Life in the NASDAQ market tight overlooking New York City's Times Square.

This is Fast Money. I'm Melissa Lear.

Traders on the desk are Tim Seymour, Karen Feinerman, Dan Nathan, and Guy Dami

a Tuesday, Temple. Stocks picking off September in the red and we've got one chart that shows

we could be headed for a point of no return.

Also ahead, investors slamming the brakes on Uber and Lyft why these two stocks could signal a rock road ahead for IPOs.

And later Brexit drama heating up in a big way today and the currency market is taking notice

will break down all of the big headlines.

But we begin with today's sell-off stocks taking a nose dive

as a new round of tariffs picks in on China

and the US manufacturing sector contracts

so the first time in more than three years.

All three major averages ending the day in the red. So is this

just the beginning of a bigger September slide guy? Well we sort of and hi Melms we talked

about it last week. Listen quite frankly I thought we'd rally today I thought

Thursday Friday made sense that we rallied I thought we'd rally again today and then

towards the end of the later part of this week early next week we'd start to slide

things are not bullish for stocks right now. I mean if the only case

for bullish and stocks is that valuations are reasonable and rates are going lower, I think you're

on pretty thin ice. It feels to me like the market needs to have the next leg down. What I've said before

and what I'll say again I think the market bottom will be defined when the VIX

trades on or around 30 we're at basically 20 now you do the math. I think there's a huge

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