by the way, scott redler, who just yesterday put 25% of his wife's account, this is dangerous, which has been in what all cash since february of last year, back to work. scott you must be very confident some areas are looking right. what are you seeing to give you that confidence and where are you investing it? >> oh, it's very interesting because everyone in the social media loves this account because i feel like everyone always has a cash account they feel like they want to put to work when everyone is feeling a bit of pain, but during covid, i put my wife's account to work in 25% tiers so so far since the high of this year everyone is like when are you going to put your wife's cash to work and finally yesterday, 17% off the highs i put the first 25% in , because the indices themselves haven't been as bad. you have cathie wood's down 50, 70% you have tech names but despite the s&p cash having been down that much so i was waiting patiently so yesterday finally i put 25% in but i'm going to do three more increments because 25 % you have four quarters in a dollar, i think the viewers

joining me now, traders kenny polcari and scott redler. scott, how much conviction do you put in the reversal that we seen over the past few hours, and for that matter, what lloyd blankfein is saying? >> well, let's just put it in context, because talking about conviction on different timeframes, the reversal in the last half hour is constructive but really it was a reversal on thursday that caught my attention. remember we talked about 30, 50 and the s&p cash as a spot, 20% to maybe cover some short, dip your toes in a little bit, so that was thursday, friday we have follow through. today we wanted to see , do we digest or do we fall apart and as of today, as today's actions pretty constructive, obviously we don't like any names leading because that means oil is higher and it's not great for the consumer, but overall, the over sold that started on thursday, i think you still continue to about 4,150 and still be in a recession in two quarters from now, but there are different ways to make money as the market trades. liz: okay well tell me h

look at the stocks at the moment in a big indices, the s&p , remember on tuesday, when trader scott redler said the next support level he was looking at be around 3,800? we're not far from that. we're at 3,867 at the moment and let's look at the intraday for the nasdaq. nasdaq, well it was the lost leader a few seconds ago now the s&p and the dow are the bigger percentage loss leaders but the next stop for the nasdaq floor looks to be about 11,000 we're at 11, 173 right now. the catalyst for the overall sell-off, aside from the crypto mess, today we got the manufacturing version of the consumer price index number, inflation at the producer level in april went parabolic rising 11% year-over-year. that's hotter than the 10.7% expected, and you can see from the vix, the volatility index, that fear is being propelled by all of these headlines up about 5% right now to 3,425, so which of these headlines do you need to pay the most attention to, and how far did the tentacles of each one reach when it comes to dragging the markets and perhaps your portfolio down. let's get our floor show traders i

let's huddle up with our floor show traders scott redler ready to start, brian i'll start with you. it's almost like jamie dimon is saying calm down, but the markets almost determined to panic. how do you see it and how are you advising clients to maneuver through it? >> sure, i think what he's probably saying is that the bond market which is really leading us throughout 2022 is starting to say that maybe enough has been priced in, not that the fed is done raising interest rates but maybe what's priced in is all they have to do as we see a little bit of a stabilization in the 10 year u.s. treasury yield and that's been i think a queue for the equity markets to become a bit more optimistic if we can really hold at these levels, they can get on to normalized interest rates, lick inflation without killing the economy maybe there's room for stocks to bounce on a bit more optimism we will avoid recession. liz: brian then what, as we look and see the fed might hold steady i think they made it very clear and you just heard bernanke and you know he's in contact with some of those people on