cartise space, immunotherapy space. kite goes higher. >> i'm melissa lee. thanks for watching. see you tomorrow 5:00 again for more "fast money." meantime, done go anywhere. "mad money" with jim cramer starts right now. my mission is simple -- to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. hey i'm cramer. welcome to "mad money." welcome to cramer america. my job is not just to entertain, put it into context, to teach you, so call me. or tweet me @jimcramer. nothing like a market that attempts to make sense. this one after an initial misplaced ludicrous bout of euphoria came crashing back to

earth only to bounce back. that's just as it should be. with the dow ultimately advancing 23 points s&p rising 2.37%. we had cross-currents galore as the interplay with europe continued, we had the greeks behaving badly, germans behaving badly and saw things happen that were quite positive. which allowed bunch of stocks to go higher on a day when they might have otherwise stalled. let's dispense with greece, although only figuratively. there's and old truism about money coming into play with this endless production if greece owe the european union a couple of billion euros, greece has a problem. but if greece owes the european union $300 billion euros, then european union has got a problem. that seemed to dawn on the germans today which got people excited there might be a deal to be had. there was some make-nice talk put out by key german officials.

i'm putting the odds at 50/50 that we get some deal some day. because the germans are starting to to figure out even if the greece were to elect thomas jefferson as president, they still wouldn't have enough money to pay back what's owed. the longer the talks go on the less likely anyone gets paid. it's not like the greeks with paying anybody, certainly not the taxman. nobody is getting paid anything. i was hoping that the imf deadline would draw the kurt on the greek tragedy so we could stop figuring out ways to work greek gods into the story. we have no such luck because of the referendum rabbit that greek prime minister pulled out of a hat. would it kill him to put a tie on? here's something i haven't heard said enough tsipras and angela miracle can thank their stars that europe has a central banker who knows what he's doing. remember the jokers who said

when greece defaults it would be a lehman event? mayor draghi knows about history. we were both to see big losses in peripheral states. currency supposed to plummet, went down just a bit. private banks spoked to be hammering, went down as much as any other stock. you can give draghi credit for anything good. he was the adult in the room. he never listened to the people who said the real issue in europe is inflation. no hysterical from this guy, that's why europe didn't collapse. it last 48 hours shows that greece represents economic risk not systemic risk. i think tsipras was betting on systemic risk from his rempd up show-stopper which would force germany to the bargaining table. didn't get it because draghi stopped europe from falling apart. negotiations lost their urgency and are going to go on until

either a see a deal or you start seeing the drachmas rolling off the printing presses, so we'll going to have to navigate for a few more weeks as i try to come one brilliant greek metaphors, give me bullfinch, will you? that said with, greece on standby we get to see what the market forsook yesterday which it shouldn't have. which is the kind of constructive exercise that "mad money" was made for. as i've said up opening after a big down day, that's a 100% total sucker punch. when we saw the sea of green on our stock tote board i wanted to throw up because it was so patently wrong to be up 100 points on nothing but the fact that tsipras chose not to throw a doll at the efficiency of merkel. only the themes are now working. remember the pattern, only a fraction of stocks that went down the day before had decent rallies, they're the ones with strong histories of rally after

pullbacks caused by weakness which is what greece is giving you. take biotech, a lot of head scratchers when mentioning that biotech is the place to go. people crowded into the group today, including the usual suspects like three of the four horsemen of the big pharma apocalypse apocalypse, biogen juneau their put ik put therapeutics. all screamed higher. i wish they would buy the names into the weakness not strength. the market graph dated to the oils where i've got to tell you, i'm saying you know you're going to look back and say, did he say that? on twitter they're going to say he didn't say that. there's talk of deals in the oil patch. i've told you that many of these domestic oils are still trading about where they were when oil bottomed about $15 ago. i continue to marvel at how

bearish people are about the price of oil even though it doesn't come down at all. an bounced again today. all other commodities are trading miserably. even on the eve of potential deal where iron should be able to put a couple million barrels into the system. what does it tell you? it says big oil companies might think about buying big and long because they're going to start ralying soon. the speculative plays come roaring back. it was nice and typical to see netflix in the win clumping jumping $11. tesla soared because that's what tesla does. now that the financing seems to be behind them. amazon rallied. can't keep that down. i figure some analysts yahoo comes out of the foxhole and bulls all of these tomorrow. the once-knocked amberella behind gopro i see that roaring comes back.

and i was surprised to see the strength in the stock fitbit which was spurred by a positive piece from rbc capital that revenue went up $83%. one day apple will crush them -- not. apple is not in the same business, a fitbit costs a fraction of this thing. a fraction. and people regarded that as a sports device and helps them lose weight this one just tells me to stand up a lot. about a quarter of the market bottomed today. the least economically sensitive and hard to kill oils. everything else treading water, waiting to greece to play out. i wish there were more to it. frankly, there isn't. ben in texas, ben? >> about oracle expanding into the cloud? is it time to buy into it? >> i think we got to stick with the companies that are doing well. we got enough companies that are doing well. we don't have to go to companies that aren't doing well. that oracle quarter -- >> the house of pain. >> i say we go to ryan in

illinois. please ryan? >> hey, cramer boo ya from chicago, the windy city. >> your city wins all of these things you were losers like philadelphia for a while. now you're a winner. maybe we should do the show from chicago. she doesn't care. go ahead. >> the name of my stock is fiat chrysler automotive scau. they had a recall for a bunch of cars and the stock went down yesterday. 6%. and they've also got some profit margin problems that the ceo is trying to resolve with a merger. but it seems like it's not working. >> i was going to buy one of those jeeps it seems like the recall is like you can't even use it right now. i still like the stock. i like the company, my executive producer is saying the one who shot me down in chicago, she's got two jeeps. you know sergio hey like you're

cooking with gas or propane. let's go to daythan in florida. >> booya from the sunshine state. >> i've got a question i would get your take on michael kors. k-o-r-s. it's been in freefall in the past year down 50%. now with the pe of 10 or around 10, it seems like a value. now is it a value or is this a trap? >> i mean you know a stock that goes down all the time tends to go down all the time. but i need to see kors do something right. i know some smart people getting long it. but there's two kors' in the world, the one i'm going to have after the show, the extra-cold light coors is the only coors that i'm endorsing because the younglings warrant. some stocks bottomed today, still others are treading water. the weakest stocks doing business in europe there isn't much more to it plain and simple, i'm mad tonight, not everyone is pinning their hopes and dreams on greece i'll name

the players making news. and some of the freshest faces in wall street. not all of them deserve their money. dip into ones being hurt by the super freaking dollar. i'll tell you what to shop at and what to drop. plus we got a repeat today after yesterday's greek induced panic. are we out of the woods? you don't want to miss my take. stick with cramer!

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companies don't stop trying to create value because we fear the greeks. whether or not they're bearing gifts. we know the company show you there's still plenty of value to be created, no one is paying any attention because of all the problems in europe.

the get busy living or get busy dying is alive and well despite the greek tragedy playing out in europe. today pentair a boring maker of water filtration systems jumped big because of the pressure from a hedge fund to make acquisitions and make them now. spelts taking a 7.2% stake and wants pent air to grow. giving that the stock has dog done nothing for a couple of years, it wouldn't be so bad if it made an acquisition, i'm with peltz, i suggest the bestweight quality systems. this disposition is something i've been advocating forever since i traced it out as a possible break-up of perk and elmer in the seminal break-up treat iesies chapter, two birds, one

stone. others floated flowserve and zylon. i'm down with that i'm told that that means i'm up with that. after disasters move into the private label food business conagra has thrown up the white flag and decided to sell sell sell. this division. which is gone from bad to worse. ever since the company made a deeper foray into the industry. conagra is under pressure from the rest of shareholders to call that business quits. far more interesting to me is the gigantic bid up in private label king and long-time cramer fave tree house foods. something that hurt conagra. one man's feast is another man's i don't know like famine. this is a win-win scenario enabled by the fact that conagra's ceo is gone and the new ceo has to have an open

mind. i'm not a big fan of emerson electric. but it did announce it's willing to part with its power unit which had been a decent performer. emerson didn't raly i do like the fact that the ceo is just as unhappy with the company's performance as everyone else. i thought he would become complacent. no. he's getting busy living not getting busy dying. red was here too. i like the new insurance broker colossus that merging in an 8.7 billion dollar deal it takes advantage of the loophole to get around the american tax laws by being homed in ireland. even as the market yawned or was so focused on whether greece was going to have the atm machines working. what matters here is what i keep telling you -- there is a tremendous desire by ceos to bring out value in spite of the doldrums presented by the global economy. whether it's the planned hmo mergers that i expect to happen. or the housing deal we saw with

standard pacific and ryeland. or yesterday's billion-dollar investment by celgen into juno therapeutics. companies are on the move to bring out things to be negative to stay negative is to miss these kinds of opportunities, i will not let you do that i wouldn't emphasize the stories if they were one-off. instead the bottom line is they make up the preponderance of the news flow away from greece and make the market too compelling to sneer at. despite the drama that controls the overall prices of the averages. even as it can't keep down the individual participants in an index, when the ceos take action necessary action to make you the shareholder, richer than you were just the day before. hey why don't we go to bob in florida. bob? >> hello, jim. >> bob. >> are you on? >> i'm more on than ever how about you?

>> all right. i enjoy your show and i hope you can provide some insight into alcatel lucent. i'm a 74-year-old retiree about a year ago i started investing in alu based primarily on chairman michael kooms new shift plan aimed at increasing the bottom line. just when it looks like things are going well we get an announcement that alu is selling out to nokia. with little or no premium to the shareholders. and i'm beginning to think with hindsight his plan should have been called the shifty plan because i think he gets a hefty severance package. >> bob let me tell you something, you just said everything i would have said except you were a little less diplomatic. i have to tell you that when i saw that i said why don't we just snuff the fire out. and you got it. and that's why i've turned sour on alcatel lucent. after a nice little bump i'm sorry, but you know what sometimes -- hey you just get

had. can we go to bill in california? >> hi jim, thanks for taking my call. first of all i want to thank you for your contribution to universal investment literacy and i know i'm not alone in that. >> thank you. >> you're welcome. you deserve it. i'm a long-term holder of energy transfer partners limited partner units by way of heritage propane partners from the mid '90s, the i know you know the history of that my questions relate to the transaction that's proposed between energy transfer equity and williams and ultimately how that impacts energy transfer partners. >> i have to tell you, i think ete gets this my travel trust has been buying ete partners but i think this is a brilliant combination, they ought to sit down at the peace table and come up with a solution. because ete with williams is just so fabulous. that it has to happen. and great call by the way that you're in it you've had a nice run and you've had very good

distributions. sure there's plenty of overseas trouble wreaking havoc on us that's not stopping some ceos from bringing out some value in their companies, those are the stocks you want to roll with. much more "mad money" coming up including my take on seven of the newest players on wall street. covering everything from the connected home to biotech. but not all of them have a healthy future. i'm calling out the winners and losers, and then stocks got some swagger back today after greece's massive downturn. plus your calls, rapid fire on a very special lightning round, stick with cramer.

last week we got flooded with initial public offerings, with 13 deals in total. making it by far and away the busiest week for ipos in 2015. this isn't some isolated incident, the continuation of a trend i'm not liking. so far this year we've seen a steady acceleration in the number of ipos, from ten deals each in february and march to 15 deals in april. 20 deals in may. and after last week's haul we have now seen 30 ipos in june and that my friends is bearish. regular viewers know i don't like it when we got deluged with

so many new issues. the stock market is like any other market all about supply and demand. these ipos represent additional supply. when supply goes up. while demand stays the same you can expect prices to go down. that's basic economics, still more one more reason to be concerned about this environment. i want to walk you through the most ipos of last week. because with so many companies coming public many names are bound to get lost in the shuffle. i want to help you identify if there are any hidden gems as well as the riskier ones. that could put you in the end in -- >> the house of pain. >> so let's take them down. let's starting with the just the companies that ipoed last friday. first there's alarm.com. symbol alrm alarm, which came public last friday. jumping 20% the first day. to $16.88. since pulled back to $15 and change. remember when you get the hoopla, people go crazy and the next week they're like what was

i thinking? alarm.com is about the internet of things. and in particular the connected home. company has a cloud-based platform that let's you use your phone to monitor your security system including locks, video cameras, garage doors and alarms, as well as smoke and carbon monoxide detectors and can adjust your thermostat to save energy when you're out of the house. the connect home is one of the hottest themes out there i like amberella, they do the brains behind a lot of connected homes. alarm.com is the largest player in this part of the business got 2.3 million subscribers and the customers are locked in for three to five years. not only does the company have strong revenue grot growth up 28% in the first quarter. and the earnings are exploding, and it's profitable. we can value the stock using traditional metrics, if we assume that the company's earnings will decelerate. aa larm.com will be trading 36 times our back of the energy

earnings for 2016. not cheap. for a fast-growing play, on one of the hottest tech trends out there, might not be that expensive, either. i like it. i bet the street rallies around it when analysts that bought the firm public can start writing about it in research next month. alarm.com, kind of interested. next up an intriguing one. called series therapeutic, the symbol is sere -- the stock is seres. the symbol is mcrb. like microbe. it came public last friday and spiked up 186%. on its first day in trading, tiresome. the stock pulled back yesterday, closing at $38, then rebounded to more than $41 and change. talk about a see-saw and one that i don't like. it was more like pharaoh's fury which i threw up on once. seres is an early-stage biotech

that developed drugs to treat a condition called dys. which is when the microbes that live in your body become imbalanced particularly the bacteria in your intestine. your bacteria normally live together in harmony. but sometimes become unbalanced. seres develops combinations of selected microbes designed to make your bacterial ecosystem healthy again. apparently very successful. the company has a compound that's in phase two that prevechbts recurrent cdi, inflammation of the large intestine. it kills 29,000 americans a year. so this is important. currently we use antibiotics to treat this disease. but those drugs disrupt the bacteria in your intestines making it more likely you'll get infected again. seres is all about getting your

gut back healthy. the results have been promising and the company is working on formulations for inflammatory bowel diseases and infections related to taking antibiotics, after the ipo, the company has plenty of cash and not much debt. i like that too. but it's going to take years for the story to play out. we won't gel phase two results for the company's lead drug in the beginning of next year and it will take three years or more before the drug hits the market. i think it's too risky. louvre i have to tell you for the speculative among you if the stock were to come in i like that. but you know what i prefer receptos and alder therapeutics. i told you last night, please wait for the stocks to pull back before you pull the trigger, few people did. on friday green plains partners, came public at $15 and

hasn't done much since. it's a master limited partnership. it was spun off of green plains inc. they manage and expand the ethanol storage and transportation assets. basically gpp is an ethanol pipeline play. eventually the partnership will start paying out a distribution and at the end. mlps have been out of favor because of increasing competition of rising interest rates. i'm not fan of ethanol. never will be. i think that it could dry up. that happens, that's going to hurt green plains partners i think it could happen. i think ethanol is too expensive. the mlps are getting killed because of pending rate hikes, i say wait until we get a rate hike before i would buy an mlp. and green plains would not be the one i would be a buyer of. i'm such a down anywhere this piece. finally one friday we got an ipo called app folio.

appf priced at $12, jumped 17% to $14 and change and that's where it currently stands. here's a small company, sub$500 million market cap that provides cloud-based software. their platform is designed to be the system of record while automating essential businesses processes and enhancing customer engagement for property managers, the company's software gives them an end-to-end solution. now law forms, app folio gives them a streamlined practice and case management software and in april the company acquired a company that simulates listings on apartment search websites. in the last of last year the company had more than 9500 customers. while app folio is not yet profitable they posted 61% revenue growth in the first quarter. i think it's intriguing. risky. i think there are safer and smarter ways to play the cloud

computing revolution. and i don't think that these kind of individual vertical stocks just specializing in a couple of areas are really perfect for me. but i've got to tell you app folio is intriguing i'm not knocking it. looking at some companies that came public last friday like alarm, seres therapeutics, great plains partners and folio, i'm not excited. seres could be a big hit way down theed road app folio has got great things and the only one i would buy is alarm.com. if you stick around i'm going it go through more of last week's most important ipos and it ain't going to be pretty. but you got to listen because i'm trying to help you save money. ♪ ♪ a storm of stock calls is just ahead, i want you to stick with cramer.

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we're back. and our continued mission to cyst through what has been the deluge of ipos this month. to separate the wheat from the chaff and the dross, whatever

that is you just heard about four companies that came public on friday. just a fraction of the 30 that came public in june. now i'm enticed by alarm.com. but think most of the rest from friday are just too risky for me. >> the house of pain. >> so let's look at some of the other from last week shall we? last thursday a small-cap medical technology company came public at $18 a share and soared to $31.22 on its first day of trading, up 73%. pulled back to $29 as of today. what does glaucos does. the company is focused on developing products to treat glaucoma. they're primary product which is currently on the market is the eye stint and that's a small device implanted in the eye during cataract surgery in order to protect important eye tissue

and the company has a pipeline of similar small devices to including the eye stint inject one-third the size of the existing eye stint. it reduces pressure in the eye. plaus plus glaucos is developing a targeted drug delivery system. sales increasing by 79% in the first quarter. but you know what here's what i still care about, guys, it's far from profitable. losing more tan $1 per share in the same quarter. even with all of that impressive technology it's not clear to me how they will turn a profit any time soon. maybe it has to be taken over. i don't know. the company was a bit of a precarious position before it came public $9 million in current debt $4 million in cash. with $100 million cash injection from the ipo they've got enough money to fund operations for the next two years. good. still i think there's too many questions for me to give glaucos

credit for the run. so it's not for me. and by the way, yes indeed one of the things that turned me off is i dislike that huge opening pop. that is often the sign of the peaking of an ipo boomlet on a nonprofitable company has that kind of action. next up is a company called milli correspond holdings which became public with a wimper last thursday at $20 and dipped down to $19 and change on first day of trading. it's the opposite of a sexy cloud or biotech ipo. company is an producer a engineered systems for the plastic technology and processing industry. they make process controls mod bases and components while providing maintenance repair and processing equipment and fluid technology. millikron is the market leader in this process. sounds good, right? here's the thing, millikron

declared bankruptcy during the depths of the great reception in 2009. the company emerged from bankruptcy that year and in 2012 it was acquired by ccme capital voyeurs, a private equity firm which still has a 61.2% stake in the company. this is a private ipos with an ugly bag sheet. while the company entered a debt restructuring program and is paying off a high interest rate debt the company paid private equity owners $145 million dividend in the process. that's standard practice i know in the private equity business. it doesn't make it so i like it plus millikron sales declined year over year in the first quarter. because the go global footprint means the company is being punished by the super freaking strong dollar. even worse, millicorrespond lost money 2014 and their net loss

got bigger in the first quarter of 2015 and the company had negative cash flows in the 2014 and the first quarter of 2015. super freaking strong dollar. my view i say trust the investors who sold milli kron on the first day of trading, that gives you a sense on the quality of the company, considering the financials and the company, my view is stay away from millikron. so many better industrials that are going bagging for shareholders like the pen air by nelson peltz, you can do better than this one, can't you? you couldn't just say no. yeah, you couldn't could you? finally there's transunion symbol tru, it came public last thursday at $22.50 and the stock moved up 12.9%, although it's pulled back to just above $25. while you might know company as a simple credit reporting agency, the company views itself as a sophisticated information provider.

i got to tell you, not a fan of transunion. part of the ipo this company has been flipped from private equity shot to private equity shot. seeing its valuation more than double from 2010 to today. why? in 2010 the family was shown that owned the company sold a 5 1% stake and the transaction valued transunion at $2 billion. the whole company was sold for $3 billion. finally last thursday advent and ges capital take transunion public in a price that valued the company at $4.1 billion. and now it's worth $4.4 billion. that's ridiculous progression because transunion is unprofitable. it was cash flow in negative in 2013 and 2014. 3 billion in debt nearly a billion of that is super high interest with rates of 8.125 or 9.625 coming due in 2018. the company plans to use the

money it raised in the ipo to pay down the debt but it still won't leave the stock in a great position. even if you use the company's more generous adjusted net income figure which is positive to figure out a valuation transunion would still be selling at 38 times earnings. ekwe fax is a good company. why would you buy transunion -- get seized up -- no other companies are better. this deal really made me feel that ipos had gotten out of control. it was overvalued versus peers on every measure and still went higher. that's wrong. it may have marked some top in this phase of the ipo life cycle. life cycle. here's the bottom line. i am not impressed by this last week's crop of ipos.

i would stay away from glaukos, i would sell millikron because of the super-freaking strong dollar. >> thank you. >> and transunion -- way too expensive. these are not high-quality companies and it worries me that we're seeing so many of them come public at the same time. it's bad news. while i hate to upset any of the morning bell ringers -- it's my job to keep your bell from being run. these were stocks that frankly would not be brought home to mother's

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. it is time. it is time for the lightning round. and then the lightning round is over.

are you ready? time for the lightning round. let's start with man coni in illinois. manconi. how is it going? >> real good partner, how about you? >> it's doing good. i have a little bit excited for a portfolio solutions earning coming up here. i was wondering what your thoughts are. >> it does seem to have bottomed. in the housing sector i am going with lenard. that's my play. let's go to kurt in tennessee. kurt? >> hi mr. cramer, how are you? >> real good. the stock is platform century products. buy, sell or hold? >> remember the guy who came on and said i'm going to deliver, so far he's delivered, i love that guy. that guy had conviction most ceos come on and they're like yeah we're going to do okay. not that fellow. let's go to nick in california. nick? >> what do you think of lumber liquidators.

>> how about let's go to curtis in north carolina. curtis? >> curtis? >> yes, cramer. >> you're up crust is. >> mr. cramer taking the question. we started in united health care would like to add to it or pull back. >> you got horse sense, a well run company. it's helped the dow. i need to go to chris in tennessee. chris? >> booya, from tennessee. what was the stock? >> h-a-l, halliburton. i think it's time buy buy buy, that's right, i said it. and that ladies and gentlemen, concluded the lightning round. >> the lightning round is sponsored by td ameritrade.

after yesterday's greek inspired downdraft everyone is asking what should we do now? the kind of selloff we had can create panic. tonight i want to take a motion out of the equation. in a fluent situation we got to have every possible input. that's why we're going off the charts with the help of carolyn broden. the brilliant technician who runs a website that happens to be my colleague at realmoney.com. i want to try to divine what's next for the s&p 500 using her charts. the s&p is the manch bejjor benchmark.

what's her view in the wake of yesterday's session where the s&p dived more than 2%. let's look at the s&p weekly chart. something important just happened. the last time we spoke to broden was a few weeks ago. she said we were due for a nasty correction. nice call. which is why we went right back to her today. she wasn't necessarily sure how big that correction would be. maybe it would be a brief decline. quickly followed by a rebound higher. maybe we would get hit with something more serious, broden said the s&p last low was on may 6. it was at 2067. if we held above that level and she thought things wouldn't be that bad. but yesterday, the s&p broke down below that level. and for the fibanacci queen it means it's a more bearish set-up. the floor was 2067 this has become a ceiling, once a floor,

and it's now a ceiling. so what's next? although broden thinks the market is vulnerable and she's in sell mode she thinks it might be possible to quantify how low it will go and therefore there's a bit of a a turn-around ahead. look at the s&p's daily chart. remember broden is all about looking at past swings. in a given security in this case the s&p and then running them through the prison of fibanacci ratios. to find important levels where stock or a whole index might change its trajectory. and this analysis works on both the y and x axis of a chart. which in this case is the s&p 500's price and the x axis which is the time. based on the duration of past swings, she see as whole cluster of timing cycles coming up in this period between yesterday and thursday, the cluster of

fibanacci relationships we might get a tradeable low. eye cording to this chart it's possible we could get a near-term bottom sometime this week. it may have happened according to this yesterday. broden is not saying this will happen, but it's worth pointing out the last time we spoke with her, her timing cycle suggested the s&p's high on may 20th might turn out to be a peak in the short run and i got to tell you, she picked may 20th. look what happened may 20th. that's a top if i ever saw one. dead right. that's said broden believes the bears are still in control and this timing window means you should keep your eyes open for a tradeable low. she would get more positive if we started to see buy triggers but so far is not seeing anything that makes her bullish. given that the s&p 500 has hit a new low, how low account market go? all right now let's take a gander at the weekly chart. based on the her methodology, broden can identify where the s&p has declined which took a break today, might stop for

good. the first thing to note when looking at the chart is the s&p 500 has been in a very large, very long uptrend for years now. and broden points out that within this uptrend there have been many declines in the past that are similar to the ones we have right now. you can see it. over and over actually. for example, over the last two years, there have been a bunch of pullbacks in the s&p that lasted 79 to 86 points as of yesterday's close, the recent decline lasted for 78 points. that's pretty similar to the previous ones, this is going to be like the smaller declines then we're all clear. however, broden also notes that during this period we've seen other larger declines that have lasted for anywhere from 111 points to nearly 156 points. and considering the ugly nature of the current separate set-up it seems more likely that the s&p has more room to go lower. so will fall into the latter category here not so hot. if we're dealing with the major correction that's based on past swings broden has important

levels she thinks you have to watch. if they hold then it could mean the pain is over in particular she's focused on a few areas of the weekly chart. s&p has a nice floor support running from 2048 to 2054. and it seems that this floor kept us from going lower again today. i believe that. i think it's why we bounced. but it won't take much to fall through the floor. in which case broden says the next floor of support for the s&p where we might get a bottom runs from 202.1. to 2027. that's a decline of 1.6% off of these levelance, that's the pull-back that i'm concerned about. if it doesn't happen broden sees one last floor. down 3% from here. i don't know if we're going to get there. if that level fails, the fib queen wouldn't be surprised if the s&p drops down to 1936. basically repealing the entire raleigh since the autumn. that would be bearish. and look even if we do get a bounce broden thinks it's likely to run up against a great deal of resistance, her prediction is pain.

here's the bottom line. the charges carolyn broden said yesterday's selloff is not finished. she thinks there's key levels we could bottom. one is down 1.6% and the other is down 3%. it's possible that the s&p will bottom this week and rebound. but if it does she says don't count on the rebound lasting long. the charts indicate we could be entering a very difficult period here and i got to agree if we do not get a greek deal shortly she's going to be dead right on these more negative assumptions, stick with kraker. er. cer. aer. mer.

mario draghi is the hero of the whole situation. europe would be far worse, it would be as bad as people expected if it weren't for the central banker. there's always a bull market somewhere, i promise to try to find it for you, i'm jim cramer and i'll see you tomorrow!

lemonis: tonight on "the profit"... -you're steven, also? -steven: yes. lemonis: three generations right here. steven: right here. lemonis: a multigenerational custom-furniture business... do you and your dad have blowups here? steven: all the time. lemonis: ...struggles to stay up with the times... [ screeching noise ] steve: some of the machinery here are 50 years old. lemonis: ...and a father who won't give up control... steve: do you have a packing list? steven: are you really gonna micro me again right now? steve: please. lemonis: ...leaves a son struggling to make his mark. steven: oh, my god. lemonis: if i can't bring these two together... steven: when it's done it has a sticker. if this doesn't have a sticker is it done? -steve: no, it's not done. -steven: okay. lemonis: if he can't do the job, you fire him. ...there may not be a next generation of grafton furniture. your grandfather was here. now your father is here. and if you don't get the quality right,