tony dwyer will join us. >>> plus, key insights into the state of the consumer in uncertain times when we're joined by max levchin from affirm whose stock is getting slammed. straight to the overall market with david rosenberg from rosenberg research you've been negative for a long time on the market, on the economy. is this how you expected it to play out >> well, broadly speaking, sara, the answer, you know, would be yes. and, you know, we have the fed -- really what's happened in the past 24 hours now that we have the bank of england behind us is the fed has been relentless in its hawkish rhetoric and to an inverted yield curve, surging dollar, contraction in the monetary base and the onset of recession and so that just has precipitated this ongoing risk off trade and it's probably not going to end "nightline" the fed embarks on the next cycle which is probably at least a year away >> but here's what's not playing out exactly as you forecast. the economy is not weakening that much. i know you think there's a recession and a lot are jumping on that bandwagon but the data today, did y

great to see you. >> thanks, mel. >> tony dwyer. all right. tony does not recommend any s&p right now, have we seen a mini rally back to that downtrend? which sectors lead us there? >> i think it is tech, i think tech has been beaten up here. you know, there are some groups that have acted pretty well here. obviously, there is a lot of crowding in energy stocks, i think they would be week. i understand the fundamentals are probably a lot better for these companies, going forward, so the geopolitical things will keep the pedal to the metal. i want to keep an eye on financials, here, tim brought this up yesterday. i think the idea of some sort of faults that could start in europe given the situation over there, we know that the credit situation, the housing situation in china is really bad. let's see how the banks can rally here. that is when i will keep a close eye on. >> i am constructive after these next two months. i am constructive going to your and after the midterm elections. i'm not constructing now. the last person to say they will pivot

tony dwyer, thank you. appreciate it. >>> check out the renaissance ipo etf, gettingcaught up in the selloff again. the tech ipo market is in the midst of an itselfic drought no listing worth more than $50 million in the last 230 plus day period. >>> up next, been lerer weighs in on the dry spell and why his firm is raising new money right now. you're watching "closing bell" on cnbc. down 440 on the day. low of the day was down 458. we'll be right back. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with d