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Kicks in in china and the u. S. Manufacturing sector contracts for the first time in more than three years. All three major averages ending the day in the red is this just the beginning of a bigger september slide guy . We talked about it last week. Quite frankly i thought we would rally today, i thought thursday, friday made sense we rallied, i thought we would rally again today and towards the end of the later part of this week, early next week we would start to slide. Things are not bullish for stocks right now if the only case for bullish in stocks is that valuations are reasonable and rates are going lower i think you are on pretty thin ice it feels like the market needs to have the next leg down. What ive said before and what i will say again, i think the market bottom will be defined when the vix trades on or around 30, we are at basically 20 now you do the math. I think there is a huge move coming and i think its going to sort of begin in the middle part of this month. Dan yeah ....
November were diving into all of todays fast money movers. Im melissa lee, coming to you live from studio b at the nasdaq on the desk tonight tim seymour, karen finerman, courtney garcia, and the bitcoin baller himself, brian kelly. Great to be back. And we start off with the most anticipated Earnings Report of the season. Nvidia shares at alltime hikes after posting a top and bottom line beat for q1 guidance for the Current Quarter coming in above expectations the chip giant also announcing a 10 for 1 stock split and a dividend hike. The Conference Call just kicking off moments ago. Kristina partsinevelos is here to break down the quarter. Hi. Investors got what they wanted earnings beat, revenues matching buy side pexation expectations. Same for the q2 revenue guide, came in at 28 billion q2 margins are expected to ....
Apocalyptic. The house of pain. Kind of like a plague of locusts or a rain of frogs. Remember theyre not to stop smacking the space to the economy slows down. We are seeing above average job growth in all sorts of areas. It is like there is no slowdown whatsoever. It either looks like the shutter of the spine of traders who cannot stop this inflation. So here comes the october crash. But once youve pulled these numbers apart, the economy is cutting a heck of a lot of jobs, there is a lot less wage pressure which is what we really care about than we ever expect amongst the midst of this high. What we expect of Wage Inflation without discharge may jobs. That would be ideal point we just did not think was even possible. The bears did not think it was possible. Next thing you know, the average plumage down hard. Started soaring. These numbers could make it so that we have thats how the dow finished up to 88 points. Nasdaq pulled 1. 6 ....
Thats what i keep thinking on a day like today stocks trashed a week ago, started rebounding like crazy. Dow gaining, s p advancing and nasdaq 0. 54 makes you wonder about the markets rationality youre wondering, thinking is it even sane . For the most part nothing wrong with the stocks that. Reporter zbls. That were hammered in the selloff. But market is not crazy or irrational in reality traders tend to make wild overgenralizations, act fast mistake to assume they know what theyre doing. In short the market is often wrong but we credit the action with being brilliant how wrong with the market be egregious examples tonight rotation out of technology that didnt make a lot of sense sales force. Com. Stood at 92 roared to 102 in earnings when the company reported, results superb, really stupendous, scrutinized them line by line and had such faith it was that good what happened to the stock got completely bushwhacked fell under 100 in a couple of days as part of the rotation out of fastgr ....