clear path than we had last year in the market. >> we're waiting for inflation data and employment data. >> very -- and we'll have that for you tomorrow so we hope you join us at that time thank you all, that's it for closing bell. >> great to be with you, bill. >> always a pleasure here's "fast money." >> "fast money" starts right now live from the nasdaq market site overlooking new york city's time square i'm melissa lee. tonight on "fast" the crypto crush raises on as the universe braces for a wave of regulation. don't worry, a widely-followed crypto investor says there's one big winner the crypto crackdown, he will tell us what that is plus, top strategist julian emanuel says we could have the start of a lot more volatility he'll be here to xplain what's keeping him up at night. first, president trump

touting tariffs but exempting our north american neighbors canada and mexico. let's get to kayla tausche in d.c. with the reaction from the steel industry kayla? >> reporter: melissa, the decision the president announced today was one he had long sought, had been investigating for 11 months to impose those extremely steep tariffs on foreign steel and aluminum the document will be put into the federal register and will take effect in 15 days so the president made sure to point out the order as he signed today isn't the end all be all and it might not be permanent. >> america will remain open to modifying or removing tariffs for individual nations as long as we can agree on a way to ensure their products no longer threaten our security. so i've put ambassador

lighthizer -- great gentleman -- in charge of negotiating with countries that seek an alternative to the steel and aluminum tariffs >> there are countries already getting in that queue, the trade commissioner for the european union says she believes the eu should be excluded and has a saturday meeting set up with ambassador lighthizer. other allies that will be seeking a permanent exemption, canada and mexico which will be temporarily excluded but senior administration officials made clear that that was a short-term exemption pending the outcome of nafta discussions. the ceo inof nucore said he agrd with that strategy. >> we want a reciprocal level playing field and if he's able too achieve that goal the tariffs won't be need ed

>> but today's news didn't come with widespread acceptance from republicans or capitol hill, the business round table, an influential corporate lobby, called the tariff lobby a major unforced error the opposition on capitol hill ranged from senator orrin hatch who chairs the senate finance committee to senator john mccain to senator jeff flake of arizona who went so far as to say he will be introducing legislation that will potentially nullify the announcement the president made today saying, quote, trade wars are not won, they are only lost congress cannot be complicit as the administration courts economic disaster. of course, congress is trying to evaluate what tools it has to fight with the president as made final today. we'll see if there's anything they can come up with. melissa, back to you despite the talk, the names you think might have benefitted

didn't steel stocks tanking on the announcement, calling into question just how effective these tariffs would be plus despite the volatility we've seen, the broader market ended the day higher investors are calling these tariffs toothless, is this protectionist talk >> it's not a trade war, it's a trade challenge. >> do you wish her happy international women's day? come on, guy. >> i'm the only one here on the des desk. >> happy international woman's day. it's not a trade war it's a trade challenge number two, the movement of steel stocks took place over the last nine months, long before tariffs were talked about. the fundamentals in plalgs and t the tail winds the sector has had is jumpst a bump in the roa. but i think tim would agree the real factor at work will be the

fed is at four times this year i think we'll find out more tomorrow with the jobs numbers. >> i agree it's interesting i get your point about the gains made in the steel but look at the interday move, likes of gm, general motors, rose at least a percent on the back of this notion that canada and mexico will be exempt caterpillar also turned around interday. >> and clearly u.s. automakers have the most to lose and friendlier terms is good i think if you think about steel companies, how they've responded in the past to the bush tariffs, for example, what you saw was a big rally in the stock prices which as guy said we've had in these steel companies. as you get to this place where you start to raise prices, you cut demand, you do something when prices go higher for steel companies. they act very inefficiently. they're very poor allocators of capital and this is what happened to the sector steel companies are priced in, markets are efficient, u.s. steel went from 19 to 46.

>> other what period >> 19 to 46 over the last nine months. >> so this has been an extraordinary move we're at 90% production capacity utilization. you have a hot market that i think has been preparing for more infrastructure spent. so fundamentals of the secto didn't need this i get the politics behind it and they're not in the steel industry. >> and you just said politics. i think what's going on here is more politics than policy. this is a situation where they are trying to negotiate some stuff that the president had been talking about for a long time the market with these gyrations that we've seen over the last week and a half, the way it was rolled out was obviously the real problem for all intents and purposes and then you see cohn leave, it seems dramatic but now the markets are comfortable with the fact that -- you used the term maybe it's toothless, maybe it's a good negotiating tactic, they took mexico and canada out

of the mix. >> you sound like you're in agreement. >> it doesn't sound as disastrous as it did ten days ago. >> a negotiating tactic for what if you will? the intellectual property study will come out and be straight against china. it will be a direct hit at china if we make any remarks from that perspective. you heard china say they are willing to get in a trade war. when the 301 study comes out, that's a big head wind for the market more than people are thinking about a little bit but i think it's a massive head wind that people aren't projecting and it could hit very quickly and i think that could be the one that is the real catastrophic event. >> you can't take away the fact, though, that global trade partners aren't saying, you know what we have to reassess a lot of stuff. there is a positive response to this and it's something that will support better terms for the united states so i don't agree with these tariff, i want to be clear, but i do agree with pushing back in places where we can cut better deals and let's

face it, at this point the table is set for us to push back harder. >> and it's interesting the tone today was so much different from just the past couple of days he's willing to negotiate, it's 25% and 10% but he's willing to raise it or lower it at this point. >> not permanent. >> everything is not permanent, everything is in flux. >> good actors, all that stuff think about the amount of steel that china through mexico into the u.s. now mexico has to be compliant very compliant or they'll see a tariff that will be implemented on them. that will be very difficult for them to absorb so i look at it and say that he's got the negotiate tactic in play let's see how it ends. >> do you buy these steel names that have sold off on this dip i'd say listen, timmy is right, you've seen the move in u.s. seal from 19 to 46 it's been crazy. doesn't mean it's over i don't think. valuations are still reasonable and there's still tail winds in the sector this is a hiccup but i think the sector goes higher. >> the russell was a sector that's seen to benefit because

most sales are domestic. more insulated. >> the russells are a really important barometer, a canary right now. the russells traded well relative to somewhat some people might think. i would argue the russell is the trump trade in a bottle. >> really? it's underperformed though, if you think about it over the last year, like large caps. >> i think -- >> i know it's outperforming the last week and a half. >> when we started to get a whiff of the tax deal, the iwm started to rally back from doldrums i think they've been largely more or less in line and tech has outperformed everybody but you can't tell me this isn't geared toward the small business i think that's something you should be watching i just want to say quickly that on the national security side starting to allocate any type of policy on the basis of national security becomes a very slippery slope. this is the kind of thing that i've seen in countries like russia where they tag every industry a strategic industry. is that what we'll do in this country? that's the part that worries me. >> david >> i was going to say small cap

us think are good trade. i think at least depending on tomorrow's data. we get a hot weight number small caps underperform the larger cap names i think it will be risk on in the megacap names, larger cap names that we saw work i think 301 you want to be along the russell into that. >> i'm short the russell and i want to say quickly why. i think this relative outperformance -- i don't really believe this was going to be a cataclysmic event on the tariffs thing. we're going to go back and test those february 9 lows and we'll see correlations among all caps go to one and we'll see possibly the russell kind of give up some of that outperformance on the way back down. >> not cataclysmic but test the lows. >> yeah. >> we're moving on. >> okay, we'll move on. the push for tariffs led by the nationalist wing of the white house, led by president trump's trade advisor peter navarro, and an axios report saying navarro is gunning for gary cohn's job as the president's chief economic adviser sent stocks lower. let's bring in the man behind that report, jonathan swann,

great to have you with us. >> thanks for having me. >> obviously the markets would probably really not like that. but what do you think the odds are that trump elevates peter to that position? >> well, they seem very low. because he's going to have so much opposition. capitol hill is going crazy about the prospect republican leadership view him as a menace to the u.s. and global economies the entire national economic council, i'm told by senior officials, would like -- the staff would likely quit their jobs immediately if navarro was appointed. but all that said, i think you'd be foolish to count it out as a possibility because the white house senior staff tried to marginalize peter navarro 12 months ago he was sent to siberia in the executive office building. he was not invited to meetings he had toendure the humiliatio of copying, ccing gary cohn on

every e-mail he sent and he continued to be invited because in the end because of trump. trump is the one who likes him trump is the one who agrees with him and, frankly, navarro reflects trump's own views, trump's own hard-wired protectionist views on trade far better than gary cohn or steve mnuchin or any of these other senior officials with the one exception of wilbur ross. >> right, but piece together, jonathan, what has happened today with the tariffs where it appears at least on the surface that trump is going more centrist in his approach to tariffs, not as gung-ho nationalist protectionist as previously feared. does this tell us that perhaps he's listening to the party, to the dissension in the ranks from the freedom caucus, the 107 house republicans who signed this letter and sent it to the white house. is this having an impact >> i wouldn't draw that conclusion. >> okay. >> the really key thing to understand about trump's thinking with with this announcement is he really does see this as an art of the deal

scenario he has come to believe largely through conversations with justin trudeau, leader of canada, that he can use this to squeeze canada and mexico, particularly canada, not so much mexico, to get a much better deal on nafta. and if that doesn't eventuate, again, yes it's flexible, yes he's leaving a lot of room but people always fantasize about it being -- the business community about it being flexible in the right direction. this could be flexible in the wrong direction if the nafta negotiations aren't to trump's liking he could just as well go well, you know what? stuff you guys, i'm going go right back to where i was. just to understand, trump didn't want to do any exemptions, he had this whole -- privately he was saying things to the effect of well, if i give canada a break then i get japan on the phone and i have to do something for them, slippery slope, but it was the nafta negotiations that made him believe this could be a viable strategy. >> jonathan, thanks for joining us we appreciate it. >> pleasure. >> jonathan swan

so we are sort of in a tricky time. we've got the payrolls number tomorrow, we are still a waiting resolution or clarity on the issue hachlt are we doing? >> just be clear, if anything for all the pushback on tariffs, it's because it's growth drag, growth negative. that maybe alleviates pressure i don't think we'll see that for six to nine months in terms of trade but i think tomorrow's payroll number, everybody knows the wage component is massive. i think regardless if that's a benign number, what we're saying on this desk, i agree with the statement that says i think markets are choppy to sideways and what's being clear is for all the people that said we're going to test the lows or test the 200 like we did and set new highs, it's not that simple. the vix continues to close lower and that's something that's very interesting. >> i think if it's a benign number tomorrow, it's not a marketed chase i wouldn't be chasing it we're sideways to possibly even lower levels i'm looking for catalyst and looking at biotech names that

have catalyst coming up. >> i think the lack of balance and energy, xle, xlp, staples, guy mentioned in the an earlier block when we were talking about the lack of leadership, we know the prior leaders led them back but the s&p is the midpart of the range. i'm short iw mvrm and i'll stic. >> micron is up from 41 to 55. they report on march 22. i think with some of these chip names you saw what lamb research said where their revenue will be i think it means that memory is -- there's still strength in memory, the chip names still go higher and micron end earnings on the 22nd. coming up, the crypto crackdown is coming and a top crypto investor says there will be one big winner. plus, speaking of crypto, in case you didn't get enough last night, there's one more part of the interview with ceo of ripple we are dying to show you

we'll hear his big predictions forthe crypto universe and later, pete that marriage iffian -- pete najarian is making a special appearance from hawaii we're live from times sqre iuan new york city. there's much more "fast money" right after this

we have a question about your brokerage fees. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $4.95 online equity trades and a satisfaction guarantee. if you don't like their answer, ask again at schwab.

welcome back to "fast money. time for a big buzz kill, kroger getting crushed today after failing to impress investors with its full year outlook on its earnings the company pointed to some of its biggest rivals as the culprit. it's growing competition from walmart and amazon that's forced kroeger to sla kr its prices with the stock trading at the lowest level since november, can kroger survive in an amazon world? >> i think they can. >> this is the same thing we talked about a month ago with walmart and with target. at the end of the day kroger, which had such dramatic market share in the u.s., they're going to have to spend, just like walmart had to spend, just like target is doing right now so it comes to when you see the light at the end of the tunnel from a valuation standpoint it's

probably starting to bottom out. people are saying at this valuation it makes sense amazon will be spending the integration with whole foods, it won't be such a quick fix so there's multiple winners here. >> but amazon doesn't need to prove to people that their spending is going to lead to at least outside market share gains. people assume that with amazon and what is really interesting, what a tough week for the hard-line retailers. thinking about walmart has go ge down to the low 90s. why? everybody thought walmart was an amendment clone, everybody thought the tax deals were going to get these guys a new break. all these guys are talking about one thing -- they're going to take their corporate tax savings and spend it on their business and that may be good target is doing the right things. >> price investment they call it discounting. >> competition is ridiculous. >> aldi. >> kroger mentioned that on the call. >> and i think the other thing,

you said amazon doesn't have to speak to earnings. >> they have to follow through on their spending. >> they don't have to speak to profits right now. they could spend all they want, kick it back to the consumer, cut costs and it will have an impact. >> >> stock was 20 in december, traded up to 32 back down so valuation i guess at 10.5 times it's compelling, that doesn't mean you buy the stock huge volume day. the quarter itself wasn't a disaster and the guidance i don't think was 12.5% to down side guidance. >> i hear it's interesting. >> i think there's another day left but yes still ahead, one dow stock is nearing correction territory but pete najarian said it's about to take off. i'm melissa lee. you're watching "fast money" on cnbc here's what else is coming up on fast. >> easy money. >> announcer: maybe not for long a top strategist says a key

event could spell the end of easy money and thevolatility plus -- >> wait, there's one more. >> announcer: yes, there is. the part of the ripple ceo interview we didn't air last night. trust us when we say it's spectacular. that's when "fast" returns

you might take something for your heart... or joints. but do you take something for your brain. with an ingredient originally found in jellyfish, prevagen is the number one selling brain-health supplement in drug stores nationwide. prevagen. the name to remember. . welcome back to "fast money. bitcoin well below 10,000 as investors fear bigger crackdowns coming for the crypto space. bob has more from the new york stock exchange bob? >> cryptocurrency's aies are seg more fallout from fears of regulation bitcoin has fallen 18% as watchdogs weigh in on the digital currency space yesterday it was the s.e.c.

issuing a warning that consumers should be careful about trusting exchanges that they say are protected by federal law but are not. most are unregulated the s.e.c. seems to be setting up for a crackdown they want exchanges to register with the s.e.c they previously says initial coin offerings, icos, are securities and anyone selling ikos to the general public should register with the s.e.c but the s.e.c. thinks even the exchanges listing icos should themselves register. it's another move toward further regulation also yesterday district court in new york ruled cryptocurrencies can be regulated by a cfp as th commodity. this ruling implies the cftc has jurisdiction in the case of fraudulent activity involving any kind of cryptocurrency transaction including cash markets, in other words general law regarding fraud can be used by the cftc in dealing with

kroib in any firm whether it's cash or trif difs. what does this mean? regulators started getting noisy about cryptos toward the end of last year. some of this can feel like groundhog day, you know, we've heard this before but the regulatory scheme is evolving slowly but surely, the regulatory net is getting cast wider and wider. back to you. >> bob miss spisani should regulations hit the crypto space, one coin will remain unscathed spencer bogart invests in a variety of assets, great to see you again. >> thank you for having me. >> which coin will emerge unscathed because it looks like price action is showing every kind is getting hit at this point. >> so to say unscathed might be too go too far but when we're separating bitcoin which is the one coin we're discussing from the rest of them, it's certainly the least risky here so what's going on in the market this week? there's regulatory concern

about -- from the s.e.c. and from the c ftc the s.e.c. is the 900 pound gorilla in the room. they're primarily concerned with securities and the s.e.c. has delineated some crypto assets are securities and some are not. along a spectrum, sboin the furth the furthest away from all of the crypto assetes in my opinion and therefore the least likely to come under a regulatory crackdown. that said, i think the long tail of icos and tokens that have come out, some will be at risk and some could face liquidity crunches in the coming weeks. >> why is it that bitcoin is the furthest away from being securities because the money that people -- if i buy bitcoin, that money doesn't go towards a business or a core group, that's the thinking >> sure, so the s.e.c. has an established framework for thinking about this and a core portion of that framework is the howie test there's four prongs. i'm not a securities attorney so

don't rely on my advice here but a big portion is that investors contribute money to a common enterprise with the expectation of proovt based primarily on the benefit from -- the efforts of efforts so in the case of bitcoin, that's -- that's never been the case. there was nobody that launched bitcoin and said here i'm going to sell you 20% of the coins for a specific price the software was launched into the world, people started mining it and it grew organically there is no central enterprise that receives the money that investors pay for bitcoin and then deploys it. this is a decentralized network with decentralized participants. >> spencer, do you think that's one reason why ethereum has underperformed over the last couple months versus bitcoin for all intents and purposes it was an ico and there's a lot of icos built on top of its platform. >> i think it's more the latter that could be weighing on ethereum ethereum did itself have an ico several years ago.

that said, it seems to be that they don't consider ico to be a security but several tokens that have launched on top of ethereum are being deemed securities and if so we consider ethereum to be the feed stock or the fuel people use to participate in these icos, then we should expect demand to dwindle at least a little bit. >> how does this changing landscape on regulation as it corpse icos impact the way you look at icos and decide whether or not you want to buy them as the rules are created? >> sure, so if we look at something and our counsel or the people we depend on indicate something is a security, we want to see a project that follows all securities regulation, that means doing the appropriate filings and restricting sales to the appropriate investors that are suitable for that type of an investment that said, not all of the crypto assets we invest in are necessarily securities so some of them can be crypto

assets like bitcoin that are not securities in that case, we're a little less concerned about the securities framework and more concerned about the long-term viability of the economics. >> it will be interesting how icos market themselves in relationship to this i would imagine that icos from their standpoint, all they would say is this is almost like a donation there's no expectation of a shared profit in the future. that's what the co-founders have said in relationship to the investigation that supposedly is going on into the $232 million they raised in an ico, they said this is like a donation and the token you get is a gift bag implying there's no expectation of profit. >> a tote bag, i believe it was. >> that's right. i remember it as gift bag. the same impact here the marketing will change greatly so do you think you're going to get paperwork from an ico which says hey, we're just like a securities, here's our papers, take a look? >> definitely. some are definitely taking that

approach so we're seeing a -- across the whole spectrum so we're seeing some that are going the straight securities route, are doing the appropriate filings and restricting their sale in an appropriate manner then we're seeing others that think they are outside of that and that might be the right approach again it kind of remains to be seen here but i don't think you can just change your marketing pitch and expect regulators are just going to give you breathing room it's more substantial than that. >> lots of developments. spencer, thanks so much. good to see you. spencer bogart wow. >> look, i look at it in my opinion, you heard about ethereum my view is that we're going to have the adults get into this game the institutional investors, the real money come in, you need to have regulation to some extend and i understand it will be a little near term painful and there will be a pick cuhiccup but now we're looking at a setup where it's incredible buying opportunity in the ethereums of the world that sort of have real utility value.

i look at it and say you shouldn't be taking your foot off the gas, you should be stepping in and making sure you're adding to your positions. >> those playing in stock game, patrick barnes, the ceo of overstock, that has been trading in lockstep with cryptocurrency for a long time. today interesting, right, all these crypto names lower, overstock was up 3%. maybe that's your first tell for a long time. they report in a couple weeks, i don't think their earnings necessarily are a catalyst but for the first time this stock is sort of decoupling from the cryptocurrencies. still ahead, ripple part two. ceo brad gar ling house making a major announcement we'll bring you those comments plus pete is bringing the heat fresh off the sandy beaches in hawaii ready to pitch one dow stock he says is about to bubble higher will the other traders agree do not miss this very special do not miss this very special fast pitch right

when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... after this.. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and.

and i am a senior public safety my namspecialist for pg&e. my job is to help educate our first responders

on how to deal with natural gas and electric emergencies. everyday when we go to work we want everyone to work safely and come home safely. i live right here in auburn, i absolutely love this community. once i moved here i didn't want to live anywhere else. i love that people in this community are willing to come together to make a difference for other people's lives. together, we're building a better california. welcome back to "fast money. we have a news alert on tesla sending the stock down 2%. let's get to kate for the details. >> that's right, the stock is lower because their chief accounting officer eric

branderiz left tesla yesterday a filing with the s.e.c. says on march 7, 2008, eric branderiz left the company for personal reasons. once again, the stock down by 1.5% back over to you. >> thank you very much, kate rogers now, when we hear after hours that a chief accounting officer and corporate controller has left a company usually the reaction is not good and here we are seeing in the the market. >> although this news came out of a report that was out yesterday at some point so -- look personal reasons, we have to go on that. i'm not going to attempt to read more into it than that elon musk's texts are getting through to the president during a press conference where it's only good for tesla so i mean there's a lot of counterbalance to bad news that i'm not sure is bad news. >> chief accounting officer. that's one thing you don't want to hear. it would have been worse if it was friday afternoon but you

know, tesla -- you have to give them the benefit of the doubt all the time, i'm surprised the stock isn't lower so i think it's still a buy here. >> dan >> i agree with both of these guys the stocks have been volatile it's almost up 3%, 4% right now concluding the after hours so to me at the end of the day what tim mentioned about the tweets is interesting, you have to remember this is the guy who sells cars that get -- you get a government subsidy to buy so it seemed like pretty self-serving for all intents and purposes but good on him. >> give him credit, this guy has worked the system like nobody. that's part of his genius. >> it's musk's world. >> that's a bonus for test what. and i don't think you're doing that. >> we're just hours away from the february employment report, economists calling for non-farm payrolls to be added while the unemployment rate expected to tick lower to 4% the ecb took steps to ends its policies and the fed is expected to raise rates in a couple

weeks, that combination has the our next guest worried julian emanuel is a strategist at btig. how worried are you? >> in the short term it's a cause for concern. basically if you look at this entire correction it's been a function of elevating uncertainties, 2017 investors got paid to fade monetary and governmental uncertainty that's no longer the case. we're in a higher volatile regime with the vix creeping back down toward 15, anything that will upset the apple cart in the next few weeks coming into this march 122-1 fed meeting is a concern, longer term -- and there's a big but here -- if the economy continues to grow, the fed can continue to hike and we're going to be just fine. >> is really the fear not of rising interest rates in general because theoretically rates are rising for the right reasons but

that there will be a fed misstep? that there will be an overshoot or undershoot on the fed's part when we're talking about the impact -- which we haven't fully seen -- of tax cuts and the impact of tariffs as well which would be inflationary here >> right, so the inflation question has been on everyone's mind and clearly we're focused on this average hourly earnings number on friday but the fact is those are a lot of unknowns and the fed had ended every bull market for the last 40 years by tightening too far but with an economy set to grow thisseer and next year, we think there's a long way to go and if it's communicated properly -- and that's the challenge -- we can stay bid. >> how about the technical dynamics mario draghi removed language about ramping up q-e, which means i thought it was a hawkish statement. i think the ecb controls u.s. rates as much as the fed what do you think? >> i agree you have to throw that into the

soup interestingly enough, the market sold the euro on what was a hawkish statement which to us actually points out to a lot of what this correction in the equity market is all about and that's positioning imbalances. there's a lot of shorts in the darr there's a lot of longs in some of the very sectors that have worked very well in the equity market and a lot of bond shords. >> julian, can you explain that? you said the reaction of the euro today on the hawkish statement. heading into 2017 people were convinced the fed would continue to raise rates and the dollar would go higher. it declined 10%. so are we about to see a dollar move the opposite way? >> we think that's entirely possible the key why the dollar was sold last year even though the fed kept moving is because the u.s. grew below that of europe last year that set to change sort of the

normal relationship is going to take hold again and so when you think about positioning, we think there's a chance for dollar strength coming up. >> in terms of equities, where do you stand >> so in the short term we really like real estate. real estate has traditionally worked well when the dollar goes stronger you don't have to worry about tariffs and so on and so forth, we also think health care works for the same reason -- immune to macro noise for the most part but, again, as we get back into this growth year and sort of work through the correction, we think financials continue to work because rates are going higher and then are tail winds and we think energy actually gone and forgotten, a very small weighting, the s&p is about to make a comeback. >> julian, good to see you, thank you for coming by, julian emanuel, btig. in terms of the jobs report specifically tomorrow it's good news/bad news. >> so about three friday ago

before we went on hiatus for the olympics, tim said we're coming into a place where good news is bad news and bad news is going to be bad news and that friday was when the volatility thing started and i think that will manifest itself again. i'm going to paraphrase julian but i think what he's saying is the pendulum in the short term might have shifted where good news could be bad news. >> i think as far as the dollar and euro goes, i think twin deficits, import inflation, all the things we're talking about with tariffs, this puts pressure on inflation, we'll be reissuing a lot of debt. i think the dollar stays weak. that's good for markets, great for emerging markets, great for commodities and i buy european financials >> i think good news is bad news and the market will react. it will stay sideways for a period of time there's no question you talked art short bond positioning, that will have an impact so i think we'll see a pike in yields here a bit but i don't know that it gets a way toy the point where it has a meaningful impact over

the long term if the growth narrative stays in place over the equity investments. still ahead, a once left for dead '90s tech darling is surging up 90% some traders think it could go higher we will give you the name. plus pete najarian brings us the fast pitch fresh off the surf in hawaii it will be so hot we decided to made a special cardboard cutout of him much more "fast money" after this what's critical thinking like? a basketball costs $14. what's team spirit worth?

(cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance. (daniel jacob) for every hour that you're idling in your car, you're sending about half a gallon of gasoline up in the air.

that amounts to about 10 pounds of carbon dioxide every week. (malo hutson) growth is good, but when it starts impacting our quality of air and quality of life, that's a problem. so forward-thinking cities like sacramento are investing in streets that are smarter and greener. the solution was right under our feet. asphalt. or to be more precise, intelligent asphalt. by embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to analyze the flow of traffic. then that data runs across our network, and we use it to optimize the timing of lights, so that travel times are shorter. who knew asphalt could help save the environment? ♪

welcome back to "fast money. you might be wondering why you're hearing "magnum p.i." music. no, josh lipton is not standing by with news but another hawaiian private eye is. pete najarian is coming us to us live from honolulu with a special edition of "fast pitch." aloha, pete. look at you. >> aloha great to see you. >> are you unponytailed? this could be tv history. >> i am. i'll give you a little tease i'm a little unponytailed. >> wow. >> i'm letting it fly today, mel. >> all right, pete, go ahead with your pitch. what is it >> here's the pitch for today, it's coca-cola i liked this name for a long period of time. >> i've owned it for a long time and i think there's plenty of

upside i'll give you the three reasons why i think that the management kent was great he did a great job with diversifying the company but somebody else who's been with the company for a long time, since 1996 is james quipsy who's been phenomenon 58 he just got in over a year ago but the diversification of what they are wanting to do with this company, now they didn't go the frito-lay's route we've seen out of pepsi but they've diversified away from carbonation. what i really like about the company is the fact that they've got 21 companies within their company that all produce over a billion dollars worth of sales so they've really diversified themselves they've gotten themselves into an area of growth and where they've seen the growth is the earnings growth projections going forward, about 8.25% they've had margin expansion they continue to innovate themselves and i like what the company is doing they've moved towards milk, sports drinks, water, juice, but that diversification is what i like, mel, and i think going

forward, they're going to be something where the real growth is going to come as they push more and more in-depth into india. that's where the real growth will come in the future. >> amen. i agree with you on the call i get concerned on coca-cola on valuation only, the move is bullish like you said. how do you rationalize the multiple here? >> the multiple right now you're talking northover 20 but as you know, the you look forward and look at the earnings growth they've got -- andthey are bringing in cash -- this is a company that's trading -- if you look forward next year, they are in the upper teens they're somewhere between 18 and 20 but the growth that i see going forward, tim, that's what excites me and the growth particularly -- and this is up your alley is india, they continue to go there because of the fact that carbonation isn't what coke is it used to be 90% plus was carbonation, now we're toward

70%. that's something i think comb cola has done a great job at that number will come lower. >> we're going to vote now tim? >> in the crypto block we did the howie test this is the howly test, pete. >> i know howly. >> you're waiting for me coke >> listen, i like pete's pitch i think it was amazing i'm a seller because of valuation and the diversification side which i think they're going to execute on i think it will take time and pricing within the soft drink space is still struggling. >> dan >> hey, peter, great to see you brother, we miss you i'm going to be a buy of your coca-co coca-cola. you're looking at the out year 19 times a skok. it hasn't been that cheap in a while. expected to have double digit earnings growth so i think you see a trade back up towards those highs if the market is stable to higher after the next break. >> how do you vote >> what is this chalk board?

i don't need that? i'm going over the over to the smart board. >> uh-oh. >> uh-oh. >> pete, coke and a smile. >> he's drawing all over you. >> i say yes to pete and i love the freak flag right there. >> you know, coke has an "e" at the end of it. >> i put an "e" right there. there's my coke. >> what's wrong with him >> i don't know. so three buys. pete, outstanding job. enjoy the rest of your day what's on the agenda >> a little bit of surfing, a little bit of surfing and a little bit of fish afterwards sounds like a good day to me. >> we'll see you later because we'll share with you the results because i know you're eager to find out how america voted so you out there, you out there, go to twitter because you can vote right now in our poll whether or not you're buying or selling pete's pitch for coca-cola we'll reveal the results later on in the show plus a never before seen clip with our exclusive interview of

brad garlinghouse making a prediction of the future of crypto you're watching "fast money" on cnbc and new york city's times square don't go anywhere, we'll be don't go anywhere, we'll be right back ...and four times less than vanguard. what's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management.

welcome back to "fast money. earlier this week we were in san francisco at the credit suisse blockchain west symposium where we spoke with the ceo of ripple, brad garlinghouse. we aired some of the interview yes but we asked brad what his two big predictions for the

crypto universe were here they are. >> i'll make two observations. i was here in 1997 and i felt like there was an internet movement and i feel like this is similar. it feels like there will be lots of companies spawned i think those that are focused on solving the problem will be interesting. i think there will be a lot of consolidation so you can break into, you know, recently circle, a block chain crypto company bought another company that is a digital asset exchange, i think there will be more consolidation and they will grow incise. i predict the fidelities of the world will be in this space. already they're relatively well known, the chairwoman of fidelity was mining bitcoin under her desk i'm not saying fidelity specifically but this is a new asset class that will continue to grow and there will be reason too break in as it continues to grow. >> what do you think of the predictions? >> i think his first prediction is the most important one.

especially just being at that conference these are the smartest people in finance, some of the smartest people in tech and they have the same conviction about the internet they did not have tried and true managers like guys like brad garlinghouse running these entities so we are going to have peaks and troughs as far as the valuations of the crypto assets but some of these organizations like his are here to stay. >> and the second point about fidelity that brings back regulation. fidelity is coming in when there's regulation they have to switching gears, blackberry getting a boost today. dan, break it down. >> let's talk about blackberry, talking about the '90s here. >> can you push guy out of the way. happy women's day. here's the deal, call activity went berserk and overall options activity was four times average daily volume 90% of that was in the call. there was news the company is going to sue facebook over their messaging patents and this is a

company that actually successfully sued nokia a few years ago, got $800 million settlement they have a great balance sheet, $2.5 million in cash on a $7 billion market cap so some investors are saying hey, listen, these guys aren't growing sales, they have no earnings but maybe their patents are worth something. who knows? here's the deal, though, today a lot of the options activity was in the march ninth weekly. tomorrow tomorrow, short term traders playing for a continued brokeout that's not the activity you look for to play for a longer move. and look at this, it has a nice uptrend here. >> we haven't talked about blackberry in a long time. >> since bk put in the his top drawer. >> thanks for that, dan. for more options action, check out the full show tomorrow at 5:30 p.m. eastern time, you know what's up next >> what? >> pete's pitch for coke what are the results there's still time to vote

head over to twitter we'll reveal what you say, we'll reveal what you say, america, about pete's pitch. had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum -- just to help you improve your skills. boom! that's lesson one. education to take your trading to the next level. only with td ameritrade.

welcome back it's the most magnum -- i mean pete -- has been waiting for in hawaii and you know what song is popular on the beaches all across hawaii? toni braxton's" "unbreak my heart. america is not buying pete's

pitch but it's up a half percent in the afterhours. so there's the frown on pete bye, pete, thanks. >> the island version of "unbreak my heart. european financials, you get them at ufn. i keeerm li the stock. >> i wm,ed >> "mad money" starts right now. my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to cramerica i'm just trying to make you some money. my job is to educate and teach you. call me at 1-800-743-cnbc or tweet me @jimcramer f you think this was a boring session where nothing much happened, think again. something big happened today th