up next, tony dwyer, equity strategist, recently withdrew the target on the s&p 500 for the year we'llhere he thinks stocks are headed next. you can always watch or listen to us live on the go on the cnbc app. before money, people traded goods. tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale. ♪ if i could, baby i'd ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. >>> stocks closed lower today. well off the worst levels. the dow, s&p 500 and nasdaq finished the week in the red at one point the dow is down more than 600 points closed down 159 points joining us no you is tony dwyer, chief market strategist at canacor genuity. yo

choppy into the election and beyond as well tony, thanks great to get your thoughts, as always tony dwyer we appreciate your thoughts. >> thanks, dom. >> guys, let's trade this. pete, to you first let's trade it how is tony's thesis playing in the way that you were attacking the markets these days >> well, you know, it's primarily for me, obviously, as i was talking earlier about the derivatives market so much interesting activity there, dom that's really been something -- first of all the volumes are off the charts we have been talking about this all of 2020, volumes have been huge because of that there is an incredible amount of liquidity in the markets right now and a lot had been very, very short-term i like the fact we are seeing a little bit longer term i don't mind trading it. i expect it to be bumpy. so i think there is no doubt about it, you have to be disciplined in this market right now, you have to have your hand partially in your pockets ready to wait and also to pounce that's exactly the way i feel right now. >> how much higher can the market run at this point let's go off t

joining us now on the price action, tony dwyer, canaccord genuity equity strategist. many people trying to play politics in this market right now. convince them they shouldn't. tony: how do you guess? we don't know how people are going to vote yet. it is kind of 50-50. we know biden is in the lead, but we know not to trust the polls from the last election. we don't know what the application of the supreme court nominee is going to be. we don't know if they are going to have the senate, if the democrats are going to have both the white house and the senate. i just don't think it is an investable event. but you do have hesitance towards buying. but i don't think it is possible. it would just be an unadulterated guess at this point to say i think x is going to win ends this is going to .appen history shows that when you have a significant equity market decline in the end of september into october, it usually means, according to the chart i use, that the incumbent loses. so i think the market is going to be a better tell over the next month than any pundits. tom: your char

. >> for more bring in steve strategist, tony dwyer good to see you as always.what stage we're in of the pullback at the moment. >> corrections only seem natural, normal and healthy before you get them. everybody wants a correction before they happen feels good when it goes up when the market begins to crack you find reasons the excesses are starting to come out it could be the political environment, which as you know is total guesswork covid-19, second wave, is it already happening. can it be the chinese tensions it's all of those things we as you know, from when we've been out, like everybody else, classic strategist looking for a correction, it's what you do wit. the fundamental thesis we have with combination of historic excess liquidity and synchronized global recovery, we want it -- the down 10% is not the time to get negative could it go down another 1 or 2% i've proven over time i'm not great at calling the bottom. i can identify when you've already been down quite a bit and i think it creates an opportunity. >> an opportunity where specifically, tony in

then you have really recognizable people like tony dwyer who recently pulled his price targets. i think he feels like sort of a fool's game to try to put targets on a market right now that doesn't seemingly care. i think it was heather bellini who made comments in terms of goldman sachs and zoom and said we're raising our rating to neutral. i think you have a lot of people in our community scratching their heads. don't underestimate the, again, headlines of potentially the chinese selling the u.s. treasuries i know the treasury market is huge and we're only talking about $200 billion potentially so it's the drop in the bucket but the message that potentially could send might have been the straw today. >> the symbolic nature of that would be very important to the psychological aspect of this market just quickly because we do want to get to the chart master on the there is technical damage to this market. karen, you have been grappling with this in terms of a fundamental market versus a market driven by liquidity this whole notion of analysts saying we recognize that the stock is

is it too late to get in on the games and action tony dwyer says why he thinks it's not a bad time top shares