on -- >> tonight, 9:00. >> that's why she's here, alexandra pelosi, always good to see you. >> thank you for having me. >> another good one under your belt. that does it on "closing bell." >> thanks for joining us. >> and look forward to that santa claus column in "washington post." >> check it out. >> look forward to it. >> "fast money" is up right now, melissa lee. >> "fast money" does start right now. live from the nasdaq market side overlooking "new york times" times square. our traders, tim seymour, steve sawgrasso, karen finerman and guy adaem. biotech stocks are pleading and could spell doom for another group of stocks. we'll tell what you they are and what do tim cook and lebron james this in common? one analyst pounding the table and he'll be here to explain what's got him so excited and carter worth is here with a massive call on the market that's sure to have everybody questioning everything about stocks right now and tonight a major selloff on wall street, the dow falling more than 300 point. all three major indices closing

near their lowest level since august 20th, but there was something different about today's selloff. names like starbucks, nike, home depot, stocks that were market leaders until now all getting hit across the board. is the this loss of leadership a major turning point here for the stock market? guy, what do you think? >> it is a turning point, absolutely, yes. now you have to talk about levels in terms of where the market's going to trade. i think the s&p 500 which closed around 1860 or so, 1880 could absolutely trade down around the 1880 level so another 4%, the october 14th low. that's when you start building your list of what things to buy. i think starbucks is a great name ant story has not changed in starbucks. story home depot is intact as well. i think the story in netflix is still intact but you have to wait for the market to trade down to that level and you buy the the stocks then. >> nike at at an all-time high and everything has changed except for market sentiment. >> give nic' break. trading an an 80 rsi and the

momentum and name after fantastic, nothing happened to the story here. in fact, i would say if i look at starbucks and look at home depot, let's look at the proxy stocks. these are all companies that have had great earnings and haven't been financial engineering stocks and haven't been buybacks and this and that and i look at the breakdown, a 98% down day on the s&p, meaning 98% of the s&p was down. the fact that these gave something up does not bother me but the bigger news today is that today was a credit day. today was a day that the credit anxieties of the market whether it's glencore or number of others. look at hyg and iwm, the russell, that tells the story which is credit. >> take a look at financials as well. there's got to be some concern maybe about some kind of unknown because you look at jpmorgan, a citi, we don't know what exposh you're if they have any, but it seems to be that sort of concern about possible exposure, sort of it's reminiscent of the financial crisis where nbc knew what anybody was holding. >>ia. i think there's a little bit of that. there's also the notion of

levered banks by the very nature are levered structures, and so, you know, when you get a levered situation, that always spells feerks but i don't think the move today was particularly outsized for the banks. they have been down though for the last week or so. i'm not doing anything different with the banks. continue to hold them. i feel as comfortable as one can feel. >> right. er o losing leadership the lose the leadership of a sector and that's healthcare, you pointed that out on the afternoon insurance stocks, it's a big-cap pharma stocks. everything is selling. >> if you had any type of gains in this marketplace you're selling, guy points out, sell first and ask questions later, but i want to focus in on it and i know we'll talk about charts but two negative quarters. when you start to see that in the dow and s&p, they lose 50% of their value. is that going to happen now? i don't know, but is it setting up for an arm gascon-nadon-like situation. could be.

i'm still long names and there's further sell side and it's dramatic. >> we talked about this, it's 70% of all stocks trade with the overall market so today tim said you had an upper 90% selloff today. >> right. >> that was a decent chunk, right. but on average doesn't matter where you are. you're getting sold out with the market. let's goat our very big call on the markets here. a couple weeks ago carder worth of cornerstone macro declared the bull market over and carter is back now with an even bolder call. have we entered a bear market? >> that's my estimation meaning if one looked as a definition. bull market is generally rising prices this. market does not meet that definition. also defined where the major indices are in uptrends with broad supports, most sectors participating and that does not meet that definition evening. we had generally declining prices and no sectors and we're in a bear market by my worth so let's look at some charts. the first thing, quite

something. this is the s&p adjusted for inflation, and what it shows, of course, is this is our 2000 peak and we never got back in '07 to the 2000 peak and here we are and we've stopped exactly almost at penny at the 2000 peak adjusted for inflation. that's not random. here's a long-term chart of the s&p, the three bull markets of the last let's say 15 years anyway. 63 month, 60 months, 74 months, all lasting about the same duration, the magnitude a little bit different each time. this one 240 and this one less and what's key is uptrends and then a break. uptrends and then a break and clearly by definition we've broken trend. that's not what a bull market looks like. this is not random either. this is the quarterly performance of the nasdaq, and look where it stops, i mean literally to the penny and its dotcom high, red bar here so a

negative quarter and got now two of them in the s&p. that's not random. here's europe. this is the stock 600, the equivalent of our s&p 500, and look where it's struggling, right at 2000, 2007 peak. that's not random. and finally where might we be headed? what i'm sort of eyeballing here is this channel that we've been ascending in since the '09 levels. our high was 2134. marked on may 20. and the bottom of this channel is about 1730. it would represent a peak-to-trough decline of about 19%. i think that's a reasonable point at which you can reassess in line with what maybe guy was saying. can it go more than that? can go plenty more, but there is no definition, up 20, down 20, that's not what a bull or bear is. not in a rights mark. my estimation we're in a bear market. >> 1730 is where you say we could be head on the s&p 500. which sectors look most vulnerable to that 1730 level?

>> well, typically it's interesting. what happens, of course, you have a breath problem first. had it for 18 months and then you lose leadership. we're starting to see that first it was disney and now biotech, media in general and so some of the most vulnerable things are either the strongest that have yet to come where people have a lot of gains and they can reach to save those gains or meet margin calls with those strong names, and interestingly it's also the exact opposite, the weakest of names, caterpillar or glencorps and the things that are strongest still, where people have money that they can get and things that are the weakest which literally have capitulatory worth. >> conor worth saying we're in a bear market. you actually sold a former market leader today, karen. >> friday actually. sold her biotech on friday.

don't want to the make it sound like we sold the top, clearly did not, because last week through friday was really a difficult week. we've had sort of a wide down limit on it. cross that was down 15, even on the week about. i just feel like this sentiment change has been a fantastic run for multiple years, and, you know, i don't know that the hillary clinton thing has any teeth to it per se, but the whole feel of that market has changed a lot, and you had a lot of money flowing into it and now i think you'll turn and see a lot of money flowing out of it. the moves are just so big and so scary that, you know, i don't know how far -- i'm not ready to jump back in at all, even though there was a big move from friday afternoon to today in the scope of the move that this has had over a number of years, not a big move. >> in terms of the week of stocks selling pressures, materials continue to be under pressure as well as energy stocks. there's no floor, it seems. >> i don't think energy is over. i think the ovx, the oil

volatility index is telling you at these levels at 509 move to the downside is still intact in energy and seeing it in a lot of names. material stocks, tim can speak to glencore, we've talked about free more mcmoran. there was an opportunity to sell it and that stock got bludgeoned. the material stocks are in trouble. look no further than u.s. steel. tim mention that had last week as well. there are structural problems going on in many facets of this market right now. >> coming up, solar stocks taking it on the chin the one company's stock is in virtual free fall. what it is and if an end to the seg is anywhere in sight and iphone sales at a record and gl glencore shares are bottoming. much more "fast money" just ahead. very good.

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welcome back to "fast money." sunedison getting crushed, the stock falling 18% in today's session alone. the stock is down more than 60% just this year. hit a new low today. $6.76, karen. >> yeah.

>> unimaginable. >> it's unimaginable. a nightmare for sure, so its trade, we were just talking in the break, trading like it's going out of business. trading like things are very, very bad and when i look at situations like this, i think, all right, what is thecality lift there? what's the debt structure and when is that debt coming due, and, you know, it's clearly the debt has traded down. any debt that was convertible into equities trade down a lot. however, the yields aren't crazy. they do have liquidity to get them through. they have some time, and that's what's real important. i don't know where the stock will go in the short term. clearly i don't like the way it's trading at all but the business -- i believe the business is okay. the structure with the yield codes is clearly hampered, but i don't think there's this near-term catalyst that the market seems to think is right around the corner. >> are you still in the stock? >> i am in the stock. >> are you in the stock. you have been in it. >> i've been in the stock. look, the point here is that the funding for this company, if it

dries up, has a lot of issues, even if not short run i agree with karen. i don't think these guys have a liquidity crunch and they articulate that had all of their growth projects for 2016 look intact and what's happening, it's all been about, i don't mean all. look at corporate america and where have the biggest neral. beneficiaries been, biotech and engineering stocks so if cape balances go away, credit becomes more expensive and less accessible. that's a huge issue for these guys and it will play out in other guys that need capital markets so to me their business is very interesting and i think the stock is not broken as a business, and i think renewable, i don't care where energy ghost. these guys have a business, absolutely have a business. >> we should note solar city will join us at 5:00 p.m. eastern right here on "fast money." next up, apple, iphone 6s and 6s plus breaking models over the

weekend and that has one analyst comparing it to the likes of le john james. he's wall street's most bullish analyst with a $175 price target on the stock. dan, great to have you with us. >> great to be here. >> you cannot compare last year's or 2014's record to this one because this year you included china. if you "x" china out, dan, how does this weekend stack up to the previous record? >> yeah. we "x"ed china, up about 5% to 10% year over year and the reason we call that lebron-like, that 10 million apples to apples it was thought there was no way they could show an increase. bears are staying the net-net number could be 11 million. they came in at 13 t.shows the underlying growth is still massive here, not just in china but even developed countries, and i think this is something. it's a prove me stock, a battleground but a major step in the right direction on success showing what's going to come in the quarters ahead. >> what's the next catalyst at

this point? just the holiday season? i mean, with rejust going from data point to data point at this point? >> well, i think it's really next month. when they report october, the focus of the street is not really going to be in the september quarter. it's a december iphone guide a. i would say 75 million plus. that would be viewed as bullish, especially 77 million number to show year over year growth and obviously going to the holiday season into the march quarter. at this point it's a glass half empty stock, but you take a step back. iphone 6s goes off to a real strong start and it shows china, 8% to 10% penetrated and still selling like hot cakes there and when you look at core u.s. 30% is penetrated. there's a massive opportunity here and something where investors will look back three, six months from now saying, wow, that's an opportunity giving the success product cycle. >> i get that you're really bullish. you really think we'll hit 175. you initiate coverage when?

>> yeah. i think when in april when i looked at the 175 and obviously we've taken a step back here. i think realistically the next step-up function will be going into the next quarter into holiday snch. it's that 130, 140. that would be the next step. then they prove going into that iphone 7 product cycle, going into ipad with this enterprise release as well as streaming tv which comes out early next year, so i view it as a step function process. we've got to go from glass half empty to half full and give a 70 million plus guidance number for december and make our way back and a lot of guys that are bearish today, you know, will be bullish as they start to turn it the tide on this product cycle. >> okay. so 175, not by next april but sometime next year, is that what you're saying? >> i view it at 130 and 140 and then we start to go into that product cycle and that's where you're really starting to seat trillion dollar mark cap. >> dan, great to speak with you.

>> great to speak with you. >> do you believe what dan is saying in terms of the price? >> i do and you can always go to financial engineering. moving into earnings cycle. >> in terms of the buyback? >> exactly. look at october, volatile month for the markets. the earnings cycle starts. a lot of the company buybacks pull back and after the volatility is done with i can definitely see the company coming back in and tweaking it a little bit and that ramps up getting back to the 1251, 35 level. >> the s&p is basically through the august 24th low. apple traded and printed close to 103 and since then the market is now lower and apple has held up relatively well. i think 103.5 is a line in the sand and look at one step beyond. intel traded unchanged and i'm not sure why but that's a pretty encouraging sign. >> hedge fund heavyweight carl icahn is doing something with his portfolio he hasn't done in years.

we'll hear what that is later on. you're watching cnbc, leader in business worldwide. meantime, here what else is coming up on "fast." >> the shake-up of mining giant glencore could trigger a secret sell sign. dennis gartman will explain. plus, there's a new name for terror and its name isn't kujo, it's fang and it's looking very much like biotech did before the breakdown. we'll explain. i'm only in my 60's. i've got a nice long life ahead.

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we reef got break news on yahoo! and alibaba. let's get to seema mody. >> reporter: despite the uncertainty around the tax treatment of the alibaba or the yahoo! spinoff of alibaba the company's board, yahoo!'s company board, oughtrizing the company to continue to pursue the plan for the ad krr o spino spinoff. that's the late, back to you. >> seema mody. thanks for that. kind of felt like we -- that they had said that, yeah. >> well, yeah, and we also had that big lockup and talking about really the only people that were ready to be sellers in this that were probably 5%, rest

were all insiders. wroo is one of those insiders and certainly this is the case what's good for yahoo! is bad for baba where they have been trading in lock step. reiterate, some of the parts, even alibaba's price today, says yahoo! has 40% upside. >> shares of the mining giant glencore tumbling 30% and hitting a record low on heightened fears of falling commodity prices and glencore shares are down a staggering 75% and karen has been taking a look at something more troubling in the debt. >> as we talked about, look at debt and that tells us something. you see that the glencore debt is absolutely getting crushed. credit default swaps trading way up and the thing that's troubling is how much debt they have due in the near term so, you know, what can they do? the options start to dwindle away in terms of attractive they are. you can offer equity clearly with the stock here. >> that's what they have done. >> they have done already. >> 2.5 billion at i don't know,

130, 40 maybe and they could sell assets. not a great environment to sell assets. >> right. >> try to extend the debt. >> they have some things they can do but levers are getting harder and harder to find and heard and harder to pull. i don't know. i think stepping in here is very dangerous game. >> right. >> and you're making the point that the payments are very high. >> very high and near term so they don't have a lot of time. time is really important when you have a levered situation. >> curiously glencore when public in 2011, the height of the commodities boom and since then commodities have gone one way so does glencore signal a bottom? dennis gartman soughtor of "the departman letter." you actually think that this could be a signal of the bottom for the commodity space? >> i think that the press has been so overwhelmingly bearish we've seen nothing but above the fold articles will how difficult it is for the commodity markets, how troublesome the situation for glencore, how overtly

manifestly bearish is the situation for commodities generally. this is the kind of media concentration that you get at bottoms, not at tops. i find it interesting that gold has not made a new bottom. it's held above its bottom now for almost a month and a half and i find interesting that crude oil is well above its bottom of almost eight weeks ago. i find it interesting that the grains are making their bottoms, wheat starting to turn around for the bert, and yet everybody everywhere is overwhelmingly bearish for the commodity markets so i think the time for being short north commodity market is long past i'm not sure that one has to rush out and become overtly bullish of the glencores of the world, but i think the time for being bearish, the time for being detrimental to these stocks is well behind us so nothing is -- crude is not making new lows and gold is not making new lows and wheat is not making new lows and everybody everywhere is bearish. the only thing missing, not seen

"time can the "or "newsweek" coming out with a front page article saying death commodities. if the that happened, the bell would be ringing. >> glencore, like many other producers or traders in their case also have been cutting back on supply and that's ultimately going to be one of the great reasons that commodities are bottoming. this has been going inthink longer than people think. cap "x" cutbacks what. rast commodities do you think is the most interesting because there's been this type of pullback truly in production or investment in production? >> if i had to choose one, i would choose the grain markets. take a look at owning wheat. not a very popular topic for a stock market program, but the wheat market has shown i think incredible strength. even today wheat was on a penny, actually higher in the morning and then there was a discussion of rainfall, but given the fact that everything else was being thrown overboard i want to look at the grain markets. if i had to pick another one i would begin to look at gold. gold has not made a new low

recently. that i find impressive and finally i look at energy. i do find it interesting that the term structure in the oil market is turning bullish. nearby actually prompt crude traded to a premium over november crude oil which is very unusual recently. >> right. >> so give me the grains first. give me gold second and give me energy third, but i really do think, timmy, the lows have been seen. the worst is behind us and being short and being bearish are -- of the commodity markets i think at this point is ill advised. >> okay. dennis, great to see you. thank you, dennis gartman of "the gartman leler." how do you digest this? dennis makes some good points. stock market very, very volatile and selling off and downturn in copper, commodity pegged to industrial use. >> i understand everything he just said and dennist just said but sometimes everybody can be right. pointed out one of the reasons to be bullish because everyone

has been overly bearish. that's the right way to be. can i make the point that crude is not making a new low and the ovx, oil volatility index that we talk about all the time is still elevated. freeport-mcmoran, an energy trade, that stock trades horribly so i do think there's another leg to the downside. >> speaking of freeport-mcmoran but first back to seemahood mody at headquarters. >> reporter: carl icahn continues to bet big on energy reporting 11.43% in cheniere energy versus a previous stake of 9.59%, carl icahn with an 11.43% in cheniere energy, now down 32 misyear to date. >> seema, thank you. for somebody who says there's danger lurking in the stock market he is going long and way long in the commodity space and

i think that's an interesting trade. >> and i think it's almost -- he's already there so he almost has to hedge himself. when he says this is the most hedged he's ever been, i don't know if that means buying all the names that you have on dips. i don't know how he's hedging so it's really inclusive for me to make a judgment on that. i think the overall market goes lower and takes all those names that you just said the energy complex with it. they been beaten down and beaten down even further. >> freeport, got to be underwater on freeport-mcmoran, i don't care when he bought it in the quarter up to when he's had to file it's lower now than at any point. >> oil production is coming down. it's clear it's been coming down and light at end of the tunnel. watch the eia numbers and watch the energy stocks, i think they have already bottomed. >> so this is a good buy. >> a brave buy. interesting time to be owning oil stocks and energy stocks for the long term with balance sheets. eog, apc, will clean up cheap and you want to own them. >> okay. coming up, biotech stocks at the crash lows but there's one thing

that could turn around the sector and a special report from meg terrell right after this break and television ratings are down and kids are tuning out but major media companies aren't going down without a fight what. investors are missing about traditional media stocks. much more "fast money" still ahead.

welcome back to "fast money." the all three of the major indices near their flash crash closing lows. here's what's come up in the second half of "fast money." heavyweight carl icahn is calling for a catastrophe and what he's doing to protect his portfolio and how you can protect your portfolio, too. plus, tv strikes back what. some major media companies are doing to bring in more money even as the new challenges for traditional television looms large. that's later this hour and biotech taking another beating today and another of the biotech giants getting hit hard like gilad have mountains of cash on their balance sheets so could these recent low spur some deal making. meg terrell breaking down what could save the sector. meg, it would be a fantastic sign, i'm sure, to a lot of investors if a big company came

in and said we're willing to buy at this point. >> absolutely right. i think a lot of folks think that. not necessarily a trigger for people to buy but certainly helps that the prices are lower. let's take a look at some of the names people talk about as potential buyers. gilad is always one and has this cash horde of almost $15 billion as of the second quarter. folks are wondering where they will get their future revenues after hepatitis "c" so they have always been talking about them as a buyer. biogen is one that's come under focus a lot with cash and equivalence and $1.5 billion in q2, allergen only $1.5 billion on the balance sheet butted with the sale of the generic unit, over to teva for $40 billion. folks say they could be a buyer and that's part of their business model. j&j, some are wondering what they will look at and pfizer folks have talked about as a possible buyer for the smaller slimmed down allergen.

a lot of questions and biogen with depressed valuations really ripe for acquiring, melissa. >> meg, a lot of people will point to hillary as being the start of the biotech routed but you found some data showing that biotechs really have a tough time during presidential cycles. the political tone is not good for these names. >> numura did research looking at the last four presidential elections finding biotech overall underperforms, decline begun 15% in that time compared with an 8% rise for the(1) so because drug pricing is such a hot button issue in the limelight, it really isn't good for the industry. >> meg, i wonder though with biotechs just recently having sold off so sharply don't you think companies that would be sellers still look at old sticker price and think, wow, i deserve "x" and the cash horde buyers are going to say, no, no, new world. we'll have a big ask spread and no deals. >> that's a great point. just e-mailing with mike e. from

rbc saying if people come in now they look like predators and take advantage of the new valuations. . we'll have to see how long this last, maybe it's a new normal and others think biotechs are insanely cheap at these levels. we'll have to see how this shakes out for m & a. >> tim, you've said 285 on the i ibb is what you're watching, a whisper away. >> that was the intraday trade from black monday, the 24th. it's now 240, next level to watch on it and if you start to get devaluations in the big boys that make up 45%, the top five names, celgene as we said not terrible, biogen has 8% of their company in cash so i'm not advocating biotech as long as the market is in this place but fur look at the best companies in that crew, the valuations are interesting. >> talked about the impact on biotech on healthcare overall which is not doing well and the impact on the russel 2000 which

sliced through august lows at this point. >> the russel 2000, the symbol is the iwm, small-cap stocks, 102.5 is firmly in the radar screen right now. quickly back to biotech. if you don't think -- one of the reasons we said stay away is the rhetoric will continue. look at what happened to valiant today, the symbol vrx. stock down almost 17% because congress sent them a led thor this. will continue. i don't think you can really own this space in earnest until they start to report, and in the celgene case that timmy just mentioned that's three weeks from now. >> looking to pick up deals and tom horizon is allotted longer than the next three months, two months, whatever the case may be, gilad is flat on the year. guys will be buying that first and always go back to the ones that repork the best. >> moving on, selloff in biotech stocks has some investors worried about another group of high growth stocks and seema mody because at headquarters with the details. >> reporter: melissa, biotech

selling has some traders questioning the value of some other high growth high valuation stocks, particularly cramer's so-called fang stocks. now, year-to-date, facebook, amazon, neflt and google have been outperforming the tech sector and the broader market in 2015, but as a biotech investors looking at valuations. the average forward price-to-earnings ratio for the fang group is 36 which is higher than the etf and ibb which trades 33 times earnings and we can see from the next chart. up until july, biotech and the f.a.n.g. stocks as a group closely track each other but biotech broke first and now some are wondering if f.a.n.g. is next. melissa, back to you. >> seema thank you, seema mody back at headquarters. what's your forecast here for these stocks? >> if we're all thinkingled market is going to come in another 100 handles in the s&p, nothing on that board is going to be safe. on a relative basis, utilities probably continue to outperform

because you can't hunt for yield in any other marketplace. it's the utilities, but everything is going down, make no mistake about it. >> all of these stocks have seen big pull backs from the highs, all in correction territory at the very least and should we see them fall in line with the markets overall in terms of the pullback? >> i think google is defensive and to lump it with the other stocks. jim made a nice acronym and to be say all the stocks should be trading in the same regard. google is not expensive, trading at 18 times and there's cat lifts and that should be more defenseive. >> i was surprised, not google, but maybe tesla, so f.a.n.t. shots. >> i would be short the "f" and the "a" and the n" and long the "g." >> facebook actually until today held up relatively good.

facebook got bludgeoned today. facebook reports on the 27th. expect another crazy quarter and i do expect it to trade north of 100. i think we have 80 or 80 handles to the downside but i think facebook is becoming at an area where you want to start to buy it. >> coming up this, month's market action as carl icahn is sounding alarm on stocks. how worried should be? tv networks struggling to hold viewers' attention. more on that with more of "fast money" just ahead.

it was a nasty day for the markets but we'll get through this together. today i've got the company that announced market-moving news and rallied 6%. plus, game on, a play on "star wars" swashs, the nfl and your iphone. "mad money" is next. welcome back to "fast money." pepco holdings, excelon asking for regulation and a merger already approved by the doj and regulators in maryland, delaware and new jersey. the dc public service commission was the only one to reject the merger and now they are being asked to reconsider. both stocks higher in after-hours trade >> the biggest week in advertising kicking off. new york, tv ratings may be steadily declining but it may not be as bad as it appears. cnbc's julia boorstin is here on set with how traditional tv giants are striking back.

so great to see you. >> great to be here in person. >> as ratings drop, viacom will slash ad times on its networks to see if that adds value and last week amc teams with rentrak. not watching who a show first airs but in the month after when they work with cable giants to do dynamic ad insertion from wherever, whoever is watching. >> what we're doing for television is precisely measuring it and giving the advertiser the ability to precisely target using a demographic of the cars they buy, how they vote and in the products they buy to put in their cupboarded. >> biggest shows like "empire" and live sports are still drying eyeballs and major ad dollars and networks like foxx are

trying to add that and also trying to draw on conversation by twitter to support that realtime viewing. melissa, the networks now are really pulling out all the stops but there's no question that the facebook video ads and all the new tools are bigger competition than ever. >> seems almost like it'sed to the tv network's admission that what they had been doing is absolutely not working, and it won't work in the future, that they have got to go to something different. >> no question now that there's some sort of tipping point going on. facebook just today announcing all sorts of new ad tools so marketers can buy use the language of television, buy target ratings point so this is nielsen we're talking about here so i think that the networks are trying to figure out what to do that's real different. they have to make more of the eyeballs that they have >> does this mean their ad rates could possibly go up? >> tv ad rates? >> tv ad rates. >> it depends on how you do it, viacom, you have fewer minutes of advertising, each of the minutes of advertising should be more valuable. >> julia thank you, julia

boorstin at the nasdaq. >> a rare occurrence. >> like the harvest moon. >> if you have fewer total minutes. >> fewer dollars. >> i get what you're saying. >> what do we do? >> what? >> getting back to the media trade, carter worth mentioned disney lost in terms of media and bringing down the media space. >> julia interviewed bob eiger the day they reported. look at the softening in the broader market the date interview took place. steve will tell you that's critical support in dis, doesn't feel like it wants to hold. tim has mentioned loyion's gate. yes the stock has sold off a little bit since its all-time high but go back to content. they own it. if you want to be in the space, yes, they will sell it off with the broader market but lgf is about as good as can you go. >> you're in disney and you'll

see if it holds up in this marked the. >> luke, i am your father. >> i'm a firm believer in thinking that everything goes down. what goes down less than the rest of the group. disney's up 4% year-to-date. that doesn't seem like it's lost leadership in this market. against the nefltdics up 103% and traditional linear television, they are going away everything to netflix right now trying to hold hofnlt i don't think they do. >> coming up, carl icahn says he's as hedged as he's been in years. so exactly how does he do that? got a protection playbook right after the break. plus, nasa out with a major discovery of signs water on mars, so is there life on mars? legendary astronaut buzz aldrin joins us live to tell us what it could mean later this hour. you're watching cnbc, first in business worldwide. who was that? dad: he's our broker. he helps looks after all our money. kid: do you pay him? dad: of course. kid: how much? dad: i don't know exactly.

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that was hedge fund heavyweight carl icahn speaking in a video he produced himself that is set to be released tomorrow. the man is multi-media and he told "halftime report" scott wapner in a separate phone interview surrounding the video's release he's, quote, unquote, more hedged now than i've been in years as he believes stock could go down more. which is different from being short the market. >> it is. >> i mean, you know, he's a multi, milti billionaire so he could be in cash and lose a fair amount of money and still be in good shape. it's odd that he has a large oil bed, energy bed. >> and commodity. >> large commodity bet which is so, so turn charged to this market and then a hedge. i wonder if oil goes way up, is that much better for the energy -- for the commodity bet and he'll lose some on the hedge, i'm not sure. an interesting position. >> doesn't make sense. >> given what he says. >> as you just say being hedge

means i want to stay long so ultimately if you want to get directionally short or if you say this is a systemic time say 2008 you want to simplify your portfolio. you'll start layering in stuff but thaest at least my view and i'm sure there's bets he feels strongly about. >> we know icahn is hedged but if you want to protect your own portfolio, how do you do it? >> mike koe with "options action." >> one thing you might do is buy protection in the form of put options but take a look at the vix you can see options premiums have gone up quite a bit. basically what you wanted to do is try to mitigate some of that additional expense. what i was looking at is the fpy etf, the ones that run all the way to the end. the 182 puts, buying those and selling the 170 puts against it. the whole package will cost you $5, so a little over 2.5% base cliff where the market is trading right now. now, bear in mind if you own

these stocks, probably going to collect some dividends. the nice thing here is that because everybody has become so bearish those puts that you're selling down there about 10% lower than where the market is currently trading have actually gone up more in price than the ones you're buying which are the 188 puts, a way to spend day long and buy relatively low protection. >> "check out the full show, "options action" 5:30 on friday. coming up, the ceo of alcoa and game stop and why the company is still relative in the digital age and you won't want to miss this one. that's next on "mad money." coming up on "fast" a major discovery on mars could change life as we know it so legendary astronaut buzz aldrin the second man to walk on the moon and the original rocket man, what water

on mars could mean about mankind's perception of the universe? more "fast money" still straight ahead. here at td ameritrade, they work hard. wow, that was random. random? no it's all about understanding patterns like the mail guy at 3:12 every day or jerry, getting dumped every third tuesday. this happens every third tuesday. we have pattern recognition technology on any chart, plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. for all the confidence you need. td ameritrade. you got this.

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the question of whether there is life on mars took a twist after nasa announced definitive signs of liquid water on the planet. h2 o is an essential ingredient to life. buzz aldrin knows about life in space and joins us on a "fast money" exclusive. mr. aldrin, a pleasure to have you on the show. >> thank you, i enjoy being on your show while i'm watching the waves come in from the atlantic ocean on satellite beach, florida. >> well, speaking of waves and water, how does this discovery of water on mars change your view about whether or not there could be life on other planets? >> well, all it takes is to find a couple of fish.

i'm a skupa ditsuba diver so i like to get into the water. i don't think it's that kind of water there. it comes and goes. certainly the evidence of liquid flowing water at certain times of the year is very, very encouraging information and evidence that that water that still exists can certainly harbor or be very useful to various companies of life that may exist on the surface and, of course, that's always good news because it will help help our people survive when they get there and water, of course, is the main ingredient that tells

us that there probably was or is still signs of previous life on mars. of course, we have information or signs that in the northern hemisphere there were big oceans at one time on the surface of mars. >> right. >> somehow the atmosphere kind of warmed or cooled down and dissipated and the water evaporated and sand blew over it and it covers over. >> mr. aldrin, we're -- the connection is kind of not working right now so we're going to let you go. thank you so much for phoning in. we do appreciate t.buzz aldrin joining us from florida though it sounds like he's phoning in frommer space. great to get his perspective. and has a children's book. >> final trade here, tim? >> nic at 110, as much as we talked off the top, nike trade.

>> grasso? >> apple. >> karen? >> roll down some puts, buyer low strikes. >> guy? >> hyg, does it hold the low? >> i'mmoney" 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 cramerica. i'm just trying to save you some money. my job is not just to entertain you but to educate you. call me at 1-800-743-cnbc or tweet me #jimcramer. it's as if everything we once liked we now hate. everything we once hated we kind of, sof