china's offline. when st. louis doesn't play, it means something. it doesn't change the big picture. okay? the big picture is as a guest on "squawk box" pointed out, he's an import, export, long beach ceo. he said u.s. economy's doing pretty well. imports are coming in like crazy. what about exports? he goes, exports of china are down 10% year over year and that's big. end of story. we are going to deal with this. when china is open or closed, short term guys will feel it. it's the long-term effects we should pay attention to. >> for many people, this is potentially the calm before the storm with tomorrow's employment report. obviously people lined up for that. last big day to release before the fed decides whether or not to raise interest rates two weeks from today. in two weeks' time, we'll know if they pulled the trigger what are you telling me? what's the advice here? >> our advice is three things, china, oil and the fed. we talked a little about china. oil prices volatile but maybe finding bottom here. that's a reasonably solid signal. oil star

over the next couple of days china's going to be offline so to speak. so if you've had the major catalysts in my opinion, which has been china that took the market down, i don't think you could really make the case that this recovery or this rally is anything worth buying into. i think it's more or less guys being bored and the old saying on wall street is never short a dull market. so you don't sell it if there's really no events going on. if the event was china and they're offline, i don't think you really could put too much credence. >> sort of float into the jobs report? >> i wouldn't say there's nothing going on. i hear what steve's saying, and china's been the culprit. and actually what started out is asia traded great last night. if you think about it they almost shrugged off all these interpretation that's china's pmi number and korea's exports numbers meant that asia was collapsing. so when i look at the trading today i was very encouraged that high quality traded well. i wasn't surprised. i know we're going to talk about a fang member. and some

china was not like here. you have all the shops offline, walmart, kmart, but in china, we have nothing nowhere. so e-commerce in the u.s. is a desert. it is a comment to the main business. in china, it is the main course. we create the infrastructure. if we globalize our infrastructure, the payment, all over the world to sell everywhere, help global consumers to buy everywhere. in 10 years, we will help to -- we will help to billion consumers -- we will help 2 billion consumers in the world to shop online. anywhere in the world, you are shopping online and within 72 hours you will receive the product. anywhere in china, a shop online and you will receive the product within 24 hours. we think our globalization is focused on helping small business. helping them to do is this in the most efficient way, and we think that we will help another 10 million businesses on our e-commerce platform. we will empower them, give them traffic, give them a payment system so they can do business anywhere easily and quickly. we will have 40% of business outside of china. today we have only 2%. what is your play in

as i was telling you offline, we were involved in china. i was reading the situation there wrong.sing. i lost money in the chinese market market. i think the last bit of alley ba pa we had w pa alibaba we had. we probably finished selling the rest of it right around 80 in early july. i was getting concerned about this whole game and those guys running. they just keep making policy mistake after policy mistake after policy mistake over there. i think it's a learning curve to get on to market economy. you could say that. maybe one day they will get it. it is hard when you have somebody on a learning curve. it's good when somebody is a 1 or $2 trillion in a learning curve. it is bad when they are $10 trillion or $11 trillion, it is bad for them to be in a learning curve. >> when you bought up dalio, you said, he thinks there could be an easing, not now but maybe next year. >> do we not go into a full tightening cycle that lasts for years? is the next easing before we get pack to anywhere near what we view as normalized rates? are we that weak where we have to go back into that cycle

china. having said that, we got the rig count numbers this afternoon. four oil rigs came offline.a little supportive of crude but ending on a positive note here. back to you. >> all right. >> thank you, jackie deangelis. want to look at the markets because we're losing steam on this friday session. take a look at the s&p 500 just off of session lows at this point. it is up by 2 points. the dow holding on to a 122-point gain. it's the nasdaq where the most pressure is being felt. take a check of the nasdaq intraday move. a dramatic move and this closely follows the move we've seen in biotech down by more than 5% as well as the xlv, the etf that tracks health care. health care taking a dramatic intraday move to the downside. let's get to bob pisani at the new york stock exchange with more on the action. bob, it was a dramatic rollover that we saw midday. >> i noted yesterday that health care in general has been under some pressure, and i know we sort of obsessed about the biotechs and you're right. the reason nasdaq has moved down is because of pressure on biotech, but i want to poi