thanks >> thanks, mel >> tony dwyer, can accord.he message of the markets, in your view? >> you should be looking for is the ideosyncratic growth the tech names have represented that i don't know about names like netflix necessarily. which is part of faang the g in there is definitely appealing to me. alphabet, i don't see any reason why people aren't piling into that i mean, i think that is still down as i looked at today's close, i think it is off maybe 150 basis points on the year and amazon just ticked into the green. but to me, of those two, i would much favor being in alphabet if you're thinking to yourself, what do i want to be in, add a market multiple, how about solid and ideosyncratic growth and that is what it represents. >> i agreement and i own google and prices to erjss growth is the same price as google it is particularly cheap and i also think that we're now back to down 5% off the all-time highs in the middle of an aggressive fed hike. and i think markets have climbed that wallboard i think a lot is going on. we all

note, this could be one of the most dangerous years for stock investors of the current bull market tony dwyerns us now. tony, always good to have you. are you sticking with the forecast that stocks will rally and recover into the end of the year >> into the end of the year, yes, i am. i don't think we're going to have a recession i think it's already one of the worst years. you know, we're already down 20% on the nasdaq comp as of today, i'm told the russell 2000 is down 20% the s&p 500 is down about 14%. so you're in a situation where the market is already down so much as you know, sara, we came into the year thinking it was going to be a tumultuous year on the back of monetary policy uncertainty, economic growth transition from buying stuff to doing stuff, which was going to lower production all those factors are in play, and you throw in this terrible situation in ukraine, and you get the kind of weakness that we have had but i think it's important at this point when the expectations for the fed are to hike so many times into the teeth of this global crisis, it seems like a stretch to me.

tony dwyer out with a note bouts of witness are opportunities to add exposure joining us along with richard bernstein. tony, start there. you have a new note. buying today's pullback? >> sara, back isn'tian remember sremember -- back in january, wow cautious since september talking about tumultuous rally look at what happened over the course of last year at the low, when s&p down 14%. nasdaq and russell down 20% almost back to end of 2020 to see those levels gave back all of the gains in the market, they've gone nowhere. when you put all of that into the background, still in a tumultuous market and i think still going to pull back the thrust last week a historic precedent i can't ignore hard call, middle of a war, fed raising races, maybe 50 basis at a time costs crushing everybody and companies. get the thrusts like you got, make it specific s&p 500 found up more than 6.96% like in the four days ending last week. four-day rate of change. 6.95%. it was up 23% median gain a year later. 14 of the 16 occurrences up actually double digits. >> argues for more strength ahead. richard, i remember

why would they be doing that if they were looking for any upside to continue by the way, we have tony dwyer down here with us and he was talking about the fact that when you look at what's going on in the market and when you have a move like what you had yesterday oftentimes in a short period of time you had to pull back and start approaching and testing some of the lows once again. so all of that being in perspective and seeing what's going on in the options world and the derivatives world we are seeing put buying on many of the etfs and many of those that are not exposed in the u.s. and i'm talking about europe and i'm talking about globally outside of the u.s. when you look at something like the efa we have seen monstrous buying in there, scott when i say monstrous, 66,000, 67,000, buying puts and looking for more down side they've been right early on, and they're certainly looking good again today. >> the european perspective of stocks can be two entirely different things from the way that people view what's taking place in the u.s. market now, josh brown, mark newton whoi mentioned is