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Too much onus on this algorithmic and program trading. the only real side i saw is when the the dow went down 1,600 flirted by high frequency trading. the rest of the times the moves that some volatile and radical are people selling stock actively, taking profits and guys trying to pick bottoms. technical trading. i don't see this. there are algorithms that run, people try to catch up. time algorithms, volume algorithms and whatnot. the way the market is trading like this with huge swoops up and down, i believe this is real people buying and selling stocks. >> neil: i hope you're right, peter....

Exacerbated by technology and trading and all the stuff you talked about. the modern equivalent of the program trading that compounds the anxiety and the fluctuations. what you have at bottom is debate, a lot of investors don't believe the trump tax reform bill which includes a massive income tax cut will pay for itself, that we'll get wider deficits, some growth but not enough growth to deal with the deficit. on top 0 that -- >> neil: and so what happens? we closed at lows of the day and normally that has ominous things for tonight. but normally markets overshoot on the down and the upside wh...

Telling us the market could overheat. all of the stimulus, tax cuts, defic deficits. global growth and tight labor market is contributing to the environment that makes the bond market worry of inflatioinflati. probably not going to be a pretty open. a lot of technical factor was program trading. the main point is the economy as christine has said is still very sound. >> the stock market has never in history gone so long without a 3% move one day or another until now. this was a market that was moving higher and higher and higher. this sentiment and pro-business sentiment. the animal spirit unl...

Selling has been exacerbated by program trading, computer-driven trades that kick in automatically when markets hit certain levels. >> what we have seen is clearly a sell-off that's been driven to a large extent by algorithms and computer trading. we get these reversals, and when we get them, from the major trend, they are sharp, steep, quick and always painful. but i think at the moment, should be viewed as technical because nothing fundamental has really changed. >> economic indicators such as the u.s. trade deficit are more likely to catch a professional investor's eye. the u.s. trade defic...

Any moment. the white house briefing brought to you by fox news channel. we'll see it when it starts. we'll take you there live. let's get more on the markets and another wild ride day on wall street. let's bring in analysts. how are you? >> i'm great. now i'm better. >> shepard: volatility. the vix changed. wages went up and everybody freaked out, i guess. >> right. it's a chain reaction. when you see wages go up, you set off this reaction that people think inflation isn't going to go up because people are spending more. inflation goes up, the interest rates go up and that will spell bad thin...