The three, up about 3. 38 . Overnight in asia, shanghai came back bigtime. As you see there, up 5. 3 . The hang seng, 3. 6 . The chinese did seem to intervene a bit to help things along in china. As for our tenyear note, we started this week. We were below 2 on the tenyear. No longer. Back to 2. 20 despite those comments. Crude oil above 40. The first time i have seen that in a few days. Lets get to our road map. Has the market bottomed for now . For good, for a while . Another upgrade for amazon. Why now is, quote, an attractive entry snoint. Retail pain continues. Tiffany and Williams Sonoma both disappoint and both stocks are looking down this morning. We begin with stocks on track to maintain momentum from wednesdays big rally. Futures extend gains after data shows Second Quarter gdp revised upward to 3. 7 . Thats up from an initial estimate of 2. 3 . This comes one day after a 4 jump on the s p. The dow also posted a gain of more than 600 points. That was the first time it had gained that much in points since 2008. We always come back to 08 when we at least talk about it percentagewise. It was a lot more back then given the dow was far lower. We had a lot more down days than up in 08. These big Movement Days that are reminiscent to a certain period. Probably the only thing that is reminiscent of that period. Numbers are bigger, because the averages are higher. You raised a really good point last night in our special. There is a lot of good things happening. We are not seeing these flow of funds. I would like to explain to people, why are treasuries where they are . We have a great bond guy on last night. He is giving you some insight that perhaps it is the chinese that are selling. Now, the euro, the chinese have 1 trillion euros in sovereign debt. They may not be up as big because the euro is down. The chinese apparently are selling much of what we are seeing. They are moving the Interest Rates more than i think our fed is or you are seeing supply demand. China is moving out of stuff. Then, we thought that china wasnt going to prop up stocks. Now, we are buying. I thought they were out of the business for a while trying to let the market find its equilibrium. They intervened, 5. 3 up for shanghai, down dramatically over the last few sections. They want to celebrate the end of world war ii. For the 70th anniversary. They are trying to clean up their city. The volatility. There is very little stock for sale or to be bought at various times. Yesterday, you didnt see any margin calls between 12 30 and 2 00. On tuesday, it sold off beginning at that point. There were margin calls. Is this morning, it is all facebook, amazon, netflix following on some news about the real numbers and google still with the fallout of the bolini recommendation and apple. Very positive call. Lets go back to this point you are making on china, the bond market and the stock market, rick reader, who runs fixed income or strategy over at black rock said it is the equity market leading the bond market as opposed to the reverse, which is often the case. So thats why china, whatever they are doing, if they are selling is having an impact on our rates. Or vice versa. If they are is heing their 30year paper, the 30year treasuries or 10year treasuries, those Interest Rates go higher, which is good for the banks, one of the largest groups in the s p, which was behind yesterdays rally. We want to look at it as tech. The thing that really crushed this market were that all the financials which are such a huge part of the s p, they get obliterated as if they were tech stocks. Dow, 18month gains. Jpmorgan, did you see them . Wells fargo, 50. It is a purely domestic bank, the largest. Those are here. Now, you get to the point that these comments were they thoughtful, not dovish, not oneway. I always did want to hear what he had to say about the long island economy. We cut him off at that point. On the moves in the market, the overall big moves, it does unsettle people, even when you have a big up day to the extent they remember big periods of tumult where we are trying to find a new level so to speak. I dont talk technical at all. Is it more concerning to you even though you have a big update as though we did yesterday. More volatility and more down side . I feel like we are keying off Federal Reserve people that talk, lockhart, still in favor of a rate hike but maybe not this one. The bullard decline. It happened friday afternoon. You can crush a market. We are going fed to fed. Stanley fisher speaks this one. I am talking to hear people call qe 4. Thats coming up. Thats ridiculous. Look, the inventory build is important and on every one on the retail, talking about stock markets volatility. It hasnt hurt retail sells. The underlying, as you and i have said, the underlying u. S. Economy seems to be fine. You can make an argument that a stronger dollar, lower oil prices, chinese exporting deflation over here are all positives for the u. S. Consumer. They all work. You talk about 2008 being the last time you saw the moves. You know when you saw the moves before that . 87. This week in 87 was a disaster. You are really going to bring up 87. I had to stop being on vacation in 87. It caused a real conflict at home, first of many. There was plenty of that. Those days are over. Now, it is all. Why do you bring up 87 . I want people to recognize that the stock market can difficult verge from the real economy. In 87, the stock market was great and got crushed. The stock market could be d diverging from the real economy. It didnt in 1998, 98, because we did import those problems. 08, it was just catching up with the underlying economy. The last time the underlying economy was robust and we had a selloff was 87. I have been talking to a lot of regular people who are scared to death about a market that can go down 600. There are five brokerage houses that basically stopped trading on monday. That is not reassuring. You are talking to somebody who sat here. Dont look at some of those prices on monday an wondering what in the world was going on. The most important moment monday was what . When you look at the cameras, listen, i have to go make the calls. We dont know what the heck is going on. We have to own the fact. Monday. To that larger point with big moves, whether they are up or down, those enormous moves that were quickly reversed. The fact it sounds like the a o algorit manies r playing out. You said you are not a technician. On tuesday it held the low for monday. That made a lot of people that are bullish think there is a recovery. Some fed guy says today we are tightening because the market was up 600. We erased the 600. We are way too close to the fed and not focusing on what the companies are saying. Lets use the 2011 ann aalogy. You can say, it is not as bad as 2011 where we felt it in spain and portugal and italy and ireland and greece were going to default. This isnt as nearly as bad. Why dont we think within a few percentage points, we are done. Look at oil today. Unless the saudis have decided about pumping, i have data as of last week. Houston data, not the inventory data. It doesnt include that. How much oil is everywhere. I threw that to come over there. The storage is out of control. There is so much oil. We cant take it from canada. We cant take it from saudi arabia. Oil us up today. Maybe someone knows that the saudis are finding that in yemen more. They have to stop flooding the world with oil. We had the senator say that the iran dude is a done deal. Highly unlikely they will be unable to override a veto, if, in fact, they voted that way. You have the dollar up today, the euro down. We have oil up. Now, last night, reader was very, very saying that if we see oil go up, it will restore confidence. You believe that too. Sometimes you believe people who are really big in the market. I think that that man is a very thoughtful man. You were impressed . I was in awe. This guy has common sense. He is in the market. He knew the fund flows. How much is he controlling . A lot. When he said they need to stabilize, they is him. He represents the they. He is a thoughtful guy, rick. He has been around a long time. He got thoughtful with someone who is not there. He is not just a marketer. We have a lot more to talk about here, of course. We have tiffanys quarterly. You can see it right there. That is weighing on the stock. Not the only retailer having a rough morning on the earnings front. We are going to fill you in. Lets give you another look at futures here. As we get closer to the opening bell, about 27 minutes away. A lot more squawk on the street. 17 minutes away. A lot more coming up. Here at td ameritrade, they love innovating. And apparently, they also love stickers. Whats up with these things, victor . We decided to give ourselves stickers for each feature we release. We read about 10,000 suggestions a week to create features that as traders wed want to use, like social signals, a tool that uses social media to help with research. 10,000 suggestions. Who reads all those . He does. For all the confidence you need. Td ameritrade. You got this. I was out for a bike ride. I didnt think id have a heart attack. But i did. Im mike, and im very much alive. Now my doctor recommends a bayer aspirin regimen to help prevent another heart attack. Be sure to talk to your doctor before you begin an aspirin regimen. Im a Customer Relationship im roy gmanager. Ith pg e. Anderson Valley Brewing company is definitely a leader in the adoption of energy efficiency. Pg e is a strong supporter of solar energy. We focus on helping our customers understand it and be able to apply it in the best way possible. Not only is it good for the environment, its good for the businesses bottom line. These are our neighbors. These are the people that we work with. That matters to me. I have three children that are going to grow up here and i want them to be able to enjoy all the things that i was able to enjoy. Together, were building a better california. Yes, it was up about what, 3. 8 yesterday. We are looking for a higher open this morning as we get set to begin trading stocks, about 15 minutes from now. We also have a lot of retail, earnings news this morning to digest. Difficult any missed with Second Quarter results. It cited a stronger dollar and challenging Economic Conditions in certain markets. Also, Dollar GeneralQuarterly Earnings were above forecast. Revenues were below the consensus that analysts had come to. Williams sonomas weaker outlook overshadowed better than quarterly results. Pvh was a beat on the top, the revenue line and the earnings line. It did raise earning guidance. Ceo last night told them how pvh is fairing in china. A lot of volatility in that part of the world. The volume concerns me more than our actual business. Our actual business continues to be strong. We are wellpositioned, selling affordable luxury. We are not selling luxury goods. We continue to post strong gains in china. The journal has done a good job giving a snapshot of the chinese economy. Another story of that exact segment that is not seeing weakness. It goes to some of the comments we heard earlier from tim cooks as well in terms of iphones. An emerging upper class in china. It is a lot of people. There seems to be a decided effort to have people not spend on the 500,000 watches. We know the flow of funds for expensive liquor is down a lot, gambling numbers down a lot. We have seen pvh brands, calvin klein, do quite well. One of the things that Manny Chirico was saying to mes la the night w last night was, the stock is down but our business is good. It is almost as if the party has decided, we dont want margin but we are going to prop up stocks. We dont want a waitress to take a picture of a watch and send it to the police of a patron. This is the return of communism. They want the middle class to do better. This becomes a very confusing situation when you see a guy that says, i dont know whats going on in china but it is pretty good and then Williams Sonoma, beat numbers, beat numbers. This es not a great quarter for williamssonoma. They were up. They would tell you the quarter is more down beat. In a lot of different areas, they didnt think it worked. Dollar general, i wasnt crazy about the comp numbers. Tiffany was because they came out the last quarter. They spiked the stock from 85 to 94 with the guidance and took back the guidance. They better have some numbers. They took down their guidance. They were looking for double digit earning growth in the second half. No Earnings Growth in 3q. Come on, tiffany. Tiffany reads like macys. Why would they have taken that guidance up in the first place . Stronger dollar, clearly going to impact some of the abilities of the customer to come over here and spend a lot. They got too optimistic there. We have seen that from some companies. Too much optimism. We saw that from a lot of the oil companies. They said oil is going to hold 60. Now, the debate is lower longer versus you recovery. People thought that some buyers of the camera would signify the u recovery. The inventory was signaling a longer, lower. Saudi arabia being the key. Sa saudi is pumping the most it has ever pumped. Iraq at 4 million now. China, diesel numbers were very bad. European diesel numbers were very bad. Just in terms of where gasoline and oil are. They are on ships. The suez that im on remain high. Thats the peoples story. I continue to believe this is the story when it comes to at least some of the things that ill be covering and the equity markets or the continuing restructuring of any numbers of companies. Not the big guys or dives divestitures. I think you want to analyze. The black light crude, with he dont need it. Receipt fineries are built to handle heavy crude. What we are looking at, we have to look at region by region. Eagle ford, im very happy with and bokken, the discount is so big. You have to be very careful if you are investing in companies. Coming up, jims mad dash as we get closer to the opening bell for this thursday. Lets give you one more look the afutur at futures before we have that opening. We are going to have a strong opening at least if you are long. A lot more squawk on the street right here from the New York Stock Exchange coming up. Here is a simple math problem. Two trains leave st. Louis for albuquerque at the same time. Same cargo, same size, same power. Which one arrives first . Hint its not the one on the left. The speedy guy on the right is part of an intelligent system that creates the optimal trip profile for all trains on the line. And the one on the left . Uh, looks like itll be counting cows for awhile. So maybe the same things arent quite the same. Ge software. Get connected. Get insights. Get optimized. I dont know if it means we are back to normalcy. We want to start with reported earnings on avagoz they were fabulous. A level of confidence this company is rather extraordinary. Why do i talk about avago. Sky Work Solutions and corvo and xpi follows this company. They are all into cell phones. We dont know how much is gel ming and apple and samsung. I think it is really important that people get to know this name in the way we used to think about intel and amd. This is the leader in the group because it is the most inquisitive. It is a rollup. The key is having your stock price move in the upward direction. If they get it rolled up, deals get done. Watch this. This is the new intel for people who are momentum people. The most important stock. I want people to know it. Work day is one of the most important stocks in the cloud universe. They had 56 sub revenue growth. Some people were saying that oracle is having input. It has some sort of impact. Citi goes to buy. This stock was at 67 last night. It is now come back to 70. Battleground, david, battleground. The way to resolve the battleground, sales force. Workday and salesforce are close. The only one that is delivered at a level people are shocked at is tablo data. The more Mature Company in the group. We have a lot of stocks to watch, whether it be oil or the bond market or currencies. A lot of that coming up. Opening bell, a few minutes away. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . You are watching cnbc squawk on the street live from the Financial Capital of the world. The opening bell is going to ring a minute from now. This is the time when carl is not here. I turn reminiscent of our time together could i say the 90s. Is that true . I think it is. What is the key to this market, mr. Cramer . Easy. Call disney. Disney, i think, was the socalled twilight of the gross stocks. Disney, i think they are in there buying the stock aggressively. I think they are in there aggressively. The stock is back over 100. I wonder if the longterm people shouldnt stay focused on disney as the possibly. It is true that espn has had some problems. There is a change going on, slow, perhaps in some ways. The speed of the decline and the cash flow at disney makes me feel that they draw a line in the sand in terms of their buyback. You hear the applause building here. There it is, the opening bell. You take a look back. A lot more green on the board than red. The multisector, unconstrained, bond etf. Jim, unconstraint. They are running wild celebrating a recent launch. Thats the chinese company. Over at the nasdaq and Business Advisory services. Boy, ill tell you, david, someone who is just looking at this market, recognizing they are all up or they are all down. They start discerning at around 10 15. Is that when it thats when. Yesterday, the discernment went out. Who knows whats moving the market now . We are only up 100 points. At lunchtime, wie were only up 100. Thats when buyers came in as opposed to the day four. Later in the day, when we went down, suddenly, the buyers disappeared. It was almost as if buyers saw what they had to do in order to be able to get stock. David, i keep thinking, what are you hearing about levels of cash on the sidelines and levels of people who have to come in and do some buying. I hear various things. It depends where and whom you are speaking with. Cash levels. Art cashin has brought this up a lot saying there is some. Hedge fund. On the hedge fund side, i have to say, a lot of guys did take some risk off late july, early august. We are hearing some bad numbers. Those are the guys that are really usually long, very much long and a little levered. That was reminiscent of the 2011 analogy keeps coming back to me. Os lay to