eric: most of the drop in volume came from the inverse vick's etp site. that took out $15 billion in monthly volume with it. the one that was surviving, svxy, that one took down about 10 billion in monthly volume. it kind of repelled both of its investors. i think the hard-core people did not like the fact that they went from inverse one time to inverse .5. they cut their exposure in half. up in the past few months and nobody cares. it is one of the ones i was surprised about. collectively, 25 billion in vix etp volume essentially gone, which is good news for people worried about this area. julie: we have a chart that you

eric: most of the drop in volume came from the inverse vick's etp site. took out $15 billion in monthly volume with it. the one that was surviving, svxy, that one took down about 10 billion in monthly volume. it kind of repelled both of its investors. i think the hard-core people did not like the fact that they went from inverse one time to inverse .5. they cut their exposure in half. up in the past few months and nobody cares. it is one of the ones i was surprised about. collectively, 25 billion in vix etp volume essentially gone, which is good news for people worried about this area. julie: we have a chart that you were talking about, the big drop in price and you see the volumes on the bottom basically collapsing. eric: flatlined. julie: this happens when we saw a spike in volatility. people had been short volatility, so it blew out that one etp in particular. on the long side, that was short vol. what is happening in terms of long volatility trades? eric: mostly holding up. they have retained their audience. well you are seeing, there is vxx volume bu

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yield higher.year if you look at bonds and etp's moves and commodities, gold weaker despite some of theef not muted since the first shots were fired in the tray ward -- trade war in the u.s. against china. pressure in some parts of the metals space, areough aluminum and zinc higher. digging down into how industry groups have been doing on the euro stoxx 600 -- on the headline level, we are pretty much unchanged. we have been oscillating through period. utilities, telecommunications, community staples were outperforming earlier. that tells you something about the defensive bid -- energy, financials underperforming, energy the worst performing of the industry groups. taking a look at the euro, it hit a three-week high today. this is an interesting chart from bloomberg news showing the interesting relationship between stocks weakening. that's quite an interesting story going forward. just a quick look at what is and coppern metals, has been hurt today. it's headed for its worst week since 2015. copper is a bellwether for global growth. strength index has dropped below 30, begging the quest

there you can actually buy value etp and growth etp the growth line is up 13%.he value that's completely flat that's because the fang stocks in the growth. the energy stocks and bank stocks they are the value stocks have been struggling my only question are female finally going to start paying attention to the exxon or jp morgan the old classic value names. >> that's a big question i think, pete you have to have some rea assurance probably that in fact we are not seeing a cycle peak in the earnings picture pause that's whoa you want to own value when the cycle is on the upswing that might be what it takes. you hear about people tag o talking about the value indexes if not value investing is broken or out of step. >> one problem with the value versus growth it's the definition is squishy. used to be value is stocks below the intrinic value or cases. it's been underperforming may not be true value in the warren buffett way it gets tough with the games. >> all right within guys thank you. bob pisani mike santelli. >> bob and mike talking about the fang stocks we ar

we have seen outflows from a tying etp's, more broadly within the european trends.was definitely one of the areas we will be looking for. political risk has come back to .he radar usn if it is not central for or many of the investors i speak to in europe, it does come up and away that wasn't there 12 months ago. i think all of these world definitely have an impact on flows for european assets. guy: in some ways, the entire market is a very small part of the european story. i can bring this up on the imac. . the entire markets are very small slices of pie in terms of market waiting. biggest the numbers are still substantial. if you were to see -- if money flows out of italy, does it stay in europe? how does it actually work? if people are ok about europe that worried about italy. has a position themselves? ursula: we have seen some rotation across countries. that definitely will move around i think in general, it seems that european investors, they have the opportunity to make active choices, they do come out hilarious. definitely spain has been hit in the last few m

exposure to crypto via bitwise asset management in coin base and meanwhile, europe already has crypto etpsght so the things already exist on the market and that innovation is going elsewhere if the sec gets onboard soon. >> it looks leak a cold summer out in san fran, take it easy. >> you guys are allocating across platforms and across tokens and what's the most exciting part of this space right now? >> you know what it's from equity s.t.a.r. kittyo my point of view we've shifted our focus considerably toward traditional equity investments and we are finding great opportunities there. >> spencer, we'll leave it there. thanks a lot good to see you. >> thank you very much >> block chain capital >> i think the headline that explodes the whole crypto universe is around custodial so the institutions can get clarity about how these assets will be held and thou they can report them it's lights out. that's the big one >> why wait for that >> the infrastructure has to be built -- >> no. he mentioned coin buys is the onramp for detail and corn base has made a bunch of announcements and now you're ju

see in terms of etp flows?i: year to date, investors are a lot more cautious in to prior quarters and in the hole of 2017 and there has been greater selections, a to ber degree of wanting careful on where i put my risk budget. trade tension is weighing down on sentiment. in terms of the degree of greatest selection, we have seen investors looking at equity markets and out of european equities and out of emerging-market equities. the former had been supported by growth outlook as well as strong earnings and momentum. we saw that coming through in the past weeks. -- this has been on the back of reasonably strong dollar. policy comingnted from your. that has been weighing on that. yousef: we had six weeks of losses for metals. we are currently seeing a rebound especially in aluminum. that is such an important indicator on the health of the global economy and expectations for future expansion. what are you seeing in the flow data in terms of the wider commodities base? wei li: we are seeing more volatility. i would