 a look at the stock stories you need to know this hour. First up is Credit Swiss shares down 14% but ending off of their lowest levels of the day. But it did take the bank's market value down to below $8 billion during the session. So the plunge in shares happening after the bank's biggest backer, Saudi National Bank, saying in an interview it didn't intend to provide more funding. Swiss National Bank may be coming to the rescue saying it will provide Credit Swiss with liquidity if necessary. Well the bank also saying that Credit Swiss has enough funds to continue operations and that the recent failure of two U.S. banks doesn't pose a quote direct risk of contagion to Swiss banks. Credit Swiss shares are finishing the session down 14%. And the turmoil at Credit Swiss causing ripple effects across the sector raising concerns about the broader banking industry including big banks adding to fears that we saw earlier this week with the collapse of two regional banks. Will these stocks all down on your screen? JP Morgan, Morgan Stanley underperforming the most. Bank of America actually down about nine-tenths of a percent so not faring as poorly. But let's turn back to the major indexes. Joining me now is Melissa Armo founder and owner of the stock Swoosh. Melissa it's good to have you on the show today. Mixed market I think investors kind of trying to figure out what to do. What do you make of this day to play? Well really I don't look at it as a mixed market. We've been down. We've been down for the last two weeks and I think it's a really difficult area here for anyone to go long. While people are optimistic like you said that the Fed will back off next week raising rates meaning no no raising rates at all like zero flat. That's what people are talking about today. What people want and what the Fed is going to do in my mind is two completely different things. So people can talk between now and next week what they want the Fed to do or what they think the Fed should do. I believe that the Fed is going to raise rates next week. Interesting. And of course on the backdrop of still a pretty significant inflation. Melissa how do we make sense of all of these moving parts. Inflation persisting concerns that there might be broader contagion in the banking sector. And what it does mean for the consumer. Well first of all the Fed is trying to curb inflation. They've been attempting to do that. That's one of the reasons that interest rates have gone up so quickly. And even they really did back off because they didn't raise rates a half last month. They raised it a quarter. So there was talk last week of them raising it a half and the markets sold off on that. But now people are again thinking that they're going to back off completely. I think they're probably going to raise rates a quarter of a point. Not a half which they might have done based on the fact that there's all of this going on right now with the banking industry. Do I think that any other banks go under. I don't know. I really don't know what all the other banks explosion are. I know everyone scrambling right now about that. And I think that the Fed stepping in or the FDIC stepping in and saying that they're going to secure insured and uninsured deposits at Silicon Valley Bank. I think is something that people are now deciding to feel well. Maybe they would do that if other banks would go under. That's not really what the rules are. The rules are 250,000 on deposits. So I think it's going to be interesting in the coming days really even the coming weeks to see how many banks can hold on because everyone probably right now is scrambling. The problem is the exposure to long term bonds. So again for those people that don't know if people have if you when you buy a long term bond if interest rates move against you it actually then the value of the bond goes down. When interest rates are low when interest rates are going down or staying low then the value of the bond could go up. And the problem with SBB Bank as far as everything that we know so far was they had too much exposure to long term bonds. And then when they had a problem trying to raise capital they were they had to sell them at too great of a loss. Right. Right. Okay. So what should investors do in this market Melissa what would you advise? I think people should sit tight if they can. So don't panic is my greatest suggestion if you're a long term investor even though the market is well off the highs knowing that full well we could have another drop. You know we could break the October lows. I know no one thinks that's possible and no one thought that was possible the beginning of the year because we rallying in January. I think that that is possible. I think that could happen and it's not just because of the Fed and rising interest rates. It is because of the economy. It is because of inflation. It is because we could go under recession. It is because what's happening in Ukraine and Russia. I can name 10 other things. The fact is that if you're vested in the market long term I wouldn't panic because again if you're young you're no running retirement the market is probably going to go back. If you're in retirement now you really should have sat down and looked at this you know six months ago as far as your investments too many people are optimistic that things would turn around and I think that the Fed is going to keep raising rates and what does that really mean for the economy. Well it remains to be seen. So contagion Melissa I mean you watch the stock charts very closely. Obviously you have a sense of where momentum is going. You're right to note that by and large obviously we have been down. We're off of the highs selling started in February after a very strong almost FOMO rally some called it that we saw in January and it's continued here into March. But what do the charts say. I mean is momentum clearly going one way or the other. Momentum. Well first of all we were in a range. If you want to look at it overall we've been in a range since the beginning of the year. However we could go negative on the air. And if that happens in the next couple of days again it's a Fed decides to raise rates or we get other economic data that the market decides to sell off or something else happens with banks. It's so now think about it later and that's how people reacted again last week. So I think contagion is the truest form of what happens because you know when you ever run on banks what it means is that everyone gets scared they panic and they want to go get their money out. No bank has all of the cash available for everyone to go out and take out their deposits. So the reason that the Fed came in and said they were going to they were going to make good on all the deposits from the uninsured depositors was actually SBB was really mostly I think to be able to contain that there wasn't a run on every single solitary bank in the country. So yeah contagion is a big part of it but it's really based on the fear factor. If people panic and want to pull the deposits it's going to be a problem. It's going to be a problem for U.S. markets. It's going to be a problem globally and nobody wants to see that happen. And I think the Fed has a tough job in the next couple of days and I'm sure they're evaluating things because if they don't raise rates and how are we going to curb inflation. And personally I don't think raising rates the rest of the year is going to bring inflation down to 2 percent because we're so far off of that. I think the biggest problem is oil oil prices are still too high. And unless oil prices come down you're going to see continued prices be at the same level or slightly less even with a rising interest rate and rising interest rates could actually push us into a recession and that's the fear. And that's why so many people are saying don't raise rates don't raise rates. But I don't think the Fed is going to look at that because the only thing that they can possibly do to help with inflation is of course lowering interest I mean raising interest rates. And I think they kept rates too low for for too long and now they're going to go with it. All right Melissa Armo founder and owner of the stocks whoosh Melissa thanks so much for joining today.