market and i want you to find stocks that you love, keep learning, never be discouraged and you cannot be afraid to learn new approaches. here's the thing one strategy that does not work all the time, it's great that you have your core holding, don't let them take you out if you don't want to branch out and learn more the selloffs are not your fault. i get headed over to liz the last hour will be buckled up speed what i have both seatbelt on, i would make this point some of the greatest fortunes are made on days like this. take a strong stomach for. key levels. the s&p has come within one point of dropping down to 4000 right now we are at 4021, the nasdaq well below 12000 as we hit important technical, will

begin to bring the best technical analyst of the business he is about to join us on which stocks and sectors look completely oversold and speaking of technical, warren buffett loves to hate bitcoin wiping out critical support levels right now below 31000 - 30650 as crypto minors here and is fox business exclusive were gonna talk to the ceo and asking what he think this really happening here even oil and gas are buckling but skyrocketed diesel is putting the squeeze on the trucking business and a fox business exclusive we speak to the ceo of global transportation giant, ch robinson he is here on fuel, china walks out lockdowns in the supply chain from diesel to electric, shares vivian driving off a cliff at this hour after the ipo lockup expired the hottest ipo in 2021 down 77%

this year, working to take a look at which insider is pulling the plug let's start with the breaking news, the markets are getting slammed by the racquetball that this hour all the major embassies are screaming red were keeping a very close eye on all of them particularly the s&p 500 is looking at the fifth straight week of losses, down 93 pointer to win a quarter% at 4029. as i mentioned watch the 4000 we came within one point dropping to it. a lot is at play look at the nasdaq, the nasdaq down three and a third% to 11743, not the least of which investors fears growing a more aggressive federal reserve will tamp down growth. speaking of the fed the lantern federal reserve rafael bostic spoke this afternoon to reuters saying he supports the fed hiking interest rates by half a point at the next 2 - 3 meetings staying on the track of tightening interest rates then

assess how the u.s. economy and inflation responds before making a decision, bostic also shared his fears that consumers might stop buying if prices continue to rise and businesses are not able to find workers to fill the open jobs, the atlanta president did have an interesting outlook that, ri. he says the supply chain that the backlogs are really stuck with will soon show signs of easing and unwinding that's why we have ch robinson coming up in a few minutes. that's a good the ten year treasury yield it hit a high of 3.5% predictor in a half-year highwood attached 2.2% were offset right now, 3.08 at the moment with the selloff showing no signs of easing particularly on big tech, is the selloff bubble oversold are we at the

point where the things are overdone the all-star chart ceo jc harris is a top technical guy, he does not look at a motion, he looks at charts and numbers. of of course kenny is joining us right now. i will begin with you kenny what is going on here, last week we had unbelievable volatility, it looks like it's continuing to people who thought it was over last week, they were wrong. >> it's not, the market is telling you he does not believe that the fed has is under control at 50 basis point rate hike, the market wants 75 is what it needs, it needs to take back or get the sense that they're taking back control. if the fed does not do it the market is going to do it, the market is going to get to a place where evaluation is going to reflect where investors think it should be we broke through

4062 were in that range of 3800 it's really the next level jc can speak to that that puts it directly in the line of sight 3800 and you keep talking about 4000, 4000 is the century mark no real support other than psychological, 3800 would be the level i think if you get to talk about the market melting down. i will refer to date entry jc. kitty makes an important point, we all get caught up, the dow 10000, 30000, the s&p 3800 were at 40 - 20 at this very moment, give me your thought on this, i've got to get to the nasdaq we have blown out nasdaq 14000, 12000 and did now we are below 12000, it's pretty significant. >> good to see you kenny, we can talk about s&p levels all day

and kenny is right 3800, most definitely 3400 below that we can play this game about levels and everything like that all day what it comes down to this is a market of stock it is not just the stock market, the market is going to go higher who is going to be the leadership group to get these things higher let's remember all must have the nasdaq has been cut in half, the average drawdown of the new york stock exchange is over 30%, these are not 's or random growth ipos this is the new york stock exchange the biggest and greatest company ever are on this exchange and the average one is down over 30% when people are like are we going to enter a bear market, what you call the last year we baited the bear market. the question becomes how much longer. liz: what about the leadership names that will get us out of here, where are we the most oversold obviously tech drill

down within the subsectors of tech and tell us where are we oversold that it looks to look good. >> were talking about tech communication, consumer discretionary, all of that stuff is lumped into tech but is bigger than that it is really growth that is getting destroyed and the longer duration it is become a bond trade, bonds have gotten destroyed the long-duration growth stock with iw well which is a small-cap growth index look at the ipo index ticker symbol ipo, aar k is popular but other ones that are slaughtered rather than bottom fishing, the way i looked at it bottom fishing can be very hazardous to your wealth. there is a time and a place to put in and trade and if you get stopped you move on, that is one thing but in terms of owning secular leaders, that is not of these things. i would rather play a recovery

on the way back up and try to pretend that the smart guy that just hit bottom. every time we tried we gotten stopped in those trades. while there is nothing wrong with that it makes more sense to have a higher probability of success if you're buying higher, let me give you two quick levels for the audience, look aar kk, $50 is a good level. liz: were looking at the short aar k. we trump undercover that it trade. if we can flip it back to kathy woods very big innovative fun that is a thing. we will look at that and you can see woody 180 down a in the third% today alone. >> any rallies, at least we assume they could be met by overhead supply. i need to see it we have to get back above the 2018 heights for me too say this is a sustainable recovery that we can participate

in. the same thing with ipo index. we have to get back to the pre-covid highs around 35 on ipo grade we are below those levels, who knows how much lower we can go. we need to see rotation and they have to stick those levels and they have not. it's a tough game to play. liz: it is a tough game to wrap your mind around how jc looks at things. he does not look at inflation is soaring and we saw the worker shortage and the great resignation, he simply looks at technical levels. let me get to you and you tell me, people are looking at losses in there saying when do i hold on and when do i cut the. >> that depends on who you are and the quality of names that are in your portfolio i have not been selling anything at the way down, the names of my portfolio and you and i discussed it are the bigger medic and should make a cap consumer staples, names

under pressure at the moment will be the first ones to react when this settles down anybody goes back and people will go for quality, the quality will be apple, microsoft, johnson & johnson, ibm, coca-cola, costco, those are the names where i'm putting my money. nothing says you have to do something every day, when the market is unsettled like this sometimes it is better to sit back, breathe, wait and let it settle down and see where the most damage is done and where you can add and take some of that money and add to the existing names. i am not playing in the art names there will be a lot of resistance, the minute these things look ahead there's gonna be supply chain on top of it and those are not the names playing at all. as i said to charles payne, these are kind of the dames were great fortunes are made but you can only see that in retrospect,

great to see you once again, kenny you will get nothing and like it as always. great to have you, thank you so much read president biden is going to launch the affordable conductivity program the program will offer internet access for low-income americans capping monthly cost at $30. pretty cheap the administration tapped 20 of the leading telecom companies ranking from big caps like at&t to verizon the smaller provider several areas the providers will supplies millions of household with internet speeds of up to 100 megabits per second the program will be funded with a $65 million allocated for broadband internet that was in president biden's infrastructure plan passed last year. we need to know more about this, the rural areas, they have been the ones that were harvested during the lockdown. your kids could not get internet access. this matters to the economy,

does it not. >> the commitments that he has with the companies that he has only covers about 50% of the rural america going forward but 80% of american general. the president is announcing how we spending some of the bipartisan infrastructure to lower the cost for tens of millions of people related to internet. the president says he is commitments from 20 internet service providers to lower the prices and these are the people involved in this in the affordable conductivity program read the money for the program and the program itself came out at the bipartisan infrastructure and they will reduce those costs to those people in the program by $30 a month, the white house estimates 48 billion americans will be affected by this and be able to lower their internet provider cost based on the government payments. >> high-speed internet is not a luxury any longer. it is a necessity and that is why the bipartisan infrastructure law included

$65 billion to make sure we expand access to broadband, and every region in the country. the government will be reaching out to eligible households through federal agency in the website will be launched design a people for the program the official tells me and they have agreed to with no internet cap on data as well as no additional fees paid were talking like verizon, cox communication, at&t, comcast, these companies cover about 80% of americans in this service is that they get their internet. liz: thank you very much, atlanta federal reserve bank president rafael clayman this afternoon that supply chain problems are now finally unwinding in trucking companies are no longer turning down

request. is that true? if you're thinking i would rather hear that from a global transportation and shipping company, stay right here dh robinson moving freight all over the world by train, truck, plane, ship. ceo in the fox business exclusive to give you the real story. we have the closing bell brigade in 47 minutes. the dow is down 343 points. that is not the big story, volatility in the fear index is jumping 10% and bitcoin is down 14%. were keeping a close eye on s&p levels, stay with us "the claman countdown" is just getting started. ying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence...

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six. liz: i met today going into the break but i want to show you, the wall street metric in the green is the vic's, the fear gauge 11 and a third%, year to date gains of 94%, sometimes driven by actual fear and sometimes by lots of volatility and at the moment. we have atlanta fed president dropping a bombshell this afternoon during an interview

with reuters as people around the world still wait for months for all kinds of deliveries due to the tangled supply chain bostic says supply chain challenges are starting to show signs of easing in trucking companies are no longer turning down request because of capacity. at the same token demand is still sizzling the global trade deficit at $109.8 billion record, the u.s. is still importing and consuming and we produce and export with china on the covid doctrine from the custom bureau show china's april exports rose at the slowest pace year-over-year since june of 2020, month over month comps 3.9% growth versus 14.7% in march, ch robinson has a huge international supply chain business which manages billion

dollars in freight by train, truck, plane and ocean. let's get the real story from ceo bob biesterfeld. if any what is in the supply chain trenches it is you guys. are you seeing the unwinding that rafael is seen. >> great to be with you this afternoon, there is a lot to unpack and that comment. maybe i'll start domestically in terms of chocolate the good news for shippers and receivers and manufactures, we're starting to see moderating in the balance between truckload supply and demand internally we track what we call routing first tender acceptance like we would with he is referring to we did see in first quarter ended the second quarter some improvement in terms of how routing guides are holding up. more carriers are accepting the first tenders of the offers but certainly not every carrier is excepting the first tender offers we are still see the many cases secondary carriers having to come in to move the freight.

globally you mentioned china in the slowing rate of growth, growth rate nonetheless. we delivered the on the global supply chain in a time where candidly we have as many people in china lockdown as we have all over the united states to put into perspective and the largest global seaports in the world being impacted. liz: that's why i ask, what is he seeing and where is he looking, is he really looking at the bigger picture, you guys are on every cotton and we do get the planes, trains, freight, shipping everything that you do, you have about 85000 contract carriers and 100,000 customers to say trucking companies are not turning things down anymore just as demand continues to be strong you see almost wishing it to happen that's what the fed wants they want demand to come down to the supply chain problems can use. >> we've seen through the ports

which is an improvement were not back to pre-pandemic levels. we saw the back half of march at the beginning of april softening in the overall truckload and the balance between available trucks and available loads over the last four weeks we have seen seasonal progression as a bounces off the bottom and people purchasing transportation the rate fundamentals have not changed that significantly due to the fact that we had tremendous increases in diesel fuel and cost to consumers and businesses really remain up on a year-over-year basis. >> the current average producer is about $5.55 a gallon compare that to what we saw a year ago. a year ago we had $3.11 per gallon for diesel, that makes me wonder how can inflation come down if the pastor costs are going to have to be hiked because fuel is so expensive.

>> fuel is it's a record high for diesel fuel and for a motor carrier in a trucking company if drivers are the most expensive component in fuel is a close second. these levels fuels is the most expensive component of the truckers business. consider a truck on average get six and a half miles per hour gallon. if a truck is driving in california right now where the average price of diesel is closer to $6.50. they are paying a dollar a mile and fuel cost alone which makes it difficult to take cost out of the supply chain a thousand levels. liz: transportation tends to be a canary in the coal mine when it comes to recession and when it's really hot we know there's a ton of demand and when it starts to slow we know that maybe that is the precursor to a recession pre-transports are falling by two and a quarter percent and well off the highs. what do you see if you put on the economy hat econ 101 as the

head of the global shippers. you see a freight recession? >> i do not i know it's been largely talked about in the media. what i've seen it observed over the course of the last six quarters we had absolutely unprecedented increases in the cost of transportation specifically truckload and in the ocean. we see that moderate and it's coming down off of all-time highs at the beginning of the year. but if i look at the supply and demand fundamentals domestically related to truckload we are still at levels above where we were in 2018 which is the last peak of the trucking cycle. this is a cyclical business capacity comes in and out of the market but the only capacity in building new trucks that are coming over the course of the past couple of years are small businesses and small trucking companies with the average fleet size of one or two trucks. we know those carriers have come in at elevated cost base considered today a 4-year-old

used truck with the sleeper on it is selling for twice of what it was prepared dammit. it's costing $100,000 for the truck and the ten-year average was close to $50000 for sustainability principles while businesses will be challenged and we have to help them through our networks clarifying, as you said in the trenches wanted a few stocks in the green today one into their present, your higher year-to-date. thank you so much, were to be right back with marathon global, bitcoin is dropping in the s&p is now within nine points of dropping a 4000. ♪ pnc bank: see how we can make a difference for you.

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liz: fox business alert rivian stock at one point stood at $172 a share is slumping 21 points, 6% at the moment we get the

stock, this is the electric vehicle start up the amazon took huge positions before it went public in november to $22.53. word today that ford is selling 8 million of the 102 million shares of rivian following the expiration of the ipo lockup. yesterday according to cnbc the easy sector is getting zapped at this hour, tesla down 8%, ford is down 6.5%, canoe down about 14.6%, keep in mind looking particularly ugly because they reported a wider than expected loss in the signal needs more capital to boost production, can we flip it over to uber shares they are looking at 11% leaner after the ceo told employees that the company plans on getting skinnier than it already is, shares down 11%, $23.21

after uber announced it's going to cut back on spending and focus on achieving profitability on a free cash flow basis, uber says it'll trade hiring as a privilege. boeing shares are sinking at this moment to about nine and a quarter% to 135 and change sinking to the lowest level in two years, earlier today the executive chairman said the aerospace company future is particularly the 777x jetliner project that could be at risk first deliveries were delayed last month to 2025, that was not good for the stock, the stock is a disaster and plunged a third so far this year. i know i sound offkilter i'm keeping my mind on s&p for point of dropping to 4000 covid-19 vaccine maker bio on tech top wall street estimates.

a quarter% nice to see some green after the company reported strong demand for the covid-19 vaccine that developed pfizer, pfizer shares are down by three quarters of 8% but moderna see the pop of 2%. now were within one point of the s&p touching 4000. again kenny yelled at me this is a round number but psychologically we are watching it. palantir technology having a difficult session at this hour down 20.5% after first-quarter earnings missed expectation, guidance for the data company came the below forecast. palantir cofounder peter made news after throwing shade at warren buffett and the parish takes on crypto currency particularly bitcoin but as bitcoin plunges 50% from the record high in november, were beginning crypto minor marathon digital fred teal, no relation

to peter and a fox business exclusive he joins us next, the s&p has dropped below 4000 in standard 3997. we have it on the lower right hand the dow down 589 that is a loss of 1.8%. the s&p down 3%, the nasdaq moving 4%, we're coming right back . . . you libow llua es yr casurainsue,nc ke howkeusto czed c sca t nioh 'll at perfe per wit pthes de..ose ar..ose e. hine[whi hi only pont yohat needt ♪♪ liberty.er y. liberib . only pont yohat needt

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advice is not what is qualified. liz: block. the billionaire, that was last week crypto getting crushed plummeting, this is the stock market the global cap now stands at $1.5 trillion that is a 50% drop from the november peak, bitcoin hitting the lowest level since july of 2021 at $30727 -- make that $698 but there is bottom fissures in the last 17 minutes we sell this pop up on twitter el salvador president tweeted this el salvador just bought the dip 500 points added average u.s. dollar of 30744. of course el salvador is the big nation to say we will take bitcoin as legal tender bitcoin stocks are falling in lockstep bitcoin mighty leader marathon

digital down about 19.5% right now to $12.3. let's find out what's going on with their perspective join him in a fox business exclusive marathon digital holdings ceo fred teal. a really rough day. as you stretch it out it's been a rough year certainly were a rough half of the year since the highs back in november of 69000. give me your sense of what's going on here. >> obviously the markets are challenging, if you look historically we were at this place in may of last year and we were at this place in january of last year. if you go back to late 2020 we sell the dramatic rise in bitcoin. if you go to midyear 2020 we were in the teams. bitcoin retraces to the support level which is between

20,031,000 right now. it may go below the obviously, we do not control the but the fear and bitcoin right now is about 11 or ten. if you look at the fear and greed index chart and late to the vicks. bitcoin hits this level just before it turns around and goes in the other direction. i don't necessarily say that's going to happen now. the macro economic situation is very different, revealing with risk and inflation in the fed not raising fast enough to control the market. lots of stuff going on. regardless bitcoin is going to be there for the long term and were very confident we have not sold what we hold and we hold amongst the top five public companies a whole bitcoin. liz: don't you have to sell some, as i understood it yet to

raise some cash and sell some of the bitcoin that you have in order to reach your financial expectation we have a lot of lovers we can pull if you look today we may have to sell some we can borrow it's obviously not an environment but we have different levelers that we can pull. it'll be interesting to see where bitcoin shakes out for a while but personally my personal opinion not giving financial advice to anybody but i think were gonna hold in the high 20s in balance at that level for a while until the macro economic environment turns around. there is a lot of capital on the sideline looking for a place to go. there is a lot of fear right now and it's been stabilized people coming back from the market. liz: the de- risking is very evident right now. if you're in the high and were going to the high 20s and

hanging out for a while, there is more to come because right now were at 30662. very fast-moving selloff it is going all over the place, i watching on the charts. let me ask about your bitcoin mining. you have mined every single quarter and been able to dig up a few of the bitcoin. i guess i want to know why the slowdown there was a little bit of a slowdown in your mining recently. >> two primary drivers, one majority of her mining capacity up until recently has been a montana facility which operates whatever legacy facilities. that is powered by a coal plant and it does not have a grid secondary connection. totally non- parasitic industry and empower asset.

that facility has had ongoing maintenance problems in the number of days where we were shut down due to mechanical problems at the plant, we don't own the plant were operated we just buy electricity. liz: you also have a new operation in texas now used to making capital expenditures even as bitcoin plummets? >> our model is not to invest in the infrastructure we invest in the minors, we ordered a lot of minors last year end earlier this year and were receiving those minors and paying for them as we receive them and those of the minors we are deploying we don't have to invest in data centers because it's not part of our model that is why we are asset light we invest in the mining rigs printed a really tough environment, we could if oppressed sell those, we have very low pricing on the minors. even in a very bad market we can liquidate minors read i'm not saying we intend to at all but we have a lot of lovers we can pull.

liz: there are 13 or 14000 different tokens, anybody who wants to could make one do you suppose there could you imagine a selloff like we see in right now and bitcoin in anything related to that will shake out a huge number of these tokens that are out there? >> i think there will be a flight to quality over time people obviously need to raise liquidity in the correlation between bitcoin and the nasdaq and the crypto asset in general and the nasdaq as people are sell enough there getting marching calls whatever may be happening to the personal or financial situation and selling off all their crypto holdings across the board. i think as we come back around the other side of this will be a flight to quality they get burned once and maybe get burned twice but then i could get burned three times. liz: the fire is looking at some people speed at the moment.

good to see you on a train day. we appreciate you coming on as we watch the stock digital down 19% we deal bitcoin at the moment at 30605. the s&p just hit session lows of 3994. were keeping an eye on that the technical analyst said 3800 level but the next floor. in the meantime saudi prince agreeing to roll his stake in twitter as part of elon musk's 44 billion-dollar acquisition of the social media company the prince revealed 4.6% stake in the service but it twitter short seller sees the repricing for the deal ahead were gonna find out why next charlie breaks it the closing bell ringing in 14 minutes charlie gasparino's next prefix into 23 points of the moment we are all over this

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liz: breaking news we are at session lows the dow down 700 points and the s&p done 138 were located twitter shares but we should pop up the nasdaq at the moment can we do that i'm sorry to call an audible but down for an half% of the tech heavy index 11590 for the s&p in at 3981 we blown out the 4000 level for the s&p and as we watch all of this we have the nasdaq done

556-point a significant route. i would say across-the-board you multiple sectors and i'm pulling up my sector stock. >> anc is down. liz: that is not a tech ibm, microsoft, oracle, intel, cisco. everybody's down, let me get to twitter twitter shares are lower by 4% after short seller hindenburg researcher wording there is a big risk the elon musk 44 billion-dollar offer of $54.20 may get repriced lower where 4774 wording that it could drop the equity by 50% from current levels if elon musk were to walk away from the deal. let me get to charlie gasparino. >> the market consensus not short-sellers but the ceos that

i talked to he's good to go through with it the purchase and might get repriced lower but they think he is too much invested in operates on a different level. amc earnings are "after the bell" the reason why i bring up amc earning as the stock it's an example of the market over the past year end a half. mark infused with fed easy money and people go on the risk spectrum by stuff based on a whim or a theory and all that stuff is getting corrected, violently corrected along with tech is exactly what i told you when you risk which is going on now the riskiest assets get crushed. bitcoin, crypto, amc, gme, all the darlings you needed this. thing this is so heavily pumped by so many people most people

got into this and lost a ton of money they got into at this time last year when it was rising to $77. liz: the stucco at the repricing on twitter. hindenburg has been right on many occasions. >> i have no idea what's in elon musk's brain cells. he tweeted today he was good to get burned by the russians of the mother said don't say that. it was crazy and reminded me of a term presidency, you had to watch twitter because it was like a comedy show. i know people that know him an investment and they think is dead serious about this and too much invested in buying twitter. if he is ever going to cash out his test. , tesla is going to correct anyway even before this all those growth stocks are correcting, there are correcting

because they look pumped up to a certain degree and normalize their earnings pretty fees ever good to use his currency to buy something a really nice toylike twitter, now is the time to do it through the stock is good to go down people think is going to do it, will he reprice it, is it possible, yes. by the way if he walks away from the still is a $20 stock. that is my opinion ceo level think is going to go through with it. they think he has a lot invested in the people that know him. liz: does he go to twitter. >> to get the negotiation and they try to make the deal not work but twitter knows, why are they accepting his bid right now, they don't want to accept

it, they had to 54.30? liz: $54.20. >> my point they had to take that out, say it goes to 50 they may have to take that. who's going to give them 50 ever, this is a company that loses money allows the cash flow. jack dorsey said it best today it needs to be taken private and by the way horowitz said the same thing and needs to be taken private like someone like you elon musk that can fix it you know what's great to get a private you can get rid of all the those boston idiots to harass you on twitter, get rid of them because you don't have to show user growth as a private company they don't have to go through investors pretty could sell a battle under better product not mr. bojangles, ida

crazy when the poet remember liz: what i do remember, the "countdown" closer, we have five minutes left to trade here. we are very close to session lows. although the session low for the dow is about 700, what, 77 i think? as we look at moment, we do have the nasdaq down 4 1/2%. the s&p below the 4,000 level, 3990. bring in cfra chief investment strategist, sam stovall and gradient michael binger. give us screaming buys. we've been saying this whole hour, fortunes are made on days like this. >> absolutely, liz. i looked at all the subindustries in the s&p 500 and there are 125 of them, many are trading more than two standard deviations below their mean price versus their 200-day moving average. companies like blackrock found in the asset management group, crocses in the footwear,crm in

terms of application software, don't forget, amazon and disney these companies have been mercilessly pounded. we still think represent good buying opportunities. liz: look at sales force down 3 1/2%. over the past year you know what these stocks actually looked like. crocs as you said, disney. disney is an interesting one. can we cycle through these so we look how they have been looking past year, when you see this business is not going away. michael if these are the points that sam looks at, standard deviation there, well below that, what do you look for, what names fit into what it is telling you as a screaming buy? >> in this environment i want to focus on earnings and also companies that have valuations support. i'm not talking you know price to sales. i'm talking price to earnings. so i want to look at a couple of companies i think will grow 10,

11%, earnings growth next year. they trade right at around, i will say on average around 12 times earnings. the first one is comcast. comcast, they really do have a diversified portfolio. cable, nbcu, peacock, universal studios. the expectations here are really low. the valuation is really low. they're still growing. any ray of hope there or any exceeding investor expectations this stock is going to go. the second one is lowe's, double digit earnings again. i think a 5% mortgage rate will slow down, not kill the housing market. i think home project market continues to move forward. they reiterated guidance in april. they have seen inflation, those kind of things, profitability is strong. comcast, focus on earnings and valuation. liz: sam, we have a risk-off fear fuel trade at the moment. the vix is up 14.9%, just about i want to say 17 minutes ago, we

were up about 11%. this is a very risky, worrisome day at the moment. with about a minute 1/2 left to trade, do you say about tomorrow, start nibbling? do you say wait until there is a bigger shakeout? >> i think that the shakeout will probably conclude around the 3850 level on s&p 500 for fundamental as well as technical reasons. so i would say that you probably would look to be nibbling but as michael said, make sure you're buying quality stocks. those that have been really beaten up, you have to be goofy if you didn't want disney. liz: very funny. michael what do you think happens tomorrow? a little bit of a bounce in the morning? >> i think we'll have a little bit of a bounce. everyone is saying 3850 which kind of tells me we may not get there. sentiment is horrible right now. we've had a terrible week. we're starting out this week terrible. this horrible sentiment is positive. i feel markets absorbed a lot of

these problems already in prices. to me the market is looking cheap. i think we have earn bo the brunt of this correction -- born the brunt of this correction, but start nibbling. liz: people have stomach problems if they look what happened with the market. michael, sam, thank you so much. [closing bell rings] there is the closing bell. a very rough day. the nasdaq takes the biggest hit. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so promising news from the u.s. g-7 meeting yesterday. they announced a ban or at least a phaseout for imports of russian oil. let me quote, we commit to phaseout our dependency on russian energy including by phasing out or banning the import of russian oil we will insure we do so in a timely and orderly fashion, end