No real can also net net.

We're only down about 10 points of the S and P five under, but I think we are seeing some profit taking.

We are seized reposition, going to queue for it if we get any type of optimism.

I know we had some weak.

They had it coming out of manufacturing.

We're getting any optimism.

I this China U.

S.

Trade deal, I think it is gonna retest.

It was July Heights.

You're not You're not worried about some of the fundamentals?

Some of the charts in the markets, like the breakdown in small caps, a breakdown in transports, for instance, and financials are under only weak because they're at their beholden to where yields go.

Yeah, and I'm with you looking materials today.

Look.

Att industrials, they're certainly getting take out to the wood shed.

But I think fundamentally I think the market's still intact.

We look at a lot of 50 day to day moving averages.

Right now, the S and P 500 is dipping underneath after day moving average.

So there is some testing going on there.

October. 00:00:58.960 --> 00:01:1.210 We call that October last year in 2018. 00:01:1.240 --> 00:01:2.360 I don't envision that. 00:01:2.360 --> 00:01:3.410 We're seeing volatility. 00:01:3.510 --> 00:01:5.140 The VIX is barely above 18. 00:01:5.210 --> 00:01:6.550 I think we're in a pretty good spot. 00:01:6.560 --> 00:01:10.830 I know that the dad of the manufacturing that comes out, but that's a month to month measuring.

And yes, it is weakening.

But this is not a newsflash, Melissa.

We all know that global growth is weak, and that's why the Fed policy of the Fed put is put in place.

I think that Fed put is right around 28 50.

You still think that it exists, then absolutely 100%.

It's enough to offset global weakness and weakness coming here.

Well, it's a great point you bring up, but I think the biggest thing that no one's really talking about today what happened yesterday, what did the market ignore you?

Actually, it was the dollar index, the U.

S.

dollar index going about 99.

President Trump certainly tweeted about that.

But that movement in the dollar that really does weigh on US equity.

So I think we continue.

See criticism Administration on the Federal Reserve will see a stagnant to weakening dollar that indeed, in itself, that weakening dollar.

We'll help push the stock marke here domestically, higher.

We will have all time highs and Q four.

I think we just have a little rocky road, mostly going forward.