dan suzuki of bank of america merrill lynch.oe: what is this a chart of? it's an emerging market currency getting crushed. joe: "what'd you miss?" alix: before the break we showed you a chart. joe: the world's worst performing currency this year, it had its biggest date drop in seven years today. the country was downgraded by moody's,. totally getting crushed by the commodities. glencore canceled a major project there. it's a total wreck. alix: that is what happens when commodity prices sink and producers have to shut their doors. let's get to the top headlines this afternoon. royal dutch shell is halting offshore exploration after the company spent $7 billion and ended up with a well in the arctic waters that failed to find meaningful quantities of oil or natural gas. they will receive u.s. approval to drill offshore -- received u.s. approval to drill offshore just a few weeks ago. be the legacywill aluminum side of the business which will retain the alcoa name. the other unit will make materials for the aerospace industries. t

we are back with dan suzuki of bank of america merrill lynch.efore we went to break you were talking about indicators that are pointing to so much air sentiment often the market. -- bear sentiment in the market. months, it will keep on rising so the orange line is the s&p and the purple line is how extreme selling has gotten. these indicators are not working. we're not seeing huge buying come in. >> i think the percentage of companies down more than 10% or 15% or 20% is clear with how the market goes down. the more the market goes down the more you see the high percentages go up. that does not tell you what will happen from here. what you need to see to get those things to reverse is any sign that growth is improving. once you do i think we will see a pretty violent move toward in the market. joe: it has been a mess in the markets ever since the fed hold. people seem upset by is, irritated. what is the connection between the fed and not hiking rates and the selloff we have seen? >> i think it is usually connected. you sought a day of announcemen

joining us to talk through some strategy, dan suzuki. thought investors loved zero interest rates, lower for longer. has that changed? >> i think it has. we're coming close to the end of an unprecedented period of easy monetary policy. i think investors are understandably hesitant to take on a lot of risk ahead of that change in monetary policy. i think that prolongs this period of uncertainty that we've been in. i think that means that you could see a continued leadership from growth and yield which have been the leaders of the past. i think the trade is to buy cheap cyclicals. though you could see a lot of volatility until we get resolution around the fed decision. >> just to push back on this idea, don't we want the federal reserve to be cautious and not come out and shock the markets? the bond market was not pricing in a move yesterday. if the fed had gone ahead and pulled the trigger and lifted interest rates that could have been a big shock to the system as well. why do you think we're getting such a sharp negative reaction given t