come in and drash stock price. >> it is important to set expectations. and now donald trump is coming in with pretty high expectations. >> that's probably true. that's what we'll be talking about. >> if you were donald trump, you wouldn't be nervous. if you were nervous, you wouldn't be donald trump. "fast money" begins right now. so close yet so far away. it was still an historic day on wall street. the dow coming within a single point of dow 20,000. a record high. it did not close out the record but the s&p 500 and nasa nasdaq did close out at record. we've been near these levels for a few weeks now, waiting for that big 20,000 milestone. why can't we hit and it what should we do as an investor in. >> we did.

i know you did not see it with the two hand but we got there effectively. so what was doerng me. that we couldn't blow through and it stay above it. we closed in the all time high for the s&p 500. people talk about. this advance decline line. that we have more decliners than advancers today in the new york stock exchange and nasdaq when the s&p 500 is making the all time high. the last time was 16 or 17 years ago. just something to consider. we have the 11 handle. so a lot of things rent couraging but an equal number are disturbing. >> why do you think we couldn't go past 20,000? >> i think everyone shoots past the round numbers. everyone keys in. they know it will be a momentous occasion. so people shoot that level. if you're a seller, you're going to say, do you know what? i'm okay if i sell stock here. you're a short term buying stock from the election. so this is a trader's market.

they've been buying it. they own it for about a month. they sell it. they're happy about it. but having said all of that, when you really look at crossing oefrgs financials can still run. to guy's point, the list of new highs is to win them. >> fewer and fewer we visited this before. the handful of stocks, the five or the six or the four stocks that matter are the only ones that matter. right now, fewer and fewer are doing heavier lifting. but i don't think it spells disaster yet. >> but that's the thing. we talked about the breath not being there. nobody is participating. to me, that makes the rally unstable. particularly after the run that we had and with the catalyst that we had coming up. we have the inauguration. several other events coming up. to me, i would rather see it hitting new highs on why. it was a big red flag. today would be very concerned. >> are not we doing some work within the market is the from the last time about, a month ago. we were 13 points away from the

dow at 20,000. the closest until today. we saw it only in financials. now we have technology joining many. you're seeing the names that didn't participate. look at the facebooks of the world, the netflix of the world, look at amazon. why are they performing well? they were used as a source of funds. they were taking off because of the trump rally. i look at and it say do they have more room to run? i think they do. stay away from retail. >> we're seeing retails not doing well. we've seen restaurant stocks -- >> hold on. >> that's the only thing. >> that's the main thing retail takes its direction from. they have to feel confident.

>> they certainly don't -- >> okay. but they're not confident. you would not make it unless you were competent. >> how come they're not buying at macy's? they bought a car. they're now going to buy in the stock market? >> that's why, black friday -- >> wait a minute. for the last five years, who would you want to be in a department store? you shop online. >> not everybody shops online. if you bought a house and a car, are you going on plow money into the stock market? where is this money coming from? >> you bought a house, a car, you're not buying a t-shirt or another vest at kohl's. are you confident? >> maybe i need a car or a house.

>> if they don't have money for a sweater, where are they getting the money for the stock market? they don't have the incremental dollar to put in the market. >> people are spending money on different things. and i look at it and say clearly. look at travel. travel is not a disappointment at all. the big point is this is about rotation coming out of bonds. you're telling me that rotation is over in one month. now you completely missed my point. what i am saying. we are at all time highs. what have we got to 20,000 or not. we're at all time highs. the advance decline line will tell you you do not have the breath. that is a shorter term indicator. everybody is saying, all the side lines. they have to come in. if they're buying houses and cars, where will it come from? maybe we get to 20,000. i don't know.

>> people are waiting for the inauguration as an event to start putting their money to work. >> why would they wait for the inauguration? >> are you prepared to tell never build-up in bonds, that it is all pop now? >> that's not what i'm saying. >> that's not what i'm saying. >> what i'm saying is that in the short term. it is a mark-up. in the short term -- >> let him finish. >> that's what i'm saying. you're telling me -- >> maybe. maybe. >> all right. you guys can go at it all night long and we cannot have that. weigh in. >> we talk about the consumer and i think they're spending money somewhere. i think we all agree on that. consumer confidence is at levels we haven't seen ever. it is historic highs. my big thing. i believe. this i might be 100% wrong. i think all consumer confidence

is a read on where the stock market is. that doesn't mean people have money in stocks. it means the it is at an all time high, things must be great. i say don't forget a consumer's ability to spend with their want to spend. in autos and homes that they are. >> they are spending. i look at it. they're spending in different things. so travel, leisure, experience type things. you look at luxury. it is doing really well. the stock market is doing really well. it is a different way of spending and people have different appetites. you have to be focused on it. >> what did we do on this historic day? >> for me, you're going to think i am out of my mind but i bought tesla. >> did i. i added today as well. a bigger picture play on the decarbonization grid. it is not a car company.

>> it sounds like new money is coming to the market. we talked about it on tuesday. i think it was when tesla announced it. it was disappointing in terms delivery numbers. stock had trade down about $4. if they can't sell on it this, the stocks will go higher. my thing with tesla has been, if they couldn't break it through 180, where is the incremental to get 30th? i think the holders of the stock hold in it he werest. they'll sell it at $80 but not at $180. i think the stock has a lot of room on the upside. there are trigers that can take it a lot higher. whether or not they get or not can be a massive driver. you can add another at least 10% of upside to amgen shares.

>> the way you stated it, rotating in and out of favorites. i'm not smart enough to know where the sector will be that will be a favorite that day. i would look at amazon earnings. it is already popped. >> as we mentioned, it wasn't just about the dow today. the s&p 500, a much broader measure. so they will take a stroll to the smart board and show us the levels. >> sure. so when we talk about this, and we dial up, it gets heated on both sides. you have to put in it perspective. the markets are tradeable and that's what you want to point out. what are the levels on the up and the down? so recently, here was your low. so just through this prism, look at the market place. let's call this 2021. and then you want to chart this.

today's high was right there. 2282. if you look at the argument, when we were talking about whether or not the market would sell off or run right through these big round numbers of 2,300, yes. you have to know both levels up and down. you look at your retracement. and you come down to a level of 2184 to 2159. they're important because guys who program their algorithms, they look at the retracements. this is 50% and these are the most significant bounce levels when you talk about this. this is where, if the market sells off 4 to 6%, let's call it, this is where you want to be a buyer. so i think the duration of the sell-off will be short enough that you'll get your chance to buy them right back up. if you look at the resistance levels. 2297, up to 2335.

and the way i game these levels, these the overshoot. you have to go way back and you look at the old high. 2134. and then you chart that. to 1810 which is that significant low. then you come up with once again, that 50 and the 618. it is in overshoot level. it is your 150 and your 106 be this.18. you would be a seller here and a buyer here. >> a lot of numbers going to on that smart board. i think we need you to come back over to this desk area. and explain it a little bit. i mean, it was on the cusp in terms of getting you back here. so do you believe that we will have this 4 to 6% correction? >> 4 to 6% correction. i think it is possible. everyone is waiting for it. i think volatility, if you look at the way everyone engages it.

we're due for some sort of a real swing in the market place. i think one day we can come in. >> how are we going to have that with all the new money? >> that's what i'm talking about. what's the trading? we're talking about trading. do you want to buy the all time? now you come out and say 4 to 6. >> i also put up there 2335. are youto miss that too? >> no. you have to understand something. >> just because i don't want to buy it now doesn't mean i miss it. i could buy tesla. >> what is the trigger. what are the potential trigers? let's look at i that way. what are the near term potential trigers that can create a market sell-off? look at next wednesday. trump has a press conference. that could be a market event. >> confirmation hearings. >> they're going on ask questions that taxes. about tax reform. about import taxes.

about all that stuff on the table. next week. next wednesday. and trump's history is to let it all go. it could be a market moving event when he speaks. >> what numbers do you gravitate when you look at the dizzying number of numbers? >> he made a point of 2134 was the may high. the the most important thing to me is that last year we had an upside for the s&p 500. it has happened three dimes is that that's extraordinarily bullish. if we go back and see these 4 to 5% corrections, now you have some dicey areas. special when i around 10.5, 11. i sort of favored his upside first. i think the most bearish thing that could happen would be for the market to rally over the next couple weeks. much like it sold off last year. then ratcheted high. you potentially could see -- >> the opposite? >> yes. >> coming up, did you miss the

rally? don't worry. he has the ultimate catch-up trade. plus, the u.s. added 2.2 million jobs in 2016 and wages are rising. why are restaurants getting crushed? we'll tell you where they are actually spending money. wh yg t

let's get to the call of the day. calling for an apple super cycle. its estimates based on apple 7 sales. but they say it is underestimated. >> what can i say? i have to give my guy credit. they had call in march 2016. i read the note. the numbers when he talks about it don't make sense. he had a note in 2016? >> he called it a powder keg. there's a powder keg brewing. >> in a year plus. full position for the end of 2016.

did i say 15 or 16? march is when we had the call. a full position. the upgrade cycle will be massive. and the upgrade cycle is based on checks that he's done that solidify fact it is not just going to be the 8. you'll have the screen in the lower priced felonies to as well. you will see the build out into the ipad and the other devices so you will see a forced upgrade cycle that could take the stock a lot higher. i think it can go a lot higher. i've suggested it could go to almost $150. >> i think they reap the benefits of exploding samsung phone. i think the add innovation. when you look at the ecosystem that used to exist. when you had your mac at home and you were afraid to buy anything else. you had your itunes account. and you were so afraid to disconnect. now you have streaming services. no one is worried about their music anymore. >> it is a screen. >> i think the major issue that

you can still have a little bit of a run higher is still going to be that money offshore and what happens. china are use apple. >> 200 million offshore. they bring stock back? make the assumption they have 40% of the sales in the u.s. you're talking about maybe. they'll make up 10% of the hit like that or most of the hit like that. >> i think that's the most interest thing. the ability to the repatriation thing for apple is huge. if they can get even just a quarter of that money back and then put to it work. that's a monster thing. i think that was the all time high. in the spring of last year. could i see that. the only thing that concerns me is apple is next company in the trump cross hairs. it would seem rather logical to me. i have no idea.

i don't think he probably knows. >> they're trying not to. >> it is actually, if apple sold off on that, i would think it is a buy. you have this super cycle that everybody is talking about. you're going to have this hype about the iphone seat coming. you have to be in the stock. the super cycle. >> still ahead, believe it or not, biotech is one of the best performing group this is year. if you missed the rally, we have the one name you can still buy. that's later in the hour. you're watching "fast money." in the meantime, here's what else is coming. >> wages are up, stocks are surging. we'll tell you where the consumer is actually spending. and the stocks that are benefiting. plus, printing money. if you're worried about

earnings, we'll tell you how you can protect your profits when "fast money" returns.

we've got breaking news from

ft. lauderdale. >> this is what we know at this hour. five people are dead. eight are injured. in that ft. lauderdale airport shooting. the alleged shooter is in custody. he gave up with no shots fired by police. basically, he ran out of ammunition so he laid spread eagle on the floor. that's video shot from the baggage claim area earlier today. nbc has blurred out the faces of those who are dead or injured in that video. nbc's pete williams says at this point federal officials are telling him, it appears to be a mentally disturbed person. not terrorism. and that shooter is identified as 26-year-old esteban santiago. he was born in new jersey. he is said to have served in the u.s. military. there were reports that i had a military i.d. card on him. nbc news now confirming that he flew from anchorage to minneapolis and then to ft. lauderdale. authorities believe at this point he legally checked his gun in his baggage.

went to retrieve it from terminal baggage claim two and then went into the bathroom to led to gun. came out. started shooting randomly at people and then reloaded the gun three more times. people were evacuated to the tarmac. that's what you're seeing in this video here. and there were unconfirmed reports and subsequently unfounded reports of additional shots. so out of an abundance of caution, they evacuated terminal one as well. at this point no, nights are going in or out. understandably so, of ft. lauderdale, florida's airport. back to you. >> all right. sue herrera. thank you for the very latest on that. >> how do you interpret this? did we not go through 20,000 because of what happened? or are we where we were in spite of what happened? >> i think that the market definitely got hit on this news event. and it would have, if it was five years ago. i think the market is absorbing

horrific news like this a lot better than it would have five years ago. >> sadly that's the point we're at. if you look at this event, you have to ask yourself as a market participant, will this have a lasting economic impact? are earnings going to be changed because of this horrible event? and i think the market came out with it. it was very short-lived but it digested it. >> final trade time. >> monday santos. >> i like advise. it has been at 18% until 2020. a slow and steady. >> for me, free port mac. buy that one. >> interesting show. interesting show. how are you, by the way? electronic arts. e.a. i think it rallies in earnings. >> that does it for us. back on monday. big money, big week. we kick off our celebration of

the ten-year anniversary of the show. we have all huge guests all week long. which fast money, regis philbin. so stay tuned for that. have a great weekend. weroinmaere

ute.w shi dor wi fths govee d,ive,

did anything happen in the markets today some we're live at the market site on this record setting day. the guys are getting ready for the show. while they're doing that, here's what's coming up. >> it's done. >> yes, mr. frodo. it's over now. >> not quite. the dow 20,000 was close. but if i missed the move, we've got a way to catch you. plus -- ♪ >> that's what biotech stocks have done this year. but there's still one name you