like chippecken. >> that's why they call them cowboys, not chicken boys. >> that's right. great stuff, jane. >> thank you, jane. >> before we go, the question is, next week, do they buy the dips? or was this the week the momentum changed, michelle, we'll find out on tuesday. >> yeah, and it's super interesting. this could very well turn out to be a pivotal week, bill. >> have a good weekend. "fast money" starts right now. live from the nasdaq market site in new york's times square, i'm mandy drury and happy friday, everybody. this is what "fast" is following tonight. bull. we have the strategist that called this big rally early. find out where he sees the market going. rinse and repeat. the maker of pantene shampoo surprises the street and brings ba back. the ceo is going to tell you if

it's a buy, sell or old. and, cut above the rest. a major steakhouse chance looking to expand. we're tackling the postgame analysis and set up for next week. we have steve grasso, tim seymour, karen finerman and josh brown. the s&p snapping a winning streak what are you most focused on for signs of strength in the market, that is our question. let's pose it to our traders. steve? >> i'm looking at the s&p technical levels. 1629, that's your support in the cash. 1651, that's your resistance. though we closed at the higher end of the range, i want to see that lower end tested one more time. >> karen, i'm really sorry, i should have done ladies first, but -- >> no, that's okay. >> that's why you went with steve. >> that's what i meant. >> that was a quick rim shot, but nicely done, inglewood cliffs. i was sort of spooked by the

testimony. i really was. i think that underpinning this whole rally has been that punch bowl and if i were bernanke and i wanted to just throw it out there, just a little bit, and it will be coming down the road, that's probably the kind of -- the way i would have done it. and so -- >> that's surprising to hear you say that. you're not something that's trading the tape and -- i don't think they said anything different, by the way. >> anything -- you think nothing new has -- >> i thought the fed said nothing new. he was hawkish in the afternoon, he balanced it all out and yet there we were. >> what was kind of new there? the timetable that was put out? actually specifically saying -- >> data dependent timetable. >> but he's not put a specific time frame on it before. he's always just been, data dependent. he's saying possible. >> i disagree. he did put a timetable when he first started, there was a timetable out there. then it became permanent and then it became, now it's more of a timetable. >> he's going back to the old. >> i think it was the timetable

and fed funds. that's going to be low for whoev however long. there's a party, somebody called the cops, they're no there yet, but -- >> house has to be on fire in order for the cops to come and the house is so far from fire. >> we're not judging the contestants in the beauty pageant. we're judging what the judges will do. so, pbernanke, whatever he said he said. the minutes, however they read, they read. how is market is judging that is the only thing that counts in this game. we have to admit that the market has changed its tone a little bit in terms of how much faith they are willing to give the fed to go on like this forever. mow we have a little bit of a tremor. the market is still in an uptrend. we still look okay, though we're a little spooked. but now we have to pay more attention to the internals and we can't just write off these diver jenses as if they don't matter as we've been able to do all year. we're looking at percentages of stocks. we're looking at advancers

versus decliners. small caps versus large caps. some of the items internal to the market that will tell us where risk appetites are. if he's going to be tougher to read -- >> if he's not, all those internals don't matter. >> you're right, but -- >> if it continues -- >> i don't think it's bernanke. look at what happened in japan this week and again, so, the things i'm looking at, sunday night, we're going to be -- you're going to be sitting at your barbecue, some shrimp on the barbie. sunday night could be serious fireworks. look, there's not a holiday in asia. if you look at what happened today, overnight , sure, it closed up 90 basis point, but it traded up 4%, traded down 6%, it traded up 4% to close more or less in line. the volatility on the yen, again, look at 100.60 on dollar yen, that's the level, if you break below there, yen strengthening, i think things get a lot uglier.

i don't think you have to look far into next week to say, there's a lot going on here. josh is right in that a lot of things at least changed in terms of the temperature this week. we've been saying on this show for a long time that jgb yields, these things are way overdone. >> a very crowded area in japan right now. >> and it's all retail. >> very, very levered up retail investors. okay, get back to you in a second. in the meantime, new volatility in the markets this week and traders are looking for any signs that the rally could be slowing down. josh brown, you've actually flagged a couple of trends that do appear to be changing. kind of like your world changed a little bit this week? >> so, the traders that i talk to and the charments that we look at, we're always looking for -- i mentioned divergences, we're looking for what's differen different. you want to get a sense of how buyers and sellers feel able certain levels and what they're actually doing. so, we can hear people talk, right? and everyone's proud to espouse

their opinion, but let's watch what people are doing. the first chart, if we can put that up very quickly, that i think is important, as tim mentioned is this nikkei versus the s&p. the correlation has been pretty tight. and i think what ends up happ happening is, it's very hard to make the case that one of them can have a sharp divergence from the other. if we don't get a snap back on monday, while we'll be closed, i totally agreat with tim. that's going to be something that's going to concern people here. will undoubtedly -- >> there are different things with the nikkei and s&p. it's up 40% year to date. >> correct. >> with the s&p. >> keep in mind, we're talking about perception here. we're both doing the same experime experiment. >> yeah, but you also -- i hear you on that, but you had ten years of no growth, where here we've had growth, though it be volatile. >> the chart going back to november -- >> one thing about all of this is all this flood of liquidity has been flowing mostly to the u.s. so, to say -- a lot of the

liquidity can't continue to have the u.s. be trading very defensively, i think is something -- until it doesn't, i think the jury is out. >> can i ask really quickly -- >> if we can just, really quickly, this junk bond versus the s&p chart is really important. excellent tell, any time you see tremors there, it's led to the s&p getting a little bit shaky. it hasn't mattered in a long time. but this is an important chart, because it speaks to risk appetite of the market. if junk bonds can't find a bid, that tells you how people are feeling about the stock market, at least in the short-term. these are the things we're watching. >> very key trends. very quickly ask you, tim, we hear in the united states, we take our q from what's happening in shanghai and europe. when was the last time we took our cue from what's happening in japan? >> let's get back to sanity here. this, to me, this is really the place we should be worried about, but i agree with you, so, it's -- first of all, second largest bond market in the world, third largest company.

the most radical moves of any compa economy. think about what they are doing. we're buying $85 billion a month, they're buying about 55 and this is an economy that's about one-third our size. so, on a level, they're doing a lot more than the fed. and granted, as steve said, a lot more they could have done. this is an economy that's been stalled. >> and some asking for more to be done. okay, we have to leave it there. our next guest was one of the very first strategists on the street to call for a super bull run. now that we're approaching his 1,700 s&p target, he's here to tell us what to expect next. let's welcome until barry bannister, cheech strategist. great to have you with us again, sir. so, number one, when do we get to 1700, and then, what happens after that? >> we should get there by second or third quarter. we're not going to make it on diaper and frozen food stocks. we're going to need some economic growth here. >> so, what would you advise in

terms of investment strategy to get there? >> yeah, i would follow a pro cyclical strategy. we've been focused on that. financials, tech, energy, materials, industrials. we need some pro-growth niche ties overseas, though, if we are going to get tit to work. >> once we get to 1700, what happens after that? >> you know, it's interesting. you talked about qe. qe tends to function more through the pe ratio. then baing credit analyst has proved that pretty well. even if they taper the qe at the rate of $15 and $20 billion a quarter, it's still $600 billion. that's the size of qe 2. we have a lot of policy, you know, support for this market. and what we really need is greater earnings confidence. >> so, barry, just very quickly, the pro-cyclical trade, does that mean money has to come out

of things like health care and consumer staples, or can those stocks hold up while the animal spirits head elsewhere to other sectors? >> you know, we had a huge rotation out of cyclicals and into the defensives from about march 15th, the date of cyprus, to about april 23rd. it's rotating back. into the cyclicals and some of the defenses have given some ground back. i would expect that to continue. >> barry banbannister, thank yo coming up after this, a cut above the rest? the dish on this major steakhouse chain, which is expanding just in time for summer. yum. and what billionaire hedge fund manager paul tudor jones said about women and trading during a recent speech. it's putting him in hot water. we'll talk about that and give you the details on "fast money" ahead. i have low testosterone. there, i said it.

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proctor & gamble topping the dow today after the company surprised the street and announce, it is appointing a new ceo. bringing back a.g. lafley, who replaces bob mcdonald effective immediately. buy, sell or hold this stock? karen, what do you say? >> i actually was thinking sell. the fact that they brought him in, sort of makes you wonder, is there a problem there? and it's not trading like there is a problem. >> they did say it doesn't actually indicate there's a problem there, but maybe -- >> maybe, maybe. >> how do you explain all the activism, though? >> the activist case, though -- the activist case, though, is that the company is distracted. the ceo is on 26 different boards. frankly, i think the ceo made a great trade. gotham fishing or another year of calls from gallackman.

>> you need an innovator. mcdonald wasn't one. you need things that are going to steal market share -- >> this stock is number one, in, like, 20 categories -- >> these guys -- the criticism, though, is these guys have not been doing on margin. they have a high margin portfolio and mcdonald was going after emerging market growth. that doesn't work. bounty and, i don't note, tide -- >> they've had market share taken from them over the last couple of years. >> unilever's dominated the global place. i would own unilever here. in fact, we've owned it for the last six months, more or less. but i think this is absolutely a hold, okay? this is the game -- >> and you are a hold, as well? >> very strong -- >> just to keep it with the technical. i keep a really tight stop on this. $81. very close to last sale, i become a seller, so, i hate to

be so flukey on that. >> we've seen this just recently with jcpenney, bringing back old ceos. what does this say about succession planning? >> fair point. >> i think this is bizarre that's going on there. michael dell hasn't been terribly successful. howard schultz has done a great job. steve jobs. but it doesn't always work that -- >> this guy's not a founder of proctor & gamble because it's 100 years old. jobs, dell, schultz, there was something bigger at stake. >> well, dell failed. i mean -- >> but i -- >> but we had a history of coming up with great products. they were market-leading products. >> sure. >> hopefully that's the case for them. >> let's get onto more delicious news. wolfgang steakhouse, with its newest location opening in miami just labs month has its eye on global expansion. let's welcome peter in. where are you going next? >> well, over the next 12 to 18 months, we reslated to go to beijing, china, tokyo or panama

city, panama. those are the three that are on the next block. >> why those three cities? >> well, first of all, when we low kate places, we try to find global senters, where we believe that we can expand our brand properly. so, in beijing, china, other than china being the second largest company in the world right now, we believe there's a lot of hungry people there for our steak. >> peter, i'm sorry, what do you make of the idea, when they look at publicly traded steakhouses, they say that steakhouses are a bull market thing and they don't tend to hold up as well during recessions or tough eer economi. is that true anymore? >> not really. it all depends on the quality of the steak you serve. we started our concept in 2004, and we went through probably one of the worst recessions -- >> right. >> in 2008. and that's when we were continuing our expansion plans, so, over the last nine years, we opened up seven restaurants and wed were quite strong while well were opening them.

and we didn't really -- maybe felt it just a tiny bit during the 2008, 2009 recession, where maybe sells went down just a tad bit, but growth for us remain quite strong. >> peter, it's karen. what's the most important economic data for you? employment, household wealth -- >> cholesterol? what is it? >> price to cholesterol. >> no, no, it's definitely employment and housing. people have to feel good about the economy. and as we -- right now, people are feeling good about the economy. i'm feeling good about it. and as you can see over the news, there is always going to be volatility and there are going to be days, like the past two days, but in general, we believe that the u.s. economy is growing strong and you can see people coming out and celebrating and -- >> real quick, are you worried about rising beef prices? doesn't that cut into your margins? oh, it definitely does. but you have to look at that, also, over the entire year. because there are -- there is some cyclicality to beef prices.

in the summer months, you know, the beef prices for prime generally go higher. winter months, it goes higher. >> and you can pass that onto your consumers, they're feeling strong enough right now that you can pass those price increases on? >> well, with us, what we focus on is high value and high quality and where people see value in our quality, they don't mind paying that. so, as long as we're giving the best quality, i don't think our consumers really mind paying the price. >> that's a good answer. peter, i have to leave it there. because already tim and grasso are tucking into your -- >> fantastic quality on it. >> the food has disappeared. i have to trade it with you. grasso, what is your restaurant trade? >> i'm going to go a totally different direction. it's not even -- >> don't eat with your mouthful, by the way -- >> it's gum at this point. >> i thought you were going with lipitor. >> i'm going to go with darden. darden has capital grill. only 5% of the company. but darden, i would try to buy

it here and use 52 stop. dri. >> okay, coming up next on "fast money," billionaire hedge fund giant paul tudor jones's very controversial remarks about women, raising a lot of eyebrows. >> you will never see as many great women investors or traders as men, period, end of story. >> well, find out what karen finerman thinks about these comments, coming up. stick with us. [ male announcer ] the parking lot helps by letting us know who's coming. the carts keep everyone on the right track. the power tools introduce themselves. all the bits and bulbs keep themselves stocked. and the doors even handle the checkout so we can work on that thing that's stuck in the thing. [ female announcer ] today, cisco is connecting the internet of everything. so everyone goes home happy. otherworldly things.

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billionaire hedge fund manager paul tudor jones under fire for making controversial comments regarding women and trading on wall street. the comments coming last month at a university of virginia conference. >> you will never see as many great women investors or traders, as men, period, end of story. in my mind, as big of a killer as divorce is, they both had children. and as soon as that baby's lips touch that girl's bosom, forget it. every single investment idea, every desire to understand every

desire to understand what's going to make this go up or go down, is going to be overwhelmed by the most beautiful experience, which a man will never share, that connection between that mother and that baby. >> well, you can only imagine what our trader karen finerman thinks about this topic of women on wall street. in fact, she follows the topic very closely. she comes out with a book, "finerman's rules: secrets i'd only tell my daughters about business and life." karen is addressing the comments in a cnbc op-ed today. you are a very successful woman in finance, and you have four kids. >> i do have four kids. it's true. you know, the thing when he said about the moment, the bosom, that awkward as it may be -- >> kind of stepped over the line. >> makes me wonder if you don't breastfeed, do you retain your judgment? there are a lot of questions can you bring up as a result of those comments. the first one, i cannot believe

he said it, i just can't believe -- how could he think that those comments would never get out? that part is sort of amazing to me. >> he's basically expressing a view that might be entrenched on wall street? >> absolutely. absolutely. and i admire his candor. i think that was interesting. clearly, he didn't think it would blow up in his face like this. inadmire the candor. i believe that he thinks that. i believe that his experience has shown him that. but he seems to not even be open to the possibility that that's not right. and the idea, you know, it used to be a long time ago, they would say, we're never going to have as many women doctors as men, they can't do it if they're a mother and now look, the graduating class of doctors is half men, half women. things change. >> how do you address, karen, as a mother, who has had to make significant choices, where it has been family over career and, you clearly have risen to the top, but isn't there a conflict

at some point in there? >> you know, there are trade-offs, but the idea that only a mother faces that, does a father not face that, as well? >> absolutely. >> i think they do. >> karen, that's what popped into my head. when i had my kids, i didn't -- >> did you breastfeed, though? >> i didn't. it was a choice. no, but so, i don't think i did my best work the nights that i would come into work with bags under my eyes so, i don't think it's gender specific. we all have events in our life, and it effects us. it doesn't matter -- >> really quickly, he's done a lot for a lot of women and a lot of kids and a lot of men -- >> and he did, of course, address this furor that's going on out there. he came out with a statement, he said, as i've told my three daughters, all of whom i've at one time encouraged to go into macro trading, any man or women can do whatever they like. the idea that i would support limiting opportunity for any segment of society, particularly women, is anti-ethical to who i

am and what i have done. okay, it is time for the final trade. let's go around the horn, real quick, for your very first move after the weekend. steve? >> costco. >> tim? >> deutsche bank. >> josh? >> bullish on remodeling, like i lowe's. >> and karen? >> finish line. it was down today. i'm sorry, foot locker, down today. i think it's an opportunity to scoop some up. that's what we did. >> okay, everybody. have a fantastic memorial day weekend. keep safe, keep dry. catch "fast money" weekdays, 5:00 p.m. eastern. "options action" begins right after this break. cutting-edge engineering technology, computer information systems, networking and communications management -- the things that our students need to know in the world today. our country needs more college grads to help fill all the open technology jobs. to help meet that need, here at devry university, we're offering $4 million dollars in tech scholarships for qualified new students. learn more at devry.edu.

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this is "options action." tonight, a google alert. >> collision! >> america's new favorite stock is sinking fast. but mike cope's gkhouw's got a get your money back. he's going to break it down. plus, talk about a crude proposal. >> would you mind ledding me your wife? >> excuse me? >> oh, not that kind of proposal. brian stutland is offering a way to profit from crude's steep decline this week. he's going to reveal how. an