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Welcome to squawk alley for a monday morning, im Carl Quintanilla at the new york stock exchange. The dow and the s p still on track for their worst month since january of this year. Lets bring in citis chief u. S. Equity strategist, along with mike santoli, who joins us at post nine. Good morning to you. Good morning. A lot of discussion about what fridays dramatic mean follows, were not seeing it this particular moment. Was that a one off . Yeah, i think so. Look, the market was fairly vulnerable already when we tracked investor sentiment, we saw complacency coming up, our interstock correlation data particularly was sending a warning signal and as a result i think you just needed a catalyst, could have been any catalyst. I think people respond to the particularly the comments, but it could have been the uwan weakening, fears in the u crane, anything can hurt you once you have vulnerability in the market. I was going to say, i ....
The tape in the hour ahead. Joe is today a day to sell stocks . On this rebound of sorts . If you are an investor, then i think over the first couple of weeks of september, you want to take cash levels in terms of equities holdings, somewhere 20 , 30 . Im fine with that. I think the market is in a vacuum right here for an investors portfolio, yes, i would be modestly raising cash. If you are a trader, and i think what land on friday and whats happening today is a trading event. Then youll be using options and hedging etfs on volatility and things of that nature. The play of the market over the next couple of weeks. I think thats more a trading circumstance, and i think whats going on in the market right now is a trading event. Lets just put this out right on the table right now. I any yellin has the votes. I tried to dissect them. Its up behind ow the wall. Foels, what we are looking at is my best guess of who is where, if there is a rate hike on the table. I would is stan fisher and e ....