Hour ago, our partners saying jack dorsey will be named permanent twitter ceo as early as tomorrow, finally. What took so long . The man who helped to break that story, coming up. Also, two years behind schedule, but elon musk has finally unveiled teslas model x, that gorgeous crossover suv that came out last night at the factory in fremont, california. But the original car guy himself says he is bearish on the electric auto maker. Bob will join us coming up. I dont think it looks like an suv. Well, its more like a crossover. But it is in the category of suvs. Looks like an overgrown sedan to me. More on that coming up. Lets start with bob pisani. Hes got a closer look at todays gains and the damage done. A lot of damage done. The only thing people are talking about, the main thing is what is going to happen with health care. Thats where everybodys been blind sided the last two weeks. We got a nice bounce today in the big name. Im talking pharma. Big names. Hmos. Hospitals. Its about time. You saw the damage in the last week and a half in these sectors. Put up pharma in q3. Look at the declines that weve seen here so far. And the hospitals and the hmo business is humana and aetna. Also down double digits here. You want to know what the market leadership is . Come here. Ill show you. Its this. Its clorox. The whole month has gone defensive in the last month. Anything like that is all on the upside. Its very hard to move the market forward when youve got those kind of defensive names. Again today, clorox is doing very, very well. We need more market leadership. We need health care to stabilize. I know the phrase, Everybody Knows october is the month of bottoms. But we need to get clarification on where health care is going, because thats where a large part of the earnings gain is. Its in financials, Consumer Discretionary and health care. Thats a very thin market to argue that we should be higher at the end of the year than lower. Bob, thank you. Meantime, a real disappointment. Lets get up to seema modi with a look at how Global Markets have been faring. Lets start with emerging markets seeing a lot of red arrows. Brazil down 16 . India off six. Broadly speaking, the worst quarter for emerging markets since q3 of 2011 on concerns over lower commodity prices, Global Growth worries and the looming fed rate hike. And this bled through to the currency market. Thats what traders have been talk about. Trading at its lowest level since 1998. Now, a negative quarter for europe as well, the european stocks 600, and index of the large cap names in europe, losing 9 . The german dax, by the way, the worst performing European Market in the Third Quarter and its still in bear market territory. China worries at play here. The auto sector continues to get hit. Plus, soft economic data. Largely due to the drop in oil price. But its the first dip below zero since the ecb fired up its bondbuying program in march. Some economists say theres a good chance mario draghi will now extend qe beyond september of 2016, which could ultimately be bullish for european equities because it would mean a weaker euro would be attached to that. Well, the game continues. Seema, thank you for now. Seema mody. Lets go to our Closing Bell Exchange as we try to make sense of the Third Quarter, which is ending in about 45 minutes for the markets. Keith fitzgerald from moneymorning. Com joins us. Keith bliss is with us here at the new york stock exchange. And Rick Santelli is with us in chicago. We were just handed the stats for the quarter so far. The dow down 7. 9 for the quarter. Nasdaq down 7. 9 . Keith fitzgerald, what does it all mean . I mean, this is the third consecutive down quarter for the dow. Third consecutive for the the second consecutive down quarter for the s p. And the nasdaq finally is having its first down quarter in quite a while. So put this in prif for us. What happened this quarter . Well, for a long time, the meme was whats good is bad and whats bad is good. I think that bloom is now off the rose. Traders are beginning to recognize that hey, we do have a serious problem here and bad may actually be bad. So i think youre taking money off the table. Theyre simply pulling back a little bit. Theyre waiting to see what the Central Banks, and yes, here we go again, what their next move is going to be in the face of data that really is pretty terrible on the surface. Its a fundamental problem, rick. Internal or external . Is this stuff thats happening to the u. S. Economy slowing down, or is it external concerns that are just now kind of sinking in . Its definitely global. Its global. And i think i just heard it was one of our correspondents talking about exports. The journal had a great line today. It said first reversal in exports since the credit crisis. Meaning we go in the wrong direction. I think all of it is a global standpoint, and thats why i think its so important to really put in perspective, is the United States going to be a leader or are they going to be a follower with regard to things like Monetary Policy . Listen, the imf and europe, if we wait until they get their Structural Reforms complete, or we wait until the emerging markets get all their ducks in a row, its going to take forever. You could make an argument they havent had their ducks in a row for decades, so yes, its a global dynamic, and i think that the United States central bank needs to look at the positives of our economy, such as they are, to the rest of the world and make decisions based on that activity. So in that regard, maybe Janet Yellens speech is important. What everybodys talking about down here today, is and melissa lee brought it up in realtime, apple dipping below that level, which is where they settled last year. Tenyear note yields were at 235, so we shed about 25 basis points. This is what carl icahn earlier in saying the market was overvalued, he said am, which is still undervalued, today is completely the opposite trade. How much of this selling i mean, we can come up with all kinds of reasons for the market to sell off. How much of it is a good Old Fashioned technical selling . We had gone how many years without a 10 correction . We finally have one now. And are we just paying the price for this party weve had for the previous six years here . Well, i absolutely agree with that, and i think were going to have more selling to come. I would be fading any rallies i would get here. Some of the technical destruction has been pretty profound. All four major indexes did a death cross with the last one being the nasdaq, which completed a couple of days ago. So those are very bearish technical signals. One of the indexes you didnt mention at the top was the russell 2,000. Since the russell 2000 hit its high, its off 15 now. If it were to get into 20 territory, that would take it behind the 2009 trade line. Im pretty sure, that would take the rest of them down below and then we would go back and really retest those lows that we saw in october. Im very bearish about this market right here. Youre scaring me, keith. But i do remember you were pretty ahead of the game when you said you thought oil was going to crack. Is this in part related to that move . And its interesting, oil here today still under a little bit of pressure, but the market still lev tating. Its clearly been signaling that we have weakness. If you look at the equity prices prex, weve been talking about glencore a lot. Not too recently, it actually ticked below the low that it got during the financial crisis, so we have weakness across there. The emerging market is in trouble for a variety of reasons. Number one is the dollar rally. This is going to have a spillover effect across the equities. Longer term, i still think we can trade higher. Since 1979, theres been 13 occurrences when youve gotten the four horsemen of the apocalypse coming at the same time. Three to four months later, the market has traded higher. Were going to get those lows in october and then well see where we can go based upon Monetary Policy and other economic data. But the market must trade higher, because the free money days are over. Keith fitzgerald, are you seeing any opportunities here . Well, i think the energy complex, which has been beaten up so badly, is of extreme interest to me right now, as are defense contractors, which are another area under pressure, thanks to a shutdown and all kinds of other things. If youre a longterm investor, if you believe in growth like i do, then you want to wade in when everybody else is heading for the exits. You do that with solid companies and Balance Sheets that bankers cannot screw up. Are you referring to the energy . Should we say the commodity space, keith . When we have a name like free port down 50 on the quarter, joy global down 60 on the quarter, do they have the cash flows and Balance Sheets to support the argument youre making . You know, i think that free port may. I should clarify that. Pipelines are the most interesting to me right now because theres a lot of consolidation. Regardless of what happens with the price itself, youve got to move that. Everyones been saying that. Everybodys said that. Its a wellknown trade. But that doesnt change the fact that its a good one. Is it, though . Are pipelines doing that well . Well, regardless, again when middle east stops due to warfare, because markets with Lower Oil Prices dont reflect the political turmoil, were basically energy selfsufficient. Thank you, rick. We could sell to the whole world. Youre darn right pipelines and oil are important. Someone needs to think about whats going on in the middle east and why the markets havent moved and why our Foreign Policy doesnt necessarily include them anymore. I think its simple. We dont need their oil anymore were a producing nation now, so we want lower prices. But wait, were a consuming nation. I mean, we want higher prices as a producing nation. But wait, were a consuming nation. We want lower prices. We cant decide what we are right now. Thanks, guys, appreciate it very much. See you later. Lets get into this story that broke about an hour ago. Twitter popping on that record that jack dorsey will after all be named its permanent ceo. Josh lipton stepping in with reaction so far. Josh . That report coming to us from kara swisher, who says jack dorsey could be named the permanent ceo as early as tomorrow. Dorsey would also apparently continue to run square, as the Payments Company where hes also ceo. Square did recently file for an ipo. This started this summer, when Dick Costello stepped down. The stock popping on this news, but it has been under real pressure year to date, down nearly 30 . Down about 50 in the past 12 months, so why dorsey being given the job . Swisher says its because the Company Needs someone with real product chops. Thats why dorsey was brought back. Already on twitter, plenty of reaction and speculation. Weve seen people wondering whether this news positions twitter to be awared. Others saying theyve been committing capital to this company in the hopes that they get this kind of headline. You can expect a lot more tweets to follow. We will keep you posted. Back to you guys. He thinks its better to be acquired. Thank you. Our josh lipton. More of that story to come. Markets here have the dow up 182 points, as we look to close out whats been kind of an ugly quarter. The s p up 1. 5 . The nasdaq up 1. 9 just about today. Coming up, former General Motors vice chair bob lutz gives us his take on tesla and a potential uaw strike that could stop one of americas bestselling vehicles from being produced. Coming up. First, though, the contrarian view on chinas economy. Things respect that bad, according to the ceo. Hell be here to make his case. Were back in two. My name is peter tran. Im a gas service representative. Ive been with pg e nine years. As an employee of pg e you always put your best foot forward to provide reliable and safe service and be able to help the community. We always have the safety of our customers and the community in mind. My family is in oakland, my wifes family is in oakland so this is home to us. Being able to work in the community that i grew up in, customers feel like friends, neighbors and it makes it a little bit more special. Together, were building a better california. This final trading day of the Third Quarter sees the dow up 170 points. The nasdaq is up the most, so volatility up 1. 8 right now. A lot of interesting trades today seem to counteract the kind of activity weve seen in the quarter to date. So just something to keep in mind as we head into the close. Chinas economy is slowing down. Its rattling markets worldwide and some are even calling for a global recession. China is not as bad as some think. Joining us to talk about that, the chief executive officer of Reorient Group limited. The way that the Chinese Market acted for a while there, looked like they were in freefall economically speaking, but you dont think so . No, i actually think that the governments doing a lot of things right now that are going to be seen as positives. The pboc is starting to come into their own, and you look at the mess that the fed and the pboc has put them behind, the market stabilizing here and i think it looks to make a big move off this bottom. So youre talking about Monetary Policy. Thats your argument here. So this isnt about china slowing, which it obviously is but youre saying their version of the fed is beginning to be more accommodative to that . They definitely will be. The other thing is youve had this easing on the monetary side. On the Exchange Rate side, theyve been actually pegging to the dollar, which has been obviously rallying. So theyre sucking all the money out that the monetary easing has put into the system. Its not an advisable strategy and it needs to stop. I think thats whats really the play here. Once they figure that out, the market will move. So what kind of growth rate do you put on the chinese economy right now, especially when you consider the impact that its having, the slowdown and demand for oil, the commodities, its having this worldwide impact on all of that. I think the market is less focused on whether its seven or six and a half. Once the market understands that the bottoms been put in and you get a 6 plus growth, i think people have been very happy. How will we know . I mean, theres two camps on that. Im a believer in the numbers. They have some sophisticated statistics they put out. You believe the gdp number . I do, yes. I think youre the only person in the world who believes that gdp number. We found him. I think theres Something Else at play here that the world is not really understanding. The shanghai composite is really an old world china indicator. Whereas the new is not listed in china. Its listed here, the internet side. A lot of those names arent doing well, by the way. Look at alibaba year to date. Actually, if the fed kind of clears the way, the pboc gives some sort of indication as to what theyre actually targeting but every market response, going back to the summer, has been disappointment. How are they going to get in front of this . Theyve definitely been behind it. Theres no doubt. I think they need to cut it 100 basis points and give some calming words to the market that this isnt an overreaction, that this is the plan going forward, that things are stable. They need to sense that everything is okay, that this isnt some knee jerk reaction. The market is looking for indicators, which theyre not putting out. It doesnt exactly inspire confidence when the government is imposing these restrictions. Allowing the markets to trade to do the price discovery. Without a doubt. These are growing things. Its just over ten years old. The pboc is not in as deep of a history as say the fed or any of the other regulatory agencies. So i think theres growing pains right now. How much are you betting on this outcome that youve described . How much money . She asked you first. Well, i think the market by year end is up 30 . I think you get a sizable rally. I think its sustainable. I think the government is pushing money behind technology and growth and theyve got a big dollar reserve. I think we look higher. Weve got three months. Well see how it goes. 30 minutes left in the trading session. The dow is up 134 points right now. Jack dorsey reportedly will be named twitters permanent ceo. Well have more details as the stocks up nearly 4 coming up. Well find out why bob lutz is so bearish on tesla. Despite the reveal of the tesla model x last night. Coming up. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Here at td ameritrade, they work wow, that was random. Random . No its all about understanding patterns like the mail guy at 3 12 every day or jerry, getting dumped every third tuesday. This happens every third tuesday. We have Pattern Recognition Technology on any chart, plus over 300 customizable studies to help you anticipate potential price movement. Theres no way to predict that. For all the confidence you need. Td ameritrade. You got this. If youre just joining us, welcome. An up day on wall street. The dow, the s p, and the nasdaq have lost almost 8 . But not today. The industrial average up 1. 1 , 1. 5 gain for the s p. Meanwhile, tesla is unveiling its new model x. Did that last night in fremont, california, with a new feature. Falcon wing like doors, which ceo elon musk demonstrated. Were going to open the doors. Come on. Come on. Open. Those rising doors are supposedly designed for tight spaces like a parking lot, as you can see there. They did receive a lot of cheers from the crowd. But will they generate cash . He thinks of everything, doesnt he . For his take, bob lutz, welcome