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So, let's take a deeper dive into the market reaction to the services data. With us, we've got a very special guest, Jay Woods. He is the chief global strategist over at Freedom Capital Markets. Jay, thanks for coming in with us. I know it's been a rough week for markets, so we appreciate you rolling up the sleeves to come in here. But looking like we're bucking the trend today. How positive of a catalyst is this ISM data for the market, and aren't you surprised by the rally we're seeing right now?

Not surprised by the rally given the drastic selloff we had to start the, uh, month of September off. But, um, we're putting every data point under a microscope. We reacted to the Beige Book yesterday. I've been down on the floor for 30 years. We really don't give much attention to the Beige Book. Um, so every little data point that gives us an insight, is the labor market cooling off, or do we have issues there? Uh, that's what's moving markets now because Jerome Powell, the dual mandate, we always focused on inflationary data, and the CPI, the biggest number. Now, everything is pointed to Friday. Friday is the biggest unemployment report we've had since the last one, obviously, which came two days after the Fed meeting. And what we learned after that meeting was, all right, one, the Fed didn't really know the data because it came in hot. We were expecting 4.1%, we got 4.3%. Tomorrow, uh, 4.2%. Anything hotter than that, then this market could take that leg lower, and then we could be talking about 50 basis points and a possible panic move by the Fed. So, this number is the important number, but right now, everyone's a little jittery, so we're looking at every data point, uh, pretty, pretty closely right now.

50 basis points. I mean, that would signal that they are well behind where they need to be in curbing and, and getting back towards some of their targets as well. Do you believe that to be the case? And, and that would spell out that the economy is in far worse shape than we anticipated, right?

Well, that's what will happen if they go 50, because people will be like, wait a second. Maybe it's worse. They dropped the ball, they should have cut last time. And that's the camp I believe in. They, they had an opportunity to cut in July. They waited, and then the data kind of took them by surprise, took the market by surprise. Then you had the gen yen, uh, the Japan yen carry trade, uh, and then you also had Apple, uh, Warren Buffett selling half his stake. You throw all those three things over a long weekend with geopolitical concerns, and we had August 5th, a VIX that spiked at 60. Now, I watch the VIX closely. You don't see spikes like that, uh, without aftershocks. And that's what we're seeing now. And we got that on Monday first day or Tuesday, first day of September. Uh, September, as you know, worst month of the year historically. Go back to 1928, it's down 1%. Every other month is up over that time. And then we have election headlines that are going to really keep people on edge. And then you go into election years, what are the two worst months going into election year? September, October. We bottom on election day, and you want to look back 2016, 2020. We had the same candidate. Where did we bottom? On election day, then we rallied. I think the setups are there, uh, but there are things we're watching. Watch, uh, AVGO Broadcom, uh, after the bell. That's one of the biggest tech weighted stocks out there, second biggest in the semiconductor index behind Nvidia. So, that has a similar pattern that we're seeing in Nvidia. I think we're consolidating. I think this is healthy, but when you live through that consolidation, you live through those drawdowns, you second guess. So watch the lows from August 5th, not just in the major indices, but some of those mega cap stocks. We don't want to see them break.

Okay.