financials and materials and technology leading there. the nasdaq wiped out 1.5%, the worst drop since mid-december. the nasdaq is up 17% in 2012. that will do it for tonight on the closing bell, see you tomorrow and thanks for being with us. follow me and stay with us. fast money begins right now. >> i'm melissa lee. tech drives are lower. are there cracks in the story? how worried should you be about a slow down? is liquidity dead or the bulls live to buy another day? why he thinks the risk is to the downside and rethinking we will be talking commercial real estate. oslo asking about cable vision. this is fast money. let's start trading and get to the weakest group of the day which is technology. the leading sector, but are we

starting to see questions about valuation and how far we have run at this point. your thoughts on technology, especially the large caps. we have tremendous pressure on the likes of microsoft and ibm. >> that's one we sold and brought them all back today. could it go lower? of course it could, but i don't think the valuation has gotten to a crazy stretch level here by any stretch. no pun intended. i am happy to own it here. it's okay. i don't think anything can change. you seeing activity in the options market and that people are willing to sell out? maybe there is risk to the downside after such a run? >> great question and no one that i am seeing that happen. because of what you brought out, it is not stretched. when you look at growth and last quarter, you look at intel and the fact that there was a shortage of disk drives and they performed last quarter, it does

give you hope for the next quarter. you look at both intel and microsoft, a 2.5% dividend and two names like a 10 or 11 pe going forward and presently. we are not stretched and i continue to hold both of the names. some of the names that moved to the upside that is pushing on 52-week highs. maybe it's a little stretch. i don't know if that feels stretched. >> the comments that was in chambers and sandisk and you put all these things together on top of the s&p and that reached the 1425 level that we spoke about. it's given a lot of folks the opportunity or the excuse to get out of things. i remember the 130s and 140s. not to say that it's not somewhat stretched now.

there was an analyst that raised the price target and they went on to be specific and they thought by april 23rd, you would see a dividend increase and see them basically say we will reauthorize the stock buy back plan. people come down on both sides of the fence even with what we saw. ibm didn't get obliterated. we saw the all time high yesterday. it wasn't a horrible day for ibm. >> in line with what the nasdaq had today. it did account for 25% of the losses. if you read through the note to cut into the neutral, it was a lukewarm and there were fewer sat lifts to the upside and we are not saying we don't like it. the price started at 215 which was pretty bullish. >> all about expectations and even about yesterday about the fed. the market's expectations and ibm is about pretext margin

built in and people are saying 1.5 to 2% growth. the bar is high for these guys and far from stretched. it's a crowded trade. that's the other part of this. people have cut their winners and people are looking for places to take profits after what has been a fantastic rally. the risk of terminology is very annoying and simplistic and continues to get chucked around and if you look at the tape, no way you can be calling this off. there is less back up and in other words we did see yields pull in and if this was three months ago you can see the curve pulling in much, much harder. you would not have seen the yen begin to continue to break down. in other words, the yen moving higher. encouraging for stocks. you mentioned the comments and within the note there was a nugget and that was the concern

about spending in western europe and concerned about the u.s. public sector spending and compare that to what they said with the comments from john chambers yesterday who said that u.s. public spending would get worse before it got better. a recipe for could this be the next cloud to overhang and people are starting to take sectors. we did digging. >> i love when we dig. >> we are good at digging. take a look at what we found. the companies with the government money. could this be the next sort of pressure on technology. when you think about this, you have to look at what the government is as a total of their overall revenue. in saic, pete might know it will be a bigger percentage that for ibm or hp. it's not my favorite.

>> jpmorgan talked about what's not priced in with fair valuations and stretched valuations and the fact that they pointed out the services and the software internationally are something that could be a major driver and catalyst going forward. i look at this and yes you have to be concerned about the public spending and the rest of this, but when you look at ibm of the names that are on there, that stands out as a name that performed and they continue to perform. anything close to 200, you want to be a buyer. the other names. >> the clarity that they continue to have or claim to have and i take them for the word. that's by 2015. i think they are entitled to it. what's interesting about what you are seeing and the broader s&p, what was resistance becomes support. you find that in the form of 1375. i'm not saying we are going

there, but if i'm looking if are a level going there, that's the next level. that's where we topped out for a few weeks about a month or so ago. >> just quickly the western european spending, i wanted to get your take on what it could mean for a company like an sap oracle. >> it's massive for the sap. i think that's the software provider for the world. that's on all cylinders and a crowded trade. by the way, i see their software throughout emerging markets more than i see oracle and other people. this is a fan of theic company that is well-positioned going forward. it's a crowded trade. when i look at ibm 15 1/2 times credit. this time it's around 13. they have to go that much

further beyond where they are right now. i think that is the issue. if you look at it however, this is a stock that trays 40% cheaper to the average. some of that benefit from the government spending i think hasn't been priced in. there is rotation and value and the other thing we learned and we learned it in the first quarter. a stock picker's market and it works. companies rotate and find cheaper names and that's what's going on. >> let's move on and it's time to get on the defensive. with us on the fast line is the president of sea breeze partners management. it's great to speak with you. the liquidity rally is over. how much downside are we talking about at this point? >> i suspect the market is probably 5-8% over value. >> which are the most overvalued in your view? >> real interest rates are going to rise as expected and bonds

should be sold and gold should be avoid and stocks are vulnerable. you avoid interest rates for the areas in the market and companies that have a lot of variable rate debt. >> it's karen. you don't see any of that fixed income money going into equities? >> something we haven't seen yet. my problem with the market is i failed to see who the incremental buyer will be that will take us to 1500 on the s&p. they have been hit with a 34% drop in home prices and two market crashes and the last thing on their mind is to buy stocks. >> i know you see a lot of structural head winds and the new normal and this and that. are you talking about the liquidity and you made this a dramatic call, but this is the first pull back we have seen for

years. how far back would you call this? is this dot-com or 9/11 stimulus and how big is this? this could be potentially massive. the weakness in the dollar from 2000 or 2001 is all about liquidity and emerging world. how deep is this? >> the u.s. monetary cliff at june's end has obviously grown more conspicuous with the publication of the minutes. they should stare investors out of a lot of risk assets. when economies stumble as they did four years ago, public, monetary, and fiscal policy defends against acceleration of corporate profits and inhibits price recovery being reversed. absent more easing, they will experience the discovery in stocks and bonds and gold with a lot of risks moving lower. the put might still be there,

but it's far more out of the money than the markets believe prior to yesterday's release. as we move ever closer to the elections in november that more cow bell, more easing is an idle threat to create the illusion. what politician or federal reserve member would create a ramp up in gas prices at election time. >> two things i want to point out that weer live tv. >> just for the record, i had an itch on my eyebrow. >> it's not important. >> we know all the head winds we talk about for tonight and during the day, anything out there that we are missing that you see on the radar screen? >> the most concerning thing to me is the political gridlock

there and likely after the election that could result in an undesirable and let's call it growth-deflating rise even if the economy muddles through. six of the last seven weeks and refinancing is at the source of consumer comfort and spending and could slow even the nation's recovery in and housing down. politics are extremely important in the next three to six months. >> doug, last question here. you are pretty dower on the markets and correlations have come off tremendously. is there one stop, one sector that you actually still feel okay about owning? >> the stocks that i like are the free cash flow generators that have dominant global franchises and protective and conservative companies, but i love the reward versus the risk

in all these stocks because they have been deflated over the last five to years and manage with the company and pepsi coe and colgate which has been phenomenal. they seem boring, but they perform better than the overall market. i'm on all those. >> great to speak with you. >> thanks, guys. >> let's get "options action" at this point. a lot of people after today's sell off is looking forra i way to protect the portfolio and walk us through how you propose doing that. >> we used to go back to last october. we used to see moves about three times as charp as the move today with great regularity. even though we did have a pull back, in that historical perspective, it's not that great. that means for anyone who wants to stay long in the market, this is probably not a bad opportunity to put hedges on. way is if you had a broader portfolio to look for index

protection or buy puts on the s&p 500 etf. you can look out to the june quarterlies and $2.60. looking at this, bear in mind, this is a little bit out of the money and these will appreciate if the market declines or volatility increases if correlation increases that tends to raise the volatility of an index. this is probably still an inexpensive way to protect the portfolio. >> if you are looking to buy the protection, what time period would you be looking at? >> far shorter. >> you would be a different trader than possible? >> i have plenty of positions on the next couple of years. at the same time i don't like paying all that premium that will give me extra time and i would rather stay in a closer time frame whether it's april or may. to doug's point, we are sitting at the 1400 level. we are breaking. it seems like a magnet of 1400.

>> catch more options action and showing twitter to get constant trade updates. it's falling back for more easing. we have the best place to have oil and grains. dennis is on deck those trades. much more fast straight ahead. #

> bricki ibreaking news here annual shareholder letter. all the details from headquarters. >> it's a 38-page letter so we are still going through it. he talked about regulation and said the cost to the company in beating this new regulation will be about $3 billion over the next couple of years and employ

3,000 people full time. he disagrees with some of the new regulation in large part because it had nothing to do with the crisis. that's earlier this year and no one considered the cumulative effects being faced on the financial system and it goes on to say that the debt ceiling fiasco as well as eliminating bank leverages slowed the recovery here and abroad. one last thing is he talks about buying the bank shares. right now he believes jpmorgan shares are a good deal. he said the businesses are trading above book value and some below. they are typically loans that are valued less and pay off overtime. those are the highlights. back to you. >> mary, it's karen. two things. did it come with a poster in the letter? and did he talk at all about the economic outlook and what he sees for the economy.

>> first of all, i'm sure if you want a signed picture, they will get one to you as soon as possible. >> he did make mention of the economy and this is what he had pulling this from the letter. the head winds continue to be regulation and low interest rates and poor housing market and mortgage litigation and including that shadow banking system. the answers for that are faith that the economy will recover and housing is getting better. it's in the letter that they are already seeing hopeful signs that they are reserved. >> the details of that 38-page letter. it was interesting. 3,000 people. at jpmorgan, 3,000 people will cost $3 billion. >> all over the street, they are not the only ones. >> multiply that. that's the jobs program at work.

>> our traders are fast, but not always right. take a listen to the call. >> the buyers and the miners here. a fantastic place. very predictable and valuations from the guys that are unbelievable. the metal is under pressure with the doctor strengthening from the right reasons. they are unbelievably profitable and gold at 1650. i love gfi. >> they are down more than 9% and gold prices are not helping. they have been plummeting on the backs of stronger dollars. >> it's a bad time for that fast fire. >> the very predictable range has broken down. even though you can say that gold at these levels, this stock is much higher. it's really simple on gold right now. no inflation and apparently no more stimulus coming. a stronger dollar and no sign

despite all of europe's weakness. gold will have a lot of trouble here and as much as i feel gold is a great company and great yield as a fantastic valuation, you have to cut your losses. we cut this position and i don't think you have to be married to something that is not working. gold is not working and the sentiment is not working for a long time. if your time is such that you are not buying. >> what is the best commodities trade? the editor of the letter as well as cnbc contributor on the fast line. on gold, a lot of people have been saying it is a broken story at this point. do you agree? is there a level that you think put it in your portfolio? >> you have to be careful. i owned gold for a long time in the terms and having owned it in yen is the only thing that kept

it from being an absolute debacle. if you take a look at gold, the highs remain almost 18 months ago. we have failed each time and to make a newer high in dollar terms, clearly failed to make a newer high in euro terms and only in yen terms has gold held. after listening to and reading and rereading again the minutes yesterday and looking also at the fact that the monetary base has not grown since july of last year. anybody who has been buying gold predicated upon it being an inflationary hedge had themselves a very difficult position. the past 24 hours has really done a lot of psychological damage and technical damage to the gold market. if you get a bounce with the gold back to 1640 and 1660 or so which is where we were trading

yesterday, we have to go to the sidelines women don't have much choice. >> we were showing a chart of gold. at what point would you pull the plug? there may be other places better to put money at work. >> honestly, i'm sitting down thinking what do i want to do with gold versus yen. not certain what i want to do. i'm not going to add because until this morning it was up marginally for the year. gold in euro terms was down seven and up a percent but that's gone today. i'm probably going to cut back a bit because it's not working. the first rule is do less of the thing that is not working and do more of the things that are. there not many things that are working. they don't like grains at this

point and it doesn't like the equities market. buy a seat on the sidelines and watch. >> as far as you brought up oil and oil has been trading above $100 a barrel for sometime, what are your thoughts on the lack of performance from some of the names that do perform rather well when oil is moving or holding something over $100. some of those canadian trades that are brought up when oil is at certain levels, why are they not react something. >> it's fearful that they will head under 100 without too much difficulty here. if you look at the terms of the structures, you have wti as in can tango that tells you that supply is far larger. if it weren't for the problems in the mideast and it weren't for the problems in syria, the constant confusion that exists in the mideast, you might see

crude oil trading at $80. they and the others find themselves in difficulty about. sun corps's margins and you have a problem. you have to be and with the problems in the mideast, who would be trading and the structure is telling you supply is much stronger than demand. >> good to speak with you. >> thank you and good to speak with you as always. >> i'm surprised it wasn't good to be seen. >> we can't see him. he's on the phone. >> i am scratching my eyebrow. top two. >> i saw him on the picture. >> let's talk about copper.

people have been painting gold and copper as the same metal and a functional use in a way that gold doesn't. copper bounced off the 200 and very key levels. the copper chart has been trading for a long time. the copper chart i don't think has broken like dennis talked about. you watched this and you don't have to buy it tomorrow, but the copper miners if i look at the rails and the performance on certain parts of the economy, this is a place where copper is something you want to own. >> coming up, we are trading the blackberry blues and setting the record straight on whether they are on the take over target. [ male announcer ] at scottrade,

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are connecting here. linkedin connects with the big board. introducing gold choice. the freedom you can only get from hertz and it's free. ya know, for whoever you are that day. it's just another way you'll be traveling at the speed of hertz. >> friday is a special "squauk box" at a special time. >> jobs friday. >> austin is here and friday it's a special "squauk box" at a special time. the markets are on vacation, but we are not. >> for months and months ago,

they were saying it and i'm not involved now. it's a difficult area right now and i will tell you as a freebie i'm not. >> that was carl icahn making it clear he is not involved in research in motion. continuing to plunge prompting to some see if it's an attractive buy. that was at about $13 a share and down more from the last time and hitting a valuation that seems like somebody is bound to accept in. >> is it value investor and it's a drive by accident of a valuation that you cannot help but look at. the balance sheet is in pristine shape and have quite a bit of a revenue base and they do make money. it's what we call a melting ice cube and you wonder how quickly

the business will go away. >> you have no guidance. >> you will only know in hindsight. the thing that is gravitationally driveing it towards it is i believe it is up for sale. i believe that the recent comments do open the door wide open. you have the two cofounders out. this is i believe up for sale. >> the ceos knew. the guy comes in and he is brand-new. >> he was in. >> newly in the seat and willing to put the company up for sale. that's any stumbling block. he want to be a ceo of a company. >> i think that the situation is unraveling so quickly that they need to be open to absolutely everything. >> mike, we were showing the screen of all the metrics and i know you plow through this before. what was your verdict? there was a gravitational pull

and what is your feeling after examining the metrics? that are are that's the market saying whatever you think this company can possibly do to pull out or whatever bitter you think might emerge to take the assets and the pristine balance sheet and the $1.7 billion and it just doesn't believe it. the market is saying this is a steam solve company in the era of a diesel. it's if you looked at any asset and you thought it could last for a couple of years as an asset, you would still look to buy it. the market is not buying it at all. in the paging business, when was

the last time you saw a paymege? >> is it thorston? >> i don't know. >> it's like geithner, it's unclear. >> that's emerging. i think thorston might be disappointing and he said he is talking about creating a long-term value for the company and that -- >> what's he going to say? short-term value? >> what about the calls? >> he said i'm looking at all my options. that would be more encouraging. even if you can hold it for 18 months. as karen said, that is perfect. 2.conmillion in cash. there is a lot there for someone to want. >> you sound like you are

describing nokia that is dead money forever. they are lost with research in motion and they are losing. there might be interest when you look at it with everything else. for somebody to have interest, but for what? >> i think microsoft and nokia partnership is doing very well not only because it is taking the place, but they are getting into the android and you will see that. >> let's hit the volatility play and spiking as much as 9% and hitting at high as march 8th and the session before finishing the day and what do you make of this? >> just look at the 50-day moving average and it's above 17. this is not able to hold above 17.

when you look at the numbers, it cannot sustain over 17. you have to acquire the cheaper volatility and when it gets above 17, you have to play the rings. >> one of the biggest players in real estate. chairman of the properties will weigh in on the big box retailers and the best opportunities in real estate and much more. stay with us.

>> companies are finding themselves in a need of reinvention. jcpenney in need of reinvention. they have the smaller stores, you have virtual stores and in the uk, they have stores literally that are closed. they do fulfillment out of them and you order and they pick the orders and they will ship them to your home. >> eddie was on "squauk box" earlier. changes in the industry has caused observers to get them

from big box stores. they need to earth adapt or dive. they see this again and again. in addition to the best buy that is of those shrink the footprint getting smaller and meaner. >> you get to the tipping point where the whole mall gets smaller. not a good cycle to be in. >> particularly if they are anchor tenants and they need to be in the co10ancy agreements where they need to be there for other smaller retailers to pay certain rents or renegotiate. that's the domino effect. >> buy and hold meets the volatility. a man who knows a great deal about investing in real estate. on the board of boston properties and world report and the new yo"new york daily news." it's a pleasure to speak with you. they focus on the high end and the office real estate primarily.

i have to ask you about the trend within the commercial space. do you believe there will be a ripple effect and longer lasting effect of this trend towards a smaller footprint out there? >> without question. what we are going to see is increasing growth of retailers that will take place online. it's going to be internet based and web base and this mean that is a lot of stores are going to lose some of their attraction for both the operators and the shopping center owners. it's built into the system now and it will accelerate if anything. it happened in other parts of life i happen to have experience with print publishing and i can tell you that it's changed by the ber net. you seeing a phenomenon where people can work from home and they need smaller footprints than they used to. >> it is going to have an effect

on the office space. the real question is what kinds of firms will be affected and what space will be affected. i think in terms of commodity space where you have large floor areas and lots of people will change. the nature of work will change as a result of the internet. we don't know yet. it's unprecedent and unpredictable. we don't know what the effect will be, but there will be an effect without question. we see it with law firms. law firms are doing a lot of things in research and everything like that on a distant basis. they are not hiring the same number of people so that the law firms themselves are consolidating their space. that will be one of the major tenants in the downtown areas. we have however the following experience which is always the case. the best buildings in the best locations always tend to do much better in downturns than other

kinds of office buildings. when you have the unique space that we have and it's not commodity space, those buildings tend to do better. for example, when you have buildings like general motors or the john hancock building or 399 park, people want to go to those buildings and if the rents are down or stabilized, they feel they can afford it instead of the rents that used to be the case. the occupancy stays up even if the rent stabilized or go down a little bit. >> what are are you seeing in terms of represent and even in the best buildings and the best parts of town. have we seen the worst behinds and you where are we relative to past years? >> the worst is behind us. we are not in an up tick. the worst is behind us. if we can measure it by standard, the most important for us, the occupancy that enables us to hold our rents up, they are doing very, very well. this is not true of all space.

we have eight buildings in eight locations and the occupancy holes up. we are in a weak phase of the microeconomy. we are being very careful and cautious. it gives us buying opportunities to buy buildings where we have both the capital and the ability to manage those buildings well and improve the occupancies. it is not a bullish period in the sense. without question. >> i want to ask you about cable vision. in the new york reading in case people follow the story, the daily news suggested that the knicks held back information about jeremy lin's injury to sell more tickets. cable vision said it was published as part of a campaign of intimidation and extortion in order to force a merger with news day. cable vision owns the majority

of that. extortion and intimidation of strong words. it's hard for me to find the language to describe it. it's totally untrue. frankly if i were trying to do a transaction and establish a partnership with news day, this wasn't something that wasn't period of time of a deliberate plan and a long standing relationship at the new york knicks and a lot of criticism over the way he has run the knicks. i am sure he is unhappy about it. this is not something that i control or tend to control and i don't tell the columnists and the editors how they should cover the news. i do cover and participate in the editorials, but that's it. this is what happens when you own newspapers and you want to give them the editorial independence which i'm a total

believer in and you talk to people and they'll tell you i have no interference in the way they think they ought to present the news. having said that, there going to be occasions where people get put off to put it mildly. i receive the brunt of it sometimes. i can't help that. there is no plot or anything like that. that is preposterous and the way jimmy described our conversations was out of context and inaccurate. i leave it at that. >> pleasure to speak with you. thank you for your time. jane wells goes to hollywood boot camp for nfl players. that's after this. ♪ ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪

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and that's a huge breakthrough. that's good for our country's energy security and our economy. >> ever wonder what nfl stars do after their careers are over besides sit on the desk? cnbc jane wells spent the day at the hollywood boot camp where they are turned into filmmakers.

>> pete really is one of the success stories, but they have several stories that help them transition to after the game. this is the first time they held a hollywood boot camp and being held here, queue the tram at the university studios back lot with sponsorship from the studios and over 100 players wrote essays to compete for 20 spots. >> and action. >> today they played all parts of the crew or the team in shooting a short film with robert townsend. they were amazing. some have careers going. >> i still cannot believe that tomorrow you are actually going to be mrs. bishop kennedy. >> yep. defensive player of the year cokroet and produce when beautiful people do ugly things. >> what's hardest? >> everything. no easy part in film.

>> we were at the table and i said making movies is like intense. it's like game day and that excitement and it's that top play and you can get it in one take. i said do you know what i mean? they said we know what you mean. >> and action! >> all right. another group was filming a comedy and that included sound man ferg whose day job is with the jets. he is more interested in being behind the camera than in front of it. >> acting as a talent. something you can work with and i like to see the whole picture. >> the defensive or offensive players better at this job? >> defensive. offensive are prettier and they belong in front of the camera. we bring the goal home. >> no question offensive players. a better mind set to focus on the minutia, the small details. >> what's on the defense? >> they will get the shot.

>> get the shot. >> we have to take our time with this and have to be right. we have to talk about that. >> he wasn't a good sound man. the nfl players for all the cost of this, by the way they are right next to wisteria lane. we have video on "squauk box." you won't believe who showed up to play football. >> that's a good tease. thanks for the story. would you ever make a film? >> sure. absolutely. the defensive player in there, minneapolis quarterback. >> do you bring the goal home? >> we bring the goal home. >> what does that mean? >> we are the winners and everything behind it. >> you ask him and you assume he has not made one in the past. i'm just saying. >> it's a family show. you don't want to talk about that.

coming up next, we have the trade off of your tweets. more fast straight ahead. zap technology. arrival. with hertz gold plus rewards, you skip the counters, the lines, and the paperwork. zap. it's our fastest and easiest way to get you into your car. it's just another way you'll be traveling at the speed of hertz. for a hot dog cart. my mother said, "well, maybe we ought to buy this hot dog cart and set it up someplace." so my parents went to bank of america. they met with the branch manager and they said, "look, we've got this little hot dog cart, and it's on a really good corner. let's see if we can buy the property." and the branch manager said, "all right, i will take a chance with the two of you." and we've been loyal to bank of america for the last 71 years. according to the signs, ford is having some sort of big tire event. i just want to confirm a few things with fiona. how would you describe the event? it's big. no,i mean in terms of savings how would you sum it up? big

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>> i'm a big fan of fast money. my question is on property. i have been a long time holder and i was curious, does it rise as retail rises? thank you. >> that was our first tout. our first tout ever. what's your response? >> congratulations because that stock has been on a tear and with the yield of 2.6 and rates moving away, i would take money off the table. >> it's highly touted? >> speaking of touting, how have you been working on that? >> i don't k wh is. >> ask fast with a hash tag. this is a creative one. we will air them on the show. >> fully clothed please. >> we'll be right back. we always hear about jobs leaving america.

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>> the weakness in mcd, mkt. >> macy's expecting strong sss. >> i like my own msft. >> pete? >> the sandy bridge which is intel. valuations are still too cheap. >> thanks for watching and see you for