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> from the nasdaq market site in new york city's times square, this is "fast money." i'm melissa lee. these are the "fast money" traders. stocks surging the most in months as earnings from intel signaled global demand is, in fact, turning. how can you ride the rally? we've got the winning ways to play. let's go to the word on the street. you were mentioning in the "halftime report" that you were watching key levels on the s&p 500, we closed out at 932 and change. >> we closed through them. if you look at 910, 930 was the range. we busted through it. that was a very positive close. i think that's because guys have significant performance anxieties. guy were underweight. i think there's a lot of allegations, a lot of guys saw shorts that they had in the books. people came into the week short, and expected the head-and-shoulders thing. it was the trade everybody had

down and they were wrong and they scrambled to get wrong. >> people looked at 919 as the level of resistance and after it went through it, you watched something interesting. volatility exploded. it was underneath 24 and as soon as we got through 920 and 922, the acceleration to the upside. we saw the volatility index at the end of the day on panic buying. people started coming for the volatility across the board in everything they missed out on. they were not only buying put protection, they were going for upside because they had to get back in and protect themselves from losses. we finished on the high end of the day as far as volatility losses. >> what does it tell you on a day like this? >> panic. panic. >> you wouldn't expect the volatility to continue coming even if the market went higher, so why buy? >> first of all the vol is still relatively cheap to what we've been seeing. it was a huge move.

when you factor in the fact a 14-point move. that's a 20-odd, we got a 20% move. volatility is cheap 18 at a 26 right now. the kind of volatility in the market and the people that were short the market were looking for ways to hedge. one way to hedge, buy the upside call. and they starting scrambling and as it continued, there was a huge amount of volume in the options market. >> right. you were accusing me of being debbie downer. i feel absolutely great. i think it's great there's a rally on, but it's the beginning of earnings season, joe. >> first of all, do you know why i feel good? i have a nice, passionate, lusty shirt on. do you have any idea why? >> i have no idea. >> for the 9:00 porn documentary. i wore my color. we talked about this yesterday, the market, timmy spoke about it. i clearly think that people heading into this week, they were looking at the 870 level on the s&ps, they were thinking about, here's my opportunity. if you look at earnings, you're only getting 15% of the s&p 500 earnings this week. if you look at ahead two weeks, that's when the bulk of the s&p earnings are going to come. i clearly think people are completely caught off-guard

right now, underinvested in the market and that's what you see. >> forget about the haynes bottom, how about the guy adami 870 call? we hit and it bounced right off of it and we've not come back. >> joe makes a good point. 15% of the s&p earnings out next week. >> this week. >> and the bulk of it we get the remaining 85% or so. >> that's a lot more. >> the point being, the point being, that we are rallying right now with 85% of the s&p 500 to report starting monday on. >> yep. >> why are we so confident that 870 is the bought? >> because we're looking for leadership and leadership came from the energy stocks when we moved from 900 to 950 and they led us back down or towards the 870 level. but when you look at the last cycle, it was started by technology. then it was the financials. that's exactly what's kicking it off once again. intel's numbers were absolutely spectacular.

gold man sachs' were spectacular. if jpmorgan can follow-up and we can get some google and ibm, the shorts will be freaked out. then we might be 1000 in the s&p before the end of the week. >> you nailed it on earnings. what are you looking for, guidance. and that's exactly what intel gave you. they gave you guidance on the third quarter. that's critical right now. >> let's talk about intel and fast. we did see the stock move up about 7% on the guidance specifically. and specifically they mentioned strength out of china. that's the stimulus plan kicking in. igniting demand over there. at the same time, with the 7% rally on a name like intel, do you stay in this stock for the remaining part of earnings season or is there an opportunity to get in later on pullback? >> with that kind of growth expectation for the third quarter which nobody expected and the margins that they delivered on which people said were the biggest part of the numbers, i think you do. i think the guys busted through a significant resistance level that there was no reason to drive it through that we got the reason. and i think you'll get a reaffirmation tomorrow from ibm. >> what is it specifically about dell that they talked about very

weak pc demand and others are not seeing the same thing? we do own hp. i'm more bullish for that. i hope it's a very specific dell problem, because intel numbers -- >> and dell get exposure from the netbook. i own a dell netbook. there's a lot of growth there people say with intel. >> and it's exposure to it, but from intel's perspective this is a vehicle for them. they are dependent on dell. it's not a big cost structure for dell. the netbooks they make nothing on those things. but intel, on the other hand, they are feeding into the netbooks. >> you don't have a concern that the adam chip will cannibalize the higher end chip? >> you look at the earnings per share for '09 and 2010, we're still cheap, $19, $20, not unreasonable. >> look at intel, what they are doing in terms of managing the inventory. that is what percent. you're seeing 8% quarter-on-quarter decline. inventories are lean in the chip maker space.

this isn't just an intel story, this carries forward across the semiconductor space. the supply chain begins with them. they are the building blocks. those are the names you want to own. >> all right. let's move on here. tech has been the best-performing sector this year so far and some of the strongest players are starting to hit, believe it or not, 52-week highs. pete, you're watching one, this is our chart of the day. mcafee is benefiting not only because it's a tech name in the space but there's also an emphasis on computer security. >> absolutely. i think on both. internet security and browsing and shopping, you look at amazon right now, amazon has been nothing but straight up and that feeds right into the mcafees of the world. the 45 calls were active the other day. they were 75 cents when they were bought two days ago. today they went out at $1.50. they are being rewarded because they tipped 52-week highs last week and again today, new 52-week highs. this stock is breaking out. >> absolutely. for the people at home who might be watching the technology on

the sidelines, you were bullish to stay in, but would you commit fresh capital if you're on the sidelines and you are a little bit late to the game, what would do you? >> you are buying stocks not expensive and buying balance sheets that are not leveraged. and you will start to see tech spending in the fourth quarter. you've had an affirmation of prices and the numbers they told you, again, i go back to the balance sheets, this is defensive, cyclical moves and defensive cyclical plays. >> talking about the next move in the market, we'll get further guidance this evening. i want to talk about it, build upon it later in the show. gdp and industrial production out of china. and mark matheny is coming later in the show. google and ibm are coming tomorrow it's critical to see if technology can sustain it higher. >> if you're not in tech, do you wait until google and ibm report? >> i would have some in tech. if you don't want a specific game, you can go to one of the broad etfs.

cisco i like it, i would buy it here. >> cisco's balance sheet is incredible just like intel and just like everybody in technology, i still think when we talk about dell floundering around right now, they're tied to the consumer, they still need to show us growth. intel did that. they went out and bought a software company. they bought winn, they paid just under a billion dollars. they are showing us on they're not done. they're looking for growth. that's something important in this market. cisco also in acquisition mode, so is oracle and ibm, dell's got to do the same thing. >> let's move on here. but a reminder we'll go deeper into the google earnings as well as ibm earnings later in the program. let's switch gears because another sector on fire was commodity. oil jumping back to 60 bucks a -- 62 bucks a barrel. copper up 4%, one-month highs. metals and mining stocks were among the day's best performance. what do you make of it? >> i heard you talk about it on the "fast money" halftime show. >> when is that on? >> 12:45. >> very good job, boys. >> when you look at china, what

is china doing, they want hard assets, physical assets and that's going in the commodities space, i think the best thing about the equities rally, it is not all about energy futures moving higher. this rally really was a broad-based rally. when you look at the commodity space, do you know what, i actually want to own the oihs, i want to own the natural gas, the apaches of the world. i don't want to own oil or natural gas futures, i think that's what you're seeing. >> yes, absolutely. china, resources, restocking, strategic, but also you had other factors and people were shortcoming into this. so, you started to see a run for risk. people had pushed these things down. oil from $73 down to $60. people thought it was going down to $52. it did not. people started scrambling back. a lot was short covering and freeport and the steel names and in potash and all the ag names. they are exploding back up. they should explode back up. i want to comment, we had the numbers earlier on the week with the contracts that were done with the indians that people said were benchmark prices and

would push down earnings. these stocks are valued $350 a ton. the contracts were renegotiated at $460. these stocks all look cheap. >> you are talking about the oih and the service sector, look at the commodity space, bucyrus and joy global, so much more upside. copper has been holding above $2. today got to $2.40. we're talking about copper continuing to maintain, and china and india, if the story is for real and it's not just about restocking but if they start acquiring, if there is growth with the consumer, they need the guys in the mining area, that has a lot more room. >> we'll take a pause in the commodity conversation and get back to it with dennis gartman later in the program. jpmorgan leading the way as most financials closed up about 4% or more on the day. the financials, in fact, the strongest s&p sector out there beating out even technology today. karen, of course, we're watching jpmorgan. we got some very interesting data points from american express as well as capital one

financial on -- >> and jpmorgan. >> and jpmorgan. on the same consumer credit story. >> delinquencies. >> they were huge. and for bank of america, they have a huge credit portfolio. i know that's good for them. i know we've seen mortgage applications go back up after pausing briefly when rates went higher. that's a very good thing for jpmorgan. it's very good for bank of america. i think there is -- we could see some good bank earnings. >> we'll continue this to get the latest on cit which was halted later in the session. let's go to maria bartiromo at the new york stock exchange. >> the stock was halted midday today. it did not open before the market closed today. we are likely to get major developments tonight. or first thing tomorrow morning is what i'm hearing from sources close to the company. here is the issue. the company is facing a massive liquidity crisis, and it went to a bank holding company forum at the end of last year. part of the reason that it turned itself into a bank

holding company is that it would have access to the fdic's temporary facilities. it has not been allowed to have access to those facilities. and this is really where the issue is for the company. it filled out an application for access, wanting $10 billion in backing, and then an additional $5 billion. that application at the end of last year. again, they've been waiting some seven, eight months to get that access and they've been unable to do so. this company is the leading lender to really the midcap market. the garment center, apparel companies, small, midcap companies, really, its major clients. and those companies are paying their employees on the 15th and the 30th of every month. if they do not get that funding, this situation is going to turn dire for the company. we could actually see a chapter 11 bankruptcy announcement. however, we are getting some optimism here that perhaps we could see some aid coming out of washington. we'll see. again, we're going to get the news within the next 12 hours from cit.

it's really been a vicious cycle, melissa, because the company has had downgrades and that has increased the risk. some people feel it's in the middle of a disagreement between geithner and sheila bair. we've heard it before, sheila bair thinks there's too much risk on the table to provide the funding for cit. geithner says we've got to help this company because it is lending to all the small and midcap companies, right at the sweet spot when the obama administration is saying small and midcap companies really need the help, because they are the job creators. >> all right, maria, thank you so much for that update. once again, the headline here is that we could be hearing what the resolution is for cit in the next 12 hours. so, by 6:00 a.m. tomorrow morning. take a look at that chart in the after-hours market, cit not moving too much, although it has moved higher on this anticipation. but the interesting thing here is it didn't get access initially to the treasury -- to that fed lending because it was not deemed as a systemic risk. now, it is a systemic rink. -- rirveg.

>> kind of comical to me that we're throwing this blanket out to the middle-class that needs so much help on health care all the things they're doing aggressively in the next two weeks and they can't throw out a line someone they've already thrown t.a.r.p. money to and who everybody claims a significant impact on smes, they are the most worried about in this economy and they will not do it. it doesn't make sense. >> and extend $4 billion of credit lines to 3,000 retailers and 700 manufacturers. all right, let's move on here. we'll keep you updated on the cit situations as developments warrant. time for "analyze this." goldman got it started but can jpmorgan keep it going when it reports earnings tomorrow? it is up some 13% this week alone. dick bove, financial strategist at rochdale securities, thinks, yes, it can. he joins us on the fast line. you are bullish on jpmorgan but given the huge move it's made this week, is it already priced in to this stock? >> i don't think so. i think what we're about to see is that jpmorgan will benefit by the same series of events that

pushed goldman sachs' earnings higher. the market is opening up. we're getting activity in terms of underwriting the fixed-income sector, the equity sector, the junk-bond markets are coming back. even the commercial paper market is doing better. as a result of that, a major trading firm like jpmorgan is going to benefit in addition to the underwriting side, it's going to benefit on a trading side. the key problems of jpmorgan are all on the other side of the business, which is their retail business. they're going to absorb substantial losses in their consumer finance area and the commercial real estate area and in commercial, industrial lending. but i don't think people will be looking at the earnings that much with this company. i think what they're going to be looking at in this company, in all bank stocks are the direction of nonperforming assets. in other words, if nonperforming assets accelerate on the upside, you will see all of these bank stocks come down just like a pancake. on the other hand, if they do what i think they're going to

do, would show that nonperforming assets are growing at a much slower pace, i think that will give a lot of confidence to people who are now buying these stocks, expecting a turn around in the earnings next year. >> hey, dick, what are you looking at right now? when i look at the options, i see nothing about option paper to the upside. people continuing even after the $4, $5, $6 move over the last trading days. this stock continues to have people looking at the up side. the crystal ball of options, july and august, volatility exploded today. do you see a price target in the next couple weeks for jpmorgan, are you looking at over $40? >> yeah, my assumption is, in fact, we see a weakening as they say in the nonperforming asset trends, the stock will go through $40 by the end of next week, since the end of this week is two days away. but i also think, you know, we've only started to move upward in these companies. in other words, if you do a simple mathematical game, which is to take the provisions for loan losses of these companies and put 75% of those provisions

back to pretax earnings, you can see that the earnings explosion, which is potentially available in bank stocks, is going to be so big as to cause these stocks, in my view, to at least double over the next 12 months. >> all right. dick, great to talk to you. thanks so much for joining us. dick bove, rochdale securities. karen, you are a holding of bankamerica, jpmorgan comes out strong, bank of america moves higher? >> i think so. they move higher and the other financials move higher. >> when you look inside the numbers tomorrow, it's all about what the investment banking revenue is. and key one was $8.3 billion. >> the consumer side will not be as key? >> the investment banking side, the revenues, i think, will be strong enough to offset the credit losses. >> i think the thing, and dick's brought this up even with goldman, the normalization of earnings with jpmorgan we may start to see that a little bit in this quarter. i also think that jpmorgan has stolen market share from goldman on the prime brokerage side where goldman had a big falloff. they took on bear stearns

business, it was a moneymaker for bear stearns. >> the biggest negative was that goldman put up such an extraordinary number that now the bar is set so much higher, you think about that number just blew by everything by such a wide margin that -- >> poor jamie is going to have a hard time. >> it will be hard. >> despite that number, though, i'm telling you the markets today were just incredible. everything was buying on the offer, the entire day all the way up to the close. time to see what was going on around the trading floor today, today it was t. boone pickens could be facing civil theft and vandalism charges in oklahoma city. why? well, "the washington post" reports the young pickens carved his name into the wet concrete of his grandmother's driveway nearly 70 years ago. the president-day owner of the home alleges that pickens had a portion of the driveway removed. a pickens spokesman said the concrete means a lot to pickens and it now resides at his childhood home which he previously restored and moved

back to his ranch texas. it seems a slam dunk that he actually stole that slab. good luck you to, t. boone as you fight the charges. tomorrow is the last chance you will have to bet on google earnings. we've got the top-ranked analyst on the street to give you his trade. and the what is this guy getting all suited up for? he's bracing himself for tim seymour's stock of the day . we've got lots more coming up. >> he's not waiting for me, i can tell you that. a true power play on the internet has its sights set on a bigger target. the top analyst on the street gives us his trade ahead of the market moving earnings report. and the juice behind intel's surge. with a stimulus that's keeping the global economy from grinding to a halt, here's how to trade a country that's chugging forward. plus -- ♪ you'd like to buy the world of coke, that will suit our upcoming guest just fine. the ceo of coca-cola enterprises

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welcome back to "fast money," we're live at the nasdaq

market site in new york city's times square. a nice market rally today, the s&p 500, in fact, higher by just about 3%. the biggest day on the markets since may. the dow as well as the nasdaq, also pushing about 3% gains, the biggest days for them since march. technology certainly the leader there with intel moving higher, 7% off the back of very strong earnings as well as guidance. moving on now, commodities were also very strong today, so we want to delve deeper into that story. we have dennis gartman joining us from the gartman group in gartman letter in virginia beach. thank you for being here. >> nice to be here. >> what trades did you put in today? >> i came in short. i spent the morning clamoring to get the other direction. i went to buy more alcoa, i had to buy more copper stocks. those were the things breaking out. they were all close yesterday to doing so. so, i had no choice. when you walked in this morning and saw the dollar as weak as it was, commodity prices were on fire. gold was moving higher, silver was moving higher, copper right out of the start last night in

china and you knew it would be a commodity-driven -- or you knew that the commodity stocks would follow even if intel was the leader last night, alcoa and freeport-mcmoran were the leaders today. >> it sounded like you named the highest commodity stocks out there and that's why you jumped into them because you saw the signs from china or the weaker dollar? or you saw something with aluminum prices, and copper inventories are going down, what is it about the names other than >> they are old-fashioned -- we need these, don't we? you need to have aluminum for normal industrial production. you're going to use it everyplace. it's the first place you go. it's easy and they're liquid, there is high beta involved. when you are short, you need to run to high beta because you need to cover the other direction as quickly as you can. >> anything in the technology space that attracts you? >> i always love apple. it has broken out, it continues to make new highs. why would you be anything other than short? that was one of the things we came in long of to begin with.

i had to go buy more apple. >> hey, dennis, how about bucyrus and joy global? i brought it up earlier. do you see more upside there, if you're so strong on the commodities themselves, do you like the trade down to the names? >> as soon as you said that, i took my black book that i had next to me, i wrote down bucyrus, and i said, i have to buy this tomorrow morning. i looked at the chart and that's the thing i need to be a buyer of. you have a correction, you are breaking on the upside again, it's one of the simple commodity things. i used to say, i want to own the things that if i drop them on my foot, they'll hurt. i want to own the things that will take the stuff out of the ground if i drop them on my foot, it will hurt. it is one of those things. >> it goes back to the foot. dennis gartman, always a pleasure to speak with you. >> good to be here. let's move on. search giant google keeping the tech earnings coming, after the bell the stock is up more than 40% so far this year, nearing a ten-month high. so, is now the time to get in. joining us is the top-ranked internet analyst mark mahaney.

from citi group. thank you for joining us. going through your most recent note and you outlined what you are expecting versus what you think is a negative scenario for google if it does report the numbers, it looks like you're on the negative side. how do you think the stock's going to react? >> if there's a miss on google, the stock will correct and correct significantly. the setup here, though, is i think there's less fundamental risk going into the numbers than the last two quarters. but you have to be careful about the setup. the last two quarters the modest surprise was the controlling costs. if you are looking for it this quarter, it better be the top line and the better-than-expected revenues. a chance of that. numbers seem reasonable this quarter. we like the setup for the stock, particularly for 2010 and not necessarily for the june quarter. >> when do you expect the stock to correct and how much? because your price target is now $5.80. >> i don't expect it to correct if there were to be a miss in the numbers and a material miss, it will correct. i don't think that will happen. i think street numbers for this quarter are relatively

reasonable, $5 and $5.25 for this quarter. >> this is karen. i saw bing move the needle a tiny bit, maybe more than a tiny bit. is there any real threat from bing and/or yahoo if they come out i think they are upgrading as well this year? >> here's the setup. is it bada-bing or is it bada-blip? you had one month of data. i think the conclusion has to be bada-blip. they increased their market share by 40 bips. they increased their market share by 280 bips. and they introduced microsoft cashback, and they increased by 70. this year, a $100 million advertising campaign plenty of positive publicity, 40 bips only. only one month. so far, bada-blip. >> i haven't heard it quite that way.

>> the microsoft story, mark, is not such about bing. but back to google for one second. what are you looking for in terms of their ability to manage the bottom line? because that is important in the declining ad revenue right now. >> yeah, you know, the move in the stock in the last six months has all been bottom line. it hasn't been top-line performance. you have a new cfo who shows he can take a lot of expenses out of the business. he better continue to show that for the next couple of quarters. we think they will. they've reined in aggressive personnel costs, cutting back on some of the discretionary expenditures, the wild cafes, et cetera. but they better keep that under tap and they better show that good times come back when the economy picks up that they'll maintain the discipline. if they don't, the stock will come back down. >> good to talk to you, mark matheny at citi. what do you think? the eft which is the bottom range of what he thinks would be neutral given that the stock is up where it is. ten-month highs. it seems like that would be a trigger for a lot of investors out there. >> i think a miss would be more dramatic for the market than the

expectations being there and in line. so, i think the downside is really what you have to be cautious about. if there is a big miss. >> they really need to tell people what the trends are for, you know, the internet ad players and they also need to tell people what their traction is internationally. a lot of growth for them in china. they have a lot of problems there. >> april may, clicks, were up 25%. we have some of the news out there. you've got to like that. and the steady pricing i think so far that measures well for google at this point. >> i look at the options which is your bailiwick. the options, there's bullish in there, even if they come in line, it seems like you could be setting up for -- >> it lines up similar to jpmorgan and goldman sachs, the volatility has exploded and the august is not moving. it sets up nicely for a july versus august volatility. time to talk about the other events in techland. big blue after hours.

after intel, is there any room left to run? joining us is zach karibal. what is your position? >> keeps laughing here. i don't know. >> i can't wait for the pun! >> it's called international business machines, but it should be called internet business services. it's not a computer company anymore. it's a global service company that is helping other companies become more efficient in a market-constrained move while they are moving to higher-margin businesses. 60% of their business is their global consulting services. very high margin, but this is a company that has been trading for the past couple years as if it were a hardware company. it's been trading in the company of dell. it ought to trade in the company of -- i don't know if there are any real good comparisons because of what it does. it's a discount to the market. it's a discount to its group. and, you know, earnings tomorrow are going to be -- >> to its group, meaning the consulting? >> no, because it's placed in computers and peripherals. >> but if we were to recategorize ibm as you say we should, is it trading at a discount?

>> it's trading at a 10 or 11p, maybe a 10 on next year's numbers. if you bump that even to a 13 or 14 multiple, purely on earnings, i'm not talking about cash flow. its price to sales is, you know, unbelievably low, you could easily look at $140 and $150 stock. i don't make calls on prices, but i think this has been a stock that has been so chronically misunderstood and is so vital to the global business environment and very different than intel in that sense. that it just -- it remains underpriced relative to what they're doing. it's an extraordinary transformation. >> does that make you bullish on something like hewlett-packard after the huge acquisition to get into the services industry as deep as they have? >> intel, hewlett-packard proves that they have fully made the transition and hewlett-packard is incredible, but they are so deeply entrenched as a hardware company with printers and ink, so until hewlett-packard makes the higher market transition, they are not yet the same kind of company as ibm.

>> zach, if you look at the hardware segment, year-on-year, it's down 25%. is there any recovery in the numbers? >> i'm not sure it matters to them. because it's now 20% of their business. so, you know, again -- >> with that as the element of it to me that brings the stock to $140, $150 if you get the recovery in the hardware segment. the services side we understand. i want to see the hardware side. >> i can imagine that doing decently. that's where the heart of the company is, it's not the ceo's passion. it's not to sell the computers, it's to sell the bundled solutions to everything. so, you know, i think it can do okay, but i don't think that's where you're going on get the real pump in this company. >> karen, real quickly. i know you hold hewlett-packard. pete bring's up a good point with its presence in consulting. do you read it into the eft side of the business? >> not really. because they are in the integration. so, that has integration risk is different than business risk. >> sure.

>> that gives me only a little bit of pause with hp. but i still like it. >> zach, great to see you. coming up next your five-day market forecast as only "fast money" can deliver it. we'll break down the charts and tell you whether it's time to break out the umbrellas or maybe the shades. stay tuned. a lot about you. you want friendly, but not pretentious... classic, never trendy. you want a real american beauty. are you talking about the budweiser? or... me? yes. ♪

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>> they would have to register with the s.e.c., and give the s.e.c. updates as to those assets, in addition to that they would have to keep them posted on who their investors are, trading in and out, trading strategies, and the s.e.c. would be following to find if some funds in that universe were systemic risks, they would then be potentially regulated as tier one companies, facing higher

leverage and higher restriction. >> >> thank you very much, rebecca jarvis. that is scary stuff for two members of our trading days. you would fall under that if it passed. >> it is very scary. very, very low. >> we would, too. >> the real newsy part of the story is too big to fail. yeah, that kind of oversight -- >> where do they start, where do you start? you're too big to fail, we're calling you a bank holding company, that's a big line. >> how do they know the systemic risk? they determine that the fdic is not systemically risky. >> it depends on what they invest in. what if they start investing in uranium or plutonium. the line is blurred. it's not just financial systemic risk, it gives them a reason to step in and say any of the people are too involved in a sector they don't like. >> the other thing that sounds problematic is who the investors are. i don't know why they need to have the information. i can understand leverage and what kind of systemic risk, but

who the investors are, why is that? i don't know. maybe they're just looking for lobbying money from the hedge fund industry to make that go away. seriously! >> so they'll get off their backs. all right, it will be interesting to see what the reaction is from the industry in the coming days. moving on time for the "fast forecast" where meteorology meets the markets. greg tricoli is here with your five-day forecast. what do you see from the s&p? >> melissa, how are you? >> i'm great. it's a cloudy sky shirt behind you. >> joe's porn shirt is interesting, but pete and i have the right tie on for the market forecast. >> i'm with him. i'm with him. >> he has good taste. >> turning to the s&p, we hounded this point home for weeks that 874 on a closed basis was key. we held it for the last week and a half. we've now moved up to the top of this resistance point. 950 is my area. there are two things with that level, though, it looks like we're going to probably make a

run at it or maybe close above it and, again, that's the key because we've held the support below. we've held the recent resistance at 950 for 10 weeks. but if we break through, remember the moving-average lines are down at around the 910 area, so even if we break through 950, there still could be some drag as we get up towards 970, 975. just keep that in mind. but we kept you honest by showing you that support level and we held it on a closed basis. >> and considering what the s&p has done today and where we closed and you still look out and you see ibm out there, you see google, you see jpmorgan, the expectations are very, very high, the s&p certainly could test that 950 area that you're just discussing. >> pete, i don't think there's any problem at all with it testing it, and i think it actually will. however, remember, four trading days ago we were headed to hell, so we now he it turns on a dime very quick. >> trading man! >> what do you think for crude? >> well, crude oil, my level, we talked about, 2 weeks ago, 2 1/2 weeks ago, $58 to $60 be the range. it bounced.

i've said it a million times, melissa, crude is trading as a financial. it looks just like the equity market. it's riding its coat tails. no doubt the bounce in equities has helped the crude oil market here. but i do think we hold the $58 level. >> you have some insane weatherman swagger back there. i'm loving it! i mean, mr. g's got nothing on you. >> you are a hampton man. >> let's move it along here. home builder pulte. >> credit suisse really likes the sector as of last week. they made that announcement. i went through toll brothers and kb homes, i scanned the sector. i like pulte because i can define my risk. i have a stop in at $7.70. i think you can take a long position here. we get through $9, it is south beach, it is total sun, melissa. >> greg, you need some props, brother. you got to have some sunglasses umbrella, little rain. >> melissa tells me that every day.

we're working on it. >> you got your slicker on. we'll check in with you in the future. "fast flash" is coming up next. they decided to break through the other side of the key resistance level, the credit crisis. we'll tell you who it is, right after this. (announcer) it is the most advanced automobile we have ever created. a car that can help awaken its driver if he begins to doze... keep him in his lane if he starts to wander... even stop itself if he becomes distracted. if you want to see the future of the automobile, just look at the new e-class... today. this is the 9th generation e-class. this is mercedes-benz.

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all right. let's get to that "fast flash." it is goldman sachs, crossing above the $150 share price. since before the credit crisis. a lot of positive prices. kby upgrading the stock. >> human tendency from everyone on the network was take profits, get out. take profits, get out. you know what, if you had the puts on, pete, and the protection, you could stay in the game. it's north of $150. the stock looks phenomenal. >> i was one of the guys saying get out. i didn't have the puts either. get out. >> yeah. win some, you lose some. >> missed it. time for the "pops and drops." the pop for the mother ship, general electric up 5%. tim? >> ge 14% over the last three sessions. was wrong about the first move. it's been up, up, up. signed a big contract with indonesia. they are the largest builder of locomotive engines. we have a pop and a drop on palm. what is this all about?

>> they have a great thing with research in motion and the palm and itunes no longer on the palm. big drop. the stock's still hanging in there pretty solid. >> american express was up 12%. joe? >> amazing to me, up 46% this year. never would have thought a consumer finance name would be the leader in the dow industrials. jeffrey action put a $33 price target on american express. american express, i've said it before, a name you have to have in your portfolio. >> a pop for oih who was up 4%. karen? >> a really nice move in outperforming the underlying which it has done in the last several days. and he nailed this one. i think it traded just below $90. said it was a buy at $90 or lower. now it's $99. >> on the beach. got a pop here. for steve young, retired football star and two-time nfl mvp might have thrown plenty of touchdowns, but after closing

with hudson global capital's first son, he will be helping to throw down some cash. the quarterback assisted in raising $1.1 billion along with his partner, gary crittendon, amid the drop in the private equity industry. >> i'll take that. the pop for the emerging markets, eft was up 5%. >> and everybody is chasing after this asset class. the number one performer in the world. cadence pharmaceuticals were up 5%. >> priority review status over the new drug. it accelerates the entire process for them. a big pop for them. they might not be over. >> a drop for abbott labs. joe? >> we've talked about big pharma, the problems that they will have with the drug pipeline going forward. you have to be with the companies that are diversified, j & j. >> janus capital had a pop. karen? >> they had an upheaval.

ceo, ousted, unclear. but today it was revealed that franklin may have made a bid for them, although it's not the best name in the space. never mind, don't play it. >> all right. we got a pop here for president obama. throwing a winning ceremonial first pitch yesterday at the all-star game in st. louis, missouri, cardinals' player albert pujols was chosen as the catcher and he said of obama's throw. it was good. nobody can hit that pitch. maybe nobody can hit it because it was kind of low. and not even to the plate. >> maybe if he couldn't hit it pitching to pujols. the national league lost again. >> the ball never made it to the plate. >> a drop for obama. >> obama, come to new york already. up next, the ceo of coca-cola gives us the trade behind the trades, next. take 2 extra strength tylenol every 4 to 6 hours?!? taking 8 pills a day...

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yeah. i'll contact emergency services and stay with you. you okay? yeah. onstar. standard for one year on 14 chevy models. welcome back to "fast money." we're live at the nasdaq market site in new york city's times square. the company responsible for bottling your daily dose of diet coke. coca-cola enterprises jumping 4% today on the heels of an upgrade

by credit suisse. will the world's caffeine addiction continue to moffett stock throughout the summer? we're joined by john brock, the coca-cola enterprises ceo. john, it is a pleasure to have you with us. part of the upgrade is the improving outlook for north america. what are you seeing in this market in terms of the fundamental market itself but also how you're managing the environment? >> well, melissa, it's great to be here. so thank you. and we are -- we're cautiously optimistic about the way our business is going. we had a really solid first quarter in both north america and europe. we exceeded both our own expectations and those of the market. and even though the second quarter has ended, we report results in a couple of weeks. and so all i can say is what i've said publicly, which is the trends, the positive trends we saw in the first quarter have continued. we are optimistic. and, frankly, we are -- we're optimistic about the balance of the year. we're doing a lot of things right in the market. and consumer confidence is coming back.

>> right. >> coke zero is a huge success and our in-market execution i think is better than ever. >> i have a question. it's karen. yum, which is a holding we have, which was not a good day to own it, but one of the things they cited today about the weak earnings is that at fast food places people were forgoing the soda. and i'm wondering are you seeing that? how big a part of your business is that indirectly? >> well, we focus obviously on what we call future consumption, big grocery stores is a big part of our business. and then our immediate consumption, bottle and can business, is also a huge part of our business. and it's also a very profitable part of our business. and one of the things we've done in the first six months of this year, we've come out with a new price package architecture, 99-cent packaged plastic coca-cola and dasani, and it's been a significant success for when you walk in a convenience

store or a gas station -- >> right. >> -- and you want immediately cold coke. so we're seeing that working well. qsrs or fast food -- >> quick serve restaurants. >> tends to be more the responsibility of the coca-cola company. >> john, i'm sorry, we're short on time today. we hope you'll join us once again on "fast."'s john brock, the ceo of ll coca-cola. "final trade" coming up next.e ol is as effective as the leading wrinkle prescription brand at reducing the look of wrinkles. that's because olay has teamed with a highly specialized group of dermatologists and created a wrinkle protocol that gives you the results of the leading wrinkle prescription brand, without a prescription. olay professional pro-x. this is a guarantee you're guaranteed to love.

let's go straight to maria for an update on cit. maria?

>> thanks very much, melissa. we've got another side of this that certainly does not look good. this company is really living on the side of a knife. basically what you have going on here are real issues in washington about the viability of the company. we talked earlier about access to the fdic's temporary loan program, but the issue here is cit has not been profitable in eight quarters and there is a real debate on whether it should be propped up and whether, as we talked about earlier, it is the leading lender of small and midcap companies, but there's a question about whether or not they're actually going to have difficulty in terms of continuing to be viable as a leading lender to the small and -- and midcap businesses. also, i want to point out that, you know, a lot of people mention ge capital having access to that and gmac having access to that program. the fact is when gmac was given that access, it had a aaa rating and it has an industrial business backing up the capital business, and gmac was part of a

larger government solution. now, the options here, they have treasury and the federal reserve -- >> right. >> -- to give them aid, and we'll see if they do, but i've got to say, it seems like the issues are real from the fdic's standpoint and they have not gone away just yet. >> maria, thank you very much. thanks so much for watching. see you tomorrow. welcome to the now network. currently, thousands of people are enjoying the new palm pre with its revolutionary web os. they're running multiple live applications at the same time. - ( thunder and rain ) - 3 million are using the simply everything plan. each is saving $1200 - over an at&t iphone plan. - ( cash register dings ) together that's over $3 billion. - enough to open a dunkin' donuts in space. - lkie-talkie sounds ) from america's most dependable 3g network. bringing you the first and only wireless 4g network. get the palm pre from sprint. only on the now network. deaf, hard of hearing and people with speech disabilities access www.sprintrelay.com.