delivering alpha conference this tuesday, september 13th. should that just serve as our look ahead for the week? >> i'll be at the show. we're all fed watchers now. >> look at the bond market. that's going to be interesting. stocks not so much. >> thank you for joining us. fs munz begins now. "fast money" starts now. live from the nasdaq market side overlooking new york city's time square. traders on the desk -- tonight on fast, the worst day for stocks since the brexit. so, is wall street's biggest bold buying this dip? plus, homebuilders having their worst day in three years. that could mean trouble for one of the hottest dow components and scott van pelt in a brutal twitter war with rick greenfield and it has something to do with the fate of espn as disney shares are tumbling. first, we start off with the market's blunt message for

investors. >> snap out of it. >> and snap out of it they did. the dow tumbling nearly 400 points. s&p and nasdaq losing 2.5% in closing op the dead lows of the session and it started with fear os a rate hike and selloff in the bond market. the ten-year yield hitting its highest levels since june. the question is simple, what do you do with your money? buy this pullback or hit the sell button? >> not going to pretend, didn't call the -- the market doesn't give you this long a period to sell to top. that may be true, but where we closed today was effectively the old highs in may 2015. so to answer your question, i don't think you do anything yet. list be listen, the fed rhetoric can turn on a dime. what do you do? i think you stay with things that work. if you think that yields by the way are going to continue to go higher, we've had this

conversation now a number of times. at&t a, verizon, utilities, steve has talked about are all sales. if you think this is a head fake, i think the sell off is an opportunity. i find myself in the camp that thinks the sell off in the bond market although could plas into early next week, is overdone. i still think rates go down. what it means still trying to figure out. >> last time they raiseded rate, all those things went up. about this market though, is that everything went up. so the markets really topping. the upside risk reward definitely favors the downside. everyone thinks everyone's fully valued and no one has a clue what to buy. all the things they reach for are off the b table. technically, we look very, very weak today. >> we did see it across the board. every asset class, right, was down effectively. dollar even closed low eoin the day. >> so, is this looking at the u.s. rates which we talk ed

about, ecb, bank of japan, being a major potential head wind in this market. which is what we saw. no real talk out of ecb. they didn't chat up bond purchase, scared the market a little bit. sovereign bonds, we saw it across the board. this is not going to last again. i have been caution of the market and critical. i think it's a blip here, but it is concerning when you monitor the fed, now, we're going to monitor every central bank. >> you know, this is a painful day. we have a long buy, so this is not great. the you know, banks do better than the rest, but we're down also. for me, i did really nothing today but sort of set up, all right, what do i want to own? what would i buy if this continues on monday? first, i would sell production. i don't know if we have a chart here. the one chart i pay close attention to is the s&p volatility index. it had been wide.

monday, so, can you see comeing in, i think it's, monday, i would probably sell protection either way. volatility is way hire and if it's lower then, i'll unwind a little as well because it will start to decay. so look at names, trade down in integers. that's always spresing to me because it shows just sort of throw i throwing the baby out with the bath water. something like a uri down $5 today. that's a big move. not a big move up, but to me, that's excessive. that's what my buy had for monday if the market comes -- >> i don't think monday's enough. sold nike, been long under armour, sold that. in and out of it, been long on xlf. still time to sell a lot of your positions. >> banks didn't really roll. so think about that. from that perspective. what's your opinion on the banks? >> stayed long the banks. trimmed a little bit. long bias the banks. and so, if the interest rate,

bull market is you know, the turn, then we'll be fine. >> the market is on, does it takeover all market down? is that overcomplicate for a blimp to the upside sm. >> i think on an absolute basis, things will go up. >> couple of downgrades in the banks. if rates were rising for the right reason, then i'd really be bullish for the banks. they're not rising for the right reasons. that's a different show. >> i thought it was interesting is that it's saying we don't raise rate, we could be in trouble. so it sounds like he was putting

this idea that the fed really needs to thread this needle in order to get it right. you go down one path or the other one and you get it spot on. get the right rate hikes and the right order, et cetera. >> probable any my opinion to move in soft. flying a plane in the sky and have a banner dragging saying we are going to raise rates tomorrow. >> say iing we got to raise rat overheating the economy. >> they've released the doves. >> got to be more specific. a lot more direct. >> so, you'll buy it. >> no, i think the market will take that. that's when i think the market absorbs that. >> what are you looking to buy this continues?

>> if they don't raise i think you buy the market the day before the meeting. i think two days before the meeting, if you believe what david believe, i think you buy everything again because the calculus is now that the market -- zpl what are you doing? >> i would buy a lot of those positions back. retailers back. trz. >> you've got a retailer. i'd probably would dabble in banks, too. >> look at tj maxx. it was horrible. they knockeded. the it was just too crowded. lululemon. same scenario. those are the names. pick your stock, watch them. you have dislocation, get involved and buy them at a discount. >> i think the bond market goes higher. i know it's going to be painful next week, but i think we're in this deflation nair spiral that makes the curve go down in terms of the yield. >> broke out of this range -- and i said that. also, we also close nd the s&p all time highs for may of 2015. lot of moving parts here i know gold, you said it was down, it wasn't down as much as it could

been. so i think the gold market's going work here as well. >> for seven year, our next guest has had one motto. for nearly a decade f you listened, made a loft money and stocks reached highs in second long u.s. bull run in history. is he buying today's dip? tom, welcome. are you buying the dip? >> yeah, i don't think the narratives really changed to rule out the markets being higher by the end of the year, so i think today is the start of a chance to buy the market at a reasonable price. >> what's your take on what caused today's sell off then? it's just fleeting. you don't think that the fed is going to raise anymore soon? >> i think everything you guys brought up really points to there was like a cumulation of things that would make you want to take risk off. everything from halo, we've had low vol, feds tightening. the isms, pmis were

disappointing, then this nuclear test. and uncertainties are poll shifting. ipg it makes sense for people to want to pause here, but it doesn't change the fact that the market is really positioned to do well. >> how much in the equity market in the s&p, how much is easy money policy. have equated to on a percentage basis if we're at 21.34 now. where would we be without the latest round? don't go way back. just some. >> i think you can say how much of pe is monetary policy versus resfons inflation relative value. it's played a role. central banks. >> come out of the market. >> if there's nothing else to drive market, yes, 100ers p. >> so a great call for a long time. what would have to happen for you to change your mind about this market call? reaching a valuation or some fundamentals to it holding the

market up that -- >> it's a fair question and i think you have to keep three things in mind. one is is business cycle dynamics. if we're heading you know, if we're gdp and rolling over, there's no bull market. it's over. if investors have exhausted all available cash and we're long, the bull market's over and the third would be if there's a bigger regime at war, like if suddenly, everyone decides they don't want to own stocks anymore, it's going kill the bull market. but none are underway at the market. >> take a look at what happened in today's market. fill in the blanks. this is a great time to buy -- >> yeah. this that's the critical statement. because i think everybody gets angry when they think about june because they bought growth, it didn't work. or they went you know, large cap, it didn't work. i think people have to be really focused on value. and small cap and value because

i think that the dollar has lost its upside bias. so there's a huge correlation with dollar flat to weaker value always works. credit has really rallied so much. it's so bullish for small cap, so i think you want to be b tilted more toward tsz value. just financials and you want to be looking at smaller cap names. >> tom, thank you for stopping by. tom lee of funds strapped. >> tom's been on this for a long time, so when he speak, he's speaking in a way people understand. >> you are in different camps. >> for a long time. i'm extraordinarily pessimistic. the first to say it, but i've said it doesn't mean the markets can't go hire. today's the day where it went down, but where we are is back the levels we saw a couple of months ago. as long as it holds this level, which is 21.30 or so, i don't think anything's wrong. i think thing's get dicey though another 80 or so s&p points from here. if we do, we have to reevaluate everything we talked about.

>> critical levels for monday. >> 21.34 is the old high. you have to look back where where he came from, to guy's point, 1991. we're not carve d in stone here. we had a rift to the upper level. look at the round numbers. 2100 past the hole. >> think about the rip to the upper level. there's a lot of repoging that occurred. the hedge funds redovred their shorts, if you will. they are longer from default and they're levered. so there's a crowded long-term. that's a lot of derisking that we saw today and it could last for a period of time. but it's about positioning as well. you have to keep that in mind. >> with the sell off today, many traders are running for cover. if you're one of them, you have a simple and cheap way to protect your portfolio. we'll explain. grab the boxing gloves because there's a fight brewing between scott van pelt and one widely followed andist and it's got something to do with the worst performing dow stock this year. and later, trouble on the home front. hoemd builders having their worst day in a few years and one

stock that could really feel the pain. much more "fast money" right after this. trz ♪ audi pilotless vehicles have conquered highways, mountains, and racetracks. and now much of that same advanced technology is found in the audi a4. with one notable difference... ♪ the highly advanced audi a4, with available traffic jam assist. ♪

we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley.

great time for a shiny floor wax, no? not if you just put the finishing touches on your latest masterpiece. timing's important. comcast business knows that. that's why you can schedule an installation at a time that works for you. even late at night, or on the weekend, if that's what you need. because you have enough to worry about.

i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. . a war erupting over the future of espn. scott van pelt getting in a debate with rich greenfield on twitter over falling ratings. van pelt saying its competitors like fox sports aren't coming close. rich tweeted at him saying espn has tied its future to the big tv bundle. no way out. skipper, greenfield continues referring to john skipper, made a mistake paying up for nba and will suffer. van pelt asked him to define suffer, adding in another tweet, i think using another xhernter saying we are dying is comedy. this happening as disney stock

is the worst performer on the dow of the year. if the year were to end now, it would mark the first time they earned that distinction. >> if rich started tweeting about the linebacker play of the carolina panther, maybe scott can get on him, but to say that fox sports is not, it's got nothing to do with the, his perceived competitors. the reality is mr. van pelt is way too close to it. i don't think he fully understands what greenfield's trying to say. we said it for a while. the entire space, the valuation of the space changed over a year ago when that quarter came out when disney went from 120 to 108 when they addressed the problems they were having espn p. i love espn, too. that's got nothing to do with it. that's why disney is trading like it is. we've talked about this for a while and in terms of disney, i got to tell you something. it better hold those lows in

february or march which either side of $90, steve can speak to the levels. it appears as though it's where it's headed. >> i mean, the ultimate level in disney is the recent low of $86, but right here, i would still look at it, i think they can handle this skinny bundle issue. >> next, wells fargo getting hit. the bank getting fined $185 million after employees created 2 million fake banking accounts more than 5,000 employees who earned bonuses off the fraudulent accounts for fired in response to this scandal. the analyst responded by slapping a sell rating on wells fargo. the only bank out of 35 he covers with a sell rating. listen to what he said about wells fargo. >> this company is selling at a premium to its peers. so the net effect is this premium multiple doesn't deserve

to be on this stock. >> another noerks when you take away, you dent get a sense of what the power, fraudulent practices in order to -- >> right, although sounds like a lot of accounts, but this is an enormous constitution. it is a a premier name. i see that it has a premier relative to the bank multiple, but it's certainly not a crazy multiple. i think if it comes in a little bit more, it's good to own. i feel like this will be a brief, very embarrassing, but not lasting chapter. >> little bit more like how much. >> i don't think that's a jeopardy at all over this. >> you're right. massive company. they've managed the business very well. they exited the fha market for a reason because government skutny is going to be massive there. it's going to clog them up. i think it's a buy here. i think the stock should be bought even on the down at these levels, i would be a boyer.

>> once the politicians get a hold of this one. gl it's an election cycle. >> couldn't be a worst time. >> that sector has been derisked. >> really? zpl. >> yeah, all the big holders. here's the thing. it's like look loog at -- >> hillary and trump who love the attention. you have an election year cycle that's still on. they're looking, they have bio tech, banks, now, another dimension. >> i'm talking to you about positioning. in that perspective. the derisking that's occurring in the space is based on rate sentiment alone. >> based on rate sentiment alone. the buying hasn't come back. the repositioning hasn't occurred yet. >> in the face of another head wind. >> relative to the other, i get that somebody right mooigt want to buy the financials. relative, why would you step in and to steve's point, not that i believe this or not, hold on. steve's point, if a senator writing in a lert to the ceo of wells fargo and says you come here to capitol hill and explain

why there's these shenanigans going on, take advantage of people in order to boost your bonuses. down two bucks day? >> we're down a dollar, two dollars. throw a dollar more. i'm saying in general, it is not enough to take the wind out of the 15i8s. this is a stock that's going to be absolutely fine. mark my words. we're going do to check the box, karen. next time we dom com back here. >> i agree with him. agree with me. >> never know what's in store. right? is this an epipen story? probably not. >> you could see the potential though. everybody, not everybody, many people in america have bank accounts. park their money. trusting the bank. then all of a sudden, their fake accounts, debit cards they didn't want. now what? >> that doesn't seemingly happen. u.s. banks corps has been above reproach now going through the crisis incident.

look at the stock still within a whisper of its all time high. >> one super hot trade, we'll tell you what that is. you're watching "fast money." here's what else is coming up on fast. >> and with the sell off today, that's exactly what some trader rs doing on a number of stocks. we'll tell you which names. >> plus, what stocks are doing. and if you think it's going to get worse, we'll tell you how to protect your portfolio for less than $2 when "fast money" continues.

football fans rejoice the nfl season is underway and this weekend promises to bring a slew

of action to america's largest casinos. where should you place your bets? johnny has the latest odds. great to have you with us. >> good afternoon. >> what are the odds? who's slotted to win, take it all? >> firstly, it's a big weekend. every weekend is big in las vegas for football, but the first weekend seems to draw a crowd. we'll be at full capacity. even starting tonight with a couple of gains into college tomorrow and then the big boys t pros play on sunday. if you're asking about the teams to win the entire super bowl, pro b football championship, your patriots and your packers are co favorites are 7-1, seahawks at 8, pittsburgh is closely followed after the seahawks at 10 and then you have your carolina panthers and cardinals. now, you notice a pattern here, melissa s that all of those teams have a good leader in a quarterback and that's usually what gets you to the promise

land. >> you think this year's going to be better or worse than last year in terms of betting? >> excuse me? >> better or worse this year compared to last year in terms of betting? level of betting. >> every year has been better for the last 20 years. and so i don't see any reason for us to increase. we are doing new things to even enhance the wagering. we have mobile apps now where you can make your wagers from your phone without waiting in line anywhere within the state of nevada. >> sure. >> we do end game wagers, which allows dwrou make wagers within the game itself. so, we continue to do new things to enhance that wager. >> johnny, we love how -- johnny from wen in vegas. we're in a gambling move. instead of final trades. >> bet the house against the mouse. i take disney. >> lewlylemon, keep an eye on

it. zpl karen. >> anthem oversold on obama care fears. i like it. >> multiple on myo labs. $50 stuock. >> see you back here next week for fast. options actions starts after this break.

hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business. you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business.

live at the nasdaq on this crazy day for markets. while they're get ready, here's what's coming up on the show. that sums up the market today. if you're wor are id, we'll tell you how to protect yourself. >> i just want to smash your face in. >> not that kind of trouble. one of the hottest trades of the year that's about to come undone and talk about whoa. >> put that coffee down. >> rise in coffee prices and a soft consumer could sell trouble for one stock in particular. the action begins right now.