 that what goes up up up up can sometimes go down and sometimes go down with a thud we should hasten to add here with this 831 point falloff in the Dow today it might seem like an eye-popping number and I don't want to minimize it it is but a little bit north of 3% in value compare that to what happened on October 19 1987 when a quarter of the Dow's value was wiped out it is very very different having said all of that though these are one-day hits to technology stocks that had led this parade you've heard a great deal about the so-called fang stocks of those that were the largely the technology issues the Facebooks the Amazons the Netflix the Google Alphabets that had led a parade that reduced disproportionate returns if not for those issues the Nasdaq for example wouldn't look at nearly as impressive and today it did not from its highs it's down now about six and a half to seven percent so that's not even correction territory however Amazon is effectively in correction territory and then some down 10 percent or more from its highs but this is an issue that has surged 50 percent over this year so so put that in perspective as well as is market watch of Melissa Armo so Melissa your take on today is there more of this to come what do you think I definitely think we could possibly be lower tomorrow just because of the huge sell-off today but the here's the lesson of today Neil don't buy the dip I was watching yesterday was his own by the dip by the dip we fell off last weekend to Monday and people were buying yesterday wasn't surprised at all this morning I could tell right into the open this morning five minutes into the open that we were going to sell off and was straight selling all down today because people bought yesterday when something's falling when you have a falling knife would like you said a thud you don't buy it because you don't know where it's going to land buy strength short weakness in the market that's how you make money that's how you make profit now I'm not a market technician I think a lot of this stuff that a lot of those fine tune market folks use is akin to reading chicken and trellis and tea leaves having said that they say it's generally not a healthy ending to be at your session lows at the ending that there's a washout period to come you alluded to that on your comments earlier what do you envision tomorrow morning tomorrow morning I think if we open neutral we drop if we gap down in the morning I think we could fall and then hold the only way we you could buy the market tomorrow is if we had a huge massive gap up and I don't think that's going to happen I think it's a washout until one Friday Friday morning is critical for the market and here's why JP Morgan Chase reports before the open city bank and Wells Fargo and JP Morgan Chase is the one you want to watch if those banks report well which I don't know on Friday morning then we could have a turnaround then the market could look a lot different to close the leak that it does at the close of today the market can change tune here remember we just made brand new autumn hides again in the Dow I wouldn't panic now if you're in retirement you might be panicking because of a steep sell-off but if you have a long way to retirement I'm talking three years five years ten years or more stay on the market I don't think we're anywhere in your changing trend I do think the market strong and I said this earlier I believe the market closes very strong into December just like we started the year we're going into earning season I would say be worried if we weren't going into earning season but because we are a lot of these stocks that don't look so good today all the tech and even the banks too could be completely 100% different after they report you know you might be right I know they say that you know history doesn't repeat itself but it sure can rhyme and what rhymes here to me is some of what was going on in 1987 the week before the crash when the Dow was in it is sort of dropping off the days before and there were hints of trouble to come do you see any hints of trouble now back then the foundation as president Ronald Reagan was saying at the at the time was sound of this president says the same that sound no one could argue then no one can argue now both presidents were right but markets follow their own kind of weird you know verbs do you see anything that worries you right now the only concern is the same concern really knew that we've had all year it's China China nobody knows what's going to happen with China they just came out today this is part of the reason why for the sell off to the administration announced they're going to review the CFIS committee is going to review some of these investments these foreign investments in the U.S. and that's a bugaboo for China and that's problematic China is officially in a bear market that it's a well into a bear market we are not we are not in fact we're up on the year but but the fact of the matter is that's a worry the notion is that we could be the standalone market the standout market which we are and the standalone standout economy which we are but can we keep going it alone if there are all these other headwinds from China from Italy now barely able to make a budget and concern that it's going to go into a freefall what do you think I think we could of course we could we're the United States of America and that's a great thing about being here and living here participating in the market Trump is in charge we'll see what he's going to do I will say one thing today's drop-off might save off the Fed from raising interest rates one more time before the end of the year when it looked like they might raise them again which was in question if they would do one more before the end of the year this drop-off might stave them off a little bit which is a good thing for consumers and a good thing you know for market participants all right thank you very very much Melissa the Fed to which it was alluded to the Federal Reserve of course expected to raise rates at least four more times between the end of this year and three more times next year all of that in response I I must stress to good economic news the economy is doing quite well in fact generationally record level well but it is that strong economy that is perplexing traders they realize that interest rates were going to go up and that was baked into the cake so to speak they didn't realize they would go backing up to the degree they already have a 10-year note slipping back a two-year note slipping back and a lot of people wondering we don't know where this goes there's an old saw on wall street here in uncertainty you sell you ask questions later they're selling they'll deal with the other stuff later right now the immediate concern in the panhandle is this storm and hurricane michael and how the region dodged a bullet but it's a very pricey bullet and a very nasty one it could have been even nastier after this