 And we now move to discuss in detail the market meltdown more than an 1,100-point drop yesterday following Friday's 666-point fall. There was a panic type selling yesterday. What to make of it? To help us sort it out, we bring in Melissa Armo of Stock Swoosh and Nahum Aslam, the chief market analyst of Think Markets. Here we go. Melissa, first, what do you think is going on? Well, good morning or good afternoon. Nice to see you, Bart. Right, right. I really wouldn't panic. We had a huge rally today into the close, which I'm really not surprised about. Even though we fell on Friday and we fell yesterday and we fell a little bit more than was expected, there really wasn't a catalyst for that selling to happen. And I did say actually this morning my trading room, if we 100% today retrace the bar from the sell-off bar from yesterday, then we're going to turn right around. And we actually did that. So the panic lasted for no more than one day, really. And I was looking at it yesterday and I said there's no catalyst for this. There simply was a reaction, I think, to the negative earnings that reported last week. Google and Apple did not have good earnings Thursday night. They gapped down with the market on Friday. And then I think investors took some profits. You also have interest rates and bonds going up. So you may see some repositioning of money. So I think that's why you had some selling. Okay. Well, that's one take. Naeem, what about you? What's your take on this thing? Well, thanks for having me. I think the catalyst for us, it was the U.S. non-farm payroll, started on Friday, right? Because soon we have seen that wage increment coming in, the inflation fear of the Kwan-Mung traders was that, okay, now the Fed is behind the curve perhaps because the inflation has started to take up. And you know, this inflation game, especially with the weeks, what happened yesterday, because during the time, in the last hour, there was a massive explosion in the volatility index and that caught the massive attention of investors. Yes, I agree with the guests that there is no major catalyst because everyone does believe that the fundamentals of the U.S. economy are very strong because wages are improving. U.S. non-farm payroll does tell you that the employment market is strong. But as you said earlier, there are certain jobs within the U.S. market which are becoming, let's say, are not that popular. Hence the banks are closing those jobs. And it is important for the companies to make sure that they are also educating their employees and students are also getting the top of rank in terms of their education. So as you were saying earlier in your section talking about cryptocurrencies, yes, the regulations are really great. And what I wanted to touch that is that within the ICO market, the startups such as Developer, they are doing a great job because that's what exactly they're trying to do. They're trying to create boot camps where they can teach students about the artificial intelligence. So hence these jobs which are eliminating due to the technology and this technology is one of the factor that we are seeing in inflation and hence we have not seen the wage increment, but that wage increment is happening because of the tax incentives coming in that triggered that market sell-off. But that was just only an excuse because the fundamentals are still strong and I disagree with the guest by saying that I think quarterly earnings are still good. But perhaps where I do concur is that yes, okay, the expectations are far ahead because market or the analysts are projecting numbers which are not realistic. So we had a reality check. That's what happened. 10% correction in the market is an excellent thing because I mean even if we get a 20% correction, we'd be more than happy to look at it because the fundamentals are sound. Okay, well that's a lot to unpack. You raised so many good questions there. So it seems like everybody has sort of an answer and I very much respect both of your views. I've heard even people, some crazy conservative commentator say well this is President Obama's fault because of cheap money despite the fact that everybody sort of liked the cheap money for the last. Nobody's complained about it as market's been going up. And then I heard somebody earlier talk about it's the Trump tumble, I mean for gosh sakes. My view is that by and large that presidents don't have that much of an impact on the stock market. Sure, when there is something like legislation passes but what's your thought on that Melissa? I mean, is this Donald Trump or Barack Obama's fault or does this have to do more with these underlying economic metals? Well I will tell you that the market was bullish under President Obama, yes it was. For the eight years that Obama was president the market was bullish but you gotta look at where and when Obama started. It was right after that huge debacle with the banking crisis. So we really had nowhere to go but up after that and we did. But when Trump was elected after that in 2016, November 2016 the market took off and it never looked back. For 14 and a half months the market power trended up. So we dropped for two days, big deal. The fact is that there's an old adage, a trend is your friend and that's still in place. We didn't really have to do a correction. People always like to predict corrections when it happens it happens. If you're in the market long term as a long term investor this sell off doesn't mean anything to you. If you're short term day trader then you might have shorted the last two days. As far as Trump goes his policies are in place now because tax reform passed at the end of 2017 and people are looking ahead with high expectations. That was something your other guest said that's true. The expectations are high but it doesn't mean we're not gonna meet them. Look at what the market's done. Look at all the cash he's companies are gonna be saving in taxes. They're gonna do something with it. So a lot of them have been giving bonuses. A lot of them have been giving wage increases and they're also gonna influence the savings on their businesses with growth and that is gonna happen and it's something that takes time. This just passed. It may not reflect right now the second but it might reflect in the next six to 12 months of earnings for these companies. So you have to be optimistic fundamentally and technically. There's just no downside here for a 10% correction to happen in two days that is scary for people because it's the speed. The speed that had happened was what was scary. If it had gone doot doot doot and taken seven days to happen we wouldn't be talking about it. So the fact is that it was the fact that it happened very quickly but I wanna say one quick thing. People, here's when you panic. You panic when you're down money and the trend changes. Everyone was up, okay? So you might have been up more last week before we fell on Friday and Monday but people were still up and people were still up in their 401ks and the trend is still intact. And even more so after today's close. So there was no reason to really panic. If you were up in stocks and you wanted to take profits there was nothing wrong with that last week. If you're in for the long term then you hold it through but the trend is your friend and you panic when you're down. Like what would I have said for panic? And we got up in the morning and we gapped down overnight in the after hours at some huge number. That would be Panic City, USA. But that didn't happen and actually we were acting crazy last night in the after hours the market dropped a lot and then it recovered. It recovered by the open today. The volatility has been high the last 24 hours, the last 48, that's true. But we were in such a territory of low volatility almost no volatility. You can't expect that to go on forever either. Just like you can't expect the market to go up in a straight line forever which it pretty much did from November 2016 until two days ago. So be realistic. Yep. Naim, let me ask you about something Melissa added there. We just got about a minute left but she's talked about the speed and that is I think concerning. You want the high frequency traders, traders I've called cheetahs because they're in and out of markets so quickly but when things happen in markets today you want them because they provide liquidity but when things happen in markets they happen in an awful hurry. Is that a concern that you have? Absolutely, I think high frequency trading is good in terms of providing a liquidity but it is awful thing because when things start melting up and then you start saying the Dow dropped 500, 600, 800, 1,000 and 1,500 that is a machine war. And this is what we said in the morning to our notes for our investors that this is nothing but a machine war and a product which is sold by an institution to suppress the volatility and that product wasn't right and that's the flavor, that's what you get in the market then. Right, let me ask both of you just really quick when a couple word answer. Are you now buyers of this dip? Are you sellers or are you waitin' seers? Buyer, sellers, waitin' seers. Melissa? Wait, do nothing, wait for the market to gap up and show its strength again today was a good sign but if you want the confirmation wait till the market gaps up. Naeem? Buyer with a stop loss as yesterday's low. Thank you so much, sure appreciate both of you joining us. We'll get to this again right in the future, hopefully not too soon on a big tumble like this. And that's all for today. Tomorrow we have a treat for you with the queen of crypto, Arif Khan. You're going to love it. Plus SpaceX has successfully launched a rocket into space. We will have more on that today with Ed Schultz and watching the Hawks tap up the wall as it is there. Be sure to check it out and be sure to catch Boom Bust on YouTube at youtube.com slash RT. Thanks for watching, catch you next time.