Welcome to Overtime, I'm Mike Santoli in for Scott Wopner. You just heard the bells, but we're just getting started.

In just a moment, we'll get earnings from Cisco. The breaking numbers and instant reaction to the quarter are straight ahead, but we begin with our talk of the tape.

The rally takes a breather, the dowel snapping a five-day win streak as all three major

averages end the day in the red. So was this the pause the market needed? Let's ask the NBC contributor

Josh Brown of Britholz, wealth management. So Josh, good to catch up with you here.

The market's been actually pretty well behaved in some respects as you would probably

observe I mean we regain more than half of all the losses got a lot of these kind of

bullish momentum signals triggered people chasing and saying okay that tells us a low is in and then we

bump up maybe within a you know an inch of the 200 day moving average and it

backs off from there and today fed minutes gives a little indigestion.

What's your read?

I think that's, I think that's exactly right, Michael.

If you were to ask me in advance, like what would be the natural place for the rally to halt or take a break or

take a pause or even end I'll let you know tomorrow this would be it because

whether or not people want to believe in technical analysis or

not the algorithms are written in large part based on price signals more than

anything else so totally unsurprising I would point out if Apple were flat or even down today, it would be a much, much different situation.

We'd be talking about a significantly worse day because Apple continues to grow in importance and in market cap proportionate

to the overall market and all of the major ETS and averages. So I would just

throw that out there. Energy being strong is not necessarily a great thing for the overall

tape, not necessarily great for the overall narrative that inflation is

about to miraculously disappear.

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