. >>> joining me now, michael purves, chief market strategist. help us size up the market and perhaps what you should be doing as an investor right now, futures indicated lower by about 500 points. this comes after an impressive three-day rally. they say, look, you could not trust this rally and maybe the top indicators were that he is right. fundamentally, nothing had changed. assuming that this does get past in washington. >> looking at these rallies with a lot of suspicion i'd rather have that spread out over six days and not three days or two days. the sharpness of this rally, the magnitude and the sharpness and velocity of this rally, you've only seen that level in bear markets. in 2008 and in the 1930s one thing that is interesting, the vix closed at 35 it is telling you the average boom will be 4%. those will not all be 4% up days there will be down days. it is pretty inevitable we'll recast those lows. whether we go beneath that of how the function goes and how bad for the key. >> those are key features we will watch the dollar is somethi

tom: we are going to go to michael purves. the mother of all trades has been by america, by big cap, and some of the collateral damage is in the china stocks. are they worn out? michael: it's funny, the ratio of the x ok tef to the buy had made a fresh eye today. tom: what does that signal? michael: over the last couple of years, if you made money in the equity market, it was probably in big cap tech. tech has gotten hammered but not as hammered as small caps, which were horrible performers. i still think what we are dealing with within the equity complex, is sort of a cascading of new sellers. i think some of the long-term allocators are just getting to their committees. jonathan: this is a really key insight -- tom: this is a really key insight to push the stop button. we are maybe not there yet. jonathan: the biggest one-day move on the s&p, going all the way back to 1987. we close lower by 9.51%. michael purves and alessio de longis will both be sticking with us. price action at the close up next on the program. treasury yi