>> sandro: adobe. >> anthony: adobe. water, and manure -- that's what makes the adobe. we make a flat surface here where we're going to put the water and the manure on top. adobe building has happened all over the world for thousands of years. ♪ ♪ >> sandro: here, historically, the adobe has been kept alive by the mexican and mexican-american populations. ♪ ♪ >> sandro: the traditional adobe, it's barely alive because of what's happening with gentrification in marfa. the mexican-american minorities are being displaced. the people who have lived in adobes for generations have to sell their homes because of the new taxes. taxes that are only in adobes. a lot of us, we also find it discriminating. ♪ >> sandro: we are at a critical point. ♪ >> sandro: when i think about adobe, it's probably the oldest tangible representation of the local and regional culture that we have. ♪ [ singing in spanish ] ♪ ♪ ♪ ♪ you'll earn unlimited double camiles on every purchase,. every day... not just "airline purchases". think about all the do

>> sandro: adobe. >> anthony: adobe.d. ♪ >> sandro: straw, clay, water, and manure -- that's what makes the adobe. we make a flat surface here where we're going to put the water and the manure on top. adobe building has happened all over the world for thousands of years. ♪ ♪ >> sandro: here, historically, the adobe has been kept alive by the mexican and mexican-american populations. ♪ ♪ >> sandro: the traditional adobe, it's barely alive because of what's happening with gentrification in marfa. the mexican-american minorities are being displaced. the people who have lived in adobes for generations have to sell their homes because of the new taxes. taxes that are only in adobes. a lot of us, we also find it discriminating. ♪ >> sandro: we are at a critical point. ♪ >> sandro: when i think about adobe, it's probably the oldest tangible representation of the local and regional culture that we have. ♪ [ singing in spanish ] ♪ ♪ what would it look like... ...if we listened more? could the right voice, the right set of words,

and to be honest, i think they are beating adobe at their own game. adobe's put its artificial intelligence engine sensei at the heart of it. here, a adobe's after effects software is able to remove the horse from a moving scene in just a few clicks. something which would have previously been pretty challenging if you weren't a pro. similar ai tech lies behind its mobile video editing app. aimed at amateur video creators, bringing in several pro features like colour correction and even audio clean up. but premiere rush is a somewhat ironic name given that adobe's largely dragged their feet in serving the youtube generation until now. we don't ship products until we're ready. and to your point, it's taken years to make sure we could have a phone, tablet, desktop, cloud first experience where customers can pick up where they left off across different services and make professional grade quality output. the other buzz right now is around ar. adobe's new app project aero makes creating these augmented reality experiences more straightforward. here a photo

adobe has put senseiat another big push. adobe has put sensei at the heart of it.fic software is able to remove a horse from a moving scene injust a to remove a horse from a moving scene in just a few clicks. something which previously would have been pretty challenging if you are not a pro. dzhyma a aytek lies behind it is mobile video editing out. it brings in several features like audio climo. premier russia is a somewhat ironic and given they have largely dragged their feet at serving the youtube generation until 110w. serving the youtube generation until now. we don't ship out until we are ready. it has taken years to make sure we can have a phone, tablet, desktop, cloudburst experience where customers can pick up where they left off across different services and make professional grade quality output. the other buzz right now is around ar. project airroad makes creating these augmented reality experiences more intense. you can drag and drop into the apa and and separate out the layers. it is a particular interest in retail. brands are interested in exporting.

adobe pioneered digital marketing.we now have is the ability for enterprises to create content and measure the efficacy of that content to acquire customers. we expanded into significant ways. we now make every experience shop will. so, we expand to be and see companies. it's an exciting time for adobe. david: explain to us the market you are going after. how big is it? who are you competing with? think the available opportunity for adobe just in the digital experience area is north of $16 billion. when you think about the financial institutions, financial services, whether you are hospitality or automotive, for the media business, you engage with customers directly. adobe pioneered aspects of creating that content. and dataing content together. while there are other enterprise companies that are looking at that same opportunity, we think we are continuing to innovate at a pace that keeps up distance from the competition. david: you've got direct competitors or people who think they are. you've got amazon out there, wh

adobe says listen you got to go back into high growth.he grangers have blow out after blow out fewer or smaller business person, granger has everything i mean it is incredible what they have. they did not blow it away and i would have liked them blow away. >> people think it is tariffs so they say it is well-understood >> what does that mean >> it is another feature of some of these concerns that you have been raising about the economy >> i am certainly concerned of united health. have you looked at your bill they tried to charge me a policy for one of my family members because they turn 27 i think she would end up losing money every year she works >> eventually just throw your hands up i give up. >> i won't ask you paying. >> i think jeff bezos is the driver remember the statement he gave >> geopolitical pressure? >> everything was upbeat, listen, i got to take my stock down michael kkorbach did not say i m going to take my stock down. >> goldman sachs will have a fantastic conference call because the new cfo, i think he's going to have

but how long can that last after all, adobe is getting slammed today, so you can say it's over. wait a second, i would say listen, i would be more worried about the market wide selloff, but we know that adobe's business is on fire. we know that because they had their business meeting two days ago. you want to know why the market rebounded tuesday? adobe was part of the season they had 20% revenue growth and the stock spiked 10% on the news but this market has the memory of a gnat, so the stock got slammed with everything else so you need to view that as an opportunity. fourth, microsoft. under the brilliant leadership of the ceo, microsoft has gotten with the times elbowing its way into formally neglected growth markets, where they compete with amazon web services and social networking they brought linked in that's been a very good acquisition. of course, there's the core windows business and then you have xbox two years ago, microsoft's business was shrinking but now their sales are growing at an incredible 17%, double digit growth, commercial cloud revenue up 53% this is not y

. >> at the same time, adobe with guidance last night, reasserting its leadership semis not really buffettedmorgan stanley do you think tech is on four legs >> it is time to go shopping i look for strong secular trenl trends, internet plays, cloud, ai i don't necessarily look at more commodity areas as attractive. a lot of them will prove to be value traps. >> what do you mean commodity? >> anything hardware related when you take a look at amazon here, it is a great by apple is a phenomenal buy. it is the robert jordan of the tech world with privacy issues out there. then look at the smaller emerging group, twilio they made an acquisition last night. great buying opportunity, down 10% today. and i think this opportunity, especially if we were just two major cloud conferences and the spending levels are very strong now, so if you're playing in these areas that don't have strong secular trends, you don't see that if you play in the cloud, play in ai or ar, there's attractive opportunities here. >> mark, is there a global down side in that when things go well, you talk about these are global co

and now here's a problem we've got amazon, apple, and adobe. these are going to trade together, as we saw today. so i would keep apple. keep amazon. that's two that are together and then the other i would indeed toss. all right. well that adobe should go. amazon and apple should say. "mad money" is back after the break. this is huntsville, alabama. aka, rocket city, usa. this is a very difficult job. failure is not an option. more than half of employees across the country bring financial stress to work. if you're stressed out financially at home, you're going to be too worried to be able to do a good job. i want to be able to offer all of the benefits that keep them satisfied. it is the people that is really the only asset that you have. put your employees on a path to financial wellness with prudential. bring your challenges. the nation's largest senior-living referral service. for the past five years, i've spoken with hundreds of families and visited senior-care communities around the country. and i've got to tell you, today's senior-living c

it got to this point where you have a great exit with adobe. you've been around pinterest, uber as they've grown. let's talk about book. build the narrative before your product. it sound like an early thing. but you're building products all around. >> i think a lot of teams and founders build the product as a solution for customers suffering a problem. but stopping and thinking about not only the brand itself but the narrative and putting together a splash page of how to present the product once it's launched starts to fill in a lot of the gaps what your product should be and develop the tone of it. who your customers are. sometimes you realize, wait a second, i don't know if we're going to have a good go to market story around this product. there are a number of successful entrepreneur who is have done this. a camp who found it -- a co-founder at uber, he would think about the icon and the design of it and is it everyone's private driver, is it an aspirational brand or taxis on demand. is it in every person's brand. to finding that debate help

on the other end of the spectrum, adobe is the best performer on the s&p 500. look at this gain, 8.66%. behind this move, the company's bullish sales forecast for the 2019 fiscal year. the company says it expects revenue to grow 20% next year, sales increasing across its main business units and it's on pace for its largest 1% increase since october 19th of 2017. adobe at $258 and change. so dow moving up and up and up. that's why we're going commercial-free. we're up 432 points, high of the session, a gain of 502. will we get back up there? what is going on today? could it be that last week's harrowing selloff was sort of a one and done, or canary in the coal mine? to the floor show and our traders. they are amassing around the nation. john, start with you. one and done or do you have a nagging suspicion the ugly stick might emerge again soon? >> i will say one and done on a short term basis. if you look back at the past month or so, the same headlines that were out there two weeks ago, same headlines were there last week and are here this week. just seems the

you mentioned adobe. i think the path of least resistance and the pain trade is lower. look at today's action, not a big deal the s&p closes down ten handles, but went from ten handles down to ten handles up. >> it went closer to 200. >> but the low intraday has been 20 handles higher so the low -- we've been making -- granted it's a handful of days, but we've made of series of higher lows. >> what do you do netflix sells off? >> i'll pose it the other way. what if it happens it's not such a great number and it rallies? that's a buy signal for the market. >> i'd sell that scenario. >> mike's point is you have high multiple stocks. by the way, he talked about mid-cap and this is definitely not. this is mega-cap multiples are hard to buy in a market with less growth. >> coming, the death of an american icon. sears finally waving the white florida, but could it be a red flag for other retailers and it's shaping up to be a big week for league as canada steps away from legalization and later the market selloff is taking no prisoners and steve grasso says this baby has been t

>> sold out of amazon a company of weeks ago, looking to get back into a name like adobe, not ready for a f.a.n.g. name just yet. >> a lot of these f.a.n.g. names, when you look at value, the price you're paying for growth in earnings, the peg ratio, a lot of these are incredibly attractively priced goog sl one of them. alphabet, facebook, happenle, these are trading at peg ratios, around 1.5, which is very attractive at these prices you're getting a great bargain to buy the growth rate i want to touch on the concept over the last couple of days, quantitative trading and using it as a scapegoat. whether there's a scapegoat or not i don't think is relevant. in the long run, the fundamentals should play out because if companies are generating the cash that we think they are, eventually they're going to look at the values and start acquiring i'm not talking about the megacaps coming together the companies onned mid cap level that are getting beaten down, eventually this is an acquisition bargain that larger cap companies are going to look at and say we've got the cash, let's buy it >>>

as we've seen over and over again, this is a fabulous -- ultimately a fabulous move if you bought adobetarted embracing the cloud, you made a killing. remember, those have been two of our favorites, even though it's a bumpy road when you transfer to the cloud, a and you need conviction to stick with them when things get messy. well, things have gotten messy for guidewire. you probably never heard of this company, but it gave you a 644% gain just since it came public in the beginning of 2012 30% for 2018 lately the stock has been pulling back it's down 11 points from its highs over the last few week, in part because management's guidance was seen as being pretty suboptimal when the company reported in september, really the kind of first miss. so what's the issue here coming into the new year, the bulls were all exuberant guidewire had accelerating growth you know how much we like that it was at the beginning of a multi-year transition to the cloud. last year 95% of the sales still came from old-fashioned on premise software that we always talk about is a dead duck. however, this year the

last night we got a great pre announcement from adobe. when frequent guest on the show, adobe's ceo gave a forecast for 20% revenue, the entire cloud group ignited from the get-go. last night when the market was really looking ugly, a sell program came near the bell almost as soon as it was over, minus seven oscillator fire. this evening's further fire. get this we had terrific numbers just now. remember all the obituary numbers for f.a.n.g, be careful, 32% better for international and 62 for domestic. if netflix is good, all of f.a.n.g will trade higher. will trade higher tomorrow we spoke to oscar munoz, and he told us that united continent tal is doing well, he should know, he is the ceo. lam research reported its first beat in ages it cowl be the encouraging sign for the lagging semi division. ibm declining. here is the bottom line, when the fed bears are away, the stock bulls will play, including health care, bank and most important tech the f.a.n.g haters are fl flummoxed. they just don't get it it is the cloud king and friends lead

watch adobe. >> bounced right off the 200 day. >> that is why it is adobe. >> got it. >> it's been anncredible performer. i am aware of that. >> thank you, david. >> i wasn't actually. you're welcome. >> he is like don't thank me. >> john donahoe should be your guest. service now, adobe and swamp. >> not square? down another seven. >> he taught me how that business model works. >> once again verizon leading the dow. let's get to bob. >> the weaker cpi kind of messed with the down open narrative. it turned around. look at s&p futures. i want to show you this, 8:30. we had weaker than expected cpi. we moved immediately 15 points into positive territory on the cpi. you can see now opening somewhat to the down side. for sectors we opened yield sensitive with yields down. staples a little bit better on the open. banks notably down side. techs were mixed open. microsoft opened up. we had some other stuff. apple opened down. we will call that a little bit mixed here. there you see the banks on the day before they start reporting earnings, jp morgan omorrow, yield curve flattening and bank st

seen good names out of china, and pockets of strength foray do -- for adobe.lieve now overall global demand is good we have not seen major decay you look at twitter, the international business outpaces the u.s. business. there's clearly strength in twitter's business, looking for reacceleration it has been good and that's what's worrying investors, demand has been so great, stocks moved hard, multiples have gone up where do we go from here clearly the markets are digesting. we will see a little slow down they highlighted potential slow down next year, you're seeing big ceos of major tech companies saying we are about to hit the air brakes we don't think we come to a screaming halt but think growth will moderate, slow, and that will impact multiples. >> something to watch very closely as earnings season gets under way. thanks for joining us. >>> dow continues to try to break out of a slump, up 276 our eye on europe as well. seven minutes left, they try to geerhimoingains they put toth ts rng. back in a moment the meeting of the executive finance committee is no

was going to be on the defensive, maybe possibly go back to last thursday's low and the impact of adobe and it lifts the futures in the post market to your point, scott, that's why netflix is going to be important this evening in either direction. >> you know what else, joe, after netflix you have other industries reporting, transportation, consumer goods reporting. joe, we know technology is important. i'm not denying that for a second we can start to focus on other things besides technology after today. >> united health care was off the charts that's been a sector that's been on fire and they're rallying on the news that tells you the strength to be buying that sector. >> and hopefully we'll be able to focus on financials before i leave this earth >> it might be six months from now. >> a nice lift in some of those names. i brought it up with nygren of larry fink just talking about this notion we're at peak earnings in his estimation -- actually, let's listen to larry fink we can talk about it on the other side >> there's a huge commentary we're at peak earnings, that earnings can only

. >>> the dow is about break-even but tech stocks on the nasdaq not doing so hot adobe, sales force,r by more than 3%. we'll check in on what's coming up on "squawk alley. obvious. sometimes, they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪ california had the worst wildfire season on record. scientists say, our weather is becoming more extreme and we all have to be better prepared. that's why pg&e is adopting new and additional safety precautions to help us monitor and respond to dangerous weather. hi, i'm allison bagley, a meteorologist with pg&e's community wildfire safety program. we're working now, to enhance our weather forecasting capabilities, building a network of new weather stations to identify when and where extreme wildfire conditions may occur, so we can respond faster and better. we're installing cutting edge technology to provide real-time mapping and tracking of weather patterns. and we use this information in par

things like adobe and workday and some of those things have a hard time. to me it's a little kind of rotation out of some of the very crowded high valuation age. >> that's the thing for the market players is there something different now? the val spike we haven't seen it in three months. you can make the argument between the tariffs, between the fed and maybe, you know, whatever else you want to play in terms of where the corporations are making the noise about the stronger dollar. i agree with dan, a lot of this could be just rotation how many times have we done this i do think defensively there are names in the value camp and whether it's energy and -- you know, i think there still is a lot of value in the energy space and that isn't necessarily defensive if you start to worry about where there have been volatile -- a lot of volatility in the past. i think you want to stay - >> the one thing this is not new. so staples bottomed in april, may. then health care bottomed in june we have had a rotation that's been going tech's -- the leading and the largest

i took 20% off my adobe, 50% off my amazon, loaded up on avid, amgen and pfizer. for folks at home, these are defensive names. they are all not only pharmaceuticals, the health care sector has been leading now for maybe nine months, being led by pharma names. these are also dividend payers. if you are getting frightened this is one way you can go. liz: alan, tell us what you were doing, because i like to let our viewers know how traders react and think. they may be in for a much longer term for their portfolio, but it's interesting to let people in and see this window regarding how you behave when you start to see this many headlines. that's what's newsworthy about this, i think. >> yeah. well, i was looking for more of a flush-out than we have actually seen. i look to see how the markets test, their retracement levels, about 50% sell-off. if you look at the stock market and s&p it rallied up to 2825, a halfway bounce of that larger sell-off. today, we went down to 2760, halfway level of the halfway. so looking to see if the support holds but i use these kind of o

we're seeing downpours from pen grobe, old adobe bill road, getting reports on twitter from a follower telling me she saw lightning and also some hale. not out of the question. from san francisco down the peninsula into the east bay, green there. that's steady drizzle or light showers right now. redwood city, menlo park, palo alto sees returns here. i know it's october. this looks like winter in the central siera. mixed precipitation. it is snowing at the highest elevations. tie oh ga pass. this is becoming interesting here by the hour. here's the main energy, the area of low pending up moisture. we saw our first round come through earlier today. this is our second round in association with the low finally starting to advance. rainfall totals have been over an inch in santa rosa, san rafael picked up a third of an inch of additional rain in the past hour. san francisco .2. only trace amounts in san jose, mountain view, livermore, oakland 700, 600 in fairfield. south bay and east bay get more rain tomorrow. it thes right now in the 60s and an 70s. it's warnl out there. you add to that t

software is only marjly better, oracle, adobe, intuit down in the high single digits new issue developed to ish saudi arabia's increasing ice lays as treasury steve unusualen pulled out of a conference in saudi arabia tech investors pointed out throughout the day that the saudis are large investors in technology including tech funds run by softbank and there are concerns they may withdraw from involvement in technology if the isolation increases, another thing to worry about semi conductors drooped on the news np in the nasdaq nasdaq was the 10 oh biggest decliners ones day. down 7% for the month. >> bob pisani at the nyse. what to we do? bad action. >> it's not great action people are just stepping away from it. i think the saudi arabia angle is interesting and going back to what goldman sachs does, you you think about it if there aren't a lot of venture capital investment what's the exit play for venture capital. it's banking ipo i've heard this from people in silicon valley that they are concerned. if you get less venture capital the investments there is less deals through the pipelin

also have the circumstance where price action, day to day, hour to hour, is very poor great beats by adobe netflix. the stoms didn't advance csx. did not advance. certain industrials, ppg the tape is poor you're not getting rewarded for good results what if the results are poor >> are you concerned that some of the stocks have seen declines going into earnings? therefore the setup is better for them >> yeah, yeah. wednesday, thursday, the 24th, 25th we have two of them reporting in if we go down another 5% the next few days, it doesn't show up as great press. i'm billing this as bit of a hedge here risking three to maybe make ten if we're down about 10% over the next month with all these events, that makes a lot of sense to me >> that's the other thing. we were looking at the peak to trough decline of about 7% you're risking about 2% to make your bearish bet there to me from a risk/reward basis, it makes sense it's trading at $173 three bucks to make a directional bet. seems there's a good reason to makt >>> from big tech to big burgers. let's talk fast food stocks. mcdonald's outperformin

happens to the stock afterwards, because like -- what you saw this week with netflix and adobe is so interesting. because to me that means that earnings don't really matter. >> the market. >> especially with the macrodrivers. >> on to next week that does it for "closing bell." >> "fast money" begins right now. >>> "fast money" starts right now. live from the nasdaq market site overlooking times square mels aye looer tim seymour, brian kelly and dan nathan tonight on fast, the fate of the tech trade hangs in the balance as some big names get ready to report earnings next woke and one charter thinks there is more trouble ahead. plus the earnings call heard around wall street the ceo of cleveland cliffs attacking analysts and one of the craziest calls we have heard. we tell you what he said that had shareholders fleeing the stock. but first starting off with with another wild week. the dow making triple digit moves and it roller coaster of eejss then up, up big and down the dow managed to end in the green. snapping the three-week losing streak check out the big movers home depot morgan

meaning, great beats by adobe, netflix the stocks did not advance. csx did not advance. banks not doing well certainly industrials, ppg, the tape is poor you're not getting rewarded for good results what if the results were poor? >> are you concerned that some of these stocks have seen declines going into earnings and therefore the setup is better for them >> yeah. let's look out to next thursday, wednesday, thursday, we have two of them reporting. if we go down another 5% in the next few days, it doesn't set up as a great press on the short side that's why i am billing this as a bit of a hedge here. but listen, risking three to make make ten if you're down about 10% over the next month with all of these events, that makes sense to me. >> that's the other thing. when we were locking at that peak to trough decline of about 7%, you're risking about 2% actually, maybe a little bit less than that to make your bet here and, to me, from a risk/reward basis, that makes a lot of sense. you're not risking a great deal of the underlying, it's trading at 173 as it closed today. thr

adobe and microsoft to garner the greatest share of cloud contracts with homeland security. it's been a decade ten years since bitcoin and chain bust on to this seem to day we take a look at where the technology group those started where they are not just today but maybe go in with our friend co-founder of counterpart christiane welcome back good to have you here thank you always good to be we love having you in boston helping us and then you're here telling us not too long ago about how to actually buy kryptos we really appreciate your time christy so let's go back the way back machine. kryptos and you know it was bitcoin and it was watching how did it all start while to talk about how it all started we need to talk about what actually inspired the creation of decline so this was back all the way in two thousand and eight when the financial crisis was in full swing and then you have in september you had the fourth largest investment bank lehman brothers holdings filed for chapter eleven bankruptcy and so as the entire financial infrastructure of the world was crumbling you

got a development cloud, the commercial cloud and this reminds me of what salesforce has done and adobe has done. >> that is a hallmark of veeva if you look at the progress in those five years, we almost tripled the number of products we have, you are right, that makes a great company. people who can reinvent themselves a team that can create new products and keep customers happy and use success to grow the business veeva has done that. >> what has caught me by surprise, i think life science industry as the most forward industry there is. you write digital has finally become a reality in life science. >> life science is a serious business it is a big business, $1. trillion in business and doing amazing things we are so proud to be part of. that with that comes when you are dealing with human lives, there are certain regulations. mainly to deal with safety for the patients we are just helping people be more efficient and the people inside those companies are enjoying their jobs slightly better because they get to use their modern technology. making medicines for patients. >> they are suc

i haven't tried the adobe yet, but just smelling it yet brings back home and a ton of memories. >> thefferent ingredients, including cheese. but here, we put a twist on it. why not have nutella, rocky road, we have blue berry. we're not just limiting it to just the classic with salted egg and cheese. >> we try to cook food that you don't normally find from filipino food vendors, like the lichon, for example. it's something that it took years to come up with, to perfect, to get the skin just right, the flavor, and it's one of our most popular dishes, and people love it. this, it's kind of me trying to chase a dream that i had for a long time. when i got tired of the corporate world, i decided that i wanted to give it a try and see if people would actually like our food. i think it's a wonderful opportunity for the filipino culture to shine. everybody keeps saying filipino food is the next big thing. i think it's already big, and to have all of us here together, it's just -- it just blows my mind sometimes that there's so many of us bringing -- bringing filipino food to the city finally.

adobe systems. take a look at that. up 7.5%. they have beaten estimates for earnings by 50%. theirlso have brought up 2019 target for revenue growth to 20% so investors liking that. just in case you are wondering whether it is risk on or risk stock gains confirmed by the fact that we have the yen lower against the dollar. we have bonds also trading lower back below 19 down about 11% on the day. this tuesday very much risk on. let's stay with the markets. earnings seasons taking center stage. in the background some geopolitical tension. luke, joins us now. you have been noticing a very interesting trend. sign --s is a very positive sign for markets. up until today for earnings season any news is bad news. the poster child for this would probably be jpmorgan. steady outlook. solid earnings. the stock really treated like a dog on the earnings report for it -- report. today is very encouraging and it is a market difference from what we have in seeing in price action. vonnie: every single member of the stocks indexes higher. >> what we are seeing is kind of a return to the factor

we talk about the cloud kings, including adobe. i think that is going to send up the cloud kings tomorrow i like that the market took the bankruptcy of sears in stride. whirlpool rallied. the price of oil didn't spike despite the stern words for sawed e saudi arabia i think the chinese market is going to open down again the pain deposit spread to our market you can argue that any of these issues could have caused american stocks to do gown the selling occurred in the closing minutes of the session on the other hand the nasdaq remains right for selling. makes sense. normally a decline of this magnitude would wipe out that whole gain i expect nasdaq to get more of a haircut especially when people are worried about apples business this may be day one of a roll over trust isn't taking action. worst of all is the stocks that went up today. the best performers were the kinds of names you buy if you believe we are indeed headed into a downturn. my number one fear when i looked at today's action is the rally of the stock of clorox you know

spanish missionaries over at the catholic mission, mexican ranchers who lived in one of our historic adoberican settlers who came here during the gold rush. this is the last remaining spanish plaza. what that means is, over 200 years ago, during the mission system, each mission would have had a square or a plaza, where the future town would have developed next to the mission. this is the last remaining one. all the other ones have been lost to time. one of the neat things about the mission of san juan bautista since they've had a continuous catholic presence on that site, when the current mission was completed in 1812, that mission has been maintained for the last 200 years. and when you walk into their sanctuary today, still an active church, you get to actually see the original altar wall from the early 1800s that was built by the spanish missionaries. but the entire mission was built by hand by the native people of this land. we have one of the highlights of one of the buildings in the state historic park is the plaza hotel. this hotel was a luxury hotel. it would have cost you $2.50 a

joe: we have netflix soaring, a really nice day from adobe on these red-hot enterprise software things and a lot of hedge funds, and now chip. slammed.rch has gotten it looks pretty good. areas of all different the tech complex in one way or another that seem to provide. peter: when you have markets as oversold as they were, this is the first correlation event we have in a long time. when the markets on this oversold, we have a correlation rally. as human beings, we tend to paint the fundamentals with the way stock performance -- performs. when markets are rallying, and there are beats, we tend to be happy with that. there is no cognitive dissonance. the opposite is true as well. i'm not making too much off of the rally off of the low. what's will change my view, going back to the idea some of these companies are burning cash, the credit markets and equity markets have been very dislocated from a volatility standpoint. the fault rates in the credit market are low. this could change into 2019 when the maturity wall against to grow for high-yield issuers and in europe, if you sovereign a

seems that it is a software andany the likes of adobe the worst-performing workday. tesla also having a very painful day. earlier in mentioned the show. some of the payment companies -- it is the really popular hedge fund stocks that are being hit the for -- hit the worst. just to bring you back into the conversation, the vix as we have seen the u.s. stock market come off its lows, the stock market also came down. art hogan was telling us earlier that most of the moves we have seen when the bond market is closed on a day like today is that they tend to get reassessed the next day. what he is concerned about is the rising vix and the strength of the dollar. do you agree? alex: i think the biggest picture will be what central banks get up to going into the fourth quarter this year and going into 2019 we are approaching a pivotal crossing over point. since we have embarked on this on orthodox policy, -- and it is policy triggering or could trigger volatility going into next year. as the ecb and the bank of japan pullback, i would be looking out for volatility picking up

very strong quarter. >> best day for adobe and semis of some near term release despite some negativeof what we saw. >> they are inflected, one is money. now it is coming back 3% although of course he shielded me because he has been my guest for quarter after quarter and he's not coming on, that was my take away when i was getting my makeup on. he's coming on the 11th which was hurtful. >> you will live >> get some people >> there is the s&p at the big board. it is madison square garden highlighting between the big fight against rocky fielding and marvel >> stocks have come down very big, they made a good acquisition. they got a top flight picked by starbucks. >> speaking of msg by the way, some people don't realize that company is splitting into the sports teams, the rangers and the knicks and the soccer teams and the venues, msg, radio city. they're rolling out this fear, msg fear they'll own 34% of the team of that company and the team will actually be here own separate publicly traded. >> are you betting >> that's what's happening in the second quarter >> don't you want to short t

and adobe systems of a .3%.t up a strong quarter and offered a revenue growth target for 2019 of 20%. investors encouraged by that. another big win of the day, spiking higher recently come a dollar to take a look. we have this years of dollar tree up 5.2% at the height. up 7% on the best day of the year. all of this on the new york post report that the billionaire investor carl icon -- carl icahn is rallying in sympathy. david: coming up, former ambassador met bachus joins us to talk about u.s. china relations as trade partners and political rivals. this is bloomberg. ♪ you are watching balance of power. the u.s. trade dispute with china continues with the ambassador going on american tv saying they did not want a trade war but they were ready. notice whoportant to started this trade war. we never wanted to have a war but if someone started a trade war against us, we respond and defend our interests. bachus --welcome mat max sieben baucus. welcome. you heard what the chinese ambassador said. the chinese prepared

even though it was hollywood, california, it has this great southwestern motiff with the a gave, and adobe. the food variety is amazing to see from the different period of time. food service traditionally had been pretty awful. a lot of times left overseas scraped back into the pot and served up to the next willing victim. fred harvey introduced palatable food that could be served in fairly efficient times. they pioneered away of people givingored still on the train and telegraphed that foot forward to the restaurant so that when they arrived, their food was waiting for them. the second thing is the role it played in creating jobs for women in the west. traditionally there weren't a whole lot of professional jobs for women. they could be teachers. they could be nurses, that kind of thing. that was pretty small pickings. with the advent of the fred harvey company, they hired large numbers of women to staff their restaurants and cafes all across the rocky mountain west. they became the largest employers of women. and for a time they were the largest employer in the united states. so this was

those pointing to the president's approval rating in terms of adobe negative don't really understandm electoral politics. this is in a general election. this is about pandering to my independent grandmother or freethinkers and over again. this is about getting out conservatives and republicans to vote and that's what the president is doing on the stage. if republicans want to maintain the majority in congress come and they need to talk about jobs come in the economy, appointment and confirmation of justice gorsuch and kavanaugh. one thing important to notice the president on weakness for the past weeks has gotten 5000 to 10,000 people out to watch him speak for an hour and a half. they waited in lines for hours. they stand around maybe for four hours just to see the man speak. if that correlates to people getting out to the ballot box, which is what it looks like it could, then who knows about these predictions. maybe they change. eric: as you know, women are fired up to vote in the mid-terms and more women registered to vote support the democratic candidates by 59-37%. how to republ