joe: i'm joe weisenthal. alix: and i'm alix steel. we want to get to julie hyman at the markets desk we continue to deteriorate. right, julie? julie: yes, and there was not a particular catalyst for this selloff. there did not seem to be anything new that was out in the markets today, so that is findingg investors are unsettling here, especially when the nasdaq is down more than 3% and approaching a bear market. look at the s&p over the course of the day and the lows as it continues to bump along the bottom in the session. also take a look at the breath of the market. if you look at the imap on the bloomberg, all of the industry groups are trading lower. been week all year, the financials the worst-performing group your today. discretionary, health care, really anything having to do with sensitivity to economic growth has been doing poorly in today's session. also, we're seeing money flow into where people perceive as less risky. alix: so, you see money going into gold, the 10-year? julie: exactly. gold trading at their highs since la

anddan: joe weisenthal markus schomer, thank you both.g up on bloomberg markets, with all the market volatility, is now a good time to jump into real estate? why markets like miami might hold up better than they did in 2008. here are some reporting earnings after the bell. those are a few of those he was he reporting in just a second. -- of those we will see reporting in just a second. ♪ brendan: welcome back to bloomberg markets. i am brendan greeley. we'll take a quick check on the markets, as has been the story over the course of the day. the nasdaq is dragging the rest of the markets up by the scruff of its neck. the nasdaq up two point 1% -- about 1.6% on the s&p 500. the dow up to what a 55 points. a lot of green today. -- 255 points. a lot of green today. time to see if this will hold. it is time for the bloomberg business flash. yahoo! will phase out parts of its digital magazine including yahoo! health, yahoo! food, yahoo! travel. they plan to focus on four of its most important successful areas that food, sports, lifestyle. the

first, joe weisenthal has returned from what looked like a food tour of hong kong.ertalking about great place to travel, greece. not so good from a financial market perspective, the markets are getting demolished. as you can see from this long-term chart, you have to go back to 1990 four the last time greek stocks were at this level. people don't really know what is going on. there is some stuff with the bailout review not going great. that is not really anything new. people have expected that for a while, but people are dumping it like crazy. down 8% today, their lowest level in multiple decades. brendan: what happened in 1990? >> there was this long period where people thought greece and europe, they were all going to unify economically, and it would be great. then there was a bubble, and since then, all the air has been let out. brendan: mark barton, what do you have? mark: randgold resources. one of the bright lights in today's stock market selloff. it is the darling of the european stock market. the biggest gainer, look at those shares. up to 60 pounds today. t

joining me now is joe weisenthal. you will talk to the author of that no later. lk about gold first. joe: it has been around for thousands of years. some point, i think you have to here andat it will be the arguments we will make about whether it is a barbarous relic, arbitrary.pletely it is here and it has stuck around. place it around commodities but it is really a currency. oe: typically when you think of commodities, you think of something industrial related, something that goes into something. gold is used for jewelry and there are modest industrial applications. but really, it is a financial instrument but tends to do well when the fed interest rates suppressed for a long time. golda did very well. golda did that in that seems to be the closest thing there is to a pattern about it. hedge for financial the rest of the year. joe: it is not surprising we would suddenly see people back into gold. brendan: i'm cranky about gold but let's talk about goldman sachs. it basically says everyone come out from underneath your blankets, it is fine. is that a way to look

joe weisenthal coming up in a few minutes.up now though, the close of trading is 12 minutes away. let's take a look at major averages. dancing around not the tone we have seen in the last three days. we are down across the board. the dow jones industrial average down one third of 1%. looking at about a half percent 10 points.t down the nasdaq, if you look at it as a percentage based, you look at the s&p come utilities and telecom folks, those were the only groups gaining among the major industry groups in the s&p 500. stick around. ♪ carol: welcome back. the markets are closing in just about 10 minutes. julie hyman has the market check. i am so used to saying winning streak. break the winning streak. the declinesading today. the nasdaq has been the leader on the up and the downside if you take any given day as an example. the s&p 500 through the course of the day really has been making new lows and has attempted to rally back it looks like three times today and three times it has failed a doing so though the range has been rel

let's talk to joe weisenthal. what is the economic data trying to tell us?ory is how steady the data has been while the market has fluctuated. been so much volatility in the market. think back to two weeks ago, everyone was panicking, talking about central banks not able to hit their targets. nothing has changed. that was just overreaction to concern and now we seem to be getting back to normal. u.s. data seems fine. claims have been solid, retail sales, last week's cpi , yeah, inflation is firming up. it is hard to find those reasons for panic that had everyone so worried. isn't it amazing how sentiment can change so quickly? -- he saidnvestors that the uncertainties now are political, and that is where the focus is turning toward. -- the wayntiment that sentiment moves is funny. it seems to follow the market. the market tumbles and people make up stories about how the market is falling apart. the market rallies and people make up stories about how good things are. the fact of the matter is there have not been that many changes. recession is not in the card

, joe weisenthal. : sovereign debt is back in the spotlight in europe.ortuguese yield curve. this green line is the portuguese yield curve as it stands. yellow line is where it stood a month ago. across the curve, big increases in what portugal has to borrow. there is worry about the government back tracking on its spending plan. there is worry about debt downgrades. they have not solved the problem of how do people feel about the creditworthiness of the government? brendan: i talk to you when you were in greece. are you laying the groundwork to return to lisbon? joe: i've never been, but i always want to go. that is what this is about, setting up that trip. brendan: mark? trading at ae is highest level since november 2015. the global benchmark is $46 a metric ton. the white line, since falling to $38 in december, it has rebounded 20%. it is a name will market. it has fallen from 75% since reaching a record high in 2011, low supply coinciding with weak demand from china spurring the global glut. will the recent gains last? he saysg to an analyst, the ral

joe weisenthal, thank you for joining us. come always a pleasure. , the famed auction house reported an $11 million loss. is the slowing high-end art market taking a toll? ♪ matt: welcome back to bloomberg markets. in today's pursuits, so there views reported a loss of $11.2 million in the fourth quarter. by's.uther sales off 50% from one year ago. atya.ng me now is k she covers the art market for us at bloomberg. a just did this story about $500 million sale, two paintings, a jackson pollock. yet, you are saying that was then because that was over the summer, this is now, different art market. >> a different world really. that sale took place over the summer. the market has changed quite dramatically. the auction market is a fraction of the overall art market. they've announced preliminary results -- it was not a success. so far, first quarter results 32% below the same quarter one year ago. will haveys they difficult quarters ahead. they cannot completely affect the art market on their own, but there is a new ceo on the sce

kicking things off is joe weisenthal. emember at the start of the year everybody was talking divergence, the u.s. was getting it better while the euro was weakening. people stopped talking about it. maybe there is something to it. let's look at two indices. citigroup does them. others do them. you can see this white line. sorry, this blue line. it's been coming down for a while. data in the u.s. has getting better since the first of the year. the eurozone gets worse and worse. the data is coming in worse than people expected. before too long, we will start talking about how the u.s. is diverging away from europe and breaking up of the economic doldrums. check it out. mark, what have you got? this looks different than the oscar chart. mark: i didn't want to do to a narrow. , i likend of each month to look at the best-performing global assets across all classes. it's fascinating what we find out. this starts with stocks. the baths performing a stock market in the world is argentina. it's up 17%. reached a 17 year battle. tha

the first joe weisenthal adelphia. emily: an nfl star announces his retirement in interesting way. >> i just want to say thank you for an amazing, 12 your career. -- 12th year career. this is the part where i would write off into the sunset, but just ride off. emily: there you go. jared allen posted this to twitter yesterday. his final game was the panthers super bowl loss to the broncos. a close call for a packed bus in texas. randy: video you need to see to believe, and wife has a bus driver off the job. and later, a new york lawmaker wants to put restrictions on food stamps. emily: your early news to go -- a danish railroad signal is going to be a problem for commuters. randy: and that means another round of detours and delays for many thousands trying to get to work in boston. the lions will be able to get all the way into south station this morning. that created scenes like this last night. most commuter lines will stop before. passengers will be funneled onto the red and orange lines, and there is no timeline on

stephanie: michael moore and joe weisenthal, thank you so much.rence call. the ultimate arena for business. hour after hour of diving deep, touching base, and putting ducks in rows. the only problem with conference calls: eventually they have to end. unless you have the comcast business voice mobile app. it lets you switch seamlessly from your desk phone to your mobile with no interruptions. i've never felt so alive. make your business phone mobile with voice mobility. comcast business. built for business. >. in the green across the board. we are looking at earnings. getting to fundamentals. we are not seeing overarching negative news out of japan or europe or oil driving things down. >> the move together. stephanie: we are also seeing earnings out in media companies. we had disney. an underwhelming report from time warner this morning. i want to turn to paul sweeney who knows everything about media. what is going on? they announced record earnings that beat expectations and year-over-year and they are down 5%. stephanie: cory johnson is with us i

andaw joe weisenthal win, what is his prize? us for the hour. former colleague of mine who i would like to say aged well, looks great, michael lipsky. another guest. him matt miller, who did not win the battle of the charts, but every day, you win our hearts at the terminal. matt: futures up across the board. dow jones futures are climbing points.5 nasdaq futures right now up about .5% as well. i cannot decide if i should look at s&p over the last three days or futures over the last four days. i've chosen the s&p. take a look at my bloomberg. it is not terribly exciting when you take a look at the chart, but we had gains of more than 1% of everyday. that has not happened since three consecutive days of more -- october 2011. if we do that again, it will be the first time since 1982 that we have had four back-to-back gains of 1% or more, so it if you are a betting man or woman, stephanie, you may be betting against that happening today. let's take a look at the majors here today. we have had such a rough year, although it is getting better. now we

i am joe weisenthal. "what'd you miss?" alix: i am alix steel. s off today. ♪ alix: u.s. stocks closing mixed. oil falling for the first time in three days. joe: the question is "what'd you miss?" ,lix: inflation creeps higher consumer prices rise the most in four years. ecb -- says the next guest rally might have more legs. we begin with our market minutes. we are looking at the best week , so fars&p, the dow, a this year. the best day for the nasdaq since july. joe: now positive since november. tuesday wednesday, extraordinary rallies, much quieter in the second half of the week.

alix: joe weisenthal, our co-anchor, joins us. -- he spoke to the chief global economist from citigroup the global economy and he defines the recession for the global economy different than people who defined for one specific country might. just because the growth rate of the globe should be higher. but still, yeah, we had him on the show at the end of last year and you said it was a risk, a rising risk, and he said this is his call, global growth -- it was a 50/50x: can 2015. and now 2017 could be the big said it'sar, and he really about advanced economies, not emerging markets leading this next leg lower. scarlet: what i find interesting, when you look at indicators to determine whether there is a recession or not, separate from gdp, you could say new building permit or manufacturer orders -- typically no capital goods orders, job openings, consumer spending -- this time around you don't really have that, right? you only have stocks falling down. and not getting up. joe: the data has not been spectacular, but it does not look like recessionary data yet, pretty much anywhere you look.

. >> i am joe weisenthal. "what'd you miss?" steel. ♪ stocks closing lower, oil at $28 a barrel. joe: the question is "what'd you miss?" economist say it is a real possibility. >> want to profit from volatile markets? one thing you should not be doing. >> all eyes on twitter tomorrow. facebook and snapchat making growth harder. market minutes, a third day of losses. the nasdaq, fifth the klein in seven days. -- fifth decline in seven days. nasdaq underperforming. faded andoon rebound lost steam. joe: a lot of anticipation for janet yellen tomorrow.

betty: joining us is joe weisenthal. like these days, the labor market might be the only bright spot we have here in the u.s.. joe: you are absolutely right. measures a try to gauge how will the data is coming in for expectations, the data on the labor side keeps expectations. everything else has basically been negative. that is important for the fed -- half of itss mandate is full employment. of the biglice spectrum of data, but it is uniquely important. betty: that's right. there was another piece of data that came in in the last few days about the number of people quitting their jobs is at the highest level since 2008. that is a sign of economic confidence. assign you have money, savings, you can get another job. sincet its ties level 2008. especially given the volatility in the market we have seen since august. it generally measures economic and consumer confidence. it has not deteriorated too much. it is kind of a measure of economic confidence, i would say. it's holding up. betty: it is. how do we match that with t

joe's what follows up today just -- joe weisenthal is off today. ♪ [applause] u.s. fivefriday, helping a days live that dragged equities into a bear market. scarlet: finding opportunity amid volatility. nearly 20 years of flat gains and financials. plus, how low can they rates ago. u.s. are real possibilities. alix: how problematic are european banks? we talked to our guest. ♪ scarlet: we begin with our market minutes. still looking at two weeks of decline, let's not get right away with today's rally. the biggest gain in two weeks. that is not saying a

that was joe weisenthal speaking with jw mason.res of the 7% in after-hours trading, the results and the latest announcement as well. ♪ scarlet: i am scarlet fu. "what'd you miss?" salesforce and hp reported results. salesforce was in line with expectations. its forecast for first quarter revenue and profit beat estimates, reflecting a shift. in cory johnson digging through the numbers to give us more context and color. let's start with hp, it feels like that company has passed its heyday as an exciting company driving silicon valley because of the split you. >> yeah, you see some the problems the company had. covers, look under the you see a continued slow down in pc sales and a surprising slow down in printers, personal systems. you see this business slowing down at the worst rate we've seen in a very long time. the's slow down for personal systems is down 13%, but auarter worse, significant downturn in that big business. printers, ink and we have seen aut big slow down and that business as well. still profitable, paying a attrac

joe weisenthal is on assignment. u.s. stocks rebounding into the close. .hat a day, oil keeps tumbling >> the question is, what did you miss? posted a 17% gain, helped by youtube and advertising. and the numbers don't lie. we dissect how oils plunge has taken a toll on axon. >> but we -- eight hole on exxon. ll on exxon. >> but we begin with the markets. stocks doing fairly well, except amazon. netflix gaining almost 6% on speculation that apple could make an offer to get access to the tv content. >> we had a lot of data that came out today. speaking withr tom keene and saying look, we are paying attention to overseas developments. we don't know how that is going to fare. the fed is not committed to four rate hikes this year. their mind is open. on the downside, today was about oil. energy down about 2% on the s&p. exxon the biggest drag overall on the dow. at one point, we had a exxon and chevron dragging the dow down by about 19 points, despite the fact that oil was down around 7%. scarlet: with oil prices can see a, yo

joe: i am joe weisenthal. "what'd you miss?" alix: i am alix steel. ♪ alix: u.s.ing higher, what a reversal. is "what'd youon miss?" scarlet: are we headed for a bear market. can the u.s. economy kick into higher gear. and 3000 jobs a month as possible. how currency volatility may be impacting corporate america. we begin with market minutes, turn around gaining steam, erasing losses, nine out of 10 industry groups closing higher. financials continue to lag. joe:

joe weisenthal, thank you. that is coming up at 4:00 p.m. of trading is just minutes away.e your major averages right now. the dow jones industrial average 100 84 pointss, there. the s&p 500 is at 1%. the nasdaq is the laggard today but still off to there's 1%. ♪ -- two thirds of 1%. ♪ vonnie: stocks are gaining tech and julie hyman has a look at apple. >> there has been latebreaking news as well and that company is coming up with earnings early and it was supposed to come out with them after trading. the stock has been halted, penny news, though it will explain why it happened before the close instead of after the close. company's third-quarter earnings forecast below estimates that the sales forecast is above estimates and its past quarter numbers beat estimates and that explained the initial drop and again in the shares, there was a bit of mixed information there. whenll bring you an update we hear from a company directly. apple is in focus and we have been watching it as the company comes out with an extent of filing with a defense against releasing security information

joe weisenthal is here. >> we have had quite a rally in global markets over the last two weeks.k at the comeback we have seen. i have plotted on this chart s&p futures versus the 10 year yield. , twowas really the bottom thursdays ago. when people are nervous, they buy safe haven assets like u.s. treasuries so the yield plunges. comebackis really nice in s&p futures that caught lots of people offguard. if you look at the 10 year yield, not quite as much. there has been a little bit of a bounceback, but it has essentially flatlined over the last few days. not seeing the flight away from quality that you might expect. now we have this divergence between equities and treasuries and we will see if they resolve and which way they resolved. today, equities falling more. closing the gap a little by equities selling. that's my chart today. mark: what have you got? vonnie: i like it. if he wins, i will be a humble loser. my chart is slightly different. i had to do it very fast. it is what i was speaking about earlier today. it is where crude oil and the trade dollar index diverge. you ca

i'm joe weisenthal. we are going to mix it up today. let's start with rendon.ve you got as a competitor? we are looking at the trade weighted dollar versus the dollar spot. then we look at trade weighted dollar, it's a little higher than the dollar spot because we are looking at our trading partners. here is what i did. josh levy and we built a new basket of currencies. here are 12 emerging market currencies. i will share that basket with you. when you look not just that trade weighted, when you are looking at just developing markets, this is what the dollar looks like. it's so much worse than spot or trade weighted. our currency, your problem. joe: can you beat brendan? mark: the big question is has assets?ear dented u.k. let's start with the ftse 100. it has outperformed the euro stoxx 50, thanks to the banks which have fared badly but not as bad as their european fears. the ftse 250, the mid-cap stocks are down by 7% but it is still outperforming the euro stoxx 50. some fear that brexit concerns are fully priced in. ,f the u.k. does leave the eu they will mi

joe weisenthal is on assignment. u.s.unding into the close. .hat a day, oil keeps tumbling >> the question is, what did you miss? posted a 17% gain, helped by youtube and advertising. and the numbers don't lie. we dissect how oils plunge has taken a toll on axon. >> but we -- eight hole on exxon. ll on exxon. >> but we begin with the markets. stocks

. >> i'm joe weisenthal. alix: i am alix steel. ♪ alix: markets claw their way higher. s ready on production cuts. losses of 2%. oil is clawing its way back off of a 12 year low. joe: the question is what did you miss? tumblingglobal stocks toward a bear market. we break down the move sector by sector. of a globalears recession. our guest says the focus has moved from china to the u.s. >> a good interest rate, do they actually work? rates, doe interest they actually work? we have an extra half hour to dig in what is going on domestically and abroad. -- examine all the major scenes including the strength of european banks, china, and the u.s. economy or it lets get to three things that caught our attention in the market. , and&p fast cash index index you wind up looking at. i'm looking at is on a tick by tic basis so you can get the lows here. hit,an see the lows we this one back in 2014. the low in january was about 1812, and here we surpassed that low on intraday basis around 1810 and were able to move up above that level. this is significant. can it hold? what happens

joe: i am joe weisenthal. "what'd you miss?" alix: i am alix steel. >> u.s. stocks closing lower. l on speculation opec members won't curb output. joe: the question is "what'd you miss?" >> a healthy housing market. how the recent stock selloff is affecting business. joe: goldman sachs sees again for the s&p 500. we ask whether we have seen the bottom in stocks. alix: the launch of a new the global lng market, and who should buy his former company. >> we begin with market minutes. s&p 500 retreating from a six-we tied. -- six-week type. - six-week

joe weisenthal is on assignment. u.s.ing higher, oil erasing in advance, falling back a low $32 a barrel. we examine who is facing the biggest risks. >> the tipping point for recession. the biggest names tell us what the breaking point is. >> jobs day, the three charts you need to know before tomorrow's report. minute,gin with market lots of back and forth. crossed the breakeven line 11 times. ,t sounded like a volatile day but this one is muted. there w a

joe: i'm joe weisenthal. alix: and i'm alix steel.get to julie hyman at the markets desk we continue to deteriorate. right, julie? julie: yes, and there was not a particular catalyst for this selloff. there did not seem to be anything new that was out in the markets today, so that is findingg investors are unsettling here, especially when the nasdaq is down more than 3% and approaching a bear market. look at the s&p over the course of the day and the lows as it continues to bump along the bottom in the session. also take a look at the breath of the market. if you look at the imap on the bloomberg, all of in

my colleague joe weisenthal joins us with three choice for tell you the story about inflation.dy knows at this point that the fed has not been hitting his targets on inflation. it is doing pretty well on the employee side of its mandate, the on other sites not so much. these are two different measures of core inflation, stripping out volatile food and energy prices. with this core cpi right here. it isrunning about 2%, the fence preferred measure of inflation. it is starting to shoot up here, host 1.7% and with that is the fastest rate in three years. why is there a gap? there are two different measures of inflation that are weighted differently. if you look here, you can see that an core cpe, the preferred measure, 17% is in health care. that is the highest of any single race. it turns out that health care inflation despite all the talk, is muted. look at the trends in health care inflation. if we go back to recent producer price index, this is a chart of healthcare services, you can see that for quite some time health care inflation has been trending down. but in recent month

joe weisenthal is away on assignment. u.s.glowing closer today glowin closing lower today. >> the question is, what did you miss? chipotle's first earnings report since the e. coli scare. in justve those results moments. should not devalue its currency. our guest says the weaker renminbi will not fix the problems of china's economy. we begin of course with the markets. julie mentioned this earlier, hard to mention but this is the first back-to-back loss for the major indexes in about three weeks. it felt a lot worse. today we had a steady risk selloff. there's that

joe weisenthal, what have you got?everybody knows that central banks are failing to hit their inflation targets and their goals. evidence that in the u.s., especially when used about energy, things are not going in the wrong direction. thist producer price index morning and the green line is the core that has picked up to its highest level in months but it is still low. line is more important because this is health care inflation and wholesale services and that's been the climbing for years. it has been jumping in recent months. driver ofe is a huge part of this economy. if it picks up and accelerates, that will put a floor under fedation and may be the will get closer to hitting its goal sooner than the markets expect. brendan: i love your spirit. trying to find some evidence of inflation somewhere. mark barton, what have you got? >> taylor swift 13 grammys. bornwas the year she was so i thought what if you had invested as her parents in various assets the day she was born on december 13, 1989. this is what i have com

kicking things off, joe weisenthal.bigw one homes for the fed is while they are doing good on the labor side they are not, doing so good on the inflation side. this morning, the and a five -- the nfib small business optimism survey. it shows the problem exactly. the number of small businesses with job openings are on the rise. people are hiring and try to fill jobs. prices, not so much. the number of small businesses raising prices, that has been plunging lately. no pricing power. there is the fed's dilemma in a nutshell from the survey this morning. labor looking fine, inflation, pricing power, not so good. betty: for those lines coming back together? one day, the fed hopes that will go up, but having going up for a wild right now, it is the opposite direction. betty: does the labor market. what do you have? let's start with the stock 600 bank index. since the beginning of 2016, this index, the white line has sunk by 26%. an index of 47 banks. the worst industry group on the stock 600. today, it has fallen to the lowes

-- joe weisenthal is off today. ♪ [applause] u.s.tocks closing higher fivefriday, helping a days live that dragged equities into a bear market. scarlet: finding opportunity amid volatility. nearly 20 years of flat gains and financials. plus, how low can they rates ago. u.s. are real possibilities. alix: how problematic are european banks? we talked to our guest. ♪ scarlet: we begin with our market minutes. still looking at two weeks of decline, let's not get right away with today's rally. the biggest gain in two weeks. that is not saying a lot, considering there are only two previous days besides today in which we gain. as 1.3% advance actually comes on the heels of the s&p never going negative all day today as well, which i was surprised by. nine out of 10 sectors finishing higher. the exception was utilities. risk, allo into more 30 dow stocks were higher on the day. to your point about financials, goldman sachs and jpmorgan really killing, adding 70 points to the dow. the banks having their best day since 2011. my question is, is

matt miller against joe weisenthal. matt, you get to start today.ecast for the year. she took it down to 2100. she is one of nine strategist who have lowered their forecast this year. that is the biggest drop we have seen since 2003. what she is saying is that credit quality, which i have graphed here with an in and averted spread on investment-grade debt, credit quality is holding down s&p multiple old. the inverted spread here in green. multiples part up, but this is after a recession. strategists that we survey gave us this. weeks we havetwo seen this many cutbacks in markets everywhere. but at the same time, we still see this incredible plunge in yield. got seven bond got --i want to point out sovereign bond changes. under the thing to watch, the german five-year, hitting a brand-new low it -0.372 in place inflation. in the big markets around the world, government debt, the yield continues to reach these low levels. no signs of reflation. this chart is your jim. lookingu're basically at a picture of equities and a picture of debt. i is smiling b

joining us is joe weisenthal, who has been here for a while now. so is this real? is a lasting? joe: i do not know if it is real, but think about where we were two weeks ago -- this complete sense of panic with negative rates and central banks losing control, and the sovereign wealth funds are liquidating their bank holdings, and china is hold -- china is crumbling and the u.s. is going into a recession. was that real? i don't know. it seems that the underlying conditions have moved much slower than the public's perception. so we got to this extreme pessimism about everything, and we got some data last week that showed that banks were not that bad. retail banks are solid, the fed inflation target, the inflation data -- and people were maybe thinking it was not that bad. i do not know what is real and what is not real. i just think that the pendulum has swung so hard to negativity, and now we are seeing -- stephanie: here is what is real, though. if you pair market reactions to how people are positioned, they are not bull market long. citadel just let go of their team, expected to