Good wednesday morning welcome to squawk alley. Im carl quinnipiac. Jon fortt is at microsofts annual surface event in new york we begin with the markets this morning its been a rough ride to start quk q q4 behave bob pisani and mike santoli to break it down bob, ill start with you the important thing, this is the debate all year, what side of the recession debate are you on if you believe recession will start next yeear anyear, market dro markets will drop. You want to watch the big consumer names this year if theres a slowdown but no recession, these names should do well look whats been up, costco, home depot, nike, mcdonalds theyre across several different categories watch if they start rolling over so far its been modest. Starbucks is rolling over a bit. Jpmorgan had a negative comment on monday about them, but by in large they held up well if they start falling apart particularly after the jobs report comes out, i would get concerned. If youre in a slowdown camp, thats where i fee