gary b. smith, fox news contributor joining us this morning. gary, this is a market that just will not rally. >> gary: oh, boy, i tell you what, maybe you guys need stop having me on. i'm like the green reaper. it's just ugly out there. i've lived through the bare markets since the 80's, late 80's. for many people if we are in a bare market, this would be their first exposure to it. this is what it's like. you get horrible days and then you get days, thank god, it's over and days where we are going to open down 300 points. just to reiterate what you said, this is a scary time out there. >> nicole: basically you have the nikkei in bare market territory, the oil breaking below each low, right now, we are in the 27-dollar range for oil and they are selling on every rally. everybody is saying, what's up with my 401k and ira, every time i shouldn't look at it and, yes, people are panicked a little bit. i mean, you tell me. [laughter] >> gary: you can't help now. it's so much different, nicole incident a

>> gary: i think we see 15,000 before we see 17,000. >> nicole: gary b. smith >> gary: you bet. >> lauren: oil prices set tone for stocks, glut of crude. that's the international benchmark. traded below $30 a barrel yesterday for the first time in over a decade. phil flynn back with us right now. phil, what's your take on the oil market today? >> phil: well the crude story is the big story falling below $30 a barrel. number one, under wti because the market expects the next week we are going to be seeing iranian oil come back on to the market. but there's a more positive part of that story, the other part of that story is that the u.s. for the first time since the 1970's exported oil. so wti is now getting back into the global marketplace. it's reasserting itself as the global benchmark and it's putting that spread back where it used to be historically. >> nicole: you know, phil, yesterday when we looked at news out of china, the other piece of good news was the imports in china on oil, so what do you think of that? delve into that going into the week or month

markets, more on this we are going to bring in gary b. smith. was it really china that contribute to the steep selloff that we have seen if you look at the nasdaq every day for the past five days? >> gary: i will definite i will say china is definitely the umbrella. you have continuing route in oil. you have the north korean bomb, you have little things filtering in that umbrella. china is clouding everything right now. >> nicole: is a lot of it because they did with currency, is that what really kicked this off the devaluing? >> gary: i think the currency devaluation is part of it. that systemic at least from chinas perspective, they want to boost there and the currency is system of that but currency or not but the global slowdown of the economy, you know it's only about china's .1% of our economy as far as exports but you have 31 states here in the u.s. that export more than a billion dollars a year to china. that's the kind of impact any kind of slowdown would have on us. >> lauren: right, china is the world's number two economy. the oil marke

. >> one of the favorite rinumber is five percent, gary b smith is that the most important number out there and the one to pay attention to? >> well, it's the number that obama uses. when it comes back to going to the economic success, you can count on him coming up with 70 months of the job growth since george washington. of course even that is flawed because he cherry picks it. obama has been in office more than 70 months if you compare over the ten year of the past presidents, he is way behind reagan and clinton on the job growth. even if you like the numbers, to your point jerry that labor force participation rate is the loes that it's been in 40 years. people think about the economy and their own house. they think am i making money? no, they're lower than they were. two, do ei have a job? no, people looking and are are dropping out of the workforce. three, is my health worth any money? no, it's worth less. homeowner ship has gone down in that time period approximate. i am struggling to find out what the good news is. >> here is a number that you have not read in the newspaper and

. >> lauren: gary b smith, thank you so much. >> cheryl: future is about 65, 69 points, so a different stories for markets. music legend david bowie died peacefully battling an 18-month cancer, last friday on his birthday released 25th studio album black star. bowie69 year's old. >> lauren: republican donald trump shared on volatile in china. >> we are so tied into china that when they go bad, we go in. what they are doing with devaluations is a disgrace to us. by the way, china is not the only one. china is the worst abuser of all, if they don't stop doing it, we have tremendous power overchina. >> lauren: trump is now saying doubts the tariff would be necessary. >> cheryl: trump continues to lead the gop nomination race. according to fox news poll tump stays on top among republican supporters. ted cruz coming in second with 20%, florida senator marco rubio in third, 13% while ben carson is at 10%. trump questioning closest challengers eligibility to be the u.s. president. >> he has to solve this problem because the democrats will sue him if he's the nominee, if ted is the nominee, he

thank you gary b. smithauren: let's get him a special edition of the wall street journal to make everybody feel better. remember the dolorian sports car? >> lauren: it's going back to the future. in sports at the australian open serena williams breezes to the finals and is favored to win. upset in college basketball. number five team in the nation, defeated. those details coming up. you're watching fbn:am, first look at morning markets and breaking news. ♪ ♪ oh remotes, you've had it tough. watching tvs get... ...sharper... ...bigger... ...smugger. and you? rubbery buttons. enter the x1 voice remote. now when someone says... show me funny movies. watch discovery. record this. voila. remotes, come out from the cushions, you are back! the x1 voice remote is here. >> welcome to the latest experiment, the one that i've been waiting all of my life. >> it's a dolorean. >> nicole: they're going back to the future and into production. dolorean motor company in texas will begin making cars after a 34-year break. they

we go to market watcher scott martin and gary b. smith. gary, what do you think? >> well, i think we go down from here. i think that gerri pretty much summed it up, and i think her key point there was the rest of the world is kind of in economic dismay. i don't see how you can grow, even maintain 3% growth, which by the way the fed doesn't even think we can maintain now. if china is pulling back. they have their slowest growth in what, the last nine years or so. i mean, you look at that, you look at metrics like what goldman sachs is forecasting for s&p earnings, minus 7% growth. you look at retail spending. i think all the signs there are for a bear market. >> you know, scott, you've got to wonder at our worst levels today the dow had lost 2,000 points on this still relatively young year. we were staring at a bear market type of retreat. we pulled back. but only in this kind of market can we say a 250-point loss is a relief. what do you make of it? >> only in this kind of market, neil, can you go out for lunch and come back and see 500 points back the other way.

gary b. smith, what do you think of that. >> i think marc is right. i am glad brian went before me because i can address some of those points. neil: before you do you have to sound like a villain. >> like dr. evil. neil: yes. >> i tell you what, he said it is plow horse economy. the problem we're in kentucky derby kind of world. that is a where i see the world. brian made the point, we always go through this, same kind of story, ups. look, we have never gone through this. oil is nearing $30 a barrel for crying out loud? china, which has been the workhorse of the economy for the past few years is kind of cratering as far as i can tell. you have our gdp slipping. on top of that this morning goldman sachs forecasted growth, quote, unquote, of minus 7% for the s&p. i don't see that we've been through that in the past few years. i think we're in a kind of new paradigm. the paradigm that is going down if you will. neil: all right, now, what is your central thesis for tough year for the markets? the one i often hear, whether china used as excuse or whatever,

smith in concussion//f. gary gray, the black director from straight outta compton// creed star michael b. jordan." he got 'em right. add to that list beasts of no supporting actor? and no best picture honors for straight outta compton. reaction was swift?and searing. "it's actually worse than last year." tweeted april reign, creator of the viral hashtag oscars-so-white..now making a repeat appearance?reverend al sharpton calling hollywood "fraudulent" sot - matthew belloni - thr - this is both a hollywood problem and an oscar's problem academy president cheryl boone isaacs has sought to make oscar's ranks more diverse? sot - cheryl boone isaacs - we are being louder and louder and we are going to continue this conversation and we're going to do more than just talk, we are going to be doing unafraid to push it himself, chi-raq director spike lee used his honorary oscar acceptance speech at november's governor awards to urge change. sot - spike lee - it's easier to be the president of the united states as a black person, than be the head of a if you're planning a trip to mt. charleston this weekend.

smith in concussion//f. gary gray, the black director from straight outta compton// creed star michael b. jordan." he got 'em right. add to that list beasts of no nation's idris elba in supporting actor? and no best picture honors for straight outta compton. reaction was swift?and searing. "it's actually worse than last year." tweeted april reign, creator of the viral hashtag oscars-so-white..now making a repeat appearance?reverend al sharpton calling hollywood "fraudulent" sot - matthew belloni - thr - this is both a hollywood problem and an oscar's problem academy president cheryl boone isaacs has sought to make oscar's ranks more diverse? sot - cheryl boone isaacs - we are being louder and louder and we are going to continue this conversation and we're going to do more than just talk, we are going to be doing unafraid to push it his honorary oscar acceptance speech at november's governor awards to urge change. sot - spike lee - it's easier to be the president of the united states as a black person, than be the head of a studio. the actor... known for bringing 'grizzly adams' to the small screen

smith in "concussion." f. gary gray from "straight >> "creed" star michael b. jordan, yes. [ applause ] >> no. >> reporter: he got them right. add to that list "beasts of no nation," idris elba and reaction was swift and searing. it's actually worse than last year, tweeted april reign, creator of the viral hashtag oscars so white making a repeat performance. reverend al sharpen calling it fraudulent. >> it's a hollywood and oscars problem. >> cheryl boone isaacs has sought to make oscar's ranks more diverse. >> we'll continue this conversation and do more than just talk. we are going to be doing. >> reporter: unafraid to push it himself director spike lee used his speech at the change. >> it's easy to beat the president of the united states than be the head of a studio. >> alejandro g. inarriutu ho is mexican just one of many nationalities represented in the oscar nominations. robin. >> thank you very much. chris black -- i'm sure he's working on his material right now. get a listen on our website. >> sam, the storms, east is bracing. >> let's get west too beca

smith in "concussion." f. gary gray from "straight outta compton." >> wow. >> "creed" star michael b. s. [ applause ] >> reporter: he got them right. add to that listnation," idris elba and reaction was swift and searing. it's actually worse than last year, tweeted april reign, creator of the viral hashtagrs so white making a repeat performance. reverend al sharpen calling infraudulent. >> it's a hollywood and oscars >> cheryl boone isaacs has sought to make oscar's ranks more diverse. >> we'll continue this conversation and do more than just talk. we are going to be eporter: unafraid to push it himself spike lee used his speech at the governor's promote change. >> it's easy to beat the than be the head of a studio. >>narriutu ho is mexican just one of many oscar nominations. >> thank you very much. chris black -- i'm sure he'sis material right now. get a listen on our website. >> east is bracing. >> let's get west too because we've got a good amount of rain in the same place. the wall weekend doesn't change like. san francisco, north, look at this. it's just another line, we're going