heather hughes. >> always. why come to me first? happy new year. >> happy new year. what do you make of the selloff today? should we make anything of it? >> every day i pound the pavement. merrill lynch, morgan stanley, ubs, we talk about rebalancing in january and of course we know you want to lock in those long term gains. they wait until now the lock in long term cap gains for sure. >> michael, at the same time we shouldn't overlook we got a lot of data overnight. pmi indicators from around the globe which held up okay. you can point to china and france indicating some weakness. anything in the data that spooked investors. >> there's concern about emerging markets and that's not benefiting from the rebalancing that would occur today given that there were laggards last year and heavier selling today. this is just one day not to panic too much. what's interesting last year emerging markets on the s&p peaked out on the first trading day of the year. i wonder if we're seeing the bottom of 2014 in emerging markets relative to the s&p. the data looks okay. i don't think

joining us in our "closing bell" exchange, amy wu, heather hughes, jim lowell, jim o'shaunnesy, and our own rick santelli standing by in chicago. heather, you've been one of our resident skeptics about this market. you must be -- i don't want to say you're pleased about the selloff, but at least it brings you back to a level closer to where you might want to get back in. >> hi, bill. yes, i think there's been all this built-up talk about we haven't had some sort of a correction as defined as a 10% or more pullback in the markets in over a year now. a lot of advisers we're working with have been kind of sitting on the sidelines waiting for the markets to pull back. third day in a row that we may potentially close in the red. a down day again. but that's okay. we're not seeing too much panic. again, a lot of people, advisers in january, rebalance. you might see that continue into next week. people are sitting on their hands to see how this plays out. but things are okay. this is healthy. >> amy, i wonder about the volatility. the vix up about a point and a half. i think the biggest increa

heather hughes from sun america funds and "fast money's" guy adami here to king things off in the "a"mps out to you about the market action today and where this leaves a volatile and choppy trading month. >> what jumped out to me was i thought we'd have follow through this morning. i was convinced yesterday after the close we'd have another down day anywhere from 10 to 15 s&p handles to the downside. earnings to me have been okay. the jpmorgan report i thought was very good. some of these retailers were lousy, and i really thought that we'd start to see the follow through on the downside. today caught me off-guard. i'm not calling it a key reversal. i'm calling it further choppiness in a market i still think heads down towards 1750 at some point in the s&p. >> heather, what do you think? is this a positioning story today? in other words were a lot of people kind of like guy coming into this thinking maybe more of a breakdown and all of a sudden e re-evaluated. >> today was a big day. if i saw another sell-off today i would be a little concerned. that by the dip mentality, we saw it ho