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HIGHS. MIKE MCKEE AND I WERE TALKING ABOUT THE IDEA OF CORRECTION. A LOT OF STRATEGISTS HAVE BEEN CALLING FOR IT SAYING IT WOULD BE HEALTHY. NOW THAT WE APPEAR TO POTENTIALLY BE IN THE MIDST OF IT, IT DOES NOT FEEL GREAT WHEN WE ARE SEEING A SELLOFF LIKE THIS WEEK. ALL THREE MAJOR AVERAGES NOT QUITE AT THE LOWS OF THE SESSION BUT CLOSE TO IT. WE HAD THE DOW EARLIER TOUCHING ITS LOWEST SINCE LAST OCTOBER. THE S&P AND NASDAQ, THEIR LOWEST SINCE FEBRUARY. WE WILL SEE WHERE WE END UP ON THIS FRIDAY. TAKE A LOOK AT MY TERMINAL FOR THE DOW. THE DOW IS NECK-AND-NECK WITH THE NASDAQ. THE NASDAQ REACHED ITS HIGHS FOR THE YEAR JULY 20. THE DOW REACHING ITS HIGHS FOR THE YEAR ON THE CLOSING BASIS MAY 19. NOW IT IS DOWN 8.9%. EARLIER TODAY, IT DIPPE D MORE THAN 9% FROM THAT HIGH. WE WILL SEE WHERE WE END UP TODAY AND IF IT DOES MEET THE DEFINITION OF A CORRECTION. IN TERMS OF THE SELLING TODAY, IT IS VERY BROAD BASED. NOT A SPOT OF GREEN ON THIS SCREEN TODAY. ENERGY AND DISCRETIONARY SELLING OFF THE MOST. ENERGY TAKING THE TOP SPOT IN TERMS OF THE STEEPEST DECLINE IS BECAUSE OF WHAT WE HAVE BEEN SEEING WITH OIL PRICES. OIL DROPPING BELOW $40 A BARREL FOR THE FIRST TIME SINCE 2009 AND TOOK A SHARP LIKE LOWER A LITTLE WHILE AGO TO REACH THOSE LEVELS. RIGHT NOW, IT IS ABOVE $40. AS WE SAW YESTERDAY, A BIT OF SUSPENSE HEADING INTO THE OIL CLOSE TO SEE IF IT WILL BE ABLE TO HOLD ABOVE THAT LEVEL. THERE IS ONE MORE CHART I WANT TO LOOK AT ON MY BLOOMBERG TERMINAL. LET ME PUT IN THE RIGHT NUMBER. WHAT WE HAVE SEEN OVER THE PAST COUPLE OF MONTHS IS A GLOBAL SELLOFF IN COMMODITIES AND EMERGING MARKETS. THE EMERGING MARKETS DOWN SHARPLY FROM THE HIGHS EARLIER THIS YEAR. THIS IS A BLOOMBERG COMMODITY INDEX. AT THE SAME TIME, U.S. STOCKS WERE HOLDING UP RELATIVELY WELL. BUT NOW WE ARE SEEING A ROLLOVER OF U.S. STOCKS AS WELL AS THEY GET CAUGHT UP IN THESE CONCERNS ABOUT GLOBAL GROWTH. THEY HAD UNTIL NOW SEEMINGLY WITHSTOOD. THAT APPEARS TO BE CHANGING NOW. WE WILL SEE IF U.S. STOCKS BOUNCE AND END UP LEADING THE REST OF THE WORLD. UNTIL NOW, WE HELD UP SURPRISINGLY WELL BECAUSE WE HAVE HAD STRONGER ECONOMIC DATA IN THE U.S. BUT NOW THERE ARE CONCERNS ABOUT WHAT IT WILL MEAN. MATT: IT IS UNLIKELY THEY FALL AS MUCH AS COMMODITIES DOWN 16%. ALTHOUGH, YOU NEVER KNOW WHAT CAN HAPPEN ESPECIALLY WHEN YOU HAVE THIS KIND OF CRISIS IN