michael santoli with yahoo finance says there is no reason for consumers to cut back spending on goods like kitchen appliances, tvs or furniture. >> nothing should affect an individual's spending decisions unless in fact their earning power has gone down. right now, interestingly, this is not mostly about what's happening in the u.s. economy. the u.s. jobs picture looks relatively strong. consumer spend something held up rather well. the housing market is actually come back a little bit. >> reporter: economists say consumer spending is driving economic growth and with interest rates at historic lows experts say now might be a good time to borrow. >> everyone thinks the federal reserve is going to raise interest rates in a couple of weeks. if the economy is slowing down, maybe any won't. >> reporter: a drop in the price of oil to about $38 a barrel is not a good economic indicator, but it will spell relief at the pump for drivers. >> the price of gasoline staying slow, you will see people bike bigger cars. suvs antings like that. >> it doesn't affect it that much. it's discretionary inc

we have michael santoli of yahoo finance and david ellison, peter costas and rick santelli. david, give us a window into what it's like at your firm today. what are you doing amid this turmoil? >> we had inflows across the funds. generally, things are calm. i've been in this business 30 years, investing in banks that many years. it's the first time we had this turmoil where the banks aren't in trouble. the banks are the healthiest they've been in decades and the market's doing this. it's interesting to watch from that perspective the first time in my career. >> peter costa, do you see that playing out here? was it people as david indicated coming into the market? >> yeah. it was institutions came in, pushed the market higher. if it doesn't sustain it, we are in a soft phase. we could sell as quickly as we went up. if you look the way the market has been trading today, we could be flat or down 1,000 points again. it can happen either way. i don't know which, but it could happen. >> we are hearing two different perspectives from big-name investors out there. there is jeff gund

let's talk about michael santoli, senior columnist for yahoo! finance. good morning. >> good morning. we've had a six-year market is it fair to say it's ending? >> it's a gut-wrenching sect. we were down last ochlkt emerging markets have been suffering for months. you've had this kind of slow motion crash in a lot of parts of the world. risky credits, all these things. u.s. stocks were hovering, kind of immune to it until the last couple of weeks. >> you said other parts of the world. let's talk about what happened in china. what led to them de valle ewing their currency? >> lots of things. they've had a slowdown in their own autonowe to economy for a w they've also had a lot of turmoil obviously. they've had a tremendous rise in the mainland market over the past year, year and half, which was explicitly encouraged by the authorities. they wanted to speculate and then tamped it down. it seems the pullback has gotten very vie lenl and out of the authority's control. all of these things are moving aurnld causing the rest of the world to say are we overreli

we have michael santoli, kayla tausche and evan newmark. what is going on here? >> too much is going on. too much pressure from too many directions. everything was down. a lot of those hiding places people have been feeling sheltered in, they got smoked out of them. i don't think it means much of anything we are down 10% in the dow. we've undone this effort to stay above those post qe-3 levels. >> i think it's a good thing. a lot of people have been waiting for a very long time. >> what about the people who are going to see this and go into cash? are they making the wrong decision? >> i don't want to tell people what to do. valuations of most sectors have been stretched a long period of time. we are finally seeing the biotech sector chipped away at. over the next few months would be a better time than the last 12 months. >> it tells you how overdue we were for a trade like this given we haven't seen anything like this in four years. when you look at the headlines in september 23, 2011. it tells you things are so much better right now. the fed had a dire look on t

we have michael santoli from yahoo finance and sara eisen. and "fast money" trader tim seymour.me start with you on crude oil. what is going on here? >> when long positions have been eradicated as much as they were if you read data, the biggest three-month reduction in net longs in in brent futures is something we see play out. the opec comments today were the most important thing. you had them saying we are ready to come to the table and talk to market where is there a level playing field. if you are a little bit short, that will scare the heck out of you. they indicated they are a little concerned about the investment in oil infrasfructure and future of oil where people are not investing. these are the things people want to hear. positioning was so extreme, this is where you are. the thing to ask yourself about oil today, are people saying this is an implication where growth is now that oil prices are up 27% in three days? that's what people were saying about growth. >> let's give everybody context to the month we lived through. we had about the worst month in three years. dow

we have michael santoli from yahoo finance with kayla tausche and "fast money" trader system seymour. significant is this reversal? >> it was a dangerous day if you think about the way we started out. we were so oversold at yesterday's close, s&p was almost five standard deviations below the 50 day moving average. this is all we got when china threw good policy at us. disturbing, not surprising. we probably can grind higher the next couple of days. everybody knows what month of the calendar we're in and what months we are going into. we are in a place where september looks nasty. >> the fact the s&p 500 closed exactly at yesterday's low. a lot of old traders say you have to retest whatever low you put in there. doesn't have to happen the next day. it just did happen this time we went back there. maybe now we are in for a series of days when people look at any morning move with suspicion. yesterday morning you had the big upset reversal. today profited by fading the bounce. >> the afternoon a flip side of the morning. >> september is historically the worst month for stocks. sentiment l

we have michael santoli and guy a adambi.he stock has underperformed enough. if you look since the spring when it pushed up 130. sideways trade. 120 was supported. broke support. now it feels as though it wants to retest the levels we saw in late december and the middle of january which is 105. what's wrong with it? i don't think anything's wrong with it. i think the stock has been under pressure. it's the same company as it was six months ago. i don't think anything has fundamentally changed. we can talk about valuation until we're blue in the face. to me the technical suggests that we want to retest that 105 level. i don't need the hate mail. i know the visceral response it creates out there in the audience when you say anything remotely negative about the stock. even the most ardent bull would have to suggest or admit that the stock has not trended well for the last five or six months. >> i think that negativity tells you something. mike i don't know whether you have a view if apple is some sort of barometer for the broade

joining me michael santoli from yahoo! finance and cate kelly.fast money trader dan nathan. welcome to you as well. mike, start with you, you said this is the market everybody has been hoping for. what do you mean by that? >> in a way. might not feel like it. essentially the market is responding to corporate level fundamentals, making sector moves but not selling off broadly in response to macro moves. the action today showed you the market doesn't crave negative data, doesn't want bad news that will push off a fed decision. that's what you saw with the dynamic of the data releases this morning? i feel like i always say this, maybe i talk to too many hedge fund and traders, people i know are cynical. >> you do. >> for sure i do. and, you know, especially in the credit area, people are always bearish, right. but people think that this is going to be a tough month, we're seeing redemships on the hedge fund side to contribute to any sell-offs we may see. i noticed with the recent round of corporate filings a lot of big money managers would appear to