RUSH TRANSCRIPT There you ░░░░░░░░ it The sound of ░░░░░░░░ closing bell of the ░░░░░░░░ York Stock Exchange as ░░░░░░░░ approach for 00 P ░░░░░░░░ On the East Coast ░░░░░░░░ up another trading day ░░░░░░░░ wall font color ff00ff ░░░░░░░░ s take a look ░░░░░░░░ they font slammed the ░░░░░░░░ there and where the ░░░░░░░░ landed It is a ░░░░░░░░ of a rough day ░░░░░░░░ down almost 400 points ░░░░░░░░ mixed day for the ░░░░░░░░ P 500 and tech ░░░░░░░░ NASDAQ The S P ░░░░░░░░ down nearly one quarter ░░░░░░░░ a percent Joining us ░░░░░░░░ is the chief investment ░░░░░░░░ at the roth management ░░░░░░░░ James help us understand ░░░░░░░░ of the red we ░░░░░░░░ seeing We know that ░░░░░░░░ Sachs had a pretty ░░░░░░░░ earnings report There were ░░░░░░░░ number of signs indicating ░░░░░░░░ are still struggling What ░░░░░░░░ your feeling behind the ░░░░░░░░ on the market today ░░░░░░░░ you You know Goldman ░░░░░░░░ is really the poster ░░░░░░░░ for what investors should ░░░░░░░░ for as we continue ░░░░░░░░ earnings reports this quarter ░░░░░░░░ numbers were not good ░░░░░░░░ is a sign that ░░░░░░░░ are what drives stocks ░░░░░░░░ is something we forget ░░░░░░░░ bull markets and but ░░░░░░░░ is what you get ░░░░░░░░ that last third That ░░░░░░░░ where the earnings become ░░░░░░░░ The last two quarters ░░░░░░░░ quarters it has all ░░░░░░░░ inflation Today is a ░░░░░░░░ example with the Goldman ░░░░░░░░ and what others have ░░░░░░░░ you know missing those ░░░░░░░░ Also I have to ░░░░░░░░ that at play is ░░░░░░░░ of the conversation coming ░░░░░░░░ of Washington with the ░░░░░░░░ S just two days ░░░░░░░░ from hitting the debt ░░░░░░░░ That makes markets skittish ░░░░░░░░ are you seeing playing ░░░░░░░░ on that front On ░░░░░░░░ front it is continued ░░░░░░░░ and fear That is ░░░░░░░░ going to be a ░░░░░░░░ driver for markets as ░░░░░░░░ head into that decision ░░░░░░░░ course another mandate with ░░░░░░░░ Fed coming up after ░░░░░░░░ in two weeks Certainly ░░░░░░░░ shot at raising rates ░░░░░░░░ we kind of come ░░░░░░░░ after the holidays the ░░░░░░░░ had a lovely lift ░░░░░░░░ would suggest that the ░░░░░░░░ have been overbought and ░░░░░░░░ volatility will continue to ░░░░░░░░ the name of the ░░░░░░░░ over the next four ░░░░░░░░ eight weeks The market ░░░░░░░░ made quite a bit ░░░░░░░░ progress down 26 27 ░░░░░░░░ we may revisit the ░░░░░░░░ and even go lower ░░░░░░░░ are finally getting there ░░░░░░░░ but we need the ░░░░░░░░ to come in That ░░░░░░░░ usually what you see ░░░░░░░░ last part The earnings ░░░░░░░░ to fall apart and ░░░░░░░░ may be the canary ░░░░░░░░ the coal mine if ░░░░░░░░ will A lot of ░░░░░░░░ are raising eyebrows at ░░░░░░░░ Goldman earnings But I ░░░░░░░░ some of the slow ░░░░░░░░ indicators were factored into ░░░░░░░░ lot of the market ░░░░░░░░ at the end of ░░░░░░░░ year because the Fed ░░░░░░░░ predicted you may see ░░░░░░░░ retraction You may see ░░░░░░░░ recession on coming I ░░░░░░░░ about this discussion to ░░░░░░░░ potential default on U ░░░░░░░░ debt how will just ░░░░░░░░ discussion impact things You ░░░░░░░░ good point errol In ░░░░░░░░ markets you usually get ░░░░░░░░ to 30 35 mild ░░░░░░░░ contraction or recession I ░░░░░░░░ that that discussion will ░░░░░░░░ to see the Fed ░░░░░░░░ about raising rates getting ░░░░░░░░ closer to where that ░░░░░░░░ Right now the equilibrium ░░░░░░░░ a little off Price ░░░░░░░░ it depends on how ░░░░░░░░ want to measure it ░░░░░░░░ is not how you ░░░░░░░░ the market bottom Particularly ░░░░░░░░ you go into the ░░░░░░░░ earnings season All of ░░░░░░░░ things we are talking ░░░░░░░░ add up to being ░░░░░░░░ little bit more conservative ░░░░░░░░ a little more defensively ░░░░░░░░ bear market is not ░░░░░░░░ over All right be ░░░░░░░░ and cautious.