. >> whatz sense you're getting, grasso, on the floor? >> guys are talking about these banks aren't lending. i don't know about you guys, but do you have any anecdotal stories of friends who are looking for money that are cash rich and still can't get a loan? >> i don't see it. so i don't see the loan growth. >> the beginning of normalized earnings was there in q2. that's what surprised the street and financials. the question became after q2 if you could see sustainability. durability in normalized earnings. when you look at a name like wells fargo, goldman sachs, morgan stanley, jpmorgan, now this report this morning suggests that you actually may see durability and sustainability and another quarter of normalized earnings. >> tangible assets for wells fargo increased 70% in this past cycle according to goldman which is the reason why they upgraded specifically. >> the opportunity's still there. i know joe later on's going to talk about jpmorgan but let's touch ton right now. we were talking about a stock two weeks ago we had our new bri

grasso. >> i think the move's over. i would stay clear of it for now. >> we've got a drop for biogen idec. down 2%. karen. >> you know what goes up must come down. sorry, carl. it's all right. you'll get it. >> we had a pop here for huntington bank shares. they are up 7% today. joe. >> deutsche bank upgraded them from a hold to a buy. i'm not going to get too excited about a regional bank given the current valuations. i would avoid the name. >> drop for sks. >> the comps have been lousy. nothing looks good right now in this stock. >> and we've got a drop here steve ballmer. the microsoft ceo taking a pay cut this year as the company's sales decline for the first time. he will be taking home about $75,000 less than 2008. but ballmer won't be going hungry. he still has about 408 million shares in the software giant valued at more than $10 billion. >> is that howard dean? it looks just like him, didn't he? >> almost the same. they sound almost alike. a drop here for the hmos today. they were down. grasso? >> i think it's s

steve grasso is standing by.was saying it's kind of rare that the auction would have this much of an impact on the market, but on the other hand we need to keep selling debt to keep this thing going. >> we definitely have to keep selling debt. i think that's been on the forefront of everyone's mind. the stories are the health care issues and the home builders today. both of them are inverse to each other. we see what's going on with the government. >> are the insurance companies still getting hammered after nancy pelosi talked about a windfall tax on them? >> didn't we try to do this with energy companies? what happened? >> we got less energy. >> whenever the government overreaches, but this is not what the segment is about. so you see the home builders rallying on extending that first time home purchase credit. that's what that's rallying about. so you see on the flip side of it, the hmos, it is amazing. i don't know how guys trade these stocks on a daily basis. it's nauseating to watch the charts on them with e

let's bring in steve grasso and stuart frankel on the floor. >> do you know the only reason why i everiked october? >> because i'm a yankee fan. that's the only reason why i ever liked october. the jobless claims came in at the high end of the spectrum. beam people were looking at the end of quarter. nothing really to get people excited about. they thought they were going to mark them up, they did slightly, but not enough. >> wall street is so tradition-bound. so beholden to history it seems to me. we already know what shape the economy is in. we already know that earnings are coming and they're probably not going to be great. auto sales haven't been great. we knew that was going to happen. why the sell-off realistically here? >> human nature is if you know all this stuff is bad, do you still jump in? if you know a volcano is hot on the inside, do you jump off the edge of it? there's no mad rush to start investing again. >> so you've given up on 1100? >> no, i'm not excited about october, i think it will be very volatile. i think we will give a little back. hopefully we just move more

. >> grasso, what do you make of it? >> the impact of the olympics on a city, not necessarily straight and clear. >> right. i would agree with the previous guest. you have to treat it as a short term blimp. going to be a pop. you don't want to be too cavalier and dump your money there and thinking it's a long term bet. >> rio and madrid in the running. let's get to the markets because we saw an amazing turn around here. brian, what were you observing today? we did see the markets seem to respond when the dollar gave up its gain. >> one thing, definitely the market has been a little wimpy over the last few days. volatility is coming back in the market. you want to play that in a near term short term trading scenario. we've seen the vix rise. there will mob volatility, october is that volatile time the year and we saw that today where the market was down. now it's rallied back. you'll see some movement over the next few weeks. >> j.j., what your noticing across the sectors especially when it comes to etf protection. we're