, john and in london, michael purves. down, michael to the technology group or are we missing something? michael: if you are referring to yesterday's violence, largely apple many did, -- emanated, there is a note -- near-term tactical thing you have to consider with apple. apple relative to the overall market starts getting above that level, the risk to the upside is difficult. problems on earnings or some ,nnouncement can be magnified not as bad but the companies will supply it in a related fundamentals. an essay on a recent institution make on apple shares. they are on sale now. it institution a wall street going to step in on a bid and own market dominance apple -- dominant apple? michael: embedded in your question is are investors going to get out of the tech growth overweight and buy into the late cycle rotation into other things? value stocks? violencediscussed the related to apple share prices it gets intots as lofty evaluations, the broader tech fame will continue to persist -- theme will continue to persist. the e

. >>> let's bring in michael purves from wheaton & company.as a great day if you own stocks today no follow through what do you make of that are you worried that futures are saying, eh >>> the s&p was up 60 points a bit of a give back in futures. we don't know what happened between right now and yesterday, really not much other than the deutsche bank news the deutsche bank story is not much of a risk factor for u.s. equities or for the broader risk appetite globally. i think what happened yesterday, powell was a key catalyst in that liftoff yesterday >> was he the catalyst or part of the -- delight the match? >> i think he was lighting the match and a fair amount of the fuel yesterday there's other reasons. let's say he didn't speak yesterday. there's a whole bunch of other factors to think why equities would be starting to set up a rally. we can talk about that >> let's do it now what are those reasons? >> simply stated, you know, a lot of reasonal fact seasonal fi dismi dismiss. december holds the record for having the least downside when it

we are joined by chief global strategist and head of equity derivatives, michael purves. uhis relief. how catching it and to what degree is it short-lived? michael: i'm good to talk about technicals, back in october we violated the 200 day moving average. that was the support line for the last couple of years. when you do that, it tends to not be a quick repair. oftenlly through it, but that rally is not sustained and you have to form a double bottom. here, i'm the upside speaking truly technically, it's going to be challenged by getting through and holding above at the same basis as that 200 day moving average. the bears are also challenged. if you look at the chart on the spx, that level is a pretty solid level of support. that we are kind of ranged down here between the 200 day moving average of the 260 day support, with 100 important footnote. there is a seasonal dynamic in december. september tends to be the strongest month of the year. that something you can't ignore, even if the market is flat on the year. ramy: we talk about the santa rally going into the end of th