This transcript is automatically generated
Perspective the S&P 500 really -- only down about 5% from its closing high for the year.
Even after yesterday's losses so while we're not close to a full blown correction just yet we are.
Questioning whether we're barreling towards its so let's bring in the aforementioned keep blessings on -- stabilizing traders into -- and company.
Senior VP and director of sales and marketing OK what -- you -- -- -- I actually I'm embarrassed to say this I have an all HTC.
Found that have been using for last couple years.
-- outerwear and upgrades there might be the actually need to go to the rises through finds time to go to the rise history test out of -- of funds so a good idea I'm actually I won't I won't tell you leaning towards a Samsung galaxy for.
Yes probably what play with the -- -- okay good I would do because I haven't read the manual I don't read the manual people let's get to the manual that is -- -- What you see here because people are getting kind of anxious to days in a row of not just sort of meandering selling but but.
It's serious selling.
Yes -- selling that was brought on by a by series catalyst once we got that we're getting through third quarter earnings were starting secure those we got through the election.
That created a nice diversion of our attention for a lot of people tend to not focus on.
Some of the more important things now that -- through the election -- the gentlemen we're saying before -- is a big concern right now the bigger concern of what was a major catalyst yesterday is the fiscal cliff issues.
If you look at all the names -- sold off quite hard yesterday they all are related to the fiscal cliff either win the defense sequestration.
Or the higher tax rates a lot of dividend paying -- for sold off just -- a lot of high net worth individuals and other people are now starting to manage your taxes.
Dividends are gonna creep -- sometimes there's some proposals are size 40% and that's a real problem that's leading to the downdraft and -- in this market.
OK but but when we talk about levels OK so we don't want people's eyes to glaze over here but.
There will be certain levels once we hit them are fall through them that will trigger algorithmic selling programs are always always what are you looking out for the S&P.
Well again if we breach that thirteen 83 level today if we close below you'll see a lot of selling -- believe that will come in tomorrow and start moving again and and we start going down very far thirteen 6013 to truck.
For our work we do -- a quantitative side if we get to a thirteen forty level very quickly that's about as -- we think will give them won't bounce back now.
I would say at the same time we think the markets have been very oversold for a long time friend so yeah sale -- is this a sale or back off and wait.
Well it's one of those things you wanted you wanna try and catch the falling -- I don't know it's the same when you get a rally in everybody wants a short you don't wanna get in front of a moving train so.
You really have to do torture during I think you can pick and choose selectively some things.
To go ahead buying crude old economy companies that have just gotten -- -- here which you know we're gonna talk a little bit about later -- but those who detects things you need to do from a broader market perspective.
I think -- -- and you need to watch those levels very carefully we -- of -- -- if we -- boy of thirteen 83.
Get out of the way -- pull back some more I think we're gonna get one more run before we actually do get that correction which a lot of people are calling for.
Right -- one point away thirteen 84 -- she said we're gonna talk about some -- -- good quality old economy stocks he'll be back in a minute to tell us which sectors you should.
Pick through and look for to get.
Make sure you can stay in those and then which ones might get hit post elect.