for more on all of this let's bring in david zervos, chief market strategist at jeffries. verybody is in wait-and-see mode. we don't know enough to make really broad conclusions here in terms of what the economic risks might or might not be. kind of easy to say, well, let's wait and see the market doesn't wait and see a lot of times it needs to reprice based on what we know what did today's action tell you along that front >> you know, i think it is difficult to read today's price action it was a very unliquid day it was not liquid in europe both in the bond and stock markets. let's watch monday monday will be a critical day. we come off of these sorts of down 4%, 5% in european equities, down 2% on the russell and s&p. monday will be an important day. i am a little worried, to be honest, that people have gotten themselves positioned very aggressively for a view that is extremely rosie at valuations that, you know, were pretty darn good going into the end of the year we were up 26%, 27% for the year in the s&p now we have pulled back up 23%, 23.5%. it has come a long way an

that we've gotten used to >> david, great to get your thoughts, especially on a day like today david zervos with jefferies. >> thanks. >>> market selling off as fed chair powell mentioned tapering in his testimony today once again, this becomes a driving force behind the markets. joining us is chris grisanti great to have you with us. >> nice to be with you, melissa. >> i will ask you the same question i asked of david, and that is what should a market be valued at without free money, without the fed there in support through taper and low interest rates? >> that's a great question the real answer is we're going to find out and i think pretty soon it was unfortunate today, melissa, that he chose the omicron background to deliver a needed message, which is, hey, inflation is chugging along as is the economy so that's not necessarily a terrible thing it means the economy is racing, it means good things it is just that that plus omicron at the wrong moment i think is really giving the market a little concern. however, having said that, i think higher rates will mean that p/e has come down the q