We begin though with our talk of the tape the stunning reversal in stocks after that

sizzling cepi report sent the market's tumbling can the burst keep going or will it

end once again in disappointment let's ask Liz Young so so far as head of investment strategy.

She's with me right here at post nine. Welcome.

Thirteen hundred point reversal. I mean,

ginormous is it Is it durable for the next few weeks? I don't think so.

And I think in the next couple of days,

we're going to see a revival in that downtrend.

Because you have to think about what really would have even been priced in today.

Nothing got fundamentally better.

I would almost argue things got fundamentally worse and we've realized that we still don't

have a handle on inflation.

So there's nothing that really drives this from a logical

perspective that would say you know what we're good, let's bounce, let's buy and

we're out of the woods. How much more than do you think stocks have to go down

before the sellers are completely exhausted

I mean there still has to be a catalyst for the buyers to come in regardless of what the

sellers do. Yeah so there's certain levels that I would watch the most recent low that we closed at was 3585, right?

I think we need to get down below that. But really I still think that June low, that June closing low of 3666,

once you got below that, I would have expected a sell-off to go a

further five to ten percent so that takes us down ten percent to thirty three

hundred in that thirty three hundred to thirty four hundred range that's when you're flirting with 30% down from the January highs that starts to price in a recession

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