That was the question of being the top for stocks. The closing high was below that. 17,279. Today the dow trying to stay positive and the s p. Nasdaq higher and the russell, scott, which has turned weaker and plenty of atngs. I have been saying throughout this week that among the people im speaking with, thats the thing theyre watching maybe more so than the other internals within the market is follow the russell, follow the small caps. But yesterday the Third Straight day of a 1 or better gain. Rolling over a little and rolling over a little, the market off the best levels, as well. Watching the small caps. Art cashin saying its all about crude. Lets get right to it. Joining us is john manly, christine shore, david darst, steve parker and our own rick santelli. So, welcome one and all. Rick, i am going to start with you, actually, here because this morning we heard from janet yellen. She was talking about inequality. European central bank may be talking about further asset purchases. Chinese are out there. Maybe with some liquidity. Is that paired with the comments of bullard yesterday, why were seeing this rebound this footing that the market seems to have found . Oh, absolutely. The chinese wouldnt be adding the billions of dollars if they didnt think it was necessary and this is on top of very tenuous Loan Portfolio activity and how its performing. We hear lots of stories in that regard, of course. Japanese talking about higher taxes. On janet yellen, listen. Ill tell you what. I understand the income disparity issue and makes me i have to say a little bit nervous that, you know, getting into a slippery slope when it comes to Federal Reserve and the head of the Federal Reserve, the biggest, most powerful central bank on the planet, i dont know if thats the issue they should change policy for. Not saying she is going to but it is a slippery slope. Once again, it is all about congress. These things are the congressional mandates, these are what we need officials to deal with. And one more step and you know what im going to say here. The disparity, the spread of the rich and the poor has been made much wider based on many of the programs like quantitative easing and like zero Interest Rate policy. David, the market is off of its best levels, whether it was some comments by bullard or others that turned things around or at least helped to, how do you feel on this friday after the week we have had about where we are and where we may go . A wild week, scott. Markets down 1. 2 . Closed at 1906. 13. Okay . Down 1. 2 . Acquitted itself this week like the San Francisco giants and the kansas city royals. Okay . Its going to go into the world series. This is a much needed, long overdue and healthy correction. Is it over . Not yet over, no. But it took ebola, its taken concerns over europe, its taken the concerns and the big third e is earnings. That determines where the market goes and a show me your money moment for germany. They have to step up. Show me your money. Thats what this week is. Why do you say that the correction is not over . And say it in english, not german, for me, please. Scott, i think its not over because its still dealing with high valuations. They have come down. The banks and transportation stocks have not acted well. They have acted very, very poorly. Small caps you pointed out have done well. Thats good. But i find amazing with oil down anywhere from 7 to 10 over the past 2 weeks that the transportation stocks, thats the airlines, the railroads, the truckers, Package Delivery companies, they have been doing well. They have not. So the market needs to come with grips with hows this ceo and cfo talking about the Third Quarter that theyre reporting in the Fourth Quarter ahead . Thats what the market is waiting for. Hiccups, thiss when its time to step in, scott. Leading gauges, too, steve parker, people are talking about the selloff in the junk sectors of the investment market. Where do you see signs of to whether this correction has run its course or havent . You have to recognize, kelly, with regard to the junk market we have seen the widening in spreads and has to do with the treasury market and prices havent come down that much. Thats a sign to us that markets are not panicking. We think theyre closer to a bottom. Next 5 move could be up or down but were asking ourselves for our clients, for our accounts out over the next 12 months, what are the fundamentals saying . Earnings will be good. Stocks deliver returns. And weve been buying on this weakness. What do you think . He should be i think the markets i think we are going up from pretty close to here. Getting close to the bottom or not . I never know within a day or two but we scared a lot of people. You got my attention this past week and one of the tricks of a bull Market Correction is you compact the fear inducing qualities into a much shorter, nastier period of time. Bear markets in the first two, three, four months are quite do sil. Corrections act like this because we dont have deeprooted conviction of what will happen and positive. Theres some who would say y your sort of standard bull Market Correction doesnt act like the volatility and the violence of the move that we have seen this week. Its probably large by other standards but i still think i remember other bull Market Correction that is felt this bad. January felt pretty awful and maybe less than right now. 98 was very bad. We came back from that. I think were in a situation of good liquidity and the earnings have to come through. Tell us, christine, whether they will or not. I agree with everyone here. Were ripe for a correction like david said. Its been over 40 months since we have had a proper 10 correction, however, i dont think you see that if earnings come in as they have and so far its a really great season and rez investigating with investors today and seeing the markets up. If you consider in addition to great earnings, we have had jobless claims at the lowest level since 2000, Housing Starts rebounding today and Consumer Sentiment at the highest level of 2007. Pair it with a growing earnings picture, were looking for 9. 1 Earnings Growth for Third Quarter and i dont think youre going to see markets go down much anymore and the future picture is good, as well. Can i ask everybody this question, then . Because the usda that, i mean, we never really except for misses on core retail sales, we never saw a weakness. Whens the correction about . All about europe . A collapsing Inflation Expectations . Oil . What is this all about . Why did this happen . The market a little bit of a head case. Kelly, superstition, mythology and religion flourish when they have to decisions over conditions they have no control. Where im going with this is ebola was a little bit of a factor this week. Not cnbc but all over the media outlets. So i think thats but one. Germany thing, also the bond yields rising in europe. Greece back up and greece maybe coming back to the fore. Venezuela is about to default. Thats been widely touted, widely noted. Theres people wondering about this. The big news to watch for next week, china. China will have the beginning that got the communist party, the fourth plane of the Committee Monday through thursday. Maybe theyll come out with something. Tuesday, china retail sales, China Investment and Industrial Production, plus Third Quarter gdp. Tuesdays a big day. David emerging markets. I want to hear from the other guest on this and talked about china so much. Even if its the slowdown and underlying concerns of europe in recession and the inflation globally, scott. Yeah, no. Look. I think the conditions that exist in the market are still extraordinarily nervous of whats taking place in china and we dont know, right . You can never really know. Thats the problem. We never have known. Whats 4 less than it was 3 years ago on gdp. We do know theyre approaching 7. 2 . Wait. So i guess, rick, the question is, do you take it at face value or how are we supposed to know whether theres more of a deceleration three years, have we priced in any of the deterioration . Chinas kicking in a lot less and when it came to retail sales, you all agreed it wasnt bad. Control number negative, it was negative. No. Thats what im saying you have a piece of data here and there in the u. S. That missed and most part this clearly is not a case of u. S. Growth scare. China having bad loans in japan, throwing the kitchen sink and not accomplishing the mission. These arent big enough for you . No, but, rick, theyre looking at the dramatic action where you are in the bond market and worrying that the u. S. Economy to roll over and experience some of the pain again that were seeing in chi in. I dont think anybody here thinks it will roll over. But i think if europe starts sneezing and start to see particles flying all over the world we might not go into recession and not going to help us. And what about the Credit Connection . If the banks go down in europe. Thats going to have an affect. Exactly. Last word here. We have to go. Steve parker, put it in context then for us. Whens the most important in trying to figure out over the next couple of weeks and months as to whether the stock market is more vulnerable here or some kind of policy response . I dont think we need more policy response. We get support of three other economic shock absorbers. Lower Energy Prices are a Huge Positive for the consumer. Lower Interest Rates support the housing market. There are already seeing a tickup in mortgage refis. Weaker euro and yen, thiss a positive for markets like europe and japan. Thats going to help support both economic and Earnings Growth in some of those markets that have seen a lot of this weakness, raised a lot of concerns of late. Fair point. Everybody, thank you. Its been a long week and a wild one. Certainly has. Try to enjoy the weekend. 50 minutes to go before it all begins. Dow up 244 points. Surprising that s p and nasdaq holding up as the russell rolled over here. Much more straight ahead, of course. Two pros weighing in on what the market swings saying about the fed Interest Rate hikes next year. A cruise ship nightmare. Well speak exclusively with a relative of someone whens on this cruise ship. Next. Shes still the one for you. And cialis for daily use helps you be Ready Anytime the moment is right. 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Com or any mattress discounters. Mattress discounters good deed dogs helping dogs help people. All right. Welcome back. Markets picking up steam here again. Dow jones industrial average up 275. Looks to be a down week for the dow and the s p. Russell 2000, however, eastbound though its negative fractionally right now, looks like its trying to get back to at least the flat line, if not positive and positive for the week and a positive sign by a lot of market watchers. As ebola fears clearly not in the market today, theres new potentially troubling developments. A texas hospital worker who may have handled samples of Tom Eric Duncan who died the virus is quarantined on board a cruise ship in the crib yn. While denied from docking on the island of belize, it waited off the coast of mexico scheduled to dock this morning and denied there, as well. The ship is currently making the trip home now to texas. Meanwhile, the passengers have been informed of the situation. And on the phone with us now is carrie bond whose Family Member is on board that very Carnival Cruise ship. Carrie, welcome. Nice to speak with you. Thank you. I can only imagine what must be going through your mind as a Family Member. But for the person themselves whos on this cruise. What can you tell us . Well, ive actually had very little communication directly with them because, obviously, thats kind of hard. Theyre in the caribbean. My understanding is that they were kept five extra hours last night in belize and im assuming that that was due to trying to get the passenger off of the boat and flown back to the u. S. Which apparently was unsuccessful. As of this morning, i believe the passenger still thought that they were going to be able to get off in cozumel today but im learning now that thats not happened. Carrie im feeling sad for them. Youre going back . I said im feeling sad for my family that had been looking forward to this cruise for several months. Are you worried about your Family Members health . No, im not. Apparently the person on board is asymptomatic and no fever and been in quarantine. I would be much more concerned of a stomach virus that spreads easily. Just mostly disappointed for them not able to enjoy the vacation. That goes back to the central question people have as to whether it was smart of this Health Care Work tore go on the cruise. Was this the person that should have known better . You would think so being a Health Care Worker. Seems like a bit of a comedy of errors. I understand that the cdc told them that they could go or they changed the rules after the fact. But out of an abundance of caution, i think if it was me i would have stayed behind. Yeah. Just quickly before we go, carrie, i mean, we are learning that guests may be given a credit of some 200 or so we understand. Perhaps a discount of some magnitude on a future cruise. Do you think thats enough . I really kpt say at this point. Im not sure exactly whats gone on, on the ship. They were able to go on part of the cruise with no issues. So, i guess it will just depend on how much theyre offering and how much more inconvenience there is to the other passengers on the boat. Obviously, you know, the one person thats on the boat probably holds most of the blame for that and not the cruise ship. Carrie, we are going to leave it there. Appreciate you calling in. Hope everything turns out okay and that you guys dont feel as though that family trip was ruined. We want to bring in industry expert. Youre the cruise guy. Did so who how far up do you put the fault, the blame . Is it with carnival . Is it with the Health Care Worker who should have known better . None of the above . All of the above . Hi, kelly. Id like to know who it was because this is the dumbest thing you could have done to have gone. Carnival didnt know anything until wednesday and certainly when the cdc contacted them that, hey, you have a passenger on board that may have come in contact with the ebola virus. I mean, its just incredibly, you know, its inconceivable that this person takes a caribbean cruise and the good news is that the medical teams on board took action. Isolated, quarantined the passenger and notified the passengers about what was going on. And unfortunately, they did miss two ports of call. They did offer them the 200 ship board credit and a 50 off future cruise credit which is certainly above and beyond anything that carnival was required to do. I stewart, i have never on a cruise. I dont know the leadup when youre approaching those days and weeks in advance of getting on to a ship. Do they send out any kind of questionnaire . Do they ask passengers if they have had any recent Health Issues before they get on a cruise . And if not, will this change the protocol in how the whole business is run . Theyre vigilant of their health care questionnaires and thats done at the time that theyre checking in. And passengers that are visually impaired, they could be sweating, theyre sent for secondary screening. Absolutely certain that that will be doing additional screening and that any passenger that is have had any contact with the western african nations or people that had been impacted by ebola within the last 21 days, those passengers will be denied boarding. I mean, no c