in the 1950's. do any images come into your mind in association with that phrase? would you share? >> june cleaver. >> great. we will come back to that area? housewives. anybody else? anybody else have a different picture. how many of you thought of housewives, suburbia? i think it is the most -- when we asked that question of most americans, we ask that of most americans, not just college students, what comes into our mind is suburban housewives. the person that comes into my mind is june cleaver. i have been studying women's history for decades in the first image that pops into my mind is june cleaver. she wasn't even a real woman. my gosh, she is a sitcom character in "leave it to beaver." that is the name of the show. can you describe june cleaver? what is she wearing? >> a dress, prim and proper. an apron. prof. muncy: fancy dress and an apron. >> sometimes a high coller, not too low. it was still the 50's. prof. muncy: pearls. >> coiffed hair. prof. muncy: when i picture june cleaver, i always

let me show you the s&p. we flat lined at the open, up 300 points on the dow, 37 points on the s&p and we sort of have been right there throughout the day. a little bit of rise after europe closed once again. sara's right, once we had a correction, 3% down with the s&p 500 two days in a row, that has been a rare occurrence. this only happened eight times since 1980, five in 2008 and each time, two sessions in a row, one day later, the s&p has been up 75% of the time, averaging 2.3%. sara, guess what, we're up 2.2% on the s&p. that's today. >> not bad. >> it's happening exactly in line with expectations. one week later, it's up 86%. the median return, 1.3%. the biggest gains happened in the first day after the two down days which is what we're another right now. we've seen strange things. stuff is up today. look at the emerging markets, eef, down six days in a row. boy, it was down 12% in six days. what a debacle. up 4.6%, getting back a third of the losses. a lot of the high beta etfs are up today. this is to

and, starting in the 1960's. it comes to a head in the 60's. all of a sudden, people want to bust out of that box. they want to bust out of contained society that has been successful in a lot of ways. richest society in the history of mankind. but a lot of people feel that it's still defying and not originally satisfy. the busting out of that, declaring their freedom from conformity. that's what the 1960's is about. that's going to be the theme of the lecture today. does that make sense? calls for freedom. instead of the story. normally i serve the story. instead of the story, i'm going to show bunch of pictures to start us off. i think there's so much about the 60's that generally misunderstood. i went and looked at some images of the 60's. evidently, if you google search the 60's, this is the kind of stuff that you get. hippies, flower power. all of that kind of stuff. this is a halloween costume you can buy. to be a 60's kind of person. this is the poster you can buy. can buy this poster. you are in tune with the 1960's radicalism. this was

liz: well, the problem right now is the s&p. the s&p is now back into correction territory, s&p is now losing, folks, losing 31 points. losing -- 11 points. breaking through the 1900 level at 1881. word from the traders here on the floor, we had steven guilfoyle saying watch out for that 1905 level. goes through that, look out below. now the dow jones industrials, folks, down 92 points. so we are looking at a 500-point swing. we lost 441 points of gains here, the big board showing some stress, down a half a percent. we do have the russell 2000 now down five points, the small caps getting hit to the tune of about a half a percent. what about oil? well, oil earlier staged a bit of aback, and so we -- comeback, and so we thought this was a really important time because oil tends to be somewhat of a proxy for how the greater and global economies are working. we want to bring in dan everhart, ceo of an energy company called canary. dan, looking at the surprising what you say are surprising benefits of what we have seen in oil which i

below the 2000 level on the s&p. interestingly the vix setting new highs for the year. and one of the biggest monthly gains going back to 1990, the 10-year has finally started to move, giving into some of the selling. we started the morning around 2.07, now around 2.04, 2.05. in determines of 300-point losses on the dow, we've not had back-to-back 300-point losses since november of 2008. which the thick of the financial crisis. joining us today, brian jacobsen, a chief portfolio strategist at wells fargo. brian, good morning to you. >> good morning the it's been pointed out virtually nothing is helping today. there's waves of negativity from desk to desk. whether you work on 4-x, whether you're covering geopolitics what to you are the most important themes right now? >> well right now i think we're just in a pessimism loop unfortunately. where there is a lot of negativity and there's reason to be somewhat negative about some of the information coming out of say tension between north korea and south korea, you also ha

earnings ratio on the s&p 500. as we were seeing markets continue to climb before the we have seen it back to october. not as big of a celeb that more significant a lot in the s&p 500. we can take a look at the map on the bloomberg terminal, and the various sectors. it is all red. at one point we did have inhnology and the green -- the green, now down 4%. we thought it would be a round-trip up, but back down now. energy and materials leaving the decline. we continue to see this selloff in oil prices and copper prices after we had the big selloff in china overnight. continuing concerns about what chinese demand is owing to mean about the various metals. oil, copper trading loyal. gold prices trading lower. --oil, copper trading lower. it is not getting a bid that you might ask act in this type of risk-averse environment. take a look at the dollar trading at a seven-month low. not seeing any bid to the dollar down 1.7%. let us look at asset classes with the 10-year. earlier touched below 2%. for the first time since

high in the s&p 500. to prevent additional downside risk to the $18.20 level. alix: we are just hours away from asia opening. as we take a look at the shanghai composite, what are things we are needing to do? >> the capping nature of the target. we have already seen a prolonged correction. now we are seeing cap's. they were more exhausted than others. you can argue for the shanghai composite that it is any long-term correction based on word is compared to the higher highs and lower lows. i think it is around 3000 with the level that i was watching. i cannot be sure of the exact number. these things happen quickly these days. you would rather have it happen quickly because that would suggest it's a countertrend joe: thank you for watching. alix: we'll see you tomorrow. ♪ cory: this is a special edition of the bloomberg market day. ♪ matt: want to begin with a brief recap. take a look at the equity index, down 588 points on the dow. the s&p closing down almost 4%.

the overall portfolio doesn't beat the s&p 500. there's a reason for that and that's because they were making sure that you were invested in other asset classes that may not have been doing well during the bull market so you will be okay during the time of the stock market correction. if you're well-diversified in your portfolio, you should be fine. if you're worried that you are not, call your financial adviser or get one. >> right. hopefully they already have one. if they don't, definitely call. retirees who perhaps are not as well diversified, as you just mentioned that they should be, they may have too much money in stock. do they sell it now in i would think the answer usually is no. >> the financial adviser i talked to said now is the time to look other places to raise that cash. maybe it's short-term bond funds, maybe you have cash on hand in a cd or savings bond but you really don't want to sell stocks in a panic. >> right. hopefully it's the bottom but if it's not you don't want to be selling. >> exactly. >> sharon, stay w

in the 1950's. we don't want to get rid of her entirely eerie suburbanization was an important trend. cleaver, withune the vacuum cleaver, that image does obscure one of the most important trends for women in the 1950's, the american women's labor force participation increased. not only did not go home after world war ii, but they increase the third the labor market. a decade that we associate with women's domesticity. we are whitish of june cleaver to the side and fill our minds eye with a much more diverse set of images of american women in the 1950's. great. here are the main points today. americanld war ii, women workers did not retire to domesticity. thisu know, and you solve thursday, women workers were forced out of high paying good jobs in world war ii. forced out of those jobs at gm and the shipyard. video, then in the majority of women workers couldn't afford to go home because they were working because they had to work. instead of being pushed out of the labor market, women workers down i

in the 1960's. most books on the assassination raise the question of who did it. that oswald do it. he did. or maybe the mafia. maybe the cia or fbi. the radical right wing businessman. those are favored subjects. i ask a different question. what did it mean. this is a large event. what did it mean in american life. what was its meaning for politics? what was the length between kennedy's assassination in 1963 and the events that followed, which by 1968 turned the nation on its head? end1960's represented the of the liberal era, which began in the 1930's with franklin roosevelt and the new deal. by 1968 the assumptions of the liberal movement that roosevelt, truman, stephenson, humphrey, represented,hnson those assumptions were in tatters by 1968. 1968 was a remarkable year. a wall street journal piece on the events of that year including, two important assassinations. senator kennedy and martin luther king. and the upheavals on campus. lyndon johnson's withdrawal from the race. 1963 towe get from 19

fall in the s&p could reach 20%. take a look at my bloomberg terminal. this is the number of stocks in the new york stock exchange that have hit new 52-week lows and this is just as of friday, 601. what does that tell you? >> what we had keyed on prior to the last few days was the until youad this collapse that had a very large number of stocks making new highs and lows simultaneously. that historically has been a bearish condition for the stock market. a just means that there is lot of bifurcation under the surface. techs, untilbio very recently when the commodity oriented stocks were where we love. warning, someof a of the chelating groups like transportation, utilities, and then going back to 14 months ago, we had a key in high-yield credit. we have had some cases of extend more than a year. the idea that we would i after a mere 10 sent traction, it is premature. joe: are there some areas of the market that you might be looking at, areas where you expect to find bargains? >> i think there will be a , first weses r

of the s&p 500. take a look at what happened recently and you will see this fall off that has taken place in the last couple of days. looking for levels of support is what traders are typically trying to do, to find someplace where there is a lot of buying activity. to 18.50 in the s&p 500 to see any degree of support. we'll have to see what happens. we are just below 2000 on the s&p. now let us take a look at some of the top stories crossing bloomberg at this moment. the prime minister may use new elections to consolidate power and get rid of the dissenting voices in his own party and alexis tsipras said he would call for new elections and he has been in office for just eight months. he was elected on an anti-austerity platform, but he agreed to more taxing increases and more spending cuts to get that vastly needed bailout money. women, and man, i want to be absolutely honest with you. we do not achieve the deal we were hoping for before the elections in january. we do not face the reaction we expec

the bet on was the s&p 500, the puts and calls that he wrote. he thought the sell-off in the chinese market would lead to increased volatility in u.s. stocks. he was basically betting that investors would over pay for insurance against the volatility in the u.s. stock market. he is trying to generate income by essentially selling this insurance in the form of putting and calls. scarlet: much ahead on theberg market day. an historic day for u.s. and cuban relations. the stars and stripes fly over havana. time to make way for the tourists and company. scarlet: welcome back to the bloomberg market day. i am scarlett fu here with betty liu. let's get straight to julie's look at the market. we are a little less than an hour away from the closing bell. >> i wanted to look at some of the semiconductor related companies. this maker of kenyon martin ctor making equipment -- semiconductor making equipment. it can be a bell weather for industry. the they make orders several months in advance of an expected demand. so the fact that this company is coming ou

the s&p 500 set to pose the worst month in three years. our next guest says it will need a couple more days to stabilize. we are talking technical. joining us is the technical analyst at oppenheimer and company. he joins me from his firm in new york. if you take a look at the chart from the s&p versus the 200 day moving average, talking to us about what tech gold deterioration we have seen. >> we have seen a notable breakdown in trend. --talk to us about what technical to creation we have detriation we have seen. we have broken below the 200 day moving average. but really, that could act as resistance on the way back up. we're not there yet. what has to happen is for us to stabilize. is very similar to what we went through in 2011 where u.s. debt was downgraded. we had a very steep decline august 2011. a lot of the intensity indicators bottomed first. it was not until a few months later until the indicators became " less bad." they were diverting with price. they made higher lows. i think we need to see that kind of behavior before the mar

the s&p has been flat all year, so it's hard to make the case the s&p should tip to the vortex of massive declines. the fears we have seeing, is there a possibility those fears are overblown? >> it depends on who you talk to. there are folks much more involved in king that the devaluation was an attempt -- their currencies were pegged. they do not want their currency to strengthen. it looks like it was done a little early. the devaluation was only a few percent. to only be vietnam and cosmic stan. if you are betting on chinese growth at 7% and it's not even five, that's a little scary for global commodities prices. >> that's right. how much damage is the global economy going to take if it is only growing at 5%? i think the reason that you can be bullish on the u.s. is there's a lot of things that can take the mantle from here. u.s. housing, u.s. investment spending. remember china's surge in investment was about $1 trillion over seven years. is $1 trillion today. mark: investors are trying to create a little bit easier than we've had overnight. climateerious market equilibrium? -- how do

this is the volume on the s&p 500. if you look at where it was at this time, we are looking at it double or triple the volume today. here is today's volume and that is half an hour into today's trading. to give you perspective on these spikes here, these are all full days of trading. we are already up here. not only do you have this deep selling today, you also have it on relatively high volume. for contrarians out there who look at this for exhaustive selling on the market, they would be happy potentially to see that kind of volume. olivia: i was e-mailing one big futile manager if you want to come on the show. he said no, but replied with a quote from "trading places," saying it was good for him. now a look at our top stories this morning besides the markets. a new survey suggests that the vast majority of economists expect the federal reserve to raise interest rates before the end of the year. 77% of economists surveyed by the national association of business economics believe the fed will raise rates this year. onl

the s&p is above the flat line. but if we have another day like this it too, will raise its losses for the year. oil is trading near multi-minute lows. though some of the energy stocks are doing reasonably well. brent crude hitting its lowest point since january 30th. west texas at $44.62 for more on the markets and where we now stand this lunch time courtney reagan is here at the nyse and kate rogers will join us from the nasdaq in a moment. courtney, you kick us off. >> we're seeing the dows off the lows of the session. we're still about 27 points below that six-month low. if we stay here that's where we're going to close. we're seeing volume slightly heavier than normal with about twice the declining volume to the advancing volume. if you're a bull it is probably not your favorite day. we're seeing that fear index, the vix, actually really spike. the highs of the week for sure also pretty much near the highs of the session, just perhaps off a little bit. 23 of 30 dow stocks are lower. we've actually improved in t

the s&p 500. and the question, does the s&p 500 have more role -- more to rollover? i have talked to credit investors who are looking at specific energy into related to needs and has gotten sold off and is distressed, most people are not looking to buy right now. they want to insulate investments, they are getting nervous. this is a wild card, but it also suggests globally that we have more to go. alix: here is something fascinating, there are still questions coming off of the selloff. we have not been affected, almost at all. julie: it is not like the data has been uniformly strong, but look at that house numbers, the job numbers, we have seen trending improvement throughout the year in the past several years. so there is a question about whether we will now cfx of flowing -- now see the effects of global growth. >> we are looking to august, the earnings season is over. up 100%. volume is >> volume is up, but that is probably computerized trading and not people making big directional bets. that c

and the s&p 500 lost 64. for the week all three major indices were off more than 5% with the nasdaq losing the most. according to s&p issues within the s&p 500 index lost more than $1 trillion in market value this week. and as stocks fell, so did bond yields. the ten-year now hovering just above 2%. >>> bob pisani takes a look at the mood on the street and what investors may be in for next week. >> reporter: what a day and what a week. the s&p 500 fell more than 5%, this is the worst week since september 2011. there was no immediate catalyst for the decline. and that's why traders were taken by surprise by the heavy selling. it was a vague mix of concerns on slowing global growth, concerns that had been building for months frankly. china started dropping in june. brazil started dropping at the end of last year. so where's the market bottom? i have no idea, but the fear level is pretty high. higher than it's been all year. and that's a good sign. the vix or fear indicator has gone through the roof this week. p

we end the show that the s&p 500 is down the most since 2011. the nasdaq down the most since 2011. ♪ olivia: good morning. it is 10:00 p.m. in shanghai. welcome to "bloomberg market day." ♪ olivia: good morning. we have to get you straight to a market check. there is no stop to the bloodletting. stocks, commodities, current cies plunging worldwide. at one point in the open, the dow was more than 1000 points down. 500 down 82 points or not. the nasdaq off more than 200 points. all the main u.s. that smart indexes officially in correction territory. that they are often percent from the most recent peaks. the selling started overnight in asia with the shanghai composite fell for the single biggest a drop since 2007. the emerging markets index off the most since 2011. in europe, the stoxx 600 heading toward its

that was on the s&p 500. he got the selloff of the chinese market would be increasing volatility in u.s. stocks, and he was basically betting that investors would overpay for insurance against the volatility in the u.s. stock market, so he is trying to generate income by essentially selling this insurance. betty: thank you so much, miles who wrote the story on bill gross and thank you so much, lisa, she covers the bond markets. breaking news right now, julie hyman has news on tree on -- trion. a $1.6 billion stake in cisco according to a report on another network. seek board and just to be clear, we are talking co, the food services , the technology. we will bring you any other developments on it and confirmation of it from bloomberg news as soon as we get it. betty: thank you so much. julie hyman on trian. we would say more about an executive making more than ceo jamie dimon. a bit more at that. ♪ betty: welcome back. i am betty liu. let's get to julie hyman for some of the big stories of the day so far. i

in terms of the declining weight on the s&p. alix: the overall sector, it is the same story. they are all lost 2.5%. that is where you think you want to go, and then there is a panic what does that mean to you? just for day-to-day basis, it is clearly, if you look at all the industry groups throughout this, there has not been in of dispersion between the declines. leader, i look to the group's leading from about 250, which was when the artwork started to roll over. not much more than the other group. onemarket as growing at he's at this time. everybody solves one thing at there not a lot going on between sectors. that is true then he drank and i can play maddock moves in the dramatic and climactic moments in the market. >> the high-yield market as well as junk-bond etf. >> my chart is a big question mark right now. you just got your head when you have no idea. alix: thank you probably make it to the close -- for helping me get to the close. we are following this market deterioration into the close. much more on what you miss. .

highs again in the 90's. alk me about the hot hud weather with the full forecast in a minute. >> am coming up, students everywhere wrapping up the summer break, for some, little bit less of a break than others. what is making summer vacations shorter for kids all over this country. you may have noticed retailers offering hot summer deals. why shoppers seem reluctantp to part with their cash. you can breath autossier when you fill him gas tank. prices are falling. now the real question is, will it last? >> gas prices could fall bee lo $2 a gaon nxt year. according to analysts, if crude oil prices continue to drop, we see low prices all over this country. right now, the nonal average for a gallon of regular gas is $2.65. that is up three cens were last mon, but down 82 cens from last year. meantime, in new jersey, prices at the pump dropped for the eighth straight week. gas prices there are $2.37. >> well, the time between the ends of one school year and the beginning of the next is supposed to be summer vacati

the s&p, that sort of thing. you have this expectation now that seemed out of whack to me and i suspect that the selling that you're seeing right here, the people who've really sharpened their pencils about the second half as far as a pickup in earning growth they just don't see it. to me i think you can pick on the russell, you can also pick on the nasdaq 100 because i think it's lost a lot of leadership there and the s&p's going to be the last soldier to fall. >> other sectors within the iwm, carter, that look the most troubled or vulnerable. >> the thing about this is think about it. it's where there's the future, right? it's idiosyncratic growth. each thing is a gopro. a new mousetrap that's working and not so mature as to have been picked over. and stocks in this index don't care about currencies, they don't care about putin, they don't care about the ukraine, they don't care about china they're basically domestic and the fact that they're faltering is an issue. and also there's this. in any general drawdown

the s&p has come back. when i was looking at 30 seconds after the open, did somebody sell verizon at 38.50. ge at $20 and a little more. we know the power of the quantitative funds. the algorithm says sell enanne you do, but people will say the dow was down over 1,000 points. was it real? >> my old saying is when you can't sell what you want to sell, you sell whatever you can, including your grandma's necklace? it looks like grandma's necklace ended up in a hock shop today. >> good to see you. thank you. >> you know it's a different kind of day when the dow is down almost 3 00 and that sales good. we were down almost 1100. we'll talk about where we're headed later after a quick break. it took serena williams years to master the two handed backhand. but only one shot to master the chase mobile app. technology designed for you. so you can easily master the way you bank. no sixth grader's ever sat with but your jansport backpack is permission to park it wherever you please. hey. that's that new gear feeling. t

the s&p 500 up by 1%. the nasdaq of five point 8%. you will remember at least for the dow we are now on track to break a seven-day losing streak. we were on a two-day losing streak. hopefully we can hold on to the games. taking at the bloomberg terminal . i will show you who are the leaders in flaggers. the industrial sector is the biggest gainer right now. this is because of a couple of shares. is because of caterpillar and the other boeing. caterpillar shares could rally. reason for that as a downturn in orders from minors and oil drillers might be nearing an end. taking a look at the stock price up by nearly 3.5%. boeing up by nearly 2%. boeing could see a rise because of what we're talking about earlier today, the act decision between berkshire hathaway and parts.on cast on the order of $37.2 billion, .235 per share it is a maker of metal industrial parts for things like jet engines, power plants and oil and pipeline. customers include ge and airbus, as well as boeing. that is why we could see that pop over there. at berkshire, do

the s&p and nasdaq having the worst month since 2012. the superlatives go on and on after last week's horrible week. scarlet: and the next -- vix as well. we are looking at the fear index and how much volatility has been introduced. alix: fruit decided to do something a little -- crude decided to do something a little different and went into a bull market in, like, three or four days. this is wti short contracts, who is betting for a decline in oil prices. see how much that has risen in just the past month or two m onths. whoops. i'm going to show you in a second. wait for it. it's going to be awesome. this explains why we see these violent, unbelievable moves in oil on just one tiny headline. scarlet: over a three-day keeper -- period, oil posted its biggest one-day gain in 25 years. scarlet: matt miller -- alix: matt miller is in the newsroom with more on the action. matt: i woke up this morning and put on a green tie and green shirt. a lot of people have been complaining. i was trying to induce the market to do well, and it did not wo

fir right now of the s&p. because teddy i've been looking over tradings. trading screenings very interesting move here. we were up we started to retrench. then back up again and what you see here is -- is not a ton of conviction. ing totally to this moment. >> well, they feel like they want to work higher. i think they -- yesterday was very discouraging. that reversal yesterday i think really a lot of people threw the baby out of the bath water myself included. >> they wanted to be out didn't they? >> but that reversal and negative close on the normal circumstances i thought they would be down 300, 400 points but we've held the gain. i don't know where we're going for next 50 minutes but they feel look they want to trade higher. if they're going to trade higher higher than where they are right now. >> you want to hear from a guy who has 30 billion in management right now? see what he was doing today? >> i want to hear from him and i want to marry him. [laughter] >> jason price. over at teddy would like to ask

it's the biggest sector in the s&p. looking broadly again at the technology sector overall, a year-to-date basis it's down 5%. one of the biggest decliners so far in the s&p 500 overall. and you take a look at one of the etfs that tracks this particular index, the xlk, the select sector spdr. down 7% as well. among some of the individual names to the down side, just over the course of this past week, intuit shires 15% to the down side and a couple of flash memory slash semiconductor names. sandisk, micron, both down 15. 14% as well. again, technology a big focus for a lot of traders out there, melissa. back over to you guys. >> speaking of tech losers, apple is down almost 9% on the week and is officially in a bear market off 20% from its recent highs. the last time that it happened appeared to be a great opportunity. in the words of carl i kaub it turned out to be a, quote, no-brainer. so will it again? mike kuo's at the smartboard with a clever way to get long. mike. >> you might think that selling puts is probably th

in the 60's this hour. we're not going the see this cool air moving into philadelphia but some suburbs will drop into the 60's through the overnight. we are dry on storm scan3. the exception is down just to our south in sussex county delaware. we had strong thunderstorms rolling through moving off shore dewey beach rehoboth beach bethany beach and it did prompt a flood advisory with that slow moving thunderstorms but things should improve over the next half hour to hour down along the delaware beaches. i'm going the call it pleasant tomorrow. hume levels low but still hot and then we turn steamy for monday. that's when we'll see our next best chance for a shower or thunderstorm but enjoy the high pressure over us right now. if you have outdoor plans that means mainly sunny skies for your sunday. monday more humid. here's that front that could trigger off a shower or storm mainly late in the day. tomorrow morning looks good into the afternoon lots of sunshine in our forecast. monday some clouds start to buil

for the prior 10 years on the s&p 500. of course, you have the related impact on the economy. think some of those investors did get burned by the situation, they are less interested in moving a substantial amount of money back into the market, not to mention the fact they are getting a little bit older. watched from afar. they didn't have a lot of exposure, they tend to take a different approach. i wouldn't write them off yet. bigger, theyillion have vehicles like 401(k)s which allow them to invest automatically at a much younger age. i think it's an interesting conversation to have about demographics, but i'm not one that views now the baby boomers are retiring, that's it for the stock market. we had to cash on, who claims the market is broken. there's a very zero hedge feeling that high-frequency traders d ruinedverything, and ever since basil three and dodd-frank, it's become an for individual investors to make money. do you think that your investors, as long as they have a plan, watch expenses, no that noisecan avoid a

the s&p is going sideways for six months now. if we had seen the move in apple and the money move into another sector that looked posed, i would say that's perfectly natural. you're sighing the rotation out of the long stories, and we did not see it and that's another sector and large cap bio tech and smaller cap that's been so wrapped up that the way that the xbi that's smaller cap, that's troubling. i would have thought that some of this money would have gone into the space. >> so what could be next? you say that starbucks could get ugly. >> this is priced for perfection as disney was and others. as this spelling spills over, this is one that we think could take it on the chin. it's steep and corrected. they sometimes go after expensive names or extended names or whatever you want to use. so here is a long term chart and going back to the prior bear market low and you can draw the lines any way that you want of course, and that's how i draw them meaning that we have a well define trend and bounce off, and we're far above the tr

the s&p declined. julie: are you putting on any bets today? jim: liquidity is an issue. if anything, we have people looking to put on some hedges here. we're looking into the most liquid products. julie: jim strugger, thank you so much. protect yourself is the mantra. ♪ >> good day. it is 9:00 a.m. in san francisco. noon here in new york and hong kong. matt: welcome to a very special edition of the bloomberg market day. u.s. stocks on a roller coaster ride to start the week. the dow down 1000 points. some extentired to the index with huge losses. in china, it was even worse. the shanghai composite dropping 8%. a look at whether today posits selloff is in china. matt: crude oil falls shorter. a six year low and we will look at how companies are adjusting to the reality of every cheap oil. ♪ pimm: good afternoon. matt: we have to take a look at the markets right now. i am checking them basically every 30 seconds here. it is such an interesting story. you had massive drops at the beginning of the

the stock is the best performer today out of the s&p 500. meg whitman on the back of earnings in an interview here on cnbc said we're rounding the corner where the growing businesses are bigger than the declining businesses, are you still short? >> yeah and thank you for bringing up the only stock that's up today that i'm short. i appreciate that. we're still short. we think it's a challenge business, we thought it's a challenged business for the last four or five years. despite meg's best efforts, think they're in business as it are in secular decline. and that's the problem. and compare it to a company like apple. we could argue apple all day long. i'm long apple. it's just, i would rather own that cash flow stream in old tech than the cash flow stream at hewlett-packard. >> she was pretty frank about where the, where the pc is, getting better any time soon? no. not like she was polyannie about that. in your short cycle as an investor where are you on that curve? are you still, still bear, bear, bear? or is it nearing the end of the road?

the s&p 500 start showing up in the earnings. alix: part of the reason we are stocks hold up and do so well is because of the momentum stocks like netflix, amazon, google. if you have starting to roll over like we saw media stocks, what is there left to hold at the market? utilities is what was supporting markets in august. scarlet: that will not cut it. they were the only group in the positive today and they have since turned negative. scarlet: we talk a lot about the global growth issue. asngs might not actually be bad as you think. you're looking at the ratio between the baltic dry index versus copper. as you can see, the baltic dry index has risen a noticeably since june, coming off its highest level so far this year. barclays came out and said perhaps the worst of the global flowing could be behind us if you take a look at this index and the measure of demand growth among emerging markets. contrarianlike the view. a great chart. let's bring in the senior vice president of global investment strategies -- jeff, what do you mak

the s&p 500. apple made a fresh low this week, the lowest since january. huge applications for the s&p 500 since apple is the most influential stock with about 3.5% weighting. apple reported earnings, disappointing investors and taking the s&p 500 down, but not for long. it has since recovered. any divergence in the past has not lasted long, so you would expect this gap to close at some point as well. joe: you have to be impressed with the market hanging in as well with the company people are saying is the market doing badly. pretty impressive. joining us now is the managing director and global head of g10 currency strategy. scarlet: thanks for joining us. we have to start with the devaluation of the yuan, the story of the week. if you look at how it performed on tuesday, tumbling 1.8% compared to the dollar, but losses have moderated since then. down only .2% today. we had three days of adjustments. is the worst of the volatility over? >> we would think so, but you also have to recognize that the

about with the s&p. it went almost unchanged before bouncing back here. i want to repeat this, because it is worth talking about again move,the three-intraday maybe we should get used to this. just two days ago, we saw the s&p heading along, plugging along with the rally, and then dropping in the last hour. then yesterday, we saw things a little bit volatile and then a strong rally at the end of the day. what we are seeing today is par for the course of what we have seen the last few days. #moves. we talk about the role that big energy stocks of them playing. that does continue. this is another group that is heading back towards, not quite towards the highs of the session. oil does not see the same magnitude of moves we saw for the other assets for stocks in particular. it has been mostly up as we have been in the regular session. it looks like potentially having its biggest one-day gain in about six years time if we do hold onto this kind of gain. 10% right now, incredible movement in oil. i want to che

temperatures again tomorrow in the mid 80's, low 80's at the shore and 70's in the poconos. check out the seven-day forecast coming up in a few more minutes. natasha, back to you. >> justin thank you so much. >>> eagles fans could get their first good look at sam bradford today. the quarterback is set to make his eagles debut against the ravens in just about an hour or so. our pat gallen is live at the linc where anticipation is building. hey there, pat. >> reporter: hey, natasha. you're absolutely right about that. we just saw sam bradford run out of the tunnel onto the field behind me so he is active tonight as is demarco murray. we don't know how much he'll play but everyone in this city looking forward to seeing what sam bradford has to offer as the starting quarterback. i got a chance to catch up with merrill reese the voice of the philadelphia eagles and he talks about what he's expecting to see from sam bradford. >> i watched his movement in practice and he looks very agile. he has to run for his life but he moves in and out of the pocket, he looks very relaxed. that'

the s&p. the signals have been there. what happens next week? it's critical if you have one of knees big flush days to the down side following by a spike like mike santoli was just saying in october of last year, it happened around the 1850 level. there's a potential for us to trade there early next week. >> the volume levels today for friday in august were extraordinary. the qs traded 300 times their average -- excuse me 3:0000% their average daily volume. apple more than 200% its average daily volume. >> it definitely felt like there's quite a bit of a puking going on which is a non-discriminate selling going on. the one thing i would say is on a day like today when you're down 530 points on the dow today's not the day to panic. you've got to go out and buy umbrellas before it rains. when the market's up. today is not the day to payne. you don't wake up on monday and sell everything out of your portfolio. we're already down 10%. at some point here, and i did some buying today, at some point

we use at least possible bellwether, the s&p 500 spdr that tracks the s&p. it traded about 313 million shares today. a lot of those coming in just the last hour of trading on average over the last three months. it trades a little over 121 million. a massive spike in volume on what was an update for the most part then a huge spike in volume going down. an interesting move and some of the culprits behind the moves today, we'll be talking a lot about this trying to dissect what's happening throughout the course of this hour into "fast money." >> thank you. let's bring in our panel talk about this with our courtney reagan. >> it was interesting to watch what happened there i saw 30 minutes into the close only five names on the nasdaq 100 were negative. then it was half. it seemed to get worse and worse. we saw chip names leading the session earlier having their best day since may. that turned around with big names like texas instruments and sand disk moving lower. some high fliers stayed high flying relative to the rest of the market, talking about netflix, amaz

be that next generation iphone, the 6 s and the expectation is that the 6 s will come with a revamped camera or pressure sensitive display but will this be enough to attract consumers. that's the big question whether apple can grow iphone shipments in december and next year. bernstein thinks apple could saying there is still a lot of share for apple to gain in the high-end of the smart phone market especially from samsung he says. now the event is also set to include an update for apple tv according to 9:00 to 5:00 max. he says the invites tag line is in fact a reference to the fact that tv will include support for siri. melissa, back to you. >> almost like the amazon fire tv saying hey, fire tv where is, you know, "arrested development" or what not? >> right, its hardware update is a long time coming. certainly if you look at apple tv, it's important. apple sold 25 million of them. $69 a pop. the car, the living room. tim cook wants to be everywhere you are. >> yeah, speaking of everywhere, on your wrist, as well. there are some good data out from ibc about the watch. >> yeah, so idc

tumbledhe s&p the most in 18 months. michael holland joins us now on set. great to have you on. -- is the bull market over? michael: absolutely no. you had me going. history oft this august september -- august, september and followed by october is pretty clear. we have an amount of selloffs during these months over the 50, 100 years. it is interesting. i just heard doug kass, a great friend, i always listen to him because i have a tennessee tort optimism and he keeps me -- i have a tendency toward optimism and the key sleep rushed to the dangers out there and they are all real. it is absolutely real. the fact is that the markets are not overpriced. they are not inexpensive as there were several years ago as we talked about but they are ok. there are some good values out there and i think the concerns that we have right now are not new concerns. china is not new. there is nothing new. we have been talking about the hard landing in china potential or the last eight years. corey: what is new is that we are seeing it. we are

this is the s&p 500 on an intraday basis. the purple line at the bottom is the 200 and moving average. it is the average price over the last 200 and trading days. what is noteworthy here is right around early july the s&p 500 dipped below the 200 moving day average and closed below it. and then it has been a line of support since then. it in july 27, at august the seventh, but we have now held above it so far. keep watch for this level. we will see how much of that support level will hold. to treasuryver markets cause i know we will be talking about the fed and dr. greenspan's comments this morning. the yield continuing to move higher, especially on the longer end of the yield curve. that is exactly what janet yellen actually wants to happen. 4%, justear note, 2.2 under 3% on the 30 year. some shorter horizon inflation numbers have also firmed as well. pimm: commodities. reboundingis which is held by what we saw in china. imports of oil have declined in record numbers. ? it is a bounce for the commodities overall. thetop head

the stock is leading the gains for the s&p 500 so far. this week the best fer forming stock, tyler, in the s&p 500 this week amit the route is newmont mining. >> rick santelli is on holiday, but we do still have a bond report. the price is moving higher. the farther out the curve you go, the greater the price gains, the more the yields are falling. look at the ten-year at 2.04%. earlier it was 2.03, and on the 30 at 2.73, almost 2.74%. money moving in to the relative safety of the bond market. mandy? >> okay. thank you. european stock markets plunging on more china fears. the stoxx nearing correction territory down nearly 3% and on course for the biggest weekly loss since december of last year. the dax, ftse all in the red in overnight trade. in fact, the french craac is al down. >>> the european fund is up 27% since 2013. katrina, welcome to "power lunch," thank you for joining us on a very interesting market day. are you seeing this as an opportunity for an example to accumulate or buy or kind of like catching a falling knife? >> a lot

from the early 50's on, to the late 1990's, dad always used to be really amazed by how people would be so into him and into his music. he would be sore amazed especially when he traveled across the country. he would call a sometimes that i did radio and he would be in china, he would be in prague, he would be in these places and these people did not even speak english. but they knew so much about him, and they left his music. it in amazed him how his reach was so far, so deep, two people who do not even speak english. it amazed him, especially being where he came from. i think sometimes he wrestled with trying to understand that. it was baffling to him. how could a poor young boy from south carolina come into such grace, such favor from god to be able to make this music? never went to school, never finished high school, never went to college, never went to a music school. it just came to him. he always wanted to be for the common man. somebody who would go and work those 13, 14 hours a day and don't make a play for their families, but still go and do it each and every day he wanted