joining us now without them at the market goes, gary kaltbaum of kaltbaum capital management as wellg to come. the locals pushed even lower. i think our viewers want to know how does this affect going forward. what are the repercussions, ipo market, whether we have another round of stimulus from the fed. >> if you are a big believer like me this has been created by the fed and every asset price, every statistic is based on 0% interest rates for seven years printing 15 to $20 trillion of asset prices come down with a have a marked effect on housing prices, economies and everything that has to do with it. that is why i am 100% sure sooner rather than later the fed knowing this will make some sort of announcement but they hold off raising rates. you'll see some come out talking about we may need another round of money printing. pay no money printing every time they've announced and done that, asset prices have gone up. the big worry is the game over. if the market going to get to the point where it stops listening to the side and money printing. in the long run, the worst thing central

gary kaltbaum, fox news contributor and jay mcdonald, blue stone investment funds. jason, is it time to buy? looks cheap to a lot of people? >> we're looking at apple very closely here. we think there are a lot of growth properties in this name. obviously recognize weakness in china and what that might indicate for future iphone sales but we think. we think there is a lost tailwind here. our expectation this remains a growth story. we think it is reasonably priced here. david: i take that as a yes. at least a hold if not a buy from you, right, jason? >> that's correct. david: okay. gary earlier on we had brian wesbury. he was a great guy. every time he speaks before audience, how many people have apple product. some kind of an apple product of 820 to 90% of the people raised their hand. with that kind of market share isn't it pop proof, the stock? >> look the problem is, what you just said, 80 to 90% are all owned. other thing for me is, i'm seeing nothing but big institutional selling right now. never get in front after freight train or they run you over. next supp

nicole: gary kaltbaum, have a nice fresh orange juice. thank you for joining us.: presidential candidates weigh in name. friend brenner donald trump on the o'reilly last night and he strongly brained china. >> we try ourselves so tightly to misha that this is going to be trouble for our country. not only have they taken our jobs and manufacturing, but now they are pulling us down with them. we can't do this. we can allow this to happen and we have to do in uncoupling before it's too late. transfer your straight $590 billion. in an interview with "the intelligence report," carly fiorina criticizing the federal reserve. >> i've been expecting a correction for some time because the underlying fundamentals are not that strong or 2% growth is pretty lackluster. now we have the federal reserve dropping back china's economy is slowing. they have real dishes in front of it. lauren: scout walker played in the tumble in what he calls manipulation of the economy. the visit from the chinese deserve. they caused the problem. traders get ready for another volatile in wall stree

we bring in gary kaltbaum, president of kaltbaum management. thanks, gary, for joining us. does this show you, china coming into the market to give more kool-aid? we saw the market jump 300 points and fad fast. is the magic very thin. >> melissa i have to measure my words. today is somehow the worst of all worlds. >> that is not terribly measured. >> go, gary. >> when you have a market done what it did over last few days, finally have a relief rally, on that same day they drop it on its head 600 points, that tells you big money is still selling and selling ferociously and have no interest in stocks even at these levels, tells me there is more time and price to go which means we are going lower. melissa: yeah. >> worry is, i've been saying all along, too much margin, too much leverage, that hasn't come off yet. i think dislocation continues. melissa: scott, how do you respond to that? that feels like what it is, you say the economy is stronger than we're giving credit for? i don't know about that. >> the consumer, question earlier from bob where is the growth will come from,

. >> gary kaltbaum joins us at the top, kaltbaum capital management on market rally day. talk about china and fed speak. back and forth there. more than anything else we've been down seven days in a row on the dow, so we have an up day. this is quite an up day. what do you make of it? >> i think you said it best. seven straight days down. we were due. i tell you one thing that stuck out to me today worst areas had the best day. >> yeah. >> commodities and some other places. that is what i'm going to be watching very, very closely. if there is anything we say bad about the markets last few months it has not been broad based. it has been a few areas. if other companies join the party we break out to the upside but can't be a one-day wonder. >> energy stocks, that is a great place to look. does that mean those are stocks that led us higher today? maybe we have a little sustainability on our hands. is that what you're getting at? >> i'm not sure just yet. one day does not make a trend. these things have been beaten up so badly. eventually they find an area. i need more than o

. >> gary kaltbaum joins us at the top, kaltbaum capital management on market rally day. back and forth there. more than anything else we've been down seven days in a row on the dow, so we have an up day. this is quite an up day. what do you make of it? >> i think you said it best. seven straight days down. we were due. i tell you one thing that stuck out to me today

david: jonathan, our friend gary kaltbaum talks about how this is funny market.e hand which have record highs being hit. on other hand you have more stocks going down than up. we talk about the beta stocks. tesla is the poster-child for beta stocks. is the end of the beta stock season going on for a couple years? >> david, you're hitting nail right on the head as gary. what is propelling this market up when it comes to nasdaq is biotech and few momentum stocks like amazon, like test sachs like netflix, like apple, like twitter. especially those last couple weeks have started to crack. seems at least from my perspective, tesla is the latest. as you point out high beta stocks. high growth stocks heading up but en masse seem to be heading down instead. david: good stuff, guys. jonathan hoenig, kevin kelly thank you both very much. cheryl: by the way, i'm watching fitbit. stock is down 11% in after-hours trading. david: down 11%. where is your fitbit? cheryl: i forgot to wear it. stock is down 11%. david: we have something for you. how to get away with debating donal

gary kaltbaum is that that's joining us from orlando.our headline is things could get a lot worse. explain yourself. >> i don't believe markets popped out and drop for a few days and everything is a-ok. i'm a real big lever this action is telling me something. it is telegraphic recession around the globe. it is going to cause it and i think there's a big problem ahead. i can figure the next few hours and tell how sick i am of government interference in markets whether it be here in china but a lot of this is caused by them and i'm hoping one day they get the heck out of the way but i doubt it's going to happen. stuart: stay there. i want to turn to liz claman who's got an interesting numbers. >> two minutes after the markets in. 9:32 a.m. eastern, celgene is a biotech down 20%. right now it is down 2% to 3%. apple was down 12%. stuart: it is down 2.6%. >> visa down 11% from a starbucks on%. two to three markets into the opening day of back off the floor. i would argue with gary that there is a 19 s&p correction since world war ii there'l

a lot of it built on oil but my buddy gary k., would pass along, that is gary kaltbaum. all him gary k. 0% of the market already bearish, you have the apple situation -- 60%. applebee low a six month low. that is trigger for today's selling. who am i to doubt him. he is very prescient on market moves. apple stock has been swooning since the earnings report that disappointed some, particularly with the sale of that apple watch. with apple falling off and going through a six-month low, oil situation, concerns about the global economy and treasury yields back to four-month lows you know the drill, people are just getting out of dodge. >>> investor bob witmer says correction is due, it is here. how bad does it get? correction starts typically with a knock of 10% off the highs. how long does that hold? >> if you tell me exactly when the fed will come in and save it i will tell you how long the correction will be. i think market will be driven by the fed. since we're not printing money now, vulnerable correction of up to 20%. i can't imagine the fed wouldn't come in after 20% c