not apple, but microsoft new low, amd new low, nvidia, that's a new low. it should salesforce too new low right there. we're starting to see new lows materializing in financials which we did not see earlier in the week a couple of bigger ones, citigroup, some of -- super regional banks like u.s. bancorp, capital one, keycorp. these are all 52-week lows what does the market look like we are dramatically oversold i don't often bring up technical indicators but momentum extremely oversold you look at the strength indicator, this is a two-week reading on the markets very, very oversold. 10 to 1 declining to advancing stocks new lows, look at that almost 1,000 there's about 2400 stocks on the new york stock exchange. so we're talking about 40% of the nyse at new lows only 12% of the s&p, 3% of the s&p above their 50-day moving average. those are extreme readings usually tend to indicate some kind of bottom what's changed since the june 16th lows? utilities are up and consumer discretionary is up. here you see the big difference here remember those materials and

we've taken out the june lows.the bottom line, tyler, is the path of least resistance is still lower here. when you try to answer the most important question across all the global financial markets, where is this bear market going to end, the key trend that you need to focus on is the rally off the march 2020 lows. when we look at that relative to the nasdaq 100, we're still in a lot of trouble we're below the midrange and now we're testing the last line of support which comes in from 11,000 to 10,300, that needs to hold or otherwise you're talking about a march 2020 rally which would take the nasdaq 100 down to 7,000 that's not a base case we think the market at least at this point will sold between 11,000 and 10,300 but that's not a trivial probability. >> let's move on to the s&p 500. what are you seeing there in terms of its sort of positioning? >> sure. i mean, the s&p 500 has more down sides as well at a minimum, we're going to test 3500 which is the march 2020 midrange. i think you might get a short-term bum

robert mentioned, very low cumulative for closure rate, low vacancies, as well as a strong compliance for affordability. while important, while lihtc is very important and i think it'll be a big topic today, as ranking member alluded to, that is just one side of the equation. we must cut through regulatory barriers at the federal, state, and local level, that are holding back housing supply. an estimated 40% of development costs could be attributed to regulation at all levels. record high crossed costs for labor materials are adding fuel to the fire. federal obstacles include longtime friends for environmental and labor decisions as well as some antiquated rules. when example is hud's noise restriction requirements. local policies like zoning, density limits, lengthy permitting, and approval processes, and other land use restrictions, are all examples. while zoning and other issues are in the hands of local citizens and their governments as they should be, federal policy makers can provide a forum for best practices. congress can and does leverage the supply of federal resources like

pretty amazing for low income housing. then proposed neighborhood homes homes, investment act would take the lessons learned from the housing credit and apply them to a different problem which is to revitalize the struggling community and provide homeownership opportunities by building starter homes and rehabilitating homes. so we urge congress to pass the bipartisan senate bill 98 sponsored by senators cardin and portman and many others and that would produce half a million homes for homeownership and struggling communities over the next ten years. the broad increases in housing prices really mask tremendous diversity across the country. the median price of a home is 1.6 million in toledo ohio it's one tenth of that. it isn't economic to rehab were to construct those homes. the numbers just don't pencil out. we need to have neighborhood homes to fix that. the housing credit has been so effective, the priorities of course would be to pass the affordable housing improvement act. the key element to address or to first restor

they're still 10% 15rk% above june lows.gine they levitate all this that will bring things down. we were talking about the dollar apple has 65% of its sales outside the u.s. 18% in china there are currency risks associated with that i have been clear how i feel not such a positive story for me. >> tim, this is a point you repeatedly made. if companies continue to warn, that means a slowdown innenter price spending a leveragely. >> just haven't gotten it. for apple less of a headline for microsoft or amazon where you're getting the best part offure growth multiple. but amazon, also, this is typically the season september historically a bad month. in term of apple and the holiday season, you start to price in holiday season wove gotten decent data points for the iphone 14. that to me i'm taking the other side of the positivity there i think you can't hold up, and ultimately this will be the last battle front. >> so far 3 out of 4. >> should be the most defensive stock in the market. there's no reason it should hold out. well a

or extremely low income. the proposed rule implementing the income tax was simply unworkable and some of the interest has chilled but there are some positive steps forward and we are grateful to you and the others that signed on to urge the treasury to focus on this particular area. >> i hope they will keep pushing. i'm conscious of my colleagues so i will submit a question on homelessness for the record and healed. i think my colleague and we've been working together on these issues. senator warner and senator cantwell works very closely. thank you to the witnesses today for joining us. as the chair of the committee. the homeownership is increasingly out of reach for far too many families. i'm glad that what senator wyden and senators are doing to schedule the hearing to work on this. i partnered on the tax credit to make sure that extremely low income renters don't have to pay more than 30% of their income towards housing and what happens in families like that everything is upside down when they are evicted

amd down 7%, that is a new low nvidia, 120, a new low waiting for micron earnings to come on. apple just 176 a few weeks ago, is so already seeing a significant decline in apple on top of everything else and i've been talking about new lows, a lot of them down there, but mortgage rates particularly, going to 7%, they buy and sell mortgage backed securities they are weak. and new low for all almost of them except if square. and there are the mortgage r rates. new lows there and these companies, when they buy and trade these mortgage backed securities, value of them of course much lower and that is a big problem for all of them. some of these invesco, 60% decline this year. >> look at that. bob, thank you for that. let's get to the bond market the ten year yield is off highs of the session about 3.7%. it is at 3.761 now for the ten year it briefly touched 4% yesterday before pulling back. but look at the volatility here. big moves for the ten year the yield on the two year remains solidly above 4% at 4.184% and volatile day in the energy markets as well. a lot of speculation abo

s&p is 20 points above the june intraday lows.a half a percent decline, 60 points for the composite. the index is now at 10,807 and the reason that's important is because 1/2 loss is coming from what was a 1 plus percent interday just earlier on also want to call your attention to what's happening with the ten-year treasury note yield they are continuing to move higher we thought we might get some stability around the top of the noon hour, as you can see. but then from there things just started moving higher and higher and it's moving to the upside markedly so. 3.86%. this does represent the cycle high this is just about the same time we saw some of the losses accelerate in the equity markets overall. so those rising yields still playing a big part in that overall market story again, session lows for the stock market right now, the nasdaq down about 1/2 a percent. coming up next on the show -- actually, no, let's just get to joe really quickly with regard to the overall market narrative on what's happening. what we're looking at r

pretty amazing, for low income housing. then proposed homes investment act would take many of the lessons learned from the housing credit and apply them to a different problem. which is to revitalize communities and provide homeownership opportunities there by building starter homes and rehabilitating homes. tha t sponsored by senators cardin, and 20 other senators. that would produce half 1 million homes for home ownership in struggling communities over the next ten years. the broad increases really face tremendous diversity across this country. the median price of a home in san jose is 1.6 million. in toledo, ohio, it's one tenth of that, less than $160,000. and every state has communities that are struggling. those communities -- it isn't economic to construct those homes. the numbers just don't pencil out. we need to have a neighbor hood of homes to fix that. . our priorities for the housing credit would be to pass the cantwell young bill, the affordable housing credit improvement act. the key element to address and res

>> low-risk set-up in dollar general, ticker symbol dg.ld buy it against 225 >> quickly, enjenny? >> lamar advertising, 5.7% dividend yield super safe business, even with the rough economy. >> good stuff. i'll see you in overtime the exchange begins right now. >> scott, thank you very much, welcome, everybody, to "the exchange." i'm tyler mathisen and the markets are closing out a down week with another big drop history-making in some ways. we've got the dow dropp ping bl $30,000, below its june lows the dow and s&p are now both below their june lows or have done so in today's trade the s&p a little bit back up since that happened. some big-name firms cutting their market expectations. and it's not just stocks, as scott and the team were talking about there, oil

and even november 2020 lows for some of these indexes.erday banking ceos faced a grilling by gop members of the senate banking committee. senators focused on asset managers like vanguard and blackrock and whether there's too much influence imposing progressive policies on wall street's biggest banks. charlie gasparino. >> the senate is kind of interested in this as we're going through like this massive upheaval in the markets right now. be that as it may. senate republicans see a lot of -- it's an election season. we've got midterms coming up, and they see esg as a really good issue and working with the investing and esg with environmental social governance and it's a way of investing that promotes and progressive values in the environment in board management go through the whole thing. the knock on it is that's not what companies should be doing and i think when you listen to the guys yesterday, because they're so powerful and can invest particularly in banks, they can force the banks as a major investor to change their policies in terms

it feels like we're hitting that low, low, low level. >> yeah, certainly. the federal reserve is not destroying the economy and they've made a mistake and they learned from their mistake and they will reverse course and there's an upside for long term investors and they'll kill a wage inflation and they'll kill inflation. they'll slow things down and the situation where a year or two from now cutting rates from low levels to stimulate the economy and that if you remember, that's really was a basis or good asset prices throughout the base and we don't need to have a recession and we have one at the end when you go through a few years from now. it's good base for a good stock price. cheryl: last time you were here, we talked about emerging markets and international markets and before in the past you like msci and global indexes but is that an emerging market story and full market story and is it by region or asia. the different stories is around the world and the rest of the world and more than less in the u.s. and the problem is the dollar has soared up in d

on track to close a little bit above the june lows and 3666 was the closing low.nts above that, 3636 was the interday low the u.s. dollar index up a percent and a half on the day, a mega move for the currency index. the russell 2000 was the underperformer down 2.5% as we ride into another losing week but a little bit of an attempt to bounce off what had been some pretty decisive lows back in mid-june that does it for "closing bell." "overtime" now with scott wapner >>> all right, mike, thank you very much. welcome, everybody, to this friday edition of "overtime. i'm scott wapner you heard the bells. we are just getting started from post nine. i'll speak to legendary trader . he has thoughts across every market today and how he thinks the fed can kill inflation once and for all without destroying the economy at the same time we begin with our talk of the tape where stocks are heading fro

the weather over the week ahead is going to be dominated more by low pressure and it is going to be aront here which is sweeping rain southwards we are going to have a northerly wind, strong northerly wind on monday which will bring colder air down from iceland. it will bring a mixture of sunshine and showers, some of the showers will be heavy and probably more frequent across sun too, but the winds will be strong and gusty and perhaps touching gale full is in northern parts of scotland and here temperatures are struggling to make double figures in the afternoon. 16 at best in the far south, but generally 13 or 1a degrees and for all of us it will feel cold in the wind as well. those winds continue to blow into the evening, perhaps easing down a bit overnight, but we will see further showers, even longer spells of rain coming down into scotland. chilly though, remember we have that cold air in place so it'll be quite a cold night ahead on monday night and into tuesday morning and it stays quite cod at night the next few nights. sunshine and showers by day, winds easing for a while but

it is 57 degrees right here low 70s and partly cloudy this afternoon the cool down initiated by the low moved up from the south yesterday. so not everyone feeling it's still autumn warmth around. we'll talk about it coming up. thank you. lisa. also next basketball is back 're seeingnri to tokyo chrll tos (swords clashing) -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. ♪♪ any questions, chris? all good, thanks maura! there you go, one new inhaler! nice did you get my refill too? maybe [door bell] here you go, sir. you're a lifesaver. have a nice day. healthier is managing all your family's prescriptions in one app. cvs pharmacy. healthier happens together so what do you think? we're prepared to offer cash. when you get great deals at denny's... $5.99. you'll start to expect great deals everywhere. new all-day diner deals starting at $5.99. 10 deal-icious meals. only at denny's. 10 deal-icious meals. weekend for bay area college football with cal san jose s

lows is under way. or none at all, you would look back and say that's a de facto retest of the low. why do you get retests it's gnaw because you know you're going to touch the old level. it's fear we might go below. the market has to see if there's demand at the same prices as there was back in june right now, it looks like this is the range people are hoping holds and we have no real confidence, mostly because policymakers are rushing to the destination in what they have to do to the energy crisis without much concern to the damage done along the way, whether to economic growth or just to financial market functioning so i think the type of activity you see this morning puts people on alert for the notion that something could rupture in the system we don't know that's going to happen i think it's a positive that's what's on everybody's mind at this moment, but the don't overthink it trade is to stay out of the way and keep risk levels low not a lot of trading capital when you're losing money on stocks a

we will make new lows. we have relative performance, one of the most important factors in investing. this is not a chart of capital one on the screen, this is a relative strength line. this is better to go to the financial sector. we know capital one is going down, but it is going down even more than the sector in which it resides. that is not good. we are sellers. >> the charts make a strong case. what is the trade here on this one? >> it is interesting, when we deal with cyclical stocks, they often look at the market tops. this is because of the economic cycle we have to deal with. right now, if you look at this on a forward basis, capital one looks exceptionally cheap. this will be lower next year, at $18. that is less than six times earnings. one thing that is interesting is what carter pointed out about loan-loss provisions. we saw an uptick from the first and second quarters for capital one from 680 million to 880 billion. i would flip that around. i would think about it this way. if you have a weaker

, it may not make new lows. add dollar cost averaging if it were to head back. high single digits earnings and sales growth are expected next year. maybe a drop in subscribers lost, this could be an unusual value. >> i have heard that from a lot of traders him. >> relative to itself, that is not too bad. netflix has outperformed the market in the last three months by about 15%. i think you have not really given them credit for any of the password generation, additional income or the ad supported model. if anything it is a net positive and on valuation it is hard to get excited about a company that is not growing like it used to be. i also think that the media sector was outperforming the market aggressively last week. i think they are giving it back on some of the cycle of the market. >> finally, lululemon stretching more than 4% higher . it is the second consecutive day of gains that surged after better-than-expected profits. karen, this is a stock that you own. you still want to? >> i still want to on this eve

first is xbi, that's the etf what you see is fairly well defined lows let's annotate those lows. we've bounced exactly at the covid low. all right, moving on, how can we draw the lines we can draw them as a cup and handle, head and shoulders doesn't matter what you call it, it has all the elements of a reversal formation finally, look at the here and now charts those were five-year charts. these are one year charts. same far with a different set of lines, look at the head and shoulders bottom even as "x" value is pulled become, and you can see that it's drifted lower it's making new highs for the s&p sm we like it a lot. >> mike, what's the trade here >> we have xbi trading close five-year lows it's pretty volatile, so we saw that area that carter was pointing to. implied volatility for xbi is close to five-year highs this sets up an interesting dynamic for a trade we really like in situations like this because when you get higher implied volatilities that we have now, some of the spreads rewe like to use ends up with wider break evens. so right now the implied volatility is appr

you do think we're going back to the lows, don't you? >> i do. and, you know, i'm just passionate about it. i just go where the data leads me as we entered this rally, this summer rally, which i foresaw, and to some degree enacted accordingly, i warned it was a head fake and warned it was based on three false premises. we got a 50 basis point reduction in cpi and started to celebrate that even though that was largely just energy and some would say attributable to government intervention president important thing is even with that reduction, the level of inflation didn't change and was demonstrating itself to be persistent and consistent the second was that -- i'm going to blame jerome powell for this to some degree, was that the market started to believe that we had seen peak fed hawkishness and it was behind us as soon as he said those words after his monthly recap, his deputies went out and tried to walk it back immediately james bullard, mary daly were all out in front of whatever microphone they could find, trying to counteract the interpreta

when it comes to low, extremely low income households, the amount that they can pay in rent without subsidy does not cover the costs to build and operate housing. so federal intervention in the form of subsidy is necessary. and housing choice vouchers are highly effective in communities where there is a sufficient supply of homes, by the people living in them can't afford them. it acts as a bridge between what people can afford, and what rent costs and allows them to stay in stable and affordable housing. >> it seems to me that these kind of strategies, which are necessary to make housing affordable is purely a demand side solution, and not getting at the economics of having more affordable housing, which seems to be the right way of looking at this? >> that is exactly right as long as we have seniors or people with disabilities on extremely fixed incomes, as long as we have families working very low wage jobs which are essential to our communities, we have to acknowledge that federal subsidies are necessary to make homes affordable for them. and we have to find those solutions at scale. >>

just a little bit of low cloud r,

when you start having year-old 13 year-olds guns, it's a problem something low. it's not just the community on the household, something's wrong with the system that these guns are being available. >> who are you? he says when an incident like the one near the bay area technology school happens all you to live resources are moved to preventing further related incidents. we try to find out who was the shooter, who was the victim and we try to get. >> to folks of to try to make >> not retaliate. >> well, that was kron four's amanda hari and we are going continue to follow the shooting both on air and online. so make sure you go over to our website. kron 4 dot com for more updates and you can go ahead. scan that qr code that takes you directly to our website. in the east bay. one man is in custody following an hour's long standoff with police. this happened in pleasant hill, crawford's charles clifford has an update for us. >> well, following an overnight standoff with police, we've learned that a suspect has been taken into custody in this case. his name is joseph a

well, i ho -e their bills low at home? well, i hope not. — their bills low at home?ome? well, i hope not, i hope not, i - their bills low at home? well, i hope not, i hope not, i hopej i hope not, i hope not, i hope people are going back to the office for more than just warmth. there are lots of reasons for people to return to the office and they have done really since the start of the year. so we hope people are going back to the office for a sense of community, a better sense of community, a better sense of community, a better sense of belonging, better education, and really the energy we have around people. in the last 18 months or so are lots of businesses have adapted their buildings and their office space in order to cope with more people being at home. if more people then go back in, can hybrid design offices cope with more staff? i can hybrid design offices cope with more staff?— with more staff? i think they can. with more staff? i think they can- most — with more staff? i think they can. most organisations - with more staff? i think they| can. most organisa

if you will connect your financial crisis low with your covid low, we've lived this entire channel until we blew out through the top when the excesses of last year, and now we are simply at the middle point. do we get down into here do we get down into the middle or lower part of the bottom? i think we do. 3,300 is about where that comes into play and why not? >> how about the overshoot a guy i respect and he actually talked about the 35th anniversary. '87 crash and a couple of deteammate points looking that could take you to 3,000, a 3020 on the s&p could that be an overshoot >> you know, absolutely. if you look at that last chart, just as we overshot through the top of the channel right here, you can overshoot to the downside but before we get to 32 or 3,000, i think 33, and then i have -- tell you something, very big clients talmid-to-low 2,000. >> wow thanks we will see you in a few minutes. let's trade this jeff, again, you made a face when we got to the key technical levels was there something that caught you? >> i'm always making faces half the time they don't mean anything. >> wh

going june lows, probably lower. 8% of june lows so sell it. >> have a good weekend, campbell's soup. us options action is up next. stay tuned ♪♪ ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia. >>> welcome to friday and "options action. i'm melissa lee. the markets taking a late-day turn lower to cap you have an ugly week, month, and quarter. the s&p 500 at a new 2022 low. one of the big surprises this week, apple. you've gotten a lot of questions on this one since we proposed it last week. the theory still intact? we'll go through it together for those who want another more mild mannered trade, we've got something for meat and

that is the june intraday low.we did have some gains but now lower. >> and the white house continues to push the inflation reduction act will cool consumer prices. joining us now jared bernstein, a member of the president's council of economic adviser and a friend and long time guest here on "squawk box. and i look forward to having you on, jared. because we could be, i think of us like at a bar, saddling up to a bar and we could talk that way. >> that is a very nice image >> it is and i kind -- some of your colleagues come on and i don't really get anywhere. but with you, i think you're in on it. i think you know what is going on, so that i could be -- >> where ware you going with this. >> i'm going to tell you here we go it is a brutal couple of weeks for the economy. awful inflation numbers and a hard landing and maybe even a global recession according to some the student loan forgiveness, in the middle of all of this, adding hundreds of billion dollars even a trillion dollars to the demand side doesn't that mak

be or too low?yeah, it doesn't feel all that low to me and actually, as i take a look at options premium going out in time, it doesn't feel that low i'd like everybody to think about this, if you consider the equity markets might return on any given year say 10, 12%, 20% returns over the course of a year either higher or lower would be pretty outsized, but that actually is what the options market is currently imp implying if we look out about a year, we are seeing that that straddles price at about 20% of the underlying for the s&p so it is maybe not the eye watering numbers that we saw in the depths of the credit crisis or during the pandemic when we saw vix numbers going to the high side of 60, 70, maybe gettingg getting close to 80 at one point. those are crash situations we're really talking about how the market's going to behave day to day over the next 30 days and well over 1% moves daily, that's pretty big, pretty volatility. >> next tweet, amazon $125 call from march 23rd it appears attracti

a lot of low low and mid 90s still. but we are bringing daytime highs in the city back to the low 70s and that is how we are doing this gorgeous view. this is from from the camera on top of sutro tower looking out across the golden gate. you see that beautiful stream of low gray just coming in over the bridge.t didn't go that far inland. we could track this throughout the course of the day. this is one of these classic southerly surges in the marine layer. just layer. just kind of shrinked ity up along the san mateo coast. ts was just before sunset. that fog fog is now gone all the way up the sonoma coast. you will see t overhead tomorrow. even in santa santa rosa. it does get further inland. so, at least in terms of of filling the bay, you will be looking at clear skies overnight. you will wake up to clear skies. but we'll have some some more low grade clouds and fill in a good part of the bay.h the petaluma gap. this is how we we cool down. temperatures are well above average now. but by tuesday, this map, there is a

pound crashes to historic low. anand?— the nb attendant. pound crashes to historic low. anand?the scale — historic low. anand? well, it points to the scale of— historic low. anand? well, it points to the scale of the _ historic low. anand? well, it points to the scale of the problems - historic low. anand? well, it points to the scale of the problems in - to the scale of the problems in the sense _ to the scale of the problems in the sense that — to the scale of the problems in the sense that even if she rolls out a package — sense that even if she rolls out a package that convinces people that she's doing the right thing to handle — she's doing the right thing to handle the energy price problems that all— handle the energy price problems that all households are facing, and we'll see _ that all households are facing, and we'll see criticism of the way she's trying _ we'll see criticism of the way she's trying to— we'll see criticism of the way she's trying to do— we'll see criticism of the way she's trying to do this, not least the fact that — trying to do this, not least the f

but if it does break below 130, we're headed down to the low 100s in my opinion >> low 100s?, that's right. and there is both a technical and fundamental case for that as well i think if you look at the bank of america report yesterday, we're looking at eps to be somewhere between 575 to $6. right now market consensus is well above $6 for eps. i think given the news report from yesterday, that will likely come down. even if you take into account consensus estimate, we're still trading at 22 times next year's earnings for apple we're expecting only 5% revenue group and 7% eps growth the next year that is a 37% premium relative to what the s&p is currently trading at, about 16 times next year's earnings. so if you apply even a significant multiple above where the market is trading, that still gets us into the low 100s here in terms of valvations. whether you are concerns about demand destruction, macro headwinds, i think yesterday's news shows us that apple is not immune to that and i think that is where you have both a technical case for further down side in my opinion at leas

we're right at those lows. and here is the tell it is not the s&p, it is the constituents 58% of the constituents themselves are already below their june 16th low. and in fact consider this, if you look at the median performance of all stocks since june, the median stock is down.7% from the index is masking what is going on underneath the surface. look at the next chart it is long-term. several of you referred to the 3400 level that is the pre-pandemic level and even tim said maybe that was inflated so the all country world index has gone down to the pre-covid high and i think the s&p follows suit so you're look at 7% and at that point we're down about 30 from the peak look at the same chart another way. head and shoulders, a big inverted cup and handle. and so it doesn't matter how you draw the lines, and the question is could we go a lot lower the final chart, you'll see it here next looks at the '09 low to where we are now. we've been ascending in this perfect channel for the better part of 15 years and we'r

i followed puc close low. am okay with the reappointing sophie mechanic weland newsha ajami i don't know tony as a person i can't poke to this. i believe hoe has background at the fire department and understanding of [inaudible] now efws. and um i think for the general public this would be fine. i did want to say it is in the on today's agenda it is related i don't think kate stacie has the experience for that seat and if this is coming up i will not be able to participate because next monday is the jewish new year. you are in the discussing that today. please review the qualifications for each individual seat and whether appointee meets those qualifications. i am disappointed that meran was not reappointed to the commission. we had a puc commission 2 former general manager who is know the operation. and we may have a commission in october. 9 months later with neither of those people. this is the in good for the rate payors or the city. i support the appointment of reappointment of sophie, newsha and i don't k

well, livermore and pleasanton the low 80's danville through concord. also back into the low 80's today with antioch, 83 vacaville. 84, 2 of our warmest spots, napa. 77, beautiful day in wine country. enjoy today and tomorrow out there than sunday and maybe rain in those plans a little bit as we are going to be looking so wet monday, showers likely lingering could see a lingering sprinkle tuesday, but not very likely fall technically kicks off on thursday. so we are ending summer on a much more fall like reyna. tom, thank you for that. ok, let look at your traffic this morning. 72 ryan mays to that fremont street exit. >> san mateo bridge, a 80 to want to one about 12 minutes heading across towards the peninsula. richmond, sandra fell bridge a 7 minute ride as you travel out of richmond. let's check on the golden gate bridge. 37 to the tolls about 19 minutes on this friday morning. one of the most popular and controversial tech companies in the world. they still be open. a new office in san jose byte dance. that's the parent company of tiktok. they've r

, you attach it to the july low and you can see where we just made a low yesterday. we are holding on for dear lif . that is where we bounced, here. obviously we have been focused on that downtrend which has been in place for the s&p since the start of january. so, i think steve just said it, maybe we have a trading opportunity here in the equity market. we have a bounce off of that trend which is a short-term uptrend and listen, a lot of people were looking at the same lines. it is not like we are reinventing the wheel here or anything like that, but down 10% in a couple of weeks was a big move, we saw what happened to the markets when we had that move back in mid june, we had a pretty sharp rally for more than a month and a half or so. i do not think we get back to august highs anytime soon. for all these reasons that these guys just mentioned. i think that as we get into the end of q3 and i said this last night, i think all of these things will be weighing on corporate earnings, i think the realization that q3 is going to lead to q4 down in that 2023 recipe earnin

only at lowe's. >> it's 5.55 right now.ee them here and they're being found on buildings in south beach and the financial district. the bulls look, handmade scattered across the rooftops across solar panels these were posted on area on reddit, i guess, or something phantom on social media. and so users now are guessing rebels coming from one of the 4. are they water for burns? are they for alien communication? and i didn't say that, james. this is what people are saying online. >> and for now, there are a mystery. >> the really cool bowls. they appear to be like wooden and handmade and mistreatment ago with mistreated there it is 6.56. we'll take a break. but coming up the next hour, mask guidelines are changing throughout california are going to tell you where you no longer have to mask up. >> plus, a school district is calling on san jose's mayor to do more to protect people along crosswalks near schools. and a man is brutally attacked while walking his dog in the mission district will tell you why family doesn't feel saf

the dow closing at a new low for 2022 and the s&p struggling to not do the same. all the major averages kept their fifth down we can on rising recession fears we'll help you find recommendation in options. plus, we'll look at one whole market insurance policy and examine why gold isn't behaving as it should yet joining me, carter worth before we get to tonight's trade, let's triage the markets. carter, what's your take on the action >> i think there's a lot of hope that somehow because we're back to the june low that we'll hold, and yet we know that the s&p is one index, but major indices from the new york stock exchange composite have all understood cut their june lows. i think we go lower. >> yeah. mike, what's your -- we've seen some pretty extraordinary moves across asset classes how do you piece this all together >> i think the real driver here of course is concerns about rates. and if you're thinking about what could happen to equities. you have to think about what's going to happen to rates first now, a lo of people are making a big fuss and say, just over

if there is a problem with walmart options it's the implied volatility is low.so there is not a lot of meat on the bone if you want to do something like a spread. but as mike said, sometimes all you have to do is buy a call i love the fact that i am going to get long exposure to the equity space in the staples. >> all right retail to rideshare, the chart master is hitting uber's technical to see if this name is going to make a u-turn >> let's figure that out kinda looks like a u-turn, right? we have a beautiful done trend and the stock has failed to the penny, to the penny, to the penny. that's why trends matter then it gapped up on the earnings above trend. how can we draw the lines? one way would be as follows. it's a well defined call it whatever you want to call it, a reversal formation, cup and handle another way to draw the lines. call it whatever you want to call it. it has all the elements of a bottoming out formation. uber on the long side. buy it. >> thanks, carter. mike, what's the trade on uber >> yeah, you know, scott made an interesting point when

i think it's near the june lows. any particular patterns you're seeing there perhaps the cloud and enterprise exposure, you know, in amazon's business that's bolstering it there or no? >> it's interesting, john. i think for one thing, amazon really didn't participate in the last leg of the up side in 2021. the fact that it wasn't coming from such a high perch is probably helping there's also been this dynamic that it appears is going on right now, which is we've seen all of these potential challengers to a lot of the first mover type platform companies, and they had their fun, and we thought they were going to have a shot we thought it was going to be more interesting kn netflix is basing, other competitors struggle amazon probably something similar here you might as well go with the incumbent at a time like this, it seems as if investors are jealous. it has been holding up somewhat better than some of the other what you would consider upstarted ev makers, even if they're legacy car makers. there's probably some of t

nearly 200 low riders cruised to city hall.s to commemorate the repeal of the city ordinance prohibiting cruising, which was recently approved bit city council. the ban was implemented in the early 1990s to curb gang violence. it grew to be a symbol of mexican-american resistance during the civil rights era. >> this is our passion, low riding. it's not a gang thing. it's a passion of being low riders in the community. we do serve the community as well. >> this was all on display at the city hall rotunda, sharing the stories of history and low riding. >>> the fda has given the green light for covid booster shots that target the new variant. the question now, when should we go out and get one? the fda recommends two months since your last booster shot, but at least one local doctor says not so fast. here's audrey asistio. >> it's all about timing, raj. dr. monica gandhi recommends you get the latest booster shot four to six months since your last dose other covid exposure. so more than double the time the fda recommends. why? she

than its previous june low, making a new low for 2022 and to your point, dow transports as well, whichou definitely want to get into first, but inflation, earnings, valuations, you got china, taiwan, rates in the fed and other central banks, nuclear threats coming out of russia in the past week. you have had unrest in iran and now the possibility of a currency crisis. am i leaving anything off the table in terms of the macro picture right now? >> plenty of watch and that's what strategists are trying to process. goldman's david costen saying, our year-end target is 3,600 but 3,150 would be their bottom level and mike wilson, another monday morning victory lap literally writes, can you hear me now it appears investors have finally gotten the message with a pivot undeniably off the table. still looking for a range of 3,000 to 3,400 >> pivot undeniably off the table right now and it's all contingent on the next series of inflation numbers. the market -- whether it's been told and believed it or not, if you start to see downward trajectory in the inflation data itself, the market's going t

we need to keep our taxes low. what i will not do - taxes low.ll not do is pursue policies _ taxes low. what i will not do is pursue policies that - taxes low. what i will not do is pursue policies that risk . is pursue policies that risk making _ is pursue policies that risk making inflation far worse. their— making inflation far worse. their biggest challenge for the prime minister is to tackle the uk's cost of living crisis but uniting the party after a bruising two month battle may be no less difficult. iain watson, bbc news. at least 10 people have been killed and another 15 injured in a series of stabbings in the canadian province of saskatchewan. police have identified two suspects who are on the run and considered armed and dangerous. residents have been told to shelter in a safe place under a dangerous person alert. here's the bbc�*s jessica murphy with more. police say it could be the largest mass casualty event in saskatchewan history. it's an incident canadian prime ministerjustin trudeau has called horrific and heartbreaking. saskatc

in our indicators as prices coming off a lower low. that would be a first step, of course really just a loss of downside momentum that looks meaningful while we had a short-term oversold condition, we don't have an intermediate term of intermission and the gauges we track are going the wrong way. long side down tern and intermediate down tern momentum. we think it will fleet and a process not an event we want to see divergences unfold overtime and we think it could take months. >> yeah. i suppose typical, after this kind of a long-term down trend now, the nasdaq, nasdaq 100 or composite have been leaders to the down side here we see major stocks this week. microsoft, alphabet, under cut lows hit back in june. so clearly seems like there's head winds there is there a different story with the nasdaq or is it essentially the same story, but, i guess, more so? >> well, it is it is exhibiting down-side leadership coming from the mega caps we cited a couple weeks ago the breakdown in nvidia being a bad example for the rest of them and now we

low county. low 70s in sight with ur 70s just near santa rosa. we are rosa. we are still dealing with 60s from san francisco throughout daily city and even into pacifica and the south bays in sight too. > >> so temperatures are clearly w average today, right? that is going to be the trend for us ase wrap-up this week and head into the weekend with the system i just mentioned earlier. below normal conditions, especially ie hills heading into the weekend.o think ahead if you have any outr plans scheduled for this weeken, saturday is a perfect day to do them. sunday i have even been thinking about it is a good day to do indoor activities. i have some things planned, maybe you can too. heading into next work week that is a similar set up. t nonetheless, we will take every single raindrop we can get. daye highs today are in the 70s. 80s by tomorrow and 60s as we head into the weekend. > >> one house in san mateo county mateo county has helped thousands. we introduce you to the man behind samaritan house helpin kevin: i've fought wildfires for twenty years. here's

, low fifties.of them there, sonny nice. it'll be warmer seventies and eighties on the highest today. six o'clock in the morning. sal's here picking up it is. we do have more slow traffic out there, steve, just as we suspected. we have some slowing at the bay bridge, of course, which is not unusual to get into san francisco. it's been a couple of tough days in the city because of the dream force convention, closing howard street between 3rd and 4th. more people have been on folsom admission. it's been a little tough driving and the best way to get to san francisco these days. on when something like this happens, is barred. in my opinion. this is a look at the bay bridge. you can see there is a little bit of a backup here. no problems, though, on 8 80 or on the same mateo bridge or any of the baked crossings, it's 601. let's get back to the headlines. thank you knew this morning and investigation underway in oakland into a deadly shooting that started on a freeway. last night around 11 p.m. near the

the may low. 8 new highs. 1106 new lows.at point do you start to see this sort of, you know, extreme selling, extreme pessimism? does it turn like make you a little positive? >> so i would actually go as far to say this really wasn't that extreme. was it extreme in regards to what over the last few years? yes. using this metric, new highs versus new lows, we did have a worst reading than we saw in june, definitely not bullish. as far as is this panic selling right now? i would say no. we saw worse numbers than this in 2020, q4 2018, even the 2015 and 2016 range, those gots were worse numbers than this. charles: all right. so the carnage can get a whole lot worse. let me ask you about bitcoin. bitcoin has really held pretty good, right? i think, hold on, this is the wrong chart. bitcoin should be around 19,000. anyway, bitcoin has held really tough around 19,000. forming what you would call a descending training gel. on one hand you marvel and applaud it held, other than hand if it breaks through there the other end of that t

burlingame at 78 degrees saying carlos through woodside in the low 80's. well, south bay temperatures mostly in the low 80's as well. san jose, 81 cupertino. also 81 freeman through hayward in the 70's. well, livermore and pleasanton in the mid 80's oakland at 73, danville, walnut creek and concord. each at 86. well, the lee highway, 81, there's your 90's over in vacaville at 92 degrees really are only spot that im projecting actually getting into the low 90's today. tomorrow, wednesday will be seasonably nice with some 70's by the bay mid 80's inland thursday and friday. slightly warmer. the warmest of your forecast only in the low 90's inland so we can handle that. october first arrives on saturday comes along with a nice cool down into the low 80's in mind with 70's by the bay. great. john. thank that will if you are traveling along one heading from 85. >> up towards menlo park about 28 minutes to 18. 82 are moving at the limit along with 2 37 17, 7 min right in the city may so that fremont street exit. we're checking on the bay bridge. metering lights