 With our panel, Melissa Armo joins us now. She is the owner of the stock swoosh. Doug Flynn is a certified financial planner and co-founder of Flynn Zito Capital Management and Art Hogan, chief market strategist at B Riley FBR. Good morning. What a day to join us. Art, I'm gonna begin with you. What's going on in the markets? Is this inflation-driven? Is this budget deficit-driven? Or is it both? What's taking priority right now as you see it? Yeah, I think that when you look at what this all started with was three things. I think we had a market that had a parabolic move from Thanksgiving to the 26th of January. We had a jobs report that showed a little whiff of wage-priced pressure, so we started to get concerned about inflation and will that make the Fed move a little too abruptly? And the third thing is that we've got a market that was pretty wound up in a trade that was short volatility. And when that changed and unwinding that trade certainly threw some gasoline on a fire that started. So we haven't had a crash in quite some time. Two years and they usually happen on a regular basis. We're having one right now. Your eyes do not deceive you. The bottom of our screen. House passes the budget bill. They just passed it. As you were speaking, Art, taking a look at the futures moving slightly higher on the news, almost up 150 points for Dow futures at the moment. Of course, that index plus the S&P 500 and the Dow transports are in correction territory and the NASDAQ is awfully close. So is the Russell 2000. Melissa, are you worried that this correction continues and we get a bear market? Or do you think the worst is behind us? Well, good morning and thanks for having me. I'm not worried about a bear market because technically speaking, we're a very long way away from that. And I don't know why everyone is panicking. We ran up straight for 14 and a half months. And let me tell you something, you don't panic when you're up. The only people that are down is if you bought in January 2nd. And if you bought in January 2nd, you should have been out into that rally up at the end of January because when you get in late, you got to get out early. So people should panic when they're down. So or if the trend has changed and although we had a drop off, it only happened very quickly which created people getting excited about it. But the trend has not changed in the market. The fundamentals look good, the technicals look good and 2018 still looks to be setting up like it could continue higher. But the problem is wait for now. If you're a trader, don't buy back into the market. Even if we rally today, don't get back in. Wait until the institution step back into the market and I'll tell you what that will look like. It will look like a gap up in the pre-market and it will close green and have a big green day on that day. We're not setting up for that yet. And people jumped in this week a couple of days ago when we had that rally and they shouldn't have jumped in. We broke that low yesterday. Doug, if member turnaround Tuesday, we also saw the lows on turnaround Tuesday although it ended nicely. If we hit those lows from Tuesday, does this selling just continue? Well, you're still about 2% above the 200 moving day average which is sort of like a support level. And it's interesting that even with all of this that we haven't hit that. Normally that's a support level that you think you'd hit during correction. But what's really interesting to me is that, if you think about last year being up about 20% plus depending on which index you're looking at. What if I told you last year you were gonna make 20% and as of today, you're still gonna be flat to positive for the month because you are, for the year, because you are. We just went up so far so fast that we're giving back the gains that we made this year. And you're up a lot. So I think that you've got support a little bit below this. You could see a little bit of dip down but we're not gonna, I mean, this is a normal correction. We've had them in 2016, we had them in 2015. We've just forgotten what they look like because it's been a while. And they last about four months on average, historically speaking, if anybody wants to know out there. All right, let me ask you this. Jerome Powell, the new head of the Fed, I would not want to be him at the moment. What does he do with all of this? Because we have a rising rate environment. We have the Fed taking back the punch bowl, pulling back and paring down the stimulus and we have a stronger economy. What does he do? Well, it's interesting. So to the extent that you look at what's happened in the normal market correction, unless you didn't tell that becomes something that's economic, the Fed probably stays the course. Does that mean they're gonna raise rates in March? I don't think so. Does that mean they're gonna raise rates two times this year? Probably. Do they continue to pair down their balance sheet in the systemic way that they are? Yeah, I think that continues. But unless we tell this turns into something economic, I think the Fed stays the course. I don't think that talk of the Fed having to go four times this year is actually going to play out because I just don't think inflation is really rearing its head. If you look at the readings on inflation, they just haven't popped up. Yeah, all right, well, the next congressional, first testimony from Mr. Powell will be the end of the month, February 28th. Art, Melissa, Doug, thank you so much for bearing with us this morning and covering the breaking news for us. Thank you. Anytime. And once again, the breaking news happening in just a little bit.