russell 2000 down as well, getting hit hard, down about one and a quarter percent. liz: yeah. david s right, a lot of that is apple. the home builders, though, seeing a big drop. let s see how that impacted pkb, the building and construction etf. you may own them individually, vulcan, home depot and ingersoll-rand, right now down about two and a third percent. david: and let s look at oil. we did see a 3% top today. the u.s., i think we can put the u.s. up there as well which is a trading stock that focus on oil. you can see it got a pop. again, questions about whether this is just temporary or whether it s indicative of something long term, we don t know. if, in fact, there is a correction because of an economic slowdown, these figures might change to the downside. liz: and maybe you felt better about the economy? the consumer apparently pricking up its ears. the consumer discretionary area was the worst performing s&p sector today, but it s actually done pretty well over th
nasdaq climbing 1.39% the real deal, and the last few days were an aberration. you know how important this question is? every money manager and his brother in this country is trying to figure out which trajectory is phony and which is real. you know how we work on mad money, we, meaning me. we have a distinctly joanie mitchell approach to the market. we look at stocks from both sides. what i want to do is trace the view from both sides now and then reach a conclusion about the ultimate direction that awaits us. first let me give you the bear case because that is most salient right now, because until this morning, the bear case had suddenly come to fore. there was so much to be negative about. the terrible durable goods numbers, further reduction in gross domestic product. they all point to further reductions in earnings estimates. as well as what we now regard as a pathetic apple iphone launch. you can see why people would be petrified about the earnings parade. you would l
first let me give you the bear case because that is most salient right now, because until this morning, the bear case had suddenly come to fore. there was so much to be negative about. the terrible durable goods numbers, further reduction in gross domestic product. they all point to further reductions in earnings estimates. as well as what we now regard as a pathetic apple iphone launch. you can see why people would be petrified about the earnings parade. you would like to think this is all an anomaly if you re bullish. and the economy has a little rough patch before it accelerates again. what happens if this is the rough patch that causes companies to slam on the brakes, ahead of what is no longer a fiscal cliff but a fiscal retaining wall. when you consider that the republicans are run by the tea party and democrats don t have to change, we have gone from thinking we can jump the fiscal cliff to thinking how can we slow business spending so that the collision won t destroy
then reach a conclusion about the direction that awaits us. first let me give you the bare case because that is most salient right now, because until this morning, the bear case had suddenly come to the front. the durable goods numbers, further reduction in gross domestic product. they all pointto diverse is as well as what we now regard as a pathetic apple iphone. you can see why people would be petrified about the earnings. you would like to think this is all an am nomly if you re bullish. and the economy has a little rough patch before it accelerates again. what happens if this is the rough patch that causes companies to slam on the brakes, this is no longer a fiscal cliff but a fiscal retaining wall. when you see that we have gone from thinking we can jump the fiscal cliff to thinking how can we slow business spending so that the collision won t destroy us? it s not just the u.s. that was a drag. china, there s a big hate on china right now. china is big halt. no. b