tony dwyer will be joining us alongside erin browne and larry adam of raymond james. to that conversation with tony dwyer, a market historian. the huge gains we had. we got that from dave wilson earlier. what happens after a 20% move. you get a repeat of 1987? 1929? it is too dramatic. do you get a pullback. kailey: looking back at history has been a mixed picture when you have a 20% run. we have seen 54 record highs on the s&p. that is a record of records. we have 211 trading days without a 5% pullback. how long can that realistically last? jonathan: no idea, but price shapes narrative. it is easy to go on the show and say buy the dip. when you get the 5% move for the 10% move, it is easily confused with something worse and it is quite difficult to actually buy. it takes confidence to sit here and say i think it will continue , because if we get that move lower, it will come at a time when we see decelerating growth in the united states. it is easy to build a bearish narrative off the back of a price move lower given the environment we are about to go into year end.

tonight, on fast, we are charting the sell-off, one top technician lays out the levels to watch and tony dwyer seeing a big opportunity in today's pull-back, why today's weakness could be a set up for a break out and we are breaking down the banks. financials getting smoked and taking a dive in the options market to see where the treade s headed next. the nasdaq plunging 3% and the big driver, new fors out of china. china's evergrande is on the verge of collapse, the potential fall-0 out could rip are he will around the world every s&p 500 sector finishing in the red with financials and energy, the worst performer. what is your take on today's sell-off guy? >> hey, mel, i'm glad you mentioned may, we saw movement like this in may you have been seeing around the edges over the past couple of weebs. you saw it in early may. by the way, you saw this type of move in july as well, and both times, after you know, maybe a weak w week and a half or two weeks you a saw it rebound in a meaningful way. when they are close to 30, it's a level we fail at i thought incorrectly for a while, 4100 is in the cr

tonight, on fast, we are charting the sell-off, one top technician lays out the levels to watch and tony dwyeroday's pull-back, why today's weakness could be a set up for a break out and we are breaking down the banks.

dwyer and jeff sherman. we have got bonds and stocks covered in this segment. tony, as you said it in your note, never feels -- everybody calls for a healthy and normal correction and never feels that way going through it the nasdaq is off 5.25% from the highs. is it healthy and normal >> i think it is and some evidence of of that is jim paulsen covered this this is an offensive tape on a relative performance basis i think it's so important to define quote/unquote the market. if you define the market as the s&p 500 it is driven by the mega cap theme throughout the summer and everything else was suffering. you can use the index and the nyse advance decline line. the russell 2000 the mid caps in other words, it really has been a broad, i don't want to say pullback, consolidation, correction period. now the mega cap stocks are catching up to that theme. remember, the s&p was down about 5% a week ago into that monday move we're nowhere near having the same number of stocks pulling back to the same degree as last monday last monday we had i think at the close 8% of stock