What Drove Today's Trading?

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Aug. 5 (Bloomberg) -- On today's "Street Fighters," Intermedia Partners Founder Leo Hindery, KeeneOnTheMarket.com's James Ramelli and Performance Trust's Glenn Schultz wrap up the day's top market stories on Bloomberg Television's "Street Smart." (Source: Bloomberg)

For more today we want to bring in our market roundup street fighters.

Jim, downside today, does this mean that fears are back alive and well?

I do not think so.

We thought that it was a choppy market.

I think that is indicative of what we will see for the rest of the week.

I would take a look at s&p futures in the weekly's, a lot of 14. moves up or down this week, not big moves.

Like i said, lack of catalyst.

The hot 20 line of the hyatt, no one is getting afraid that these levels just yet.

What is the argument right now for puts on financials when interest margins are starting to widen?

It should be a positive, but there is still a lot of uncertainty there.

We are not 100% sure when about happen.

That is information we do not have.

I think that if we do get a correction, financials are going to lead the sell-off.

It looks like a hedge to me as they get ready to go higher.

The underlying economic fundamentals are looking stronger?

We have to remember that we look at the service sector, as you mentioned earlier, of which beat expectations.

I think that what will happen if the fed will look at this data and they may decide to start tapering in september.

They are going to want to see, as we move into the first and second quarter of the new year that we do not have the economy sputtered out and die on us.

It might seem modest taper begin in september when all eyes being on the inflation numbers.

The fed president came out this week to begin to discuss what he believed, that the united states was the lead risk of deflation and that quantitative easing is as much about boosting employment in the economy as it is about defending against deflationary.

We may see some tapering.

One of the best real time barometers, for media, right?

Are they buying?

Are they willing to invest in advertising right now?

What does that tell us about the overall?

I had the idea for this a bit ago, the revolutionary shift transition.

I think that that industry has not yet figured out what is effective in what is not effective in these new spaces.

I think these dollars are going to move a lot.

Meaning they will spend more?

We are doing at in auto.

You just said that we are replacing a bubble?

I think we are real inflating credit bubbles all around.

I do not think the underlying strength of this economy, with all due respect, is that strong.

I do not think we have a material changes in the manufacturing trade deficit or in how we portion labor in this country.

As we sit here today, 90% of american workers, there is no real wage increase since 1967. that is a constant number.

Those of us blast at the top are doing fine again, but i really worry about wage inequality, wage stagnation.

We are fighting over a minimum wage of $7.25, which is unconscionable.

You cannot live on that.

You cannot live on that.

One of the great political events of all time -- of all time, raising the minimum wage.

Did you try to jump in?

You see this as an asset bubble?

I think it is more of an asset bubble then a credit bubble.

As a response to the bursting of the credit bubble, it is inflating the asset bubble.

What you saw today, particularly in the equity markets, you saw them begin to sell off when the dallas president fisher came out and said that the bond purchase program is not going to last forever and you should not count on it.

The problem is that we followed a credit bubble with an asset bubble.

We have the leverage to back to 2003 levels, which is ok, the question is what happens as we exit from the quantitative easing program?

We will leave it there.

Thank you so much.

This text has been automatically generated. It may not be 100% accurate.

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