Higher and how many, a lot, are lower now. At least theres some green there you take a look across the dow, pretty much everything in the red. A look across all the indexes, with that russell 2,000 thrown in as well, having another day, off more than 1 . The nasdaq, the underperformer, apple today could be playing into that, down 3 1 2 as some concerns about the new phones, the new operating system continue to swirl. Lets figure out why its all happening. By the way, the 10year note, there it is down to 251. Yes. Key levels here, got levels on the equities, also got levels on the ten year to watch carefully. You see there, Closing Bell Exchange under way, peter anderson, doug kote, heather hughes, peter costa and rick santelli. Peter costa whats the bounz the florida . Why the selloff, whats going on . Theres a list or a plethora of bad news. This is more like a bowl ya base of bad news. This is a possibility of having the Interest Rates go up earlier than expected. Up . Yeah i have been saying that by december and two of the main reasons, we dont have a lot of volume, the market was right for this and continue to see this volatility for the next probably the next couple of weeks vix traders happiest in the world. So, too are the bears in this market, short sellers havent had much this year to hang their hat on. Do now. This the are you is a in the camp this is because fisher was making hawkish comments today . Obviously, we have had an ultraaccommodative Monetary Policy and Richard Fisher is alluding to some of the financial stimulus, perhaps creating bubbles in the high yield market and the junk bond space. Look, we have embarked on stimulus for the past five years continuously, whereas financial conditions have somewhat normalized, markets are still near alltime high, even with todays drop. Disinflation is deflation is no longer an issue. And no longer an issue . Not right now. And we are not seeing that an issue relative to the rest of the world. Youre seeing deflation in europe, in japan and youre not seeing that play out yet in the u. S. That is another concern why the fed may hold back on raising rates, not seeing that inflation yet. Gas prices are lower and food prices somewhat high in the core, i guess, cpi, Consumer Price index and pc that they look at, still somewhat low at this time. Peter anderson, last time you were with us, you were talking about how you would like to buy things when you find value there. Are you finding more of it this week as a result of this, in other words, ready to buy this dip yet or do you think theres more to come . I dont think theres much more to come. I think that, you know, the idea of the rates increasing finally is roosting and i think that people are catching up to the fact that rates will rise and i dont know if they will be why are we all talking about rates rising on a day the ten year is moving lower . [ overlapping speakers ] well, sooner or later, she is going to raise rates, right . I think the economy is Strong Enough that we will see that in the First Quarter. You see window dressing on longonly managers now. Whats going to happen, managers will see round trip trades, they are going to be selling into this weakness and next quarter, just going to be buying the same stocks im doing im buying right now, because i do think that this is just a temporary weakness. Doug, i would like you to weigh in here as well, i no he we are going to talk about stocks with you, but im surprised this theres so much unless we are thinking through in the fed is going to hike rates and thats gonna hurt the economy and so as a result, the ten years moving lower rather than higher, otherwise, i dont really understand why the those concerns be weighinging on the market here today. First off, we are having a whiff of normal volatility, all coming out, todays durable goods number minus 18 hid the underlying strength in that report on Business Investment and look for tomorrows gdp, the final gdp report, going to get a surprise close to 5 and thats whats gonna set the fed in motion, fed tight thing and i think is getting the market anxiety. You think that good news would be bad news, chances of a rate hike seener rather than later . Yes are i do i think the fed is increasingly behind the curve and we have strong fundamentals on manufacturing, the consumer, corporate earnings, corporate earnings next quarter is looking fantastic. Rick, we have teed up an awful lot for you to respond to i can feel it, from chicago here, waiting to jump in, whats on your mind here . Well, first of all, lets clear up something, if Charles Evans would have said what Richard Fisher said, that would have moved the markets. Yes, thank you, rick. Thank you. Wait until next year for a long time and i really have Great Respect for him and agree with what he said, but i dont think that moved the market at all once a hawk, always a hawk, Richard Fisher . Give him some credit, rick. Another issue is about raising rates orates rising and you kind of hit on it, kelly. Listen, anything beyond the overnight rate or repo rates, you know, those are market driven, god only knows what those can do when the fed has to normalize. Canada has 1 , raz rates three quarters of a point, really doing nothing, but it does have to begin at some point and i think todays a great case study that we could see rates rising a couple of 25 basis points, you can see the rest of the curve still flat with rallying our weakness in the economy because the economy does have some weak areas but not weak enough, they have a zero Interest Rate policy for this many years. Lets remember i was going to say this is all relative, i dont know why we talk about these revels as if they exist in a vacuum. The market signal seems to be indicating, equities moving lower, ten year lower, this is a classic risk off kind of environment, why are we talking about rate hikes . Well, because, kelly, i think [ overlapping speakers ] not a perfect market right now the mathematics i dont always work out. I think we are expecting too much correlation right now that if the equity market trades down, because Interest Rates are supposed to be going up, why are Interest Rates down now . And i think if you look at it too closely, like within the day, youre going to be disappointed, the longer term, say a month, you start looking at longer trends, you will see that mathematics play out. I just think its a little bit naive for us to think that in these day intervales are, you would actually see the theoretical relationships between those two markets. I think we are looking just fair point, just saying we have seen days in this market, we know what they look like, days when you get a strong number, a tenyear move to the upside. Today feels more like the environment we have seen when the end of qe, the last couple of times around hasnt allowed the fed to totally back away from the market. You start looking at the technicals, i think thats very different from looking at the fundamentals. If you have noticed, most of todays news has been on the technicals, the relationships between those two markets. And to me, thats not a real fundamental, with all due respect to the technical analysts out there, its no the a fundamental reason why we should be analyzing the markets, look at true value to get insight, i think. Heather . Inflated, driven policy mark thats we are undergoing right now, in terms of propping up the market with stimulus, youre right, the math kind of is thrown out the window from an academic economic standpoint. However, important to remember between 2004 and 2006, we did increase rates by 25 basis points 17 times, yet the markets still headed higher. So, that is something to also Pay Attention to. Peter, what are you watching here in the last minutes of this trading day . What do you want to see here . I mean, we were down 262 points on the dow, well off that low right now. Do you want to see us go out on the lows . See some strength come in here . What do you want . Honestly, low of to see this blow off a little bit. I would like to see the markets sell off, get it out of the way, not really at a volume level its that significant. You could look at the dow and say, yeah, its down 260, 270 points, but the volume only 700 million the end of the day its not really not confirming it. I would like to see some sort of significant selloff toward the end of the day. I dont think were gonna see it i would love to see that i would like to see that start putting, you know, getting the people out that dont want to be here anymore and give you an opportunity to buy. Peter, your three, youre in control, go press some bunts. Youre on the floor. I dont do much from d. C. Thanks. Everybody chip in now. We will leave it there for now, about 15 minutes to go here and the dow off 234 points. Thanks very much. Appreciate it everybody. Thanks, guys. Wisdom trees chief Investment Strategy over there, speaking with us exclusively. Wait until you hear if the downturn will be short term or not. And how to navigate the choppy markets when Interest Rates start to rise. A doubleheader, also coming up, jim grant, founder and editor of the influential newsletter bearing his name will stop by. We will get his reaction. Dallas head president , Richard Fisher saying the central bank could raise rates next spring and the way the market is react, speaking to the evolving outlook. Jumping are the gun but jim has a wonderful book coming out in november. Yes. Some of us had an opportunity to look at it terrific book, maybe we will get him to talk about, do that coming up as well. Also coming up, chugging higher, our dominic chu highlights Railroad Stocks which have been defying gravity lately the past year. We will find out how much upside potential they may have left in the tank when we continue on closing bell. Stay tuned. Cute little guy, huh . This guy could take down your entire company. Stay with me. On thursday a hamster video goes online. On friday it goes viral a network choking phenomenon. Why do you care . Hes on the same cloud as your business. The more hits he gets, the slower your business may get. Do you want to share your cloud with a hamster . Today theres a new way to work. And its made with ibm. Sfx ambient park noise, crane engine, music begins. We asked people a question, how much money do you have in your pocket right now . I have 40, 53, 21, do you think the money in your pocket could make an impact on something as big as your retirement . Not a chance. I dont think so. Its hard to imagine how something so small can help with something so big. But if you start putting that towards your retirement every week and let it grow over time, for twenty to thirty years, that retirement challenge sfx crowd cheering might not seem so big after all. Selloff on wall street today, we will point out the dow from the alltime highs of just last friday is down 2. 3 from that high. The nasdaq is down 3 what did i say, i threw that note away, 3. 1 off the 14year high set last week. The s p down 2. 6 thereabouts, russ the one that suffered the most, hit an alltime high in july, down 8 1 2 . Was it earlier than that, hit the alltime high . Feels right, doesnt it . Down 8 1 2 . Those secondaries. Four trading sessions base dploirt dow to give up 2 . An eventful week. Thats for sure. One of the issues we havent discussed, isis on the move near baghdad today, this just hours after the u. S. And its allies bombed Oil Refineries in syria to cut off financing and fuel for the terror group. Our john harwood has the latest on that story for us from washington. John . Is bill, on the heels of his big u. N. Speech yesterday, president obama continues to try to recruit allies to the u. S. Offensive against isis, but increasingly that focuses on the oil raise fineries in syria, that air campaign does, following the principle of follow the money. These smallscale refineries provide fuel to run isil operations, money to finance their continued attacks throughout iraq and syria and they are an economic asset to support future operations. Producing between 300 and 500 barrels of Refined Petroleum per day eyes sill is suggested to generate millions of dollars of revenue from these refineries. The most important thing in iraq is trying to hit isis on the ground and roll back their advances. Ultimately, Ground Troops are going to have to although the president says they wont be american Ground Troops, are going to have to take and hold the territory that isis has claimed. Thats going to take a long period of time, guys. All right, john, thanks very much. And typically, when there is trouble in the middle east or some geopolitical i shall a you that could affect the price of oil, you get an instant reaction in the oil markets. And thats not exactly the case this time around. Nope. In fact, crude oil has been moving lower steadily, today, around 92 a barrel. Joining us now with his thoughts on where it goes from here is Dennis Gartman from the gartman letter. Dennis, good to see you. Welcome back. Always good to be here. Thank you. How weak underlying all of this is the oil complex, dennis, if despite all the unrest we have seen across the middle east, its continues to move lower and lower . Actually, kelly, in the past four or five days, crude oil has actually started to turn slightly for the better, not dramatically slow or so, but what weve seen is the front spreads, the nearbies gaining upon the deferreds which is a difference than we have seen in the past month and a half. Crude oil was coming down, the term structure was turning very bearish, the front months were losing relative to the back, now in the course of the past several day the front months are gaining relative to the backs and thats where the footprints are left of what i used to call informed money. So, it was easy to be bearish of crude a while ago, i dont think one should be terribly bearish of crude down here. Whats interesting, too is that the headlines that weve seen from the attacks upon refineries, we get this vision of refineries, such as the ones we see on our east coast or down in the gulf, massive refineries, what we are talking about in syria are literally nothing more than small pots, very small black markettype of activity, not the type of refineries that weve seen. And thats go ahead. I was gonna say, they are its isis has been using them to finance their operations but its not in the scheme of thing also, not that big an interruption to the flow of oil, thats for sure. But what about this mindset in the price of oil lately and why you know, we talked about this geopolitical premium that was in the price of oil for so long with brand above 105, our own wti above 100, suddenly, that was evaporating here and we are not seek the kind of response to geopolitical issues this we would normally get in oil. So, why the turn in the mindset . Is it fundamentally based or whats going on here . Bill, i think two reasons i think you can take a look at, one, everybody should know this by now, we are, in act if a, creating a lot more, finding a lot more, producing a a lot more crude oil here in the United States than anybody might have ever guessed a mere two years ago. Fracking is very real. Its taking place. Its ongoing. Its going to continue. Two, we are really not paying much attention to the fact how much less we are driving in the United States and how much less demand there is for gasoline, which had heretofore been the real product, driving prices on to the upside. So, demand is falling, not because the economy is weakening but because we are learning how to use our cars better and more and more shop to make it a simple statement, doing more and more of our shopping online and having fedex press bring it to us rather than going out and doing it on our own. A lot of these newer vehicles are more fuel efficient. Absolutely. Dennis irk bring this hup, i dont know if you saw this report from wood mckenzie, they think because of the production boom in the u. S. And the fact that we are basically not exporting any of this oil, the u. S. Benchmark, 30 bucks below the International One is a spread like that possible and what point did the economics mean that u. S. Producers begin to shut down this capacity instead of pumping endlessly . Kelly, got a very good point and you actually all you have to do is take a look at what Canadian Crude Oil has been at times. There was a while back, several years ago, when canadian crude was 45 below wti. So you can get those sorts of circumstances where cash crude oil, depending upon where it is being produced and whether it can be delivered upon, can get to huge discounts. Im not surprised to see somebody make that statement at all weekend we are probably going to get, before its done, a year and a half ago, i made the statement that i thought before it was done, we would probably put pressure upon the frackers and the only way we will put pressure upon the frackers is to take wti on the board down to about 85. Maybe we will get there. Im not going to be a presser of that issue, but thats what its probably going to take, probably going to take 85 on the board and then a large discount for the basis for spot crude to shut off that sort of production. Whether thats going to happen or not, im not sure. Before we let you go, dollars, still gonna go much higher from here, do you think . I think this is the start of a protractible market, bill, in the dollar, i think money wants to move to us, i think money wants to move to canada, i think money wants to move to safer place, today, we are actually seeing a move to japan, which doesnt make a great deal of sense to me, but i think this has the look of what happened back when reagan took over and and the dollar went on a 2 1 2year long protracted run to the upside, i think we just started to be honest. So as as other members of the cnbc family have said, king dollar seeps to have gotten recrowned. With janet yellen. Yes. As well. Queen dollar we call her. Thanks, dennis. Downward pressure on crude, which as we mentioned the last can um of days holding up a little bit better but here, not the case for the market. Down 245 points right now and the industrial average decline o