let's get to our floor show, our expert traders on standby, joining me right now, scott bauer from the floor of the cboe, and fit gerald group principal keith fitz keith fitz-gerald. scott, i want to start with you, you said this was a total shock today, what you saw in the markets. why? >> yeah, it really is. and, you know, the number came out, we had a sharp move to the downside. we got in, we got within a whisker of that 4200 levels on the s&p which is major support. that's the 200-day moving average. and you've got every technician, every fund in the world looking at that number as a potential support area. and then all of a sudden, whoosh, to the upside. so this could have been a combination of a couple things. number one, maybe after looking at the report or and seeing the wage growth part of it, that lessened or dampenedded, you know, some of the shock from this number. number two, we have been in a very oversold market. so the opportunity for many of these funds to get in and for a lot of the algo trading to get in at a number just above that 4200 level, that could have been th

me now is cfra research's chief investment strategist sam stole, and from the floor of the cboe, scott bauer. gentlemen, thank you both. sam, what's today's sentiment about? we've seen treasury yields stabilize, we've seen some pretty nice earnings reports. is that the main reason for perhaps more positive attitude today? >> yes, ashley, i think those are the two primary factors with with the 10-year yield peeking its head above 5% and causing investors to experience a chill go down their spine. now by having it dip back toward the 4.8 area, that has allowed investors to breathe a sigh of relief. also as you just mentioned, one-third of the companies in the s&p 500 are reporting earnings this week. and as we headed into the week, expectations for the full reporting period was the s&p down 1.5%. but investors remember that in 54 of the last 56 quarters actual results exceeded end of quarter estimates. and so i think wall street is on the optimistic -- optimistic that it'll happen time as well and maybe push us into the green on a year-over-year basis. ashley: and, scott, is this partly was we

right to the floor show, we turn to morgan stanley senior vice president jim lacamp and trader scott bauer. jim, can you make sense of this the here? we have three down months in a row for the dow and the s&p, and you start to ask yourself with, okay, should i be betting the farm on stocks? should i be buying selectively, or should i be saving this dry powder for the moment? >> so, liz, look, seasonally this is all playing out true to form. historically, september and early part of october are very weak, and you throw in august if you want to as well. and hen you get to that 6-month time frame between november and april, that's historically do our time frame of year. but we've got issues, and we've got a a lot of lines in the sand that we need to overcome. first of all, the nasdaq and s&p both are sitting right at or below the 200-day moving average. the rally yesterday looked good, but there wasn't much volume. earnings beats are barely being rewarded, earnings misses are being massacred. we've got a new speaker of the house, is that going to be a budget battle in the fourth quarter? reme