Well that's the scorecard on Wall Street but winter stay late and you gotta stay late to win today.

Welcome to Closing Bell Overtime.

I am John Fork with Morgan Brennan coming up on the show. Funstratsats Tom Lee is going to join us with

his thoughts on today's sell-off and where he sees the market heading from

here. Plus we'll discuss Fed Chair Powell's message to Congress today and the

market reaction with Morgan Stanley

Global Chief Economist Seth Carpenter whose name has been mentioned in

reports as a possible Fed vice chair candidate as well.

Well let's get straight to the selloff with senior markets commentator Mike Santoli

who joins us here at the NBC headquarters.

Yes, great to see you here guys.

Very glad to be here and you know plenty to talk about as we are together here.

The S&P 500 backing off a percent and a half today gave back the majority but not all of last week's gains.

And it happens at this interesting crossroads.

This takes you back all the way to the beginning of last year.

That's the all-time high right there at the far end,

January 3rd of last year.

And so you had this downtrend that was coming right through here we broke

above it and then also you had this line coming up from the October lows and so you

have this confluence of areas and look granted the bull case at these levels does require not too many things

from growing wrong. You can't have the Fed get real hostile on the economy. You can have the

economy really overheat and build inflation higher so that is why I think you see

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