nancy tingler is here and jeffrey's david cates on carnival's big plunge and scott wren on the fourth nancy, dow down 354, just another day where we could not hold on to a rally this morning, up 122 on the dow, even in what many would call oversold conditions, very negative positioning and sentiment. what have you been doing this week well, holding on we've been moving our clients for the last three months into short high quality bond ladders, not at the expense of exsis. we still have pretty significant exposure to dividend growers i've been running them since the mid-1980s and this is the time they shine and provide some hedge in the income against inflation but also a protection in declining markets, and then around the edges we've been adding to some of the higher quality growth names in our garp strategy because when all the dust settles you'll want to own some of these companies that can deliver growth reliably and the multiples have come down pretty dramatically so we're finding pretty attractive names in that space. we've raised a little bit of bit of cash. we're not market ti

nasdaq lower by 65 joining me wells fargo investment institute senior global market strategist scott wrene wieth in a few minutes economic data we've got retail sales number import prices jobless claims out four minutes or so what are you expecting how do you characterize the macrostory right now. i think the macrostory is deteriorating, the federal reserve don't want a strong retail sales number in a few minutes they want all of us out there spending less money trying to put create headwind for demand and slow the economy, so, i think what is happening, is it is slowing. we expect numbers to deteriorate. now i think the recession that we expect you know, did we originally think would be going on right now? we did but i think it is actually going to happen a little bit later, probably start sometime later this year, last until the middle next year moderate recession i think right now, as far as portfolios you want to play defense, i think we are about as defensive as we want to be right now, so the good news for us, is that, you know, we're talking about, what is our next moves, halfway t