RUSH TRANSCRIPT Varney Let ░░░░░░░░ check those markets again ░░░░░░░░ We are going to ░░░░░░░░ on the downside when ░░░░░░░░ opening bell rings not ░░░░░░░░ much but we are ░░░░░░░░ to be down Fed ░░░░░░░░ Powell says it is ░░░░░░░░ not clear how the ░░░░░░░░ Delta surge will affect ░░░░░░░░ economy Shah Gilani with ░░░░░░░░ this morning Looks to ░░░░░░░░ like there is a ░░░░░░░░ slowdown in the economy ░░░░░░░░ of the Delta variant ░░░░░░░░ does it affect the ░░░░░░░░ if ever do you ░░░░░░░░ GILANI I don t ░░░░░░░░ it will affect the ░░░░░░░░ anytime soon so barring ░░░░░░░░ Delta variant getting further ░░░░░░░░ of control and perhaps ░░░░░░░░ with maybe unexpected high ░░░░░░░░ season I think that ░░░░░░░░ be problematic for the ░░░░░░░░ I think they would ░░░░░░░░ that very have a ░░░░░░░░ time digesting that and ░░░░░░░░ think we might see ░░░░░░░░ selloff on that But ░░░░░░░░ we are far away ░░░░░░░░ that happening That may ░░░░░░░░ happen But right now ░░░░░░░░ think investors understand how ░░░░░░░░ play the market because ░░░░░░░░ have the playbook we ░░░░░░░░ what happened since March ░░░░░░░░ 2020 we know exactly ░░░░░░░░ the economy is moving ░░░░░░░░ it s rebounding We ░░░░░░░░ it will not be ░░░░░░░░ up moved in terms ░░░░░░░░ the market though it ░░░░░░░░ looks like it if ░░░░░░░░ look at any of ░░░░░░░░ graphs any of the ░░░░░░░░ so I think investors ░░░░░░░░ pretty comfortable with these ░░░░░░░░ little turnouts minor little ░░░░░░░░ of profit taking here ░░░░░░░░ there and they end ░░░░░░░░ resulting in more investors ░░░░░░░░ in and buying any ░░░░░░░░ So I think it ░░░░░░░░ steady as she goes ░░░░░░░░ I want to get ░░░░░░░░ to Shah Gilani I ░░░░░░░░ your talking points as ░░░░░░░░ know You said something ░░░░░░░░ the 1987 crash Are ░░░░░░░░ worried about another crash ░░░░░░░░ that GILANI No I ░░░░░░░░ not Stuart but there ░░░░░░░░ an undercurrent of conversation ░░░░░░░░ in some analyst quarters ░░░░░░░░ speculative quarters that point ░░░░░░░░ the fact the October ░░░░░░░░ crash was preceded by ░░░░░░░░ year where the S ░░░░░░░░ was up 31 The ░░░░░░░░ year it was up ░░░░░░░░ Coming into this October ░░░░░░░░ had the exact same ░░░░░░░░ we re talking about ░░░░░░░░ previous year being up ░░░░░░░░ and the year before ░░░░░░░░ S P being up ░░░░░░░░ Uncanny to the actual ░░░░░░░░ levels are so precise ░░░░░░░░ s a little bit ░░░░░░░░ The only difference is ░░░░░░░░ market was up about ░░░░░░░░ as much year to ░░░░░░░░ in October 87 as ░░░░░░░░ is year to date ░░░░░░░░ into October this year ░░░░░░░░ I just again scuttlebutt ░░░░░░░░ s going on that ░░░░░░░░ am listening to and ░░░░░░░░ just sort of shake ░░░░░░░░ head and I say ░░░░░░░░ you can make those ░░░░░░░░ because statistically the numbers ░░░░░░░░ there to compare but ░░░░░░░░ don t see anything ░░░░░░░░ that happening because as ░░░░░░░░ as October 87 was ░░░░░░░░ that was about the ░░░░░░░░ called futures market imploding ░░░░░░░░ insurance product Varney It ░░░░░░░░ a different time GILANI ░░░░░░░░ Street was selling Uniquely ░░░░░░░░ time Varney But I ░░░░░░░░ this all the time ░░░░░░░░ No it was a ░░░░░░░░ driven selloff and then ░░░░░░░░ s corrected itself We ░░░░░░░░ t see that again ░░░░░░░░ s no insurance that ░░░░░░░░ have that s set ░░░░░░░░ like that anymore Varney ░░░░░░░░ will drop it right ░░░░░░░░ Shah We re very ░░░░░░░░ to hear your opinion ░░░░░░░░ this one Shah Gilani ░░░░░░░░ ll see you again ░░░░░░░░