one tied himself to the stock market in a weird way. there is kind of -- he's getting and come uppance here in a little bit >> unless he decides that was true then and something else is true now >> or the nasdaq takes market up 5% next week and netflix goes to $400 >> you know, aluminum, what does it have to do with netflix >> "fast money" begins right now. >> live from the nasdaq market site over times square, eye brian sullivan in for melissa lee. welcome, everybody here are your traders tonight. tonight on "fast," one of the hottest stocks on the market boeing, showing signs of cracking one trader says it's about to get worse. plus, stocks come under pressure this week. bitcoin soared now trading back above $11,000 and bk says the crypto could emerge as any trade war. he'll explain why. first, we start with really what was a stunning come back for the

dow. sinking nearly 400 points at the lows this session, only to stage a late day rally closed just slightly negative. guess what the s&p and nasdaq, russell all ending the day higher. markets digesting any talk of a trade war. we've got full team coverage across the nation. we have reporters in d.c., pennsylvania, and we're covering autos. another big day at the white house including the wind by the way taking its toll on one of your industry colleagues but i understand they're okay. i saw your twitter picture >> yeah, that's right, brian a little windy here. we're standing in the tents on the north lawn i'm in one right now the one that cbs uses which is a few yards from where i am just collapsed a few moments ago. those are the conditions here weatherwise. in terms of policy though and personnel, another wild week here at the trump white house as well we saw hope hicks resign earlier in the week. and then this tariff rollout

yesterday stunning a lot of the staffers internally. not expecting that announcement would be made when it will be made or that president would make it at all the commerce secretary was asked about the intense debate that took place inside this white house before that announcement here's what he said. >> one of the things that the president encourages is healthy discussion within his immediate right staff and within the congress departments of any big move because that way he's sure he has heard all points of view by the time he makes his decision but there's only one person in washington who is elected president. that's donald j. trump >> and there's only one person who is going to decide who works in this white house and that's also donald j. trump take a look at this list of senior white house officials who have been under fire in recent weeks. a lot of speculation that a lot

of these people might leave the white house at some point or another. john kelly, the chief of staff, seems to have righted the ship here he seems to be in good stead right now. gary cohen, a lot of speculation about the national economic council director, whether he'll stay in a tariff friendly trump administration h.r. mcmaster, the white house has been pushing back on reports that he is about to leave as national security adviser. jeff sessions, the attorney general is subjected to a barrage of criticism publicly and privately and jared kushner, the president's son-in-law has been subjected to some tough press this week on the issue of whether or not he was dealing with people in both his white house business and his family's personal business. so a lot of the figures under pressure not clear who is going to stay and who is going to go wall street focused on larry he could wloen lost the battle yesterday on the tariffs i'm told that gary cohen made the argument during the meeting with the steel executives and the president yesterday that tariffs are bad for the global

economy, bad for the u.s. economy. they would raise prices and he was effectively shot down. the steel ceos in the room would have benefitted from the tariffs. the president decided to overrule him and go with peter and his trade adviser and raise the tariffs. brian? >> thank you very much be safe. >> hello, sir. >> how are you doing why do you think that the employee posed -- >> let him finish the question we have ten minutes here. >> this is why i said not by choice here we go a proposed tariff story. proposed we have to remember that nothing is enacted yet why do you believe that yesterday it spooked the stock market today at the beginning it did and we had a furious come back is it all just computers trying to figure it out or is there real fear? >> i think that's part of it david can speak to that we talked about this last night. the seeds were sewn a couple

weeks ago. they were sewn before we went to the olympics i think the fed is in play i think what is going on overseas is at play and what is going on with putin is at play this is just gasoline on the fire so, yes, did it exacerbate yesterday's move 100% quite frankly, i think there is a very good chance we'll be around where we are with or without president trump's tariff. >> what is amazing is that the irony started rallying when yields started going back up the ten year at some level was a driving force for the stock market and we know there is enormous inflation fears over the last two weeks to a month. so, look, i think brian it was overdone at the lows of the session around 10:30 this morning before we staged a 40 handle recovery on the s&p 500 but i agree with guy this isn't one thing remember, although they closed 14% lower in intraday, 25% move off the highs, i still think we have numerous factors that are in play here >> how about this david. instead of saying why did we sell off yesterday and this morning, why did we flip it? >> i think it's important to

figure out why we sold off i'll tell you why we sold off. you have liquid markets. and you have the media wake up in the morning and look for a fundamental reason and why this selloff is occurring and, you know, it becomes a feeding frenzy fanfare just fuels the fire, if you will >> but these are real things >> look this is a big issue. there is no doubt. let's say this this is -- >> there is a death blow to this administration if this -- if he actually, you know, enacts the tariffs it's a death blow. >> why why are we come out -- >> because the administration's benchmark is the market. the stock market right now that is the most important thing going into mid terms the success of the stock market. so for them to come out and do this, it would be tragic i would tell you that i believe that the president through a shot over the bow to see what the reaction s the global response has been so one way, negative, against the president that there is no way he could enact it, in my opinion, without massive, massive push backs.

>> this is horrible decision on all lefldz the market was already set up in a weak state then you add this uncertainty on there. and so answering your question brian, why did it come back? we inject uncertainty the other way. maybe he won't actually react on this you know, listen -- >> et's go to the numbers though here. because here's the thing i could make the -- i think you were on to something the worst dow stock is caterpillar. they make a the love things, metal. i can see the margins coming down the next worst dow stock is mcdonald's there is no french fry tariff that i know of to me if, we saw all the tariff related stocks getting whacked, we could make the argument. >> right. >> why is mcdonald's down 9% this week? >> i hear you. why did we rally and sell off? i think tim framed it. we probably would have been close to this area or around here in general given the fundamental backdrop of what is occurring right now. we're at the late stage, late stage of a bull market right

now. i think that this news hitting and this late of a stage, it's tragic >> we may be one french fry short of a happy meal. but ultimately, look, i think we have a couple things going on here first of all, interest rates reached 3% this week the stock market is nervous about what is the right valuation with rates at 3% yeah, a very clear agenda by the administration to do something that's market unfriendly i think the market overreacted >> i would just say we're in this area where you're having a lot of volatility, a lot of uncertainty. deep end of the pool here if you're a trader. >> let's go now and get a technical check on the market. the markets bouncing off a key technical level. let's talk more about this chart master we're at the plaza >> a lot of it is technical. sometimes it's that way. sometime less that way but it's a very technical market of late. let's figure it out. here's a chart with no annotations, drawings, judgements by me let's put in the line.

what we know is we sold off quite precisely to a well defined trend line we look at trend lines individuals look at trend lines. we've done 11.85% selloff followed by a big move back. the real issue is it's down side is one thing but can we make new upside any time soon? let's look at this i put the lines. these are the -- this is the high you know it is a friday. this is the low. can we actually get back by midyear? for instance, q-1 is like right here the odds of us getting back before q-1 are very, very low. with he can make it by june don't think we make it by june i think if we crawl along this trend line we're going to even still be below the high looking out further.

finally, the high, the low, we closed exactly to the penny at the midway point, 6.2% below the high 6.2% above the low it's an equilibrium moment we chop around in the goal posts for quite some time. >> great work as always. come on over to the desk you don't ask us if we should come -- you just make a unilateral, is that how this works now? >> yes it's 30 degrees and raining. carter worth, we had a technician on power lunch today, fairly fine program. we suggested we're likely to get another major test coming up of some lows. >> i think that's as good a thesis you can have. the point is that we know what the high is. the 80% of people believe that after this selloff we go back and achieve the high we break out i don't -- i'm not in that camp. if you want to violate onest the goal posts, it is the lower goal post at risk

we'll see. but the main thing is most money is long only most money has to figure out whether something is changed or whether we're just going to go on and make new highs. don't think so >> so you mentioned february 9 n9th, two weeks before the olympics closed higher. off to the races the next two weeks. did today's move mirror that are we in for another two weeks or so of a rally >> you're talking about the intraday reversal? >> yes, sir. >> it's not as sort of a cataclysmic reversal in terms of the volume and sharp percentage decline. you set the goal posts and you're going to be range bound with the lower goal post being the bigger risk. >> carter, when you look at european markets, dax closed through the lows so there is no midpoint there. there is no midpoint in january japan. >> that's right. >> so where y. is ty is the rese world doing this >> the rest of the world doesn't have the problems that the u.s. has. tech weighting is 4%

it has no growth >> got it. >> so, guys, let's go around and talk about what we trade and bought today tim, anything out there strike your fancy today maybe dumped something >> i didn't do anything today. i think there are places, i've been watching places in global stocks to start buying, the dax is oversold. hewg if you want to hedge emerging etf about $40 >> i just took a pause, essentially. i think long term this doesn't work out if we get more pull back, i'll buy stocks >> you think we'll get another pullback >> i think we could. i think the next few weeks are are very touch and go given we have the three in one investigation coming out i think that will overhang the tech sector. i want to see a weaker levels. >> so the one thing i know about this market, we're going have tremendous volatility. we'll chop around as a lot as a trader, can you get chopped up this is the deep end of the pool if you buy the dips, sell the rips real quick and take the profits. >> you have to raise krur chair up there >> why do you say that >> you're a tall guy you look like you're in the deep

end of the pool. >> i mean technology has been hotter than a jalapeno pepper today. look at micron bouncing up against that $50 level. and you no he what else is hot that options action coming up in 17 minutes >> did you hear paris hilton say that that's hot >> all right coming up, stealing values steel and auto socks seeing big moves. so what group is telling the true story about the proposed alleged reported tariffs we got the details plus, bitcoin soaring this week. stocks got slammed he said the crypto could emerge as an unlikely trade war winner. he'll explain why. you're watching "fast money" live at the very soggy nasdaq market site in times square. don't go away. much more to do. when this bell rings... ...it starts a chain reaction... ...that's heard throughout the connected business world. at&t network security helps protect business,

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really, the stock money moving all over the place today. take a look at the market cap impact felt from steel and auto stocks just the past two sessions wow. so what could tariffs mean for the stocks going forward coverage on both of those angles let's start with steel go out to jackie deangelos who is live in pennsylvania. jackie >> good evening, brian trade wars are coming. they say this is going to raise steel prices for the companies that steel is a raw input. they say it's going to hurt consumers. the steel industry says not so fast we're going to weather the storm

here this is going to be good for us long term. it's also going to be good for the united states. take a look at how one steel executive put this in perspective. >> the consumer doesn't buy steel. you know, we buy steel we're the largest purchaser of hot role coil in north america what the consumer buys are products that contain steel. so let's take, for instance, a car. a car or light duty truck has a ton of steel in it if we see price hikes here which in the order of 25%, we're talking under $200 a ton in steel. you're talking less than $200 in price increase to a car. >> so that was one executive's take that they're going to take the hardest part, the hardest hit of this initially. but long term, this is a job creating situation for steel companies. that they have idle plants and are go to ramp them up they have 2300 employees they're giving them $1,000 bonus when the tariffs are implemented

and it's going to add hundreds of jobs. back to you. >> all right jackie, heart of the banks of the river. thank you. what does this mean for the auto sector and what is the next possible shoe to drop? let's bring in fill phil lebeauh that angle. >> we could see targeted tariffs in the future, perhaps aimed at certain countries where there is a definite trade imbalance when it comes to the auto industry. a prime example, germany take a look at the numbers from last year. in term of how many vehicles and vehicle parts we imported, roughly $25 billion. what did we send to germany? just under $7 billion. and in terms of vehicle imports, germany is 819,000 vehicles a year that's mainly cars there are a few crossovers in there. but mainly cars. and that comes out to about 4.9% of the u.s. market in terms of u.s. sales, and again, it's primarily cars and suvs again this is just speculation at this point by some people that could be an area and that's

why you're seeing the german auto stocks under pressure now the rest of the auto industry is under pressure today. this is not just germany auto stocks brian, a lot of people are looking at that trade deficit with germany, especially when it comes to the auto industry >> yeah. they certainly are phil lebeau, thank you very much all right, play would you rather >> i like this game. >> autos or steel? >> i think i'd rather steel just from the standpoint of playing the momentum trade for the short term as a short term trade, i like steel. again, i think the auto market i think is fine. i think that's going to take a little bit longer to correct >> tim, you've been long steel for a while. >> yeah. we could have a steel short anl in this country. it's how more onic this policy is importing 25% of our steel because we're short. we're at seasonal demand autos though, because again i look at the trade. i think gm is way oversold on. this i think if you look at as much as i believe in the steel story this is going to have a negative impact. there is a lot of pressure on them

yeah, we're creating few jobs. i don't want to get into the politics of that this isn't good for the steel industry by the way, the reason the dax closed on the lows, largest exported economy in the world. it's taking it on the chin >> very interesting stuff. >> for me, it's the autos too. i'm with tim on. this listen, the autos were down before all this happened, right? so you've got something. you had the sentiment already into this. that is horrible now again talk about what happened with the market today why? because there is uncertainty maybe this doesn't happen. that's going to directly benefit the auto so if i'm -- as a trader, i want to be in gm and ford for next week >> real quick. i know we're up against it steel in my opinion. even bank of america downgraded u.s. steel today they raised the price target to $50. that's a significant move even from where we are now. we talked about -- we did this thing called power pitch on the show last night. we power pitch cleveland cliffs. i think trump is going to stay with this for the foreseeable future shorts have to cover watch clf go higher. >> we could have steel shortages

in this country, especially if the tariffs are enacted. ultimately this gets to a place where a the love the guys, there is an arbitrage right now in buying steel outside the country. the strange thing is these steel companies have to go into the open market and buy coil by the way, the prices are multiyear highs. >> yes >> this is not a market where the prices are depressed the steel market has gone up by 35% to $900 by the spring. >> in a couple of months >> these guys freak out, frankly. you look at from 19 to $44 a lot in this there. >> all right, good discussion. still ahead, it is -- or maybe was -- the king of the dow boeing but there is something in the charts that suggest that the air might be coming out of the soaring stock. we'll give you details on why. in the meantime, here's what else is coming up on "fast." >> and i can't deny the fact that you like me >> and investors hope the academy likes netflix. as the streaming giant goes for oscar gold

we'll tell you what a win could mean for the stock plus, "fast" is going west heading to san francisco in search of digital gold we're at the most important block chain conference in america to talk to the biggest names in investors in bitcoin. for one explosive hour that will rock the crypto universe that's next tuesday at 5:00 p.m.

all right. i know i'm on air. i'm trying -- welcome back these guys are ridiculous. a top question on most investors minds these days, how do you hedge your portfolio against a possible trade war well, take a look at this chart. bitcoin outperforming the broad market this week so could bitcoin possibly be, maybe, any kind of a trade war

winner bk, break it down for us >> let me make the case for. this what happens during a trade war, you get a weak currency we saw the dollar fall over the last couple days when this news came out you get higher prices or inflation. and generally speaking, what you want to own are hard assets. so a lot of mack crow fund managers are saying i want to own hard assets. the other way you used to be able to hedge it is with gold. now we have bitcoin. bitcoin has a fixed supply it acts like a hard ass and exactly like a commodity and in fact, some people might argue it is a commodity. it's the new gold. so in this environment, i want to own those things that are deflationary, fix apply and look at what bitcoin has done i think people are starting to use this as a asset class that you want to hedge with so that's my case for bitcoin in the trade war. i think it does well. >> brian, it just seems the volatility in bitcoin, i hear you. they kind of make sense. but it gets back to that story of value i never argued bitcoin to be you know, but it has to be if

it's going to be a hedge >> it does have to be. but it's more of a digital gold story. gold has volatility. in fact, earlier this year before the recent volatility, bitcoin was less volatile than gold so it does go through the periods. it's an emerging type of currency they are an emerging store valley >> time for the final trade. let's go aren't horn >> back to coal. can you buy alibaba. rally back >> i'm going to give you crypto play, add token. adt.x. check it out >> okay. bk >> well for me, it's overstock yesterday he saw the sec do a bunch of subpoenas in the cryptocurrency world overstock is one of them it simply just to gather information and make sure they do everything right. they're doing everything right ostk >> all right >> what better on a stormy friday afternoon than to sit back with a cold one and enjoy options action coming up in the next -- >> a cold one? >> 22 minutes and 30 seconds

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the things we do every single day that puts ourselves in harm's way, and to have a partner that is so skilled at what they do is indispensable, and i couldn't ask for a better partner. welcome back we're live at the nasdaq market site on what is a crazy day and crazy week not only for the weather but also for the stock market. and the guys are getting ready behind us here here's what's coming up on the show >> boeing shares have been unstoppable this year. but a brewing trade war and scary looking charts could have the dow stock grounded we'll explain. >> plus, the words netflix investors hope to hear this weekend. and the oscar goes to -- >> we'll tell what you oscar gold could mean for netflix's surging stock. and how you would like to