mark pincus of skingas saying the president's statement one of the reasons he still supports him.doubt a lot of executives will come out with their take on that news. singles day the biggest on-line shopping day of the year is officially under way. our own david faber will speak exclusively to alibaba chairman jack ma tomorrow on "squawk on the street." if you have a question use the #askjackma. in the meantime we're a half hour into the sales. let's bring in gill, managing director at web bush. good to see you. >> thanks for having me. as far as we could tell at the beginning of the hour the momentum was a multiple of what it was last year. what is your expectation and is there any risk this could be a disappointment? >> i would say that's unlikely at this point. less than 20 minutes into singles day exceeded a billion dollars worth of volume. last year they did 5.8 the entire day. i've seen expectations between 8, $8.5 billion for this year. i think they will be able to exceed them. just based on how strongly they came out of the gate, as well as the fact that for this year it's