and take pictures. >> he's all the sudden the model spokesperson, he's the token negro of the trump administration? this is ridiculous. no one should be taking kanye west seriously. he is clearly having issues. he's been hospitalized. not to trivialize mental health issues but obvious we kanye has taken a turn and a very strange way. >> so his father, one of the first black photojournalist for yet constitution journal, his mom and english professor at major colleges around the world. he was writing poetry when he was five years old but he's a negro who doesn't read.

>> this is blatant racism. let me tell you something. this is proof to me that the democrats no longer have a party. they have a cult. this is what happens when you try to lead a cult, a denigration, the rhetoric has grown violence and disgusting and racist. let me tell you, this is going to have an opposite effect. this is having the black community wake up and understand who are the true races in this country. you are looking at them when you watch cnn. you are looking at them when you look at democrat politicians. i'm comfortable with this rhetoric because it's going to lead to a further mass awakening in our community. >> i also would like to see resolution. let me tell you, i love to the meeting, i thought a hit on some amazing things, they talked about the montessori school system, i guarantee you 90% of his critics, 99% never even heard of them. he's presenting that and he wasn't there to suck up to president trump, he challenge them on a lot of things trump is talking about including

stop and frisk. i thought he was a great representative for black americans. >> he absolutely was and after that he took a stop at the apple store in d.c. and stood on a table and said listen if the problem you have is to make america great again, i just pitch to the president to make america great. let's meet him halfway, let's support this president has this administration has been tremendous for black americans and it's time for black americans to stand up and support this president against all the nasty rhetoric from the left. >> candace owens, always a pleasure. thank you very much. we'll talk to you soon. >> thank you so much. >> next you hear from a man who went to college to pursue a career in construction and now he's the coo. he is proof that you don't need a college degree to be successful and make money. it's one of those dirty fingernails jobs i love and you will hear the stories, next this is stonington, maine, a town where almost half the population is self-employed.

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a check on the big board. we were up more in the 400 and pulled back and then we were up more than 300 and pull back, we were up more than 200 and pulled back an hour up less than 200 on the dow jones industrial average. our next guest is proof you don't have to go to college to

have a very successful career. he is encouraging young people to get skill based training at. first of all, congratulations. >> thank you charles and thank you for having me. we hear about how there are so few construction workers out there, how there's so few welders out there, how there's so few people out there to build the things that we need everything will day to sustain our economy. in part i think because for years, for decades the media sort of gave the image that those jobs weren't worth it, that they were beneath people. >> that's a correct statement, but you know, our economy is great and our business is booming. my company designs and builds petrochemical plants and refineries and you know charles, in the next several years we will be hiring thousands of people to build

those plans so how will you get those people? the way to get those people is the construction industry is offering this learn as you earn, earn as you learn and you don't have to pay for it. it's at the company's expense that was a great way for people to get into the industry, the starting pay for getting into our industry today is somewhere between 30 and $35000 to start and then you can progress up to 70 or $80000 a year to reach the chairman level and in most cases it doesn't cost you to do it. you learn as you earn. >> how was the reception? people take you up on the offer? >> i'm very fortunate m blast to work for a company that

provides a means where they can get exposed to this industry and have a decent living. we just opened up a new craft education center and that center offers not only classroom fundamentals but it also offers hands-on real environment craft training and it doesn't cost our employees a dime. it's come very, very well, we have over 100 employees that are participating in the program every evening and then we have probably another hundred or so employees doing it on their own through the craft modules where they take them home, they study at night and they come back the next day and exercise what they learn the night before. >> i've gotta tell you, tommy collins, you're an american success story and you're passing it on and that's always a beautiful thing. thank you very much for sharing with us this morning. >> thank you for having me. >> we have more, right after this.

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charles: quick program note to tell, but my show, "making money with charles payne," we're moving to 2:00 p.m. starting monday. liz also has a program as well. liz: "the evening edit" at 6:00 p.m. that is your time slot. i have big shoes to fill. what size shoe are you? neil: 13. liz: no you're not. no talking points. no prefab talking points. it is talking point free zone. that is tv spam. it is irritates and annoying to the viewer. i want a good solid debate. i want both sides of the debate. charles: you force that. i think too many people have media coaches these days. i don't know what it is. meantime, folks, the dow jones industrial average, the high we were up 414 points. we'll take up 182 but we don't

like the idea it is starting to pull back because we saw this every single day this week. a rally attempt that faded. and faded and faded and then proverbial snowball become a boulder. neil cavuto i give you a rally. take it away. neil: you do. neither have talking points, the next step is no talking. charles: i've been practicing my mime stuff. neil: sort of like magic, what are they thinking? thank you very much. can't wait for big changes on monday. right now, you know we're at risk because we were up over 414 points a little earlier, losing a lot of this steam. catalysts what might be contributing to this. i'm looking at a consumer sentiment survey that was a little weaker than thought, even though the financial part of that is strongest it has been in 15 years. on closer examination, wasn't really all that bad. having said that, then we