thinking. that's unfortunate. when you go to disney, it is an experience and it's unfortunate that has to be taken away. i guess some people would be willing to give that up to feel safer. i'm not one that likes to give up liberties, but so be it. >> i think the minnie mouse ears are still allowed. i'll wear mine next time. thank you for joining me here on the "closing bell." "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square, i'm melissa lee. tonight on "fast" gold nearing multiyear lows and on the cusp of doing something it has not done since 1998. while gold's pain is about to get worse. what has gold bugs freaking out. and martin shkreli out on

bail. we start off with a stunning day on wall street. stocks giving back all their gains from yesterday and then some. the stocks that rallied the hardest on the fed, financials, transports, home builders, they completely reversed. the high-yield market got shellacked today. what does that tell us as we head into the final trading days of 2015? >> tuesday we had the fed play book. i thought we would have a big rally post the announcement. the market would reverse and close on the lows, which is what happened today. being that happened today doesn't make me early, makes me wrong. i thought gold had put in a nice bottom. tim took me to task yesterday. he was spot on. a lot of crazy things going on there the dollar strength surprises me. the transport weakness doesn't surprise me. the hyg weakness doesn't

surprise me. you talk about the huge buying in that etf. now i think we are in the middle of the range. it's 2050 level. we do take 2020 and see what happens. 2020 on the down side is your support. 2105 on the up side. >> the dollar hit a two-week high. >> one thing i think the market missed yesterday was a change in the fed language where they were still focused on the unemployment report, but they also mentioned they are going to look at financial market indicators and international development. we came in this morning, what did we see? we saw the dollar stronger, chinese yuan weaker and oil weaker. now you have to say maybe if oil keeps going lower, the fed is one and done. what does that do to the yield curve? it flattens out. then it starts to accelerate. for me, i think we are looking at probably a 5% to 10% sell-off

here. >> yesterday he said the yield curve would be flattening. we saw that start in today's session. >> implicitly what he is describing is dovish. it's a fed that gets out of the way because the world is a scary place. i tend onto terinterpret what happened yesterday is people misinterpreted how hawkish the fed was yesterday. they talked up the economy. i think we are in a different place. now they moved once, it will be easier to move. they need to move once a quarter and could move more than that. the dollar rally is supposed to do that. financials should have rallied in this environment. maybe brian's reaction is the right one. the thing jeffrey said was the most poignant point, you are going to have more fed, not less fed. today's market tells you that. it's not one and done. it's we're worried about this for the foreseeable future. >> my worry was they were going to invert the yield curve sooner. you normally have 350 basis points between short and long-term rates.

you don't have that. you have half, at best. i feel like they were painted into a corner like everybody else in this desk. they shouldn't have raised. there is no way they should have raised. there was nothing economically or fundamentally the bait sis for them raising right now european growth is flat. we're at best 2%. japan is in its third recession in a couple of years. >> who cares about japan? >> the fed did last time. they didn't raise because of china. >> they are worried about global market conditions. >> you go japan euro zone. >> they do care about global. okay. i agree with you in that i think that the fed clearly is worried about the global market. i think at the same time, they could have gone in september and things are worse. ironically, yes. >> you interrupted me. i appreciate that. the problem is they should not have. i was up at the smart board.

counterintuitively the trade that works is utilities. they pass on those costs. >> we saw that today. strength in utilities. what does that do to the trades we laid out yesterday? guy, you said you like gold miners. now what? >> gold miners down 6%. give it a couple of days. obviously, today was not what i was looking for. you've got to give it a few days. mr. ross will tell me why i'm dead wrong. what it does mean is the oil market is the same place to be. i'm in the bond camp that says yes this yield curve will get flattened and get flattened by short term going up and ten year going down. >> are you long dollar? >> long dollar. i got longer today. if you remember last week i said i'm getting less long of dollar. i thought the risk was too high. we can get a wig sell-off here on the dollar. we didn't get that. i was wrong. i bought back about 30% of what i sold off. probably 50% of what i sold.

i'm in a full position long dollar. i was with guy. i thought gold would give up. tlt, that's your trade. >> bonds. >> buy bonds. you're getting over 2% yield on these things. if i'm correct and we get a flat yield curve, you'll see that go down to 1.5%. you are going to be happy buying them here. anything with a yield rallies in this environment. >> what did you do today, tim? >> i didn't do anything. i think there can be some squeeze rally. risk assets ultimately are oversold going into this fed. cash levels too high. em trade is interesting. they should have been destroyed today. brazil real stronger. >> gold did fall 2%. our next guest says the sell-off isn't over. rich, what are you looking at? >> the stronger dollar, higher rates and ongoing collapse in commodities, crude, credit and the curve is pretty much a perfect storm for gold. as you can see from the chart,

this is a chart that doesn't need a perfect storm. we spent a lot of time looking for a bottom. when you see a down trend like this, i'm not sure why. there's a lot of lines on this chart. clearly the path of least resistance remains lower. see this well-defined trend channel here? the euro also down 11% year-to-date. dollar up about 11% year-to-date. it's all about the benjamins on this chart. above the 1100 level, i might cover shorts. you get a reflex here. here is the chart i like on gold. this is longer term weekly. you can see that big run-up, head-and-shoulders continuation down trend there. top up around 1900, 2,000. this purple line is the key to the trade here. i simply will not buy gold until we get a break above it. that's the 100 week moving average. it comes in 1215. i have to wait for another $200 before i get it. you do. the down side here, the trend is

down, momentum will take us to $1,000 here. don't look for a bottom in a chart that looks like this. wait for the break. wait for signs of exhaustion. >> do his charts scare you out of waiting a couple of days? >> no if we break that lower trend channel line, then you are going to have real damage in there. i thought gold would decouple from the dollar. it's not happening. if you expand rich's chart out and go back to the 1976 to 2000 bull market, about $800 what rich is talking about, that is a 61.8% retracement of that move. it's also a breakout point. we break that lower channel, i would put my target in gold at $800. >> breaking news out of dell. dom chu in the newsroom. >> there's been reports about the cyber security unit of dell.

now it appears they are going to file paperwork for an ipo. they filed paperwork. this is secureworks, the cyber security arm of privately-held dell. it filed paperwork for a place holder amount. that typical up to $100 million in common stock. it will list on the nasdaq over where you guys are under the ticker scwx. underwriters include bank of america, morgan stanley, goldman sachs. remember, this is a company that filed confidentially for an ipo over the summer as part of the jobs act. it was allowed to file this confidential ipo. as a result of this, it cannot start a road show until at least 21 days after this filing. we'll look for some time in the early new year to see what secureworks goes about doing its ipo. back to you. >> thanks, dom chu. it comes with a dell emc deal looming. not a great environment for a

lot of these cyber security stocks for this year. >> palo alto networks, made an all-time high earlier this year. then had a sell-off with the rest of the market. challenged that high again. seems to be rolling over. now the whole space scares me a little. i love the story and i get what's going on there. i don't like the way the stocks have been trading over the last few weeks. palo alto networks, stay long. if it goes below $180, pull the rip cord. weak apple iphone sales as the stock inches closer to bear market territory. could this be the worst christmas ever for the tech giant? >> the ceo made famous for drug price gouging, martin shkreli is out on bell after being arrested for security charges.

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shkreli. . welcome back to "fast money." apple falling again.

citing iphone supply chain data. the stock is points away from bear market territory. this week it's worth pointing out apple has seen its iphone shipment estimates slash by five firms. the company appointing jack williams. he was in charge of the tech giant's global supply chain along with the apple watch. could this be a tough christmastime for apple? >> i've never seen a stock that was so in favor go out of favor as quick. i feel it's a flip of a coin people decided they hate apple and love tesla. it was a cult stock to now being an out of favor stock. it's dependent on iphone. i'm still long the name. they've got to figure streaming out. i do think they will do it. they are sitting on a ton of

cash. this quarter could be a problem. they are going to sell boat loads of iphones that is not the issue. compared to last year could look like a decline. >> right. what is 2016, what else is out there? the watch was a flop. they are talking about a car. it is still an iphone company. >> why now? not you. why is the stream waking up today saying the holiday quarter? >> everybody's done the supply chain checks. >> the supply chains have been bogus. they've been head fakes. we talked about it one quarter ago. this is a company where the installed base continues to grow. i don't care they need to issue bonds to deliver dividends. that's not the story here.

>> i'm glad you brought that up. it seems that is the thing that is in favor on wall street these days. calling up the supply chain. that sounds smart. when have we ever used supply chain, whether it be semiconductors as an indicator of apple? >> tim said it. six months ago they were trying to do the exact same thing. people got off sides into earnings and got their faces ripped off when it went from $105 up to $10. the supply chain got thrown out the window. i think apple is smarter than we give them credit for. with that said, carter worth has been on the show talking about how the chart is rolling over. we play the game. if it didn't have apple on the chart and you looked at it, would you say this stock is not performing. >> why do we think apple is smarter? >> the iphone. >> no, no, no. that's legacy apple.

whether it's streaming, apple play -- >> that was a huge change with steve jobs. a visionary not there now. >> this is a pc company that turned to a phone company. >> what else have they done? if sentiment is so bad right now, maybe they have to do one little thing right in order to pop that stock higher. >> i don't think they need to do a whole lot of anything. because i think the expectation is this is about an annuity stream. we know comps are going to be tough. i would love to see this get sold off aggressively. they are an innovator. right now, this is an annuity. >> another big day for solar stocks. several stocks continuing their surge higher as congress closes in on a deal that could extend the investment tax credit beyond its original stepdown date of 2016. moments ago, jim chenos who is

short solar city talked about why he did not make changes. >> even with the move in the stock this week, the company's bonds yield more than 7%. the company is burning about $500 million a quarter. all this itc extension will do is enable them to keep burning hundreds of millions of dollars per quarter. >> i think i would be less focused, and i think john is -- jim, sorry. it's about the company themselves. they had an analyst day a couple of days ago. they talked about cash flows and how they are controlling costs. the whole business is what people need to know more about. obviously around sun edison, some like solar city are getting thrown in the same box. a move from 25d to $60 is more

than enough. effectively why you want to jump in today after all this news when a lot of those questions, maybe they've given answers. there is an open issue can they get the financing. is this about projects spinning off? who is going to buy them in this environment? i would be concerned. i don't take chanos 'view, but i would get long here. >> he said he was bullish on solar. just long term. who is going to benefit from that? tesla. they have a giga factory. you need to store that electricity someplace. tesla is the place. >> he did mention tesla out loud, didn't he? >> we talked about this offline. maybe if you start to see other names start to recover, money comes out of this name that's up

44% and rotates into another underperformer. solar city move feels like residues of a short squeeze. >> a lot of these stocks had a nice move. there is nothing wrong taking something off the table if you've been in them trading around long position. how are the big cinema chains gearing up for the force which hits the silver screens tonight? we'll hear from the ceo of one of the biggest theater chains in america. i'm melissa lee and you're watching "fast money" on cnbc. here is what else is coming up. > one of the most controversial figures in america is out on bail tonight after being arrested on charges of securities fraud. meg tirrell is outside the courthouse with the latest. can't take it. i can't do it. >> that's what a lot of mutual

managers are saying after posting their worst returns since 1998. but that could be good news for stocks. we'll explain why when "fast money" returns.

welcome back to "fast money." martin shkreli leaving the courthouse on a $5 million bond after being arrested on charges of securities fraud. meg tirrell is outside the courthouse with the latest. on twitter people are tweeting karma. >> people are saying this is the big karma business. he was arraigned in brooklyn behind me. we have video there of him walking out of the courthouse to his car, giving no statements. we asked him how he was going to respond and defend himself. not talking at all. it was a violent an intense scrum there, as you can see. some of the charges facing him, he's got seven counts in what the department of justice is calling a ponzi-like scheme. essentially shifting money around between his hedge fund, msmb and his old company which distanced its from shkreli.

he's charged with defrauding, misappropriating more than $11 million from retrofin. he faces a maximum sentence up to 20 years in prison. the fbi saying they could turn up more in this investigation. reading through this indictment today. colorful stuff talking about corrupt employees and these people who are giving information, all seems to stem from a bad short sale he took in orexigen. he lost a lot of money which he couldn't cover up and it seemed to unravel from there i saw interesting details though. he is out on a $5 million bail. his movement is restricted between into just the eastern and southern districts of new

york. the fbi with a little comedy today, tweeting from the fbi new york verified account, no seizure warrant in the arrest of martin shkreli which means we didn't seize the wu-tang clan album. >> he is known for paying $2 million for the lone copy of a wu-tang clan album. >> that was your favorite. >> this guy has been the poster child of price gouging. does it make it better for the industry because it makes it seem like this guy is a one bad apple? >> worse. >> he's a bad dude. >> i think it makes it worse. the average retail investor watches this guy and thinks all ceos are crooks. they think people in corporate management team are crooks.

there is that bias leaning towards convict them first, ask questions later. this makes it worse overall. i would stay with to make this a trade, the biotech index up 11% year-to-date. let's call it like rich ross said. wait till it trades above $335 and buy it again. >> we haven't gotten a lot of bad headlines for price gauging in pharma or biotech. >> you should be careful trading penny stocks in biotech and things you can never know in terms of the inside of the company. i think they are not asleep at the switch in the regulatory world. i would love to see these guys all get wheeled out in hoodies and $5 million bails. go to it. >> hoodies. >> the microscope will still be there as we get into the new year, without question. you've got companies you know

allergan is doing ridiculously well on what's been a dicey team. more headlines positive for agm. that's how you play the space. >> up next, it's been such a brutal year for mutual fund managers that. could be a good thing for your portfolio. the wait is officially over as the new "star wars" movie hits cinemas tonight. how are they gearing up for one of the biggest silver screen release necessary several years? nobody move! get on the floor!

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stocks closing the day on the dead lows of the session with the dow falling 250 points. s&p and nasdaq falling more than 1.1%. nasdaq holding on to gains of about 6%. movie-goers are lining up

for the first look. >> there is an historic expiration coming tomorrow that could come with major volatility. we'll tell you why traders are so nervous later this hour. first we start off with the markets, despite today's fell-off with the fed decision out of the way, is there a chance for a year-end rally? bob pisani is at the new york stock exchange with more. >> is there a chance for a rally if the dollar and oil would just calm down. there's a lot working for stocks in the next few weeks. we have a seasonably strong period. the wild card is the dollar and oil. if oil would stabilize around $35, $36, that would be supportive. if oil rallies, we could have a significant rally, that would be enough to turn a lot of accounts from negative to positive for the year. those short oil stocks will cover and they'll cover fast.

heavily is far more shorted than industrials or technology. as evidence how short the market is on oil stocks, look at chevron. it rallied 10% in a day and a half on monday and tuesday afternoon when oil went from $34 to about $38. this is chevron. this is a company with $190 million market cap. stabilizing oil will help stabilize high yield. if oil doesn't stabilize, stocks are going to struggle into the close of the year. one thing about the close, we really fell apart in the last couple of minutes on huge volume, and this is expiration-related. i would be careful about making a lot of conclusions based on what's going on today. i would like to see a few more days. >> it's interesting with oil. you're saying oil holds the key.

we'll be watching the weather going into the year. the inventory-building cushion is because there's been so warm. there is no reason to use that to make product. >> nat gas collapsing. >> bob pisani, thank you. there is another reason we might see major buying into year end. tom lee joins us. great to have you with us. mutual fund managers are extremely desperate this year because they underperformed their benchmark so badly. >> yes. it's a gloomy year. i think everybody would like to just close the books and say let's forget this ever happened. it's the worst year for active managers really since 1999. there's about 77% of funds are missing their benchmark. it's a huge number.

>> there are a number of funds on that knife edge that could go from slightly negative to slightly positive. this large cohort which is probably more than half of that 77% just needs one or two good days to actually beat the benchmark. we are talking about one basis point that could move the needle. i think you'll see people try to be opportunistic. it's been a topsy turvy couple of days. >> managers aren't going to sit there and hope for things to go up. what are they actually doing to get off that knife edge? >> right now, we are having a lot of conversations with clients thinking about what next year means for them. i think it's a year, 2015 is a year where you had to be long fang. you had to own health care for most of the year. you had to stay out of energy. now with the fed tightening, people are starting to rethink what trades makes sense. i think in the next couple of weeks people are going to position for next year.

that's why you could see the bounce in value names and burned-out stocks. >> explain to me the people you're talking to. it seems you think it would go the other way and say if the market is going to sell off, if i go to x amount of cash, i'm going to beat on a relative basis. why are you saying they are going to buy? >> it's exactly right question to ask. the trend is down, why not sell? you have to remember in the last seven years, the market and professional investors have been trained to be really good at selling. the market gets sloppy, everyone is really good taking risk off. we had so many bad days, the amount of cash is large. in order to really benefit from that, you need the market to really crack big. if everyone is taking chips off, maybe it's easier for the market to rally. >> what does this mean overall for the markets? are we set up? does this make for the ingredients of a year-end rally? >> you know --

>> you're not sure. this is a first time. >> i'm going to say something -- >> i might regret. >> yeah. if you had to say why would you be scared, i think you could be really scared about high yield because it's such an important market and it's this loop. it's energy, dollar, high yield are connected. but on the other hand, because to me that's what i'm thinking and i hear that from so many clients, my guess is that a lot of that's priced in. what i would like to see is high yield to have market depth. some liquidity, right? and i think it would set the stage for big rally. i think it's possible. it's almost a two-step. we need to see high yield behave better. >> 2016, are you out with your forecast yet? >> we are. as tough as 2015's been, it's been dejecting, it's wrong for people to think it's another flat year. you never have two flat years in a row. markets on average rise almost

11% following a flat year, even if it's a recession. i think if you don't think the world's falling apart, it's a double digit year next year. >> thank you. tom lee. what do you think? >> he acknowledged high yield which is fantastic. it is an absolute issue at a certain point. you saw it up until today. what do you think? tom lee's been spot on now the last two years. if he says next year is up double digits, it's foolish to argue. with that said, i think this move in energy is much bigger. >> can we be up double digits if we have oil where it is or a flat oil trade? >> no. i think it's the bigger thing. i heard gundlach last night. what are commodities telling us? when we watch them go down to the mid 30s and there is no stopping. momentum trade is on the sell side in crude. you can go lower from here. i don't think it's over.

>> i think energy is going to be the difference next year. that will be the thing that takes everything higher. liquidity is worse. i don't know how people think things can get better when we've been straining on liquidity. that's an issue that will affect buybacks which will affect corporate profitability. coming up, the force is here. movie theaters getting ready for a blockbuster premiere weekend. jul julia boorstin is live in hollywood. >> "star wars" mania is taking over hollywood, including this guy. >> i use wet wipes in the bathroom.

"star wars" opens tonight and is breaking records with advanced ticket sales what can we expect from one of the most highly anticipated film in years?

julia boorstin joins us from hollywood. at the multiplex behind me, screening starts at 7:00 p.m. tonight. they are about every 15 minutes through the night tonight, into the morning and through the day tomorrow. these theaters have reserved seats, which why there aren't people waiting in line. a few blocks away at the chinese theater on hollywood boulevard, fans have been lining up for weeks. >> i moved here from detroit. timed it so i could have time off for "star wars." i got here saturday morning at 9:3012 days ago. i've been here ever since. i never left. >> for some of us, it's a way of life. it really is. we eat, live, breathe, drink, you name it. we live "star wars." >> fansdango announcing it's

broke the record, beating the ticket sales for "jurassic world." theaters are responding by adding more showings with millions of tickets available. not only does "the force awakens" have the widest release, but theaters are running it through the holidays. quinton tarantino isn't so happy about that, blaming disney for forcing the chain to put back on the agreed run for "the hateful eight" coming up christmas day. it's worth noting terms for the release of "the force awakens" have been in place for months. "the force awakens" has been scheduled to play at the dome behind me through the holidays. >> thank you. the countdown is on. a little over an hour until "the force a weakens" hits theaters.

joining us is the ceo of carmike cinemas with over 300 locations. you're ready for this? >> we are so ready, so anxious. biggest challenge we had this week was telling our theater managers to take time off and rest because they are going to be working straight through the clock the next couple of days. >> "star wars" will play on more than 50% of your theaters? >> oh, yeah. we have about 3,000 auditoriums or screens. we open at 7:00 at 1,200 of those screens. when the midnight clock hits, it will be in the high 2,000s will be running simultaneously across many, many of our screens. >> the box office, especially in the fourth quarter has been dismal across the board. how much of a lift will there be because of "star wars"? how long will that lift go on? how long are you going to play this movie for? >> fourth quarter we are down

about 5% over last year. we are hoping that we will not only make that up, but increase and end up 5% to 8% above last year. so it's big. to quote, it's huge, it's huge. >> you saw quinton tarantino complain. >> he's huge, too. >> he's saying it's taking up all the oxygen when it comes to the availability of screens for his movie. is that true, from your standpoint? >> you know, "jurassic world" took all the oxygen out of the rest of the market in the second quarter. "avatar" took all the oxygen out of the rest of the world. >> tim does it every night. >> i try to on this show, at least. >> how about a follow-through for quinton and people complaining to people going back to the films and studio? >> going back to films things we could debate until the cows come

home. >> did you take away screens from quinton tarantino to give them to "the force awakens?" >> we did not. he's arguing over a ticketer theater, but we did not. >> i want to ask about security. disney is increasing security at its theme parks. this is a major concern. do you have a policy in place? metal detectors? do you have a gun policy? >> are you? >> i never fired a weapon, nothing like that. but if you are in a state that allows you to carry a firearm, are you allowed to bring that with you? >> no. we don't allow weapons of any kind, knives or guns in our theaters. we ask you to leave those in your vehicle. in terms of security and upgraded security, all circuits have been taking measures to make sure we have security in place. metal detectors, no. not at any carmike.

not anywhere in america, actually. >> why not? it seems like such an easy thing. at least peace of mind for people weary going into a crowded movie theater this time of year. >> there are two or three basic reasons. one is cost. i wouldn't say that's the highest and most important reason. it is an important one. the other is we are in the entertainment business and we want people to feel like they're in an entertainment venue. it's hard to get frisked or body searched or go through a metal detector then walk into an auditorium and be expected to enjoy an event like this. >> the last quick question. in the first nine months of the year, about 40% of your revenues came from concessions. >> yeah. >> how much popcorn and how much soda do you think you will sell extra because of "star wars"? >> it's going to be huge. >> have you been stock piling? >> more so than you can imagine. it's been the largest purchase of popcorn seed and coca-cola

syrup in our history. we try to have inventory rooms fairly small. if it's not a seat, it's costing us rent. in this case those small inventory rooms are overflowing with palettes of bags of popcorn to serve clients and customers. >> thanks so much for coming by. we know you're busy. especially ahead of the premiere. >> like the rest of you, i'm heading over to westfield, new jersey, for the opening of stir wars right now. i'll see you there. >> okay. >> how do i get in? >> you haven't bought your ticket? >> i got shut out. these stocks are down year-to-date. >> that presents an opportunity. if you think you may get people coming back to the movies or theater, when you look at carmike stock down in the $20s, that is not a bad risk/reward here. you can use $19 as your stop. from there, let's see what

happens. >> all this fell on deaf ears with you, guy, because you never watched "star wars" and you probably don't eat popcorn or drink coca-cola because of gastro intestinal issues. the thought of going to see "star wars" -- "point break" the remake is coming out. i will absolutely wait for that. "star wars," no shot. the problems that disney faces are still there. they are in their cable business, half the revenue comes from that. traded back up. >> those are known. >> so is "star wars." >> "star wars" is not known yet. we don't know how big it's going to be. >> better hope it's as big as everybody thinks. chewy has spoken. we'll tell you the under the radar indicator making traders nervous about tomorrow's market moves. you're watching "fast money" on cnbc, first in business worldwide.

news alert on morgan stanley. >> we've got a job cuts coming at morgan stanley. this according to a dow jones report citing sources saying

morgan stanley plans to trim its stock trading division as part of their annuity culling and performance review. they are looking to reduce equity staff by 5%. and build up that staff back up through the rest of 2016. this is nothing according to the report to do with the overall cost-cutting moves that led to a big reduction in its fixed income currency commodities trading and sales staff. morgan stanley going through what appears to be an annual review of performers and seeing which ones have not made the cut, reducing those staff and looking to build up that group again throughout the course of next year. morgan stanley not the only bank and not the only company out there that does this kind of performance review process. we want to bring your attention to the fact morgan stanley will cut jobs as part of this review. a massive options expiration date tomorrow has traders on

edge. a lot of people are saying the timing is curious. this is going to be a very big expiration day. >> this is a big expiration day. there's a couple of reasons for that. we have more open interests and options contracts now than we ever have due to the increased interest in the product. there's 353 million contracts open going into december expiration. that's about 19 million more than there have been over the average the last three years. where it's particularly interesting is in products like spx which is the s&p 500 index which trades on cobe. a lot of that open interest is concentrated close to where the s&p is currently trading. $444 billion is within 5% of where the s&p is, up or down. actually what we saw today, it was probably a big result of what we were seeing here. 2050 and 2045 are critical levels where there is $40 billion and $8 billion on those two strikes alone. when you start getting through those strike prices, it can

cause a wave of selling pressure to the down side. or alternatively, if we get back through those levels tomorrow, it could cause a wave of buying. it exacerbates that volatility. the key levels you want to keep an eye on to the down side, now that we are through that 2045 level, 2025 to the down side. there's about $30 billion concentrated there. 2045 big and 2050 big. could be a volatile day tomorrow. >> mike, thank you. the full show is on friday at 5:30 p.m. eastern time. 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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