year nasdaq third best day. doi is up 40. >> the s&p is back at its highest points since the correction got rolling we will see if there are any buyers at this level. >> amazing nine years since the low. companies, ge is like a nothing now. >> that's true it would have been one of the loosers. guys thank you that does it for "closing bell." have a great weekend "fast money" starts now. >> "fast money" starts right now live from the nasdaq market site overlooking new york city's times square i'm melissa lee. traders on the panel today -- tim seymour david daliberti. dan nathan guy adami tom lee created a bitcoin misery index. he will tell you how it works and why it is flashing a buy sign and. >> lloyd could be i want anding the helm of goldman sachs guy the end of the year.

but according to lloyd, the reports may be premature. a strong djobs report. the dow surging more than 400 points rallying hard into the close and the nasdaq hit a fresh all time high. what led the way, industrials and financials at the head of the pack energy holding its own tech continues a major run up ten percent in the past monday putting fresh money in right now. to you stick with surging tech or stick with energy or industrials. guy? just when i thought i reached the zenith of being wrong i hit another zenith. >> of being wrong. >> a pantheon -- >> of wrongness. >> the top three at least, i would say. >> in what way. >> if we had good news in the jobs number, i thought it would be bad news and the market would go lower

up 450 points. my apologies on that one however in terms of technology we have been steadfast on names that i think continue to have a moat around them red hat. all time high. lamb research, we mentioned them last night a great analyst day today. buyback. took is up 5%. adobe all the time if you want to be long amazon, a synthetic way to play it through adobe that works and sales forceum de though i got it dead wrong in terms of direction there are tech names that word. >> you are hard on yourself. >> admirable >> i appreciate the honesty. >> admirable and always very accountable. these are fantastic numbers. we had a little bit of good is good for different reasons first of all the labor force got bigger what does this this mean what do you buy? financials if you look at the xlf that was the most offensive during the turbulent times during this market with a payroll market like today where you are drawing more

people into the labor force, you buy the banks, they are leveraged to the economy, jp morgan, citibank, bank of america. citi bank to me is still the cheapest valuation but i think jp morgan outperforms here. >> i think by the bank i think you stick with the. >> about and i have been positive on them for a while. guy, you are not super wrong. >> just a tad. >> i made phone calls to a lot of the big institutions are you buying this market are you chasing this tape? the response is no we are comfortable with our positions. >> most of them are overweight equities so they are fully invested right now. >> i don't know about. that i think there is still money on the sidelines i think the incremental dollar is going to find its way not into the tech necessarily, but into financials. >>. [ overlapping speakers ] >> quaz aooz eye wrong.

still handsome >> whatever. you are right, people are happy to see it continuing to go up. waiting to get back to the february 27 high right there. why if office game plan that worked to for the last year, two years, five years, it's tech tech outperformed everything else what came in second? consumer discretionary health care. consumer discretionary financials what really did not -- >> i think the problem is if you are a generalist investor, you are overweight tech right now. >> we are talking about people watching this show who want to know should they buy right now, or a month, six months or six years. >> you are getting a the fact that people have bought technology, the positions that grown so much and they are overweight >> you are not going to have them come out of the positions necessarily. maybe they asset out but incremental money coming into the market goes to cycle

growth >> beneficial of the corporate tax cut. it's money coming back from abroad you get it back into buybacks it's growth. goble growth is ratcheting up. >> having breathe through a difficult period for the market. >> right. >> and therefore tech which has been defensive and outperformed why would you go after tech when now it looks like you are hitting on all cylinders. >> i would like to. >> energy for example. you get through a big week thisseck would cambridge energy conference. everybody in the world is focused on that conversation we come out of that with positive dialogue between opec, u.s. shale, we have a saudi aram co, you talked about this, too, energy is underperformed the dollar is staying in check commodities are going higher. >> i agree, there is a couple of headlines risks -- i should say risk to the upside for crude venezuelan sanctions takes crude

oil off the table. iran nuclear deal. that's going to take it off. energy hasn't been a lager that has performed -- >> has not been a lager. >> has been a lager. >> got it. >> i would love to about on them. >> hold on, e and p names doubled. the sentiment in the says is terrible >> you can look through -- you can be right for a month or two months or three months. >> i have been. >> i don't disagree. when you look at tech -- >> is there any circumstance in which tech does not perform in your view? >> no. i think if the market is going up -- the market is based on tech it has its back on the shoulders of these large cap tech. both china and both in the u.s tech is up 125% for the last five years energy is flat so yes you can be right for two month or three months. longer haul it's tech. >> performance here today obviously exceptional.

i think there are very high expectations baked into expectations guidance has been clear. street analysts responded. i think it's going to be challenging to upside surprise the way they have over the past several quarters from my perspective from an expectations game i think it's going to be more difficult for them to really keep that momentum rolling. >> i think we need to be clear also when we talk about tech, there have been parts that have done nothing and other parts that have been heroic the semis have been heroic they continue to be heroic in the high growth ones they are in areas where the growth is so extraordinary people have been attaching any multiple they want they are doing it. then you have the mega caps like intel, and taiwan semmy. these are the bread and butter of the industry. the fundamentals that you are hearing, their outlook is extraordinary. i stay there >> where in an underperforming sector would you go? >> energy might -- to tim's point it might be time to get -- i understand what steve is saying exxon went from 76 in august

held out a number of times traded up to 89.50 failed after earnings and fell back to the 75, 76 level if you are looking for ways to trade around i think you can trade big integrated companies at these levels. >> what about you? >> really, again, biotech is a sector i continue to add to. >> grasso, today. >> alibaba i would like to continue to add on its way up to 200 there is targets at 210, 215 it strayed down to 168 i think it makes the push to 200. >> continue. >> this is a great environment for emerging markets nafta is still out there mexico is moving the peso. it broke through key levels today. eww is a way to play that. there has been such a beat down on mexico. they do very well in this environment. >> netflix slugged down. look a at the moves flts' getting into the iptd po of

absurd ito -- -- >> one name has someone pressing the sell button. >> lloyd just took to twitter and had something to say about reports he might be out by the end of the year. is he in and out we will discuss that later downtown broke below 9,000 but there is a leader flashing a buy sign much more of the show after this

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what? you guys have xfinity. you can do this. what's a good wifi password, mom? you still have to visit us. i will. no. make that the password: "you_stillóhave_toóvisit_us." that's a good one. seems a bit long, but okay... set a memorable wifi password with xfinity my account. one more way comcast is working to fit into your life, not the other way around. approximate "wall street journal" reporting earlier today that goldman sachs ceo to be kout as soon as the end of the year the but reports of his demise may have been a bit premature. what is fact, what is fiction? >> demise is not the right word of course. but in the last hour or so, lloyd blank fine has in typically tongue in cheek fashion tweeted to discount those rumors saying it is the

"wall street journal's" announcement not mine. i feel like huck fin listening to his own yulegy. we will discuss what happens if he does leave. there are two candidates the copresence and khouw ceo's harvey schwartz and david solomon. solomon has been in the investment bank for his entire harre she schwartz, 53, dame through a trade asking sales background to become sfo and has a broader background gary cohn is not a contender it will be interesting to see if the leader of schwartz and solomon stays on and who gets promoted to president. perez and chavez both have a good chance for promotion in that circumstance as do a handful of others there. it's important to stress blank

fine goes when he decides. yes, the betting has come in a bit recently, but my sources say nothing has changed in the last couple of months so where we stand today is where we were standing late last year. >> the market reaction was interesting. >> very. >> initially it dove momentarily, almost as if it was an algorithmic trade and bounced back almost no reaction in the stock. >> obviously the stock ended up nisly today it is down relative to the other banks this is a great day for the banks it's definitely bad news if he goes it was worse news the second it hit because people think uncertainty. but i don't think it's the end of the world it depends on the planning and how they announce it does he stay on as chairman. it depends on how they handle it >> but the performance, it has been underperforming year to date and for the past 12 months. i don't know that we can say

today it underperformed based on the reports. >> i'm surprised the stock did what it did today if the market for much of that time thought it was legit. we all know it was his premature demise i think he has done a remarkable job. the question is existential for goldman. ultimately, what are they now. we hear they are getting into the wealth management business >> retail banking. >> retail banking. they will reinvent themselves in this environment great reporting, by the way. >> it's great to be here >> no jacket required. >> no jacket because i'm trying to fit in with the guys. >> fit in with this crew >> on the performance clearly last year they disappointed. only up 7% or 8% others were up high teebs it and hasn't been a great start to the

year this quarter thub should be good for them of the five or six banks they are the only ones trading at or below their ten year average multiple they are cheap relative to their own history. if we do see volatility pick up it could be a good year for them it could come back >> gary cohn is not a contender. for sure 100% out of the game >> very confident of that fact, yeah i think it would be unheard of for them to bring back someone at that senior of a level. it's different from dina powell coming back. because she is more of an operator not at the senior executive level. it would be an unprecedentedly bad signal for them to send to bring back someone how left a couple of years ago. the reason why there is a little bit of pressure on lloyd blank fine relative to jamie dimon is because the two copresence behind him do want to be ceo if they fell it wasn't coming within three years or quickers time they would leave.

diamond would not. the reason lloyd might be considering a little bit of when he goes rather than three or five years but one or two is to make sure that the people below him know there is a future above them. >> can i break news here. >> sure. >> daniel craig, you are familiar with him. good-looking british guy who plays james bond >> yeah. >> he doesn't want to do it anymore. the people approached will fred frost. >> this is the news? >> this is the news. >> it's news to willford apparently, also >> i turned it down. >> he turned it down. >> why would he do that. >> he has better job >> tell them -- >> i wanted to go to "closing bell" instead. >> far better, far better than being bond he is going to "closing bell" starting on monday >> if this was true. as much as i lovecaly and "closing bell. i am afraid i would have taken that job

>> smart man, will fred. thank you. have a great weekend. >> unk that is correct you too. can wynn survive without the wynn contessa brewer spoke to the new man at the helm about what he is doing to keep the brand afloat we will hear what he said later this hour. you are watching "fast money." here's what else is coming up on fast. >> bitcoin had its own personal bear market this week. according to bitcoin bull tom lee it might be flashing a secret buy sign. he will explain. plus, tech just hit a new high but one of the fang members is losing its bite. we will tell you which o, neand how to profit when "fast money" returns. your parents have been talking about you for years. sorry about that. they're all about me saving for a house, or starting a college fund for my son. actually, i want to know what you're thinking. have a seat. yeah. knowing that the most important goals are yours. with 15,000 financial advisors, it's a big deal.

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more for your thing. that's our thing. call 1.800.directv welcome back to "fast money. bitcoin had a bad week that is an understatement. the cc crashing more than 20% since monday what happened? bob pisani is here with the details. bob? >> hi melissa. it was one of those weeks. bitcoin down four days in a row,

down about 20% for the week. since 2010, there have been 23 declines of 20%. and this recent decline of 70% over five days it is tea fifth most severe and theive ninth longest. it's no surprise to see damage to investors sentiment the latest news is this. we found out who one of the big sellers were in the early part this year when esaw such a big drop in bitcoin. the trustee said they sold $400 million in cryptocurrencies in the past few months. they are of course defunct but it has a trustee in charge of its remaining assets the sales occurred between december and february were likely a major factor in the declines we saw at that time on february 5th reported thely the trust sold 18,000 bitcoin. it drop about 20% that day now, this may not be over. s that part of the problem the trustee is still in possession of $1.7 billion in bitcoin. that's nearly 2% of the

outstanding market cap and nearly $200 million in bitcoin cash and then we have the head of the central bank of china who reiterated in a press conference overnight that china does not recognize bitcoin or other digital currencies as a legitimate form of payment ier in the week satisfy saw that the s.e.c. wants cc exchanges to register with them and saw a federal court rule that cryptocurrencies can be regulated by the cft as a chad tee. in other words we are seeing more talk of regulation. you put it all together and even by bitcoin's standards, it's been a pretty rough week back to you. >> thank you bob pisani at the new york stock exchange. has bitcoin bottomed should you buy it with both hands. tom lee joins us on the fast line hey tom. >> hey how are you? >> good. you have introduced the bitcoin misery index what is it and what is it telling us right

now? >> this is just -- think of this index as a way to measure how happy or sat you are owning bitcoin. so it accounts for the win ratio and the volatility and this thing is telling us that bitcoin hold remembers miserable. it's current currently at 19 it ranged between 0 and 100. it's the lowest reading since august of 2011. >> is it a contrary indicator in your view? >> we took a look and we published it in your research study. yes it is a very good contrarian indicator. the last four times this was below 27 27 is when you are really miserab miserable, these were great entry points for bitcoin in fact not a single instance was bitcoin not up 12 months later. but in the short-term i think it's a signal of pain. vs toly if the you are mess rabble holding bitcoin and you

get headlines like we had this week i wouldn't be surprised if investors want to get out of bitcoin. >> in your study, you mentioned 27 as being sort the tipping point there. how long did the index remain under 27 is there something to be said for the index remaining below that level, and maybe below that level for a reason maybe sentiment is so bad and also more to shake out >> since 2009, we have had roughly 1200 -- sorry. we have had close to 2,000 days. only 27 of those days was the reading below 27 it is really uncommon to be this miserable owning bitcoin but the last couple of times was november 2012. september 2016, january 2015 and bitcoin was higher a month later. so i think in a way it's telling us it's very tough to own it for the next week, even two weeks or three weeks but we are getting

through this and by the way i'm not 100% positive but i'm pretty certain the trustee does not have to return any more fiat currency to the former account holders i think they could be done selling. >> interesting stuff, tom. thanks for phoning in and sharing it with us tom lee, with the bitcoin misery index. you are an owner of ethereum, how miserable are you? >> i'm fine. i don't own bitcoin. i'm with ethereum and comfortable there. it's going to make a test around 79 or 80 i don't think you touch it until then i think this tokyo whale is still out there apparently with more to go i don't know where you have to jump in here. >> i'm jumping in. ethereum today i think the levels are incredibly attractive. i'm not concern about the regulation i think it's going to bring the adults into the room and allow

this market to facilitate higher >> i don't want to have to pick the currency so i play with it overstock. it's at the initial coin offering they are the only one that's scc compliant. i think regulation is going to be huge to this game i don't have to have to pick the winner so i play it with overstock. >> citibank is the cheapest bank citibank. >> aelection on, alxn for a trade of 140 into the second quarter. you go rent it for a while you have a month to own it, i think it is a buy here. >> steve >> square. it's been good to me thus far. it's breaking out before $50 it's up 13% in a week. i think it goes higher people can't explain the valuing a. i don't care it's going higher and has momentum i'm long. >> i hope you get power back >> after-hours trading on the floor of the new york stock exchange >> unusual for a friday.

>> you have got the whole crew here don't you. >> netflix why? >> because it's going igher, why? >> that does it for us here on "fast money. we will catch you again monday at k p.m. eastern time n move, "options action" starts right after this. oh, manatees. aka "the sea cow"" oh! there's one. manatees in novelty ts? surprising. what's "come at me bro?" it's something you say to a friend. what's not surprising? how much money matt saved by switching to geico.

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