perspective on this. i want to thank my panel for joining me. following all of these late-breaking events. we're out of washington, that's the briefing room that we're looking at. he was supposed to talk about 4:45. we'll hand it over to melissa lee and "fast money." we did see a marked turnaround, jitters throughout the day, it really picked up maybe in the last hour or so of trading. >> definitely so, for about 2:30 on, the intraday graph of the s&p, that's when we really fell off and this just -- this really is a fact that nobody wants all of this market at the high now.

i have heard the bullish calls and the momentum calls. but look at how squeamish people have gotten. >> markets hit new highs, this might have been a great reason to sell. >> exactly, i mean, i lightened up a lot on risk. you don't know what's going to happen over the weekend. if we get an invasion, oil spikes up. you know, i did actually sell gold today. i'm just going to flatten out, because, you know, we talked about it last night, which would you rather own, apple or the market at new highs? particul particularly with events like th this, to apple. >> tim, in terms of evidence that traders are shying away from risk. >> japan, probably, we're going to -- korea is going to be trading. sunday night, we'll get china's

pmi numbers tonight. the difference between where we are now and where we were two days ago is, you know, it's one thing to have ukraine spiraling out of control and a deregularized state. russia at the doorstep and we have seen what russia has done with georgia at least in the past. this is at least the backdrop here and that's what's different from two days ago. two days ago, i was telling you that i don't think ukraine is something that's going to derail this market. maybe for traders. it's not warrant zbld of course, what's different is, the president actually speaking to us about the situation and we don't know what it is going to be in terms of the statement. we don't know what the u.s. might have in terms of involvement. >> you have the s&p trading at 1868.

traded off 20 handles. every opportunity to continue that decline into a weekend, into uncertainty, yet the thing turned and rallied 12 handles. which, to me, was the most impressive thing of the day. it's extraordinarily difficult even in the midst of what's going on here. intraweekend, press conference, still manages to close up. >> is this a reason to buy bonds? >> it could be. we had a big move in the bond market today. it could be a safe haven. see people going into treasury bonds. it was interesting to say, we had angela merkel actually talking to putin, that's the olive branch. we'll find out, hopefully, in the next ten minutes of what's going on. >> we're just a few minutes away from president obama coming out to that podium giving that statement on ukraine. >> what rewith expecting out of this, is there going to be q and

a? >> i don't think so. he gives a statement and walks out of the briefing room. i would expect the same thing. we expected this to start 20 minutes ago. nbc news is reporting now, that troops have moved in to dush russian forces have moved in, apparently a hybrid of military and par military forces that are flying in, u.s. officials are not in a position, they say, to confirm ukranian reports as many as 2,000 troops involved in this action. they have no reason to doubt that russians are arriving on russian aircraft. earlier today we heard from jay carney saying it would be grave mistake for russia to intervene and we also heard from secretary of state john kerry, who said he had talked to the foreign minister earlier today, he told

me the foreign minister told him, that putin doesn't plan to intervene in the sovereignty. you can expect that what we'll hear from the president is something along those lines, but perhaps more of a outline here of what the united states hopes and expects the ultimate outcome of this very tense situation to be. a very dicey situation. melissa. >> given the facts that it's going to be a simply a statement and obviously it's fluid situation, does that sort of limit the thinking that perhaps u.s. will actually be more involved in the situation? the president is approaching. good afternoon, everybody. over the last several days, the united states has been responding to events as they unfold in ukraine.

this crisis, we have been very clear about one fundamental principle, the people have to right to determine their own future. we have urged an end to the violence and encourage ukranians to pursue a course in which they stabilize their country and move to elections this spring. i also spoke several days ago with president putin and my administration has been in daily communication with russian officials and we have made clear they can be a part of an international community's effort to support the success of a united ukraine going forward, which is not only in the interest of the people of ukraine and the international community, but also in russia's interest. however, we're now deeply concerned by reports of military movements taken by the russian federation inside of ukraine. russia has a historical

relationship with ukraine, including cultural and economic ties and a military facility in crimea. it would represent a profound interference in matters that must be determined by the ukranian people. a clear violation of russia's commitment to respect the sovereignty and borders of ukraine and of international laws. just days after the world came to russia for the olympic games it would be invite the condemnation of nations around the world. the united states will stand in the international community affirming that will costs of any invasion of ukraine. the events remind us of how

democracy can be. human beings have a universal right to determine their own future. right now, the situation remains very fluid. vice president biden just spoke with prime minister -- the prime min sister of you yan, in this difficult moment, the united states supports his government's efforts and stands for the sovereignty, territorial activity and the democratic future of ukraine. i also commend the ukranian government's restraint and its commitment to hold up international obligations. we'll continue to communicate directly with the russian government and keep all of you in the press corps and the american people informed as events develop. thanks very much. >> all right, we just heard from president obama, making a very stern statement on ukraine.

ayman, some very strong language, you said earlier, the u.s. in general doesn't have much input or influence on the situation but yet the language is extremely stern. >> yeah, but the president also spoke of the internation mall community, inviting really the russians to participate in an international community effort to bring stability to ukraine. the president really putting knit a geo-political context. the president also speaking there about a united ukraine, clearly the message is the united states wants the territorial integrity especially of crimea to be respected. any interventions by russia in the ukraine would be deeply destabilizing. what he doesn't say there is, what the united states would do about that if anything, so that's the unknown question here, clearly, there has been

tense diplomatic effort between the united states and russia over the past several days. the president said he had spoken to president putin several days ago. so the question here now is, how will this message be received in moscow? will it have any bearing at all on how putin decides to play out his hand in ukraine? >> all good questions. thank you for your reporting from d.c. tonight. violations of sovereignty, violations of international law. >> i think war would be terribly unpopular in russia. when you look at crimea as a function of a subset of the ukraine, i think you've got a place that this is semiautonomous republic. you have all of these republics

that have, ethnic lines that has drawn the geographic lines. can we say that russia at this point is not just protecting russian interests there? it's a major military base in the black sea. 2,000 troops, i'm not condoning any of this action. i'm just saying, be careful about -- in the west, i have to tell you the press and i have been doing this for a long time, against russia, is very biased. i think it's at least worth looking at that russia is clearly going to look to protect their interests. >> the russian stocks down 2/3. what would you anticipate the reaction? >> to me, that didn't sound like there was a lot of agreement on

that, i think it sets up a situation if crimea wants to be autonomous and be their own country outside of ukraine, then russia has the ability to say, we're just supporting these people who have made the decision to secede from russia. based on everything we have seen now, you'll see some risks. let's go to michelle caruso cabrera who joins us by phone. >> first of all, i would re-emphasized of what the president did not say, he did not line a here. clearly stepping away from the possibility of any kind of intervention. tim makes a good point about the russian suggestion that this is going to be about protecting their interests. the east is very different from the west. even though they have an acting

government. again, it's not clear they have absolute control and they have tremendous military absence in that region already, so that's certainly what they're going to argue, why they are bringing in so many troops there. there's a hybrid of military and paramilitary. they're still flying into this region at this point. we have seen video of it. that's the bottom line at this point. i think we'll see what happens again over the weekend and sunday night, re-assess what it all means. >> michelle, is there any pl plan -- russian versions of navy s.e.a.l.s, 2,000 troops to me they're not necessarily ready to

engage in a conflict? who's descended into crimea? >> the video that we do have shows individuals that clearly look to be in military uniforms of some sort. black from head to toe, with helmets. some kind of vests to protect them against gunfire. boots. guns. if they don't look like humanitarian aid, they look like military, it's just they're not identifiable because they're not wearing any kind of flag. it's just black head to toe. >> michelle, thanks so much for phoning in. michelle caruso-cabrera. much more on this developing story here. how to trade and what you would look for sunday night going into monday's trading session. we'll be right back. and a twent. it's got the brightest display, so i can see what i'm shooting -- even outdoors,

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just days after the world came to russia for the olympic games it would invite the condemnation from nations around the world. the united states will stand for affirming that there will be costs for any military intervention in ukraine. >> let's get to how we should

put this context relatively to the markets. obviously, it's a brewing situation overseas, but yet, here, we're sitting to records highs. >> people are looking for a reason to sell the market. to lighten up on risks. same thing with the syrian headlines, people were looking for reasons to exit the market. it i would be very careful. you're not going to get the all-clear on monday. >> all right, let's get to the fast line here. joining us now is general wesley clark to give us his insights. there's a lot of mixed information out there, what is your assessment of what the situation is there on the ground in ukraine based on what we have heard. >> well, my assessment this is sort of act one of three-act of putin to take over ukraine. he has put his troops on the ground. a combination of paratroops and

some interior ministry police, we'll see how the world reacts to this, if the world reacts calmly and doesn't bring it to a crisis, he'll unfold a second and third act, which will be, there will be more unrest in ukraine and his people will have to advance further into ukraine, to quote, to protect russian interests, as one of the previous commentators have said. he'll mask it with talk about how these aren't real ukranians, just fas cycists who were tryino take over ukraine. the deposed president of the yuan crane will say, he's now requested russian troop presence and phase three will be, basically, an occupation of key facilities in kiev and elsewhere in ukraine by civilian-clothed

russian special forces. then it will be over. they'll hand it back to the ukranian president and try to hold on while the population complains and while nato complaining. >> is there a scenario where the u.s. gets involved? >> it depends on how the president interprets it, i don't actually see that happening, but if you wanted to stop it right now in its tracks, nato would -- would tell the ukranian president to assist, insist of some nato support, to call on nato's support. this is what you would tell the acting prime minister there. and, nato would respond positively and say, in the interest of stability, nato is deploying a couple of diplomats to kiev. now, i don't think that's going to happen, i think that's too

assertive. i don't think nato is ready to go there yet, but that's -- that would be the counterplay. >> all right. general, thank you so much for your incites. appreciate it. general wesley clark joining us to on the the fast line. all right, so the general, he knows what he's talking about, he basically said u.s. involvement by itself or through nato, is almost off the table. >> the relative strength of the bond market, it's hung in there. a couple of weeks ago, guy, the s&p is going to make new highs on friday, i would say 102 or 103 the tlt. yields are seemingly wanting to go lower. to me, there's a huge disconnect between the broader market and the bond market. >> okay, we'll take a quick break, we'll have more on the situation as well as how to get you set up for monday situation.

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in this difficult moment, the united states supports his government's efforts. and stands for this sovereignty, territorial integrity and democratic future of ukraine. >> that was the president making his statement on ukraine that took place 20 minutes ago or so. you heard us talk to the general, he thought that was act one of a three-act play at this point. >> general clark has dealt with situations not exactly like this, but certainly similar over the years, he knows what the playbook options are for all of the different players here, but i think the most interesting thing that the president said here in his remarks was that will be costs to a russian intervention militarily in ukraine, what he didn't say is what those costs would be. you could look at that the white house here being a little bit deliberately vague.

the white house doing here to say there will be cost but not pinning those down, giving the administration the maximum amount of maneuverability. going into a difficult weekend and a difficult period of time in the ukraine, as the united states decides exactly how far it's going to go to respond here. >> thank you very much for that. all right, final trades tonight. obviously, a very serious situation unfolding. tim, first thing monday morning or sunday night what are you looking for as to clues for trading? >> i clearly, we're going to watch, this but because the russians are landing planes on their own base in the black sea doesn't make me run for cover. if anything, i think you got to bounce monday on this news. >> i think you watch the swiss franc. that might be the area that you watch, especially the euro swiss if it goes down to 120. >> we're lucky to get a bounce

out of this, you sell that bounce. >> see if the gold gets a bounce. >> and you're selling gold? >> i got out of gold this afternoon. it flattened out. that does it for us. thanks for watching. we'll keep an eye on these developments when "options action" starts right after this break. sacrifice, courage. which is why usaa is honored to help our members with everything from investing for retirement to saving for college. our commitment to current and former military members and their families is without equal. and it feels like your lifeate revolves around your symptoms, ask your gastroenterologist about humira adalimumab. humira has been proven to work for adults who have tried other medications but still experience the symptoms of moderate to severe crohn's disease.

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we are now deeply concerned by reports of military movements, taken by the russian federation, inside of ukraine. the united states will stand with the international community in affirming that there will be costs for any military intervention in ukraine. >> that was president obama moments ago from the white house briefing room commenting on the escalating crisis in ukraine. earlier, unconfirmed reports of russian military intervention in the region sent the s&p lower. the question now is, if the situation gets worse, what could that mean for stocks, could russia be the next black swan? we did see people during this session wanting to take risk off. >> risk off, other than u.s. equities. when you think about