 scary times for investors to dial Nasdaq and S&P 500 adding to their October losses to tech heavy Nasdaq in fact on pace for its worst month in a decade this as we find out the economy's long gangbusters growing 3.5% in the third quarter that's the fastest pace and much faster space in four years and for consumers and fast and whatever you want to expect us so how do we put these together let's ask a market watcher Melissa Armo and C port securities founder Teddy Weisberg and Teddy I got to start with you because you and I have gone through these before and I'll never forget years ago when it was much worse than this I said what are you doing you said I just bought another seat you so so in the in the teeth of death you you face their bravely should we be doing the same thing again well I mean I've seen so many near-death death experiences Charles that after a while it gets a little boring but the fact is it hurts every time you know and and unfortunately somehow or the you never learn from your mistakes you know I'm not quite sure where we are here but clearly this is it in a big sense this is the case of sell on the good news you know buying the bad news and the good news is the economy's doing fine so what are we going to do for an encore we're faced with with rising interest rates you know a lot of geopolitical and domestic unknowns and plus the midterm election so I don't know what happens in the next two weeks but until we get these midterms behind us basically our position is we've been taking some money off the table and just keeping our powder dry it's very very expensive and very dangerous trying to catch a falling knife Melissa there's a lot of guessing out there and there are a variety of potential issues and problems but we didn't learn the economy is a juggernaut right now in fact this it's great but it's great and it's not inflationary the Fed should stay away this should be allowed to go on for some time and that would be the perfect backdrop for perhaps a market rebound well that's one of the things that was good about today let's look at the bright side first of all it's Friday Halloween weekend second of all the market held the up trend even though we open lower this morning we rally today and we really held and Google and Amazon did not report well last night but you know what they didn't bomb thank God that in bomb because they could have been even worse we could have had a huge sell off so look to the bright side next week Apple reports in November 1st at night and if Apple is good then the market could turn around a recovery want to see the Dow get over 26,000 and this GDP number one of the most important things in this in this number in this report was that consumer spending is up so what does that tell you it tells you that people are spending more money now why either they're spending money they had saved that they've decided they want to spend or guess what they have more money because of the tax savings and Teddy you know the consumer is two Thursday economy and they seem to be smarter wealthier but intent to perhaps spend a lot of money could they could that be the key I mean of all the things you talked about the Geo politics check and all of the rest ultimately could the consumer be the one that saves this rally and continues this great economic boom we're in the middle of well I can't argue with the positive aspects of the consumer but Charles I hate I hate to be a little more cynical than your other guests I mean I enjoy her enthusiasm and I'm a closet bull and I do think the glass is half full but the reality is the stock market never lies and stocks never lie we yes you know we could find a bottom in here someplace and I certainly hope we do we still got a couple of months to go to try to salvage the year but on balance we have spent the entire year running in place and we haven't met a whole lot of progress and I just think these are all the signs of a market that's rolling over it doesn't happen in a day it doesn't happen in a week it's a process that will play out over months and years don't forget we're coming off a seven or eight maybe nine year what we call a bull market and we can argue about that sure but certainly we've had enough trend which started with the trading lows of March of 09 and you can go back to November of 07 and take the trading highs and either way you look at it the markets had a big percentage it's not a huge party it's had a huge party but things don't go on forever they don't necessarily go on forever Melissa but it's interesting that they would end now when things are getting better not worse economically exactly if you're bullish then my advice is stay bullish and if you're bearish I'd have to ask yourself why look at how strong the economy is and now Trump's talking about doing tax reform 202 or whatever and he's gonna call it I mean I don't see any reason why you would sell if you were bullish on this economy trill we've been running up but no we can't go higher forever and ever and ever without pulling back but that's exactly what you've seen from February until August we were sideways then we broke out and the down made new highs there's no no reason at all why the market wouldn't continue rallying what the what the market needs and I'll tell you this one last thing to end your weekend here I would like to see a resolution with China for the tariff issue before that new rate goes into effect on January 1st so if that happens the market would explode you would you would see a huge rally and so we're waiting to see when that's gonna happen and that could happen it could but I mean I think we'll be just happy that those two elected leaders are meeting and then go from there Teddy I got 15 seconds I've never heard you this bearish you're suggesting a long-term bear market possibly no what I'm what I'm suggesting is the market have always been a forward-looking not a trailing indicator you can't argue with anything your other guest says except that everything she says in my opinion to a large degree is already priced into this market we're now going back to normalization whatever that is interest rates are going up money is leaving equities going into into treasuries or or money market instruments it's not the end of the world the low-hanging fruit very much folks President Trump on tape