now it looks -- >> obviously people are not willing to give them the benefit of the doubt and they are saying it's going to be a difficult year comparison wise. >> did you say it was trading at 3.5 times. >> 4.5 times earnings for the published estimate for this year. >> that is a cheap. >> easily the cheapest stock in the big cap world i think. >> that does it for us >> "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 -- pete najarian tim seymour, steve grasso and guy adami tonight on fast, bitcoin nearing a death cross sending crypto traders into a frenzy. but tom lee keep calm and hoedel on first we start off with the tech tantrum, raging on and the markets fallen angels, the once high flying stocks could have gone from beloved to discarded. tesla and facebook both in bear

markets. google, nvidia and noirks in correction territory and amazon falling amid the wreckage as investors fear it will become the next tart of the trump administration will amazon rise again if not, what does that mean for the market >> pete. >> i think the amazing thin about amazon, it's down 10% in the last week. it's still up 22% on the year. the amazing part, this trades with an incredibly high valuation. a lot of what we are seeing right now is a reaction of of facebook and the selling of the fang names and other tech names as bell. going after names in the market right now that have high valuations, clearly amazon would be one of those names. is it partially -- i had say it is, partially because of trump sure i think it started a week ago. and it's down 10%. i think that's the selling reason. >> can i interject. >> sure. >> how long have i been doing

this show. >> by the way, great song. >> ten years 11 plus. >> that was the creepiest music i have ever heard. >> was that your wedding song. >> what about amazon ♪ >> stop, stop. >> la, la, la. amazon please. >> they report earnings april 20th or thereabouts. i don't think the story of amazon has changed president trump notwithstanding. clearly if there are tweets out there that's going to be a problem but the story hasn't changed. last quarter was outstanding this will be as well why? because they can make it outstanding. what's the trade last july this stock flatlined around $1,000 we traded up to $1600 or so. if you want to play the technical game, $1300ish is a technical correction there is chance we can see it but ahead of earnings you want to be long in the game around then >> we are starting to question valuations that don't make sense

in a bear market whatever we are calling this market this is not a bear market yet. but i do think you have a dynamic where people are reassessing what the multiple should be on nvidia, on netflix, on tesla every one of those stories -- maybe not network though you could argue i netflix is in the data war zone as well. but i do think they get a different look based upon what they did using security concerns on a national level to target the steel industry and ta i have they can bend it any way they want. if they want to say amazon doesn't have material market share to be dominating any industries i think they can find an argument that they to right now this is the beauty of amazon they found their way to avoid anti-trust because they are not so dominant in any one sector they are dominating the whole thing. i think the administration can do that they want here and that's why -- >> the problem with the administration is they talk a

good game. we talked about it in the last couple of nights they talk a good game but the market still factors in what they are saying as gospel. it doesn't matter whether or not it's all bark and no bite. they still sell the stocks sell amazon is the latest example of that. but i think this week is weekend, monthened, you have quarter end. there is a lot going on now. next week, different tolly different. hang on a second total low different story. once you get into the earnings cycle mid ape i think you are on the tail wind of the corporate tax cut. they to do a lot of damage between now and then on earnings before >> i think you said a few times you think all the talk the market doesn't believe them. look at the steel tariffs, they are cutting deals with other people. >> the market sells off regardless of whether or not i thought it was frustrating because i thought it was all bark and no bite and it still sold off with the asian scare. it sold off with the steel scare. it is a buying opportunity but

you have got to wait i'm saying wait a couple of weeks. >> you are saying the market is responding to this stuff. >> definitely. >> it is. >> it is looking for a reason to sell off the reason of the day is president trump's -- >> it would imply this isn't a valuation question >> a bunch of paper profits and high flying tech names that they don't want to give up any transactions of that. >> the story of these -- all of these things are story stocks, netflix, international growth, you want to believe amazon they are going to turn the knob and start making money tesla, they are all of a sudden going to ramp up model 3 production, they are going to decarbonize the grid whatever you want to callist these are story stocks are those stories over >> i don't think they are over i think you have to remember one thing. guy, you mentioned how you think the earnings are going to be great. i agree. but i think the one area where amazon has real strength is aws. that's where you find margin, where you find all the things

that amazon -- that is boosting everything in the e-commerce of where they are they are getting eaten up slowly but surely by the rest of the cloud names specifically microsoft. >> i knew you were going to say. >> of course they are. >> because of that i think that's something people have to be aware of. it's still growth but it's slowing. >> i don't know if that's where the margins are. i think that's where the commoditized space will be and amazon will do it and it will in fact pull down microsoft. microsoft may be winning now but in the end they all lose on the cloud. >> i want to highlight facebook underperformed before cambridge analytic for two years okay how long we have been digesting their role possibly in manipulation of election results, you know, et cetera, i think doesn't matter i think facebook was trading with at least a weight on its shoulders that amazon may be digesting for a while. i think it's fair to say that in

this market people are questioning multiple force the first time. >> they tweaked the news feed. that's when the problems started. if you look back to december that's when the chart rolled over they tweaked the news feed because they wanted to be a good global citizen i agree with you now the story has legs to it and it can ripple through. amazon's is not self-inflicted i think facebook's was. >> we didn't mention the broader market but we might as well. the s&p continues to trade at levels that steve pointed out last week, 2585 levels right in the cross hairs. the fact we haven't been able to bounce and hold on to the bounces i think for the technicians out there is a wee bit concerning >> tech isn't helping. >> the dollar rallied 80 blips today. if it gets in the way it's going to be dangerous for the market the other side, we had more damage, rates went lower at least on the ten year. probed down to 274 on the ten year before closing up at 277. i think the street is off sides

on this trade. i think they are expecting 325 or 350, that's not handing >> the best news for the market. earnings season is about to kick off once ten if i'm right that's going object the catalyst that pushes things back up. >> across the board. you think on every conference call they are going to talk about the possibly of the tariffs, the chill in the market because of the threat of the tariffs, not going to talk about regulation in the tech sector. they are going to talk about all of that, and lower their guidance. >> they are definitely going to talk about that. we all know and steve points it out and you are accurate it's about negotiation that's what you have seen from this president over 12 months. >> you are high on amazon. why not? because they throw it out there and walk it back why wouldn't they walk this back, too. >> i think microsoft is winning. because of that, if that's where their margins are coming from, aws. >> plus you have to see the flush. that flush can last. he is talking about earnings

season, that plush could last two weeks, there could be technical damage this the s&p. >> you are not a buyer of amazon. >> until earnings season starts. >> until certain, season how about you? >> i hate watching the flush [ laughter ] >> more than we want to know. >> i think the quarter is going to be outstanding. i hear aws but there are other things where margins can be outstanding. inin the tape we have there is a chance it makes the 50%. retrace it back to 1300. >> would you buy any of these fallen angels story stocks in this market. >> no, i made a clear statement about what i think is the issue with data and where some management are better prepared than others. and i think concerns people have i have been saying for two months i think there are a lot of factors for these, ma -- these are market stocks, market proxies, when they are going down they are going down with it or taking it down.

>> our next guest is the biggest bull in the street and he doesn't like tech. keith parker welcome, you are i think the only strategist out there who does not like tech and it is a rare strategist who does not like tech why not? >> long term and strategically, we do. i sat here february 5th when the vix spiked to 50 in those instances when you have those vol shots what do people buy, stuff that has momentum and growth we have seen tech outperform during the vol environment and now you see the momentum stocks fade and tech this the cross hairs of regulatory scrutiny and trade wars is a logical place to reduce exposure tactical. >> that's a tactical call. how long is the call on for? who do you need to see before you become positive again on technology >> i think you need to see valuations compress. to guy's point about earnings season, i think that is key as a

point of support but also we are seeing value stocks about quite a bit better and around this time that usually starts to lead the market and i'm encouraged by the fact that the s&p equal weighted index outperformed through this last selloff meaning guys are taking off some of the winner and putting risk in other lays >> so you are looking past the index market cap weighted which skews towards technology, and you are seeing the performance elsewhere. >> exactly. >> so you are bullish on the markets. is it -- that kind of call is that and can the markets rally i guess without technology even if it is a tactical call on your part on tech? >> i think near term, the key next week for me is the first string of data we have ism, payrolls that i think defines the atmosphere for going into earnings. i think earnings expectations for q 1 are low. tax by our math was an 8% boost and q 1 has only been revised up by six

we have seen a big buffer. we have seen the key component of the first driver of the selloff and in our view the main one, rates volatility come down significantly. >> when you look at the percentage of technology in the s&p and then you look at value, the percentage of that, are you looking at energy? are you looking at industrials on the next infrastructure play? and do you really think people are going to rotate out of tech and buy energy that hasn't worked for five years? >> what's typical at this point, i mean we are looking for a support level. the s&p p/e on a forward bases has hit 16 times we were there post brexit and preelection. it is a usually about catching up our view was where should we look in terms of value energy relative dividend yields hit near peak last wednesday when we made the call. the boost for higher oil prices made that work a little bit. i think more of a catch up and we need tech longer term and

through the rest of the year to lead the market higher as well. >> what's the biggest wild card when it comes to your 3150 s&p 500 target >> i think the valuation argument in this volatility regime, where we are worried about rates and inflation is a more difficult call. i mean we were at 18.5 times forward plus in january. we are now at 16 times that d raerating is massive i think you need that uncertainty to come down first on rates, next on trade, and questions about earnings which i think we will and stay positive through the course of the year. >> keith parker of ubs what did you do today? >> i loved hearing keith say that. >> on valuations >> not because i'm pulling for better valuations but i don't believe that people could be looking at the market and putting -- you rerate the market multiple wise on the cost of ebt and the factors related to risk factor what did i do? i had a couple commodity stocks

that blew thou stops i took some pressure off the table i want to be able to sleep at night in this market, have powder, i want to be able to be active when the markets gets nastier. >> i have bot powder and deploying it recently. i have had to be patient in energy one thing i took away from listening to keith was energy. he talks about that as the rotational area and. >> value. >> value and all the rest of it i'm there. it's going to take a lot of patience i have been there for a while and i haven't seen any results i like the fang. i added microsoft. had a pull back under 90 i thought it was time to get back in. >> i sold my major positions we will talk about it laider >> in technology specifically. >> there is a health care rotation going on quietly. the ibb was up half a percent. big cap pharma seems to be doing well on this tape. >> apple tim cook speaking out

about the failures of facebook and he has choice words for mark zuckerberg we will hear what he had to say. tesla going from bad to worse. the stock is down 34% from its recent highs and celebrity ceo elon musk might be to blame. later, bitcoin more than 40 pores from the highs it's nearing the dreaded death cross. tom lee will tell you the one reason you should own bitcoin right now. we are live from the nasdaq market site on times square in new york city. much more "fast money" after this (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

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plus, for a limited time, get a $250 prepaid card when you buy any new samsung. xfinity mobile. it's a new kind of network designed to save you money. click, call, or visit an xfinity store today. welcome back to "fast money. apple's ceo tim cook making fiery comments about facebook's recent missteps. for more let's go to josh lip ton, who was there hey josh. >> melissa, that was an interview that took place today right here at lane tech high school in chicago. recode's kara swisher, msnbc's chris hayes talking at length. he touched on a number of topics, including facebook's data scandal take a listen. >> we are looking at every app in detail. what is it doing is it doing what it's saying it's doing is it meeting the privacy policy that they are stating right? so we are always looking at that should we raise the bar even

more we are always looking at improving and raising the bar. >> mark zuckerberg, what would you do >> what would i do i wouldn't be in this situation. >> now, melissa, in addition to facebook's data scandal cook touched on the company's plans for the new campus said it's not going to be in california also said they are not planning on doing any kind of beauty contest for where that campus is going to be. that sounded like a nice clear shot at amazon and jeff bezos. >> we are going to have an interesting -- speaking of beauty contests, did you see the rig josh lip ton had on, like a parka. >> an adir on dak. >> handsome. >> he is in cold climbs. >> a hoot and everything >> cnbc logo. >> that's a spray on beard that's strayed out of the jcpenney catalog. >> enough flattering josh lip

ton. josh lip ton for us. what do you think of tim cook's comments should he have said those things about mark zuckerberg, the need for increased regulation, the fact that he -- >> this is the second time he said it. he said it in beijing three or four days ago. >> right. >> he said the situation the situations that gotten so dire that he would actually be pulling for some more severe regulation as you pointed out. i don't think apple is positioning themselves also for the broader political environment. i think this is truly what apple feels. i think they have a culture that's been very protective of data i think that's coming through here >> or he doesn't feel -- he doesn't have the risk that a facebook has so he is doing one of these look over there and not over here. he wants to get the heat off of him. whatever shape or form that might be but he's definitely not under the magnifying lens as a facebook is. and it seems like the bess defense is a great offense that's what it looks like he is doing. >> he is under the microscope when it comes to shipments

we have got goldman sachs and rbc both trimming their iphone sales shipment estimates. >> yes in answer to that question, what would you do if you were mark zuckerberg, i wouldn't be in that position. >> i wouldn't number that position, yes. >> that's sort of an interesting answer how do you know -- listen. >> aggressive, right. >> it is aggressive. i am not a zuckerberg apologist i'm sure he doesn't want to be in that position but to say i wouldn't be in that position this the first place. >> we have different businesses, totally different. >> i think everybody is reading that as well he is giving him a shot i think the shot he is giving him is i would have gotten on that right away. my biggest criticism of facebook so far is. >> how they handled it. >> they handled it so poorly they didn't get immediately out in front of it when they did it was written there was no interview, there was no back and forth. there was nobody pressing him. that took a long time. that upset a lot of people in silicon valley, especially tim

cook who respect the rules out there. and they try to play by those. >> you don't think facebook would have lost market cap for the week plastic if he had gotten out earlier >> they probably would have but i think it would have happened earlier. you need to get out socially in front of a bad news story. >> is anybody surprised that the sthalized platform where you are getting it for free that you are the product and you are essentially being sold this is the thing that to me i don't think people should be waking up and think facebook is a villain, this is he moo, i haven't gone through the settings, i let this happen to myself this is why crypto has a future bus it's about deflalizing and giving people the power. >> however, with 2 billion people out there let's think of where they are coming from they are not tim seymour in new york city and as sophisticated and as educated as the 2 billion people sitting there on facebook. >> that's true. >> i think that's part of the

issue. that's why you have got to get out in front of it it it's not to protect you, it's to protect all the people out there using it for all the reasons they want to and they don't know it's getting sold. >> more specifically when it comes the facebook it's selling the data, and then not making sure it wasn't sold again. they never really enforced that. >> i think that's true they have certainly made mistakes here. i am a just pointing out if we are now going to try to whitewash everybody that's in the position of collecting data i think you have to be careful about that. >> tim cook is not in that business he is selling hardware until proven otherwise he is a hardware company trying to get into software. >> where does it end twitter, snap, alphabet, how about visa and mastercard. how about all the guys who know a lot about us how many times have you signed up for something and that list

then gets sold where does it all end in terms of protecting our data, who falls into the cross hairs of regulation >> talk about experian, the bounceback in that stock was dramatic david seaburg talked about that. i can't speak to mastercard and visa but you are right our data is all over the place. it's shocking to me that palo alto networks and sem an tech haven't done better in this environment. this should be a sweet spot for them the stocks languished. to your point facebook is probably the tip of the iceberg with all of that stuff the question comes down to this, is this a speed bump for them or fundamentally changing their business i think speed ump about. other people disagree. >> grasso here, hitting the sell button on some of his biggest holdings today when is the right time to sell your winners he will explain the method to his trading madness next in the meantime, here's what else is coming up on fast. >> tesla shares are crashing and there is something to

suggest the pain is just starting we'll explain. plus, bitcoin is nearing a death cross. >> no! >> yes, but bitcoin bull tom lee says hodl on, because there is one simple reason to own bitcoin right now. he will tell us what that is when "fast money" returns. finally, there's a roundup made just for your lawn, so you can put unwelcome lawn weeds to rest. draw the line. with roundup for lawns, there is no better way to kill lawn weeds to the root without harming a single blade of grass. it's a great day to be a lawn. draw the line with roundup. trusted for over 40 years. ♪ ♪

welcome back to "fast money. it's time to unveil something we have been excited about for a very long time our new bitcoin bug. it is a finally here see it right there and just in time for the crash bitcoin is now below $000 there is something in the charts

that could signal the worst is yet to come for the cryptocurrency bob pisani is at the nyse. he will tell us what it is. >> i'm the doom and gloom guy. this is the dreaded death across where the 50 do i moving average crosses the 200 day moving average. it is considered a negative technical indicator socialed with down ward ends from we are not there yet we have a ways to go here, but the trend is moving in that direction and that's getting a lot of attention will it hit the cross? the issue here is, we have had a drop from nearly 20,000 back in december all the way down to $8,000 to get close to this death cross. so this is a huge drop we need to drop nearly $2,000 more to get into that death cross. so the question here is whether the bears are going to run out of steam getting it this far down i think it's possible, sure. remember, we were at what, $6,000 back in february. i wouldn't count on it i will tell you why. we have had this death cross

scare before and it hasn't worked we have had three death crosses with bitcoin in the last several years. we had one in april of 2014. we had one in september of 2014. and we had another one in september 2015 do you know what happened? selling then only worked in september 2014 the other two times bitcoin rose shortly after passing the death cross. it didn't decline. so be a little skeptical this the cases of bitcoin when you get so much volatility about death crosses. back to you. >> where there goe golden crosses, bob. >> i need to check that. more than likely, you mean where it reverses. >> yeah. >> where the 200 goes above. yes, that would have made sense. >> thanks bob pisani >> despite the wreckage one of bitcoin's biggest bulls has a message for investors, keep calm and hodl on. tom lee joins us when we put on twitter you were going to come on, we got flak

because you just say buy bitcoin and keep holding object hodling, whatever you want to call it but your premise of buying and holding is backed up you say by numbers, by data >> yes it is a simple exercise. people have done it for equities for a long time. if you take out the ten best days for bitcoiner every year based on percentage change, bitcoin has fallen 25% a year. so in other words, the gains in bitcoin occur in a very short number of days even last year for instance if you exclude the ten best days, bitcoin was only up $200 in other words, that whole 1600% move was created in a handful of days >> how confident are you that historical data holds for an asset like bitcoin when liquidity has changed so dramatically over the course of as many years. >> i mean that's a fair question you know, this idea of avoiding market timing, really that's why you want to make sure you

capture the ten best days has really worked in a lot of liquid markets for years. for s&p it's been since 1954 in bitcoin there is consistency. it's not as if when you look at the history of bitcoin that there is a few years where this is the case. it's really occurred in every single year. >> tom, if i was holding a s&psider or something i want to just be there for the ride i think one of the concerns here is that bitcoin, even if you are in those days, you have to believe you are going to have those days again there is an existential question about bitcoin's viable maybe not as an asset class but as a player. would don't know that. for guys that are in this aset, this pain is something that says by staying in it i could make -- could be in the ten worst days of 2018 and be much worse off. >> the mood in cryptos is terrible long term holders are a worried because they had big gains and

they are worry about falling prices, but bitcoin is a great store value. it works really well it's kind of boring because it's not like the latest and most exciting project but it also is one of the most liquid ways to get exposure to crypto there is a lot of on-ramps being built from futures and potential etfs and it's the clearest one when a regulatory perspective. when institutions start to really get involved and they around in a big way bitcoin is going to be one of the first places they start. >> the price of bitcoin is soared of side weighwaysish. as we go sideways are people feeling better about things, which implies you could see another move lower if that's the case. >> the misery index is still low, around 28, which is a level of misery. you have better graphics again on that. i don't think anyone who owns crypto should feel confident but you know, we still think

bitcoin is in the bull market. so i don't think we have the conditions that took place in 2014, which was a huge liquidity shock. you had the largest exchange announce a massive hack. that's not the type of seismic event taking place in crypto today. >> is crypto this call and your calls for bitcoin are they the hardest to defend you are well-known, well regarded here you are talking about bitcoin in what has been a terrible market for bitcoin. >> um. >> do you feel -- >> yeah? >> when we talk about institutions coming in, is this harming that move or what you see coming >> it's -- so it's kind of a mixed blessing one, it reminds me a lot of my work was when i was a wireless analyst in the '90s when people thought it was about long distance and plain old telephone service and people thought cellular was a crappy little

business which now is bigger than everything. we are doing calls and meetings with traditional managers. they are taking this chance while bitcoin is consolidating and they are seeing the case for it as a real store value and there is real plumbing being built to get educated. i think this is great timing because it doesn't force investors to jump in and learn later. it's giving them a chance to really study it. as bad as it feels now i think it's the kind of environment you want. >> last quick question, right here, right now, fresh money into bitcoin or the s&p 500? >> if it's between now and year end. >> yes. >> it's easily bitcoin but we are bullish on equities it's just i think bitcoin has a lot more up side. >> tom good to see you. thank you. tom lee of fundstrat. >> thanks guys >> quick questions please, not to tom to you >> go ahead. >> you sood said we have a new -- >> a bitcoin bug >> what's new about -- can you tell me what's if you about it >> it's new. if do do a split kreen with the

new versus the old you can see how improved it is versus old. >> can you the a difference. >> vision is bad. >> it's still the price of bitcoin. >> is the bitcoin logo on top. >> it has the logo >> now we are getting to it. >> i think since we put that little thing up, i think we actually crashed bitcoin >> marked the top. >> i'm sure other people think that >> i'm just moving on here still ahead, the wild market swings, and steve grasso kicking some of his big winners to the you are can. how did he know that now was the right time to get out? he has threes claic sell signals. plus tesla shares skidding out of control, down 30% from the december high. there is something in the chart that stock to plunge another 20% from here. we will break that down. much more fast after this. fire fighting is a very dangerous profession.

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house physician who had overseen the president's physical he was first nominated to that position in 2006 by george w. bush in a statement president trump said that admiral jackson is highly train and qualified he has seen firsthand the tremendous sacrifice our veterans make and has a deep appreciation for the debt our country owes to them the new secretary would have to be confirmed by the senate shekt shulkin had been confirmed unanimously by the senate until a replacement can be confirmed, president trump saying that robert wilkey of the defense department will serve as acting secretary in thinks stead. >> back over to you. >> elon mui in dc. does that bring back concerns about the turnover in the administration >> it does this isn't a headline cabinet post but the appointment is an interesting one and obviously one that's difficult to criticize because then you are criticizing veterans even if

it's about suitability. >> tesla bonds while the stock is now down 16% year to date, tesla bonds also crashed to an all-time low at one point the company's bench mark bonds from trading at 86 cents on the dollar. there is one person who seems to be immune to all the panic it's apparent in this twitter account. it's not just how much musk is tweeting it's also what he is tweeting. in the past week he has done everything from criticizing facebook to responding to accusations that he is trolling his followers. this while musing about becoming a rock star. he shares age old wisdom from his own mother are musk's erratic tweets coming at a time of major issues and a key delivery number coming next week could he be the biggest problem. >> he is not the biggest problem. >> he is the biggest asset. >> i think he is the crazy

genius type. i think everyone understands nobody is looking for him to play it straight lace. this is him had, this is his personality. we have seen these types of actions from him before. i think if he were to leave tesla that would be the end of the stock. i still believe he is the biggest asset not a liability. >> i agree with that as well when the stock is going however, everything he is doing now makes him eccentric and colorful. >> burnishes his reputation as a celebrity kroeflt. >> and now what is the word you use. i had makes him a -- in a liable. >> liable. the stock is below a level i have talked about for a long time the game has changed i have been bullish for a long time you have to stick to your guns that 280, went through it like. >> like a knife through butter what's the next level. >> the next level is pretty low. >> 158ish? >> aim he not going to get crazy but the next level is probably --

>> 220 250 there is a little bit of resistance then you go to 220. but again we sliced through 280 like nobody's business 207 close. >> is it a production right now or inthe bigger fear is the whole idea of the capital raise. >> it's coming from a production issue though. >> but production has been the issue time and time again. how many times have we heard, the model 3 we are falling hand. >> the longer the ramp takes the more money they need why is that a story today and it wasn't a story two weeks ago. >> moody's downgrade i think is part of it. >> right, right. but does it go back to the derisking of the market. >> sure. >> and the lack of faith in the story stocks that we had fate in before >> sure. >> i also think we are days away from a production release. the closer we get to the story the more speculation you could have yp j.p. has a option stream out on it. there are ways to position for this we talked about it on the show, if you think they get to the production numbers, what the risk reward on the stock

a lot of people were saying higher i think if they get to production there is going to be relief but i think the damage is in there. >> we have said this time and again. every time they went to the market they have never had problems tackling the capital markets, through debt or through an equity issuance this time around, does it change >> feels much different now, deny it? every time they have done a capital aise, i mean they have done a secondary the market has rallied off the back of that, which has been remarkable. and must have been has been on the other side of a few of those. the environment feels much different now. again, i have been bullish clear the last month and a half i have been dead wrong 280 was my level i think the cross hairs are in the 250 level. >> is there the appetite for that kind of risk right now. obviously in the last couple of trading days, no is there truly looking further out than just a couple of days is there enough out there where people are willing to say let's do it again. raise whatever amount of money. >> and buy into the issue. >> look at their credit.

you never have to go too much further than the credit. that is telling you all you need to know. this is a different issuance market on the equity side i've going to be more expensive. >> the options market is implying things are going to get worse for shares of cess la. let's go to mike khouw in san francisco with more. hi nike. >> we did see well above average omgs volume in tesla today in fact close to three times the average daily put volume the trades that interested me most were the june 200 puts. over 7500 of those trading for 10 buck. buyers of those are making bets there could be a lot more pain to come a decline of over 20% that would be over the next three months to the point you were just making the debt guys look at cash flow. it doesn't have any. it's negative cash flow. and the equity guys tend to look toured confuse to earnings it doesn't have any of that either when you think about it. that kind of key line, would take it to below ford. that's an easy move i think from

here. >> wow mike, thank you. mike khouw in san francisco for us a reminder, we are off on friday check for the khouw show next friday. >> right had he we need you. >> yeah, well. there is an options newsletter you can sign up for also by the way. still ahead, more autos. phil lebeau is that the auto show. +steve grasso dumping big winners today. what has him kicking them to the curb he will explain when "fast money" returns >> announcer: "options action" is sponsored by think or swim by td ameritrade. this gentleman?for hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated.

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welcome back to "fast money. if all of the recent market volatility has you questioning whether or not to is it hit the sell button, don't worry steve grasso is at the plasma to let you know when to sell your winners in a program we like to call the more you know. >> for me, you have to look at why are you in the trade to begin with is it fundamentally, do you believe in the story, is it a technical thing where you are look informing ar bounce that's the number one question you have to ask yourself usually it's both. you have to believe in the story and then you look for an entry level on technicals to confirm that you actually want to buy into the story then, this is more difficult, you have to analyze the risk tolerance. these are winners that you are selling. so you actually have to look at

how much profit are you willing to give back off the latest peak in the stock price so that's a very difficult one when you have a high flyer and you have winners but that's a choice that you have to make on your own as well here's the most important thing. in this market right now, you have the trump effect. you have the valuation effect. you have rates increasing. so all of these, this is the one you want to focus in on. because 70% of all stocks trade with the overall market. so you could have the best fundamental story, the best technical setup. if the overall market sells off, your stock is selling off as well >> steve, i have got a question for you, it's pete. >> sure. >> who else would it be? >> i sound like tim or guy. >> no. >> go ahead. >> of all the stocks i see up on that board right now. >> sure. >> which one was the most difficult for you to make the decision to say i'm going to take this off? and why? >> here's the thing. tim brought it up at the top of

the show you have to have the pillow test, the sleep at night which makes you feel better next week in case the market caves. item away next week. i wanted to clear the slate. it's before earnings season. i think it has a humongous swish to the downside. this was difficult this was difficult the play on all of these with the exception of this, overstock. overstock was basically by bitcoin, every coin, blockchain play these were my biggest positions all of the other names i do intend on buying these back eventually it could be in the next couple of weeks or so when the market flattens out but i have to see technical confirmation that the selloff is done. i believe in those stories fundamentally so those were my children, those are the ones i had a hard time letting go of today, pete. >> grasso, you are completely out of all of those positions. >> completely out of all of those positions. clean slate. i want to take a flesh look at

it when you look at this chart, the 50 day moving average. just to put a bow on it. when the stock breaks down on 50 day that's when it run out of momentum you could say it broke here. but the s&p was doing this on the way up there was no macro confirmation to get out of it this was the macro confirmation. that's why i sold. >> thanks grasso the more you know. tesla and nvidia pulling the plug on autonomous driving this week but one company is going full speed ahead. don't go i were in, much more "fast money" after this. you always pay 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.

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wei to "fast money." the new york auto show officially opening to the public on friday. our very own phil lebeau got a sneak peek of the action you spoke to the jag want land rover ceo. >> he is an interesting guy. basically the question i had is who was talking to who first did you approach waymo did waymo approach you when it comes to developing and building these 20,000 self driving all electric jaguar i paces that will start coming out in 2020? he basically said we found each other. look, there is partnerships. and it was a natural fit for waymo. it wasn't like they were going to go to general motors. and i think it is a pretty smart choice for them. it is a brand-new vehicle. it is all electric, which is what you want in terms of your ride share services. he had an interesting perspective. here's what he had to say in

terms of what they think about the future when it comes to the i pace. >> autonomous driving in the future will need joint ventures, partnership, between government and academia, but also industry and across industry. and you look for a similar mind-set, and you also look for people and companies who are leading in their respective fields and so the partnership between jaguar and land rover and way moore mow is an ideal combination to go ahead leading in the way into autonomous future. >> key phrase there, go with the leader waymo is clearly the leader when it comes to self driving technology right now. >> amidst all the blood bath in the autonomous space in terms of the chips that sold off. nvidia had an analyst meet asking they had this target, 100 million self driving cars, 10

million robotaxis by 2025. >> youza >> 0 million >> yeah. >> that's -- let's look at the united states. there is 275 millions vehicles out on the road now. i have not come across anybody who believes by 2025 you are going to see several million self driving vehicles. let alone 10 million i know they are talking globally, worldwide. >> right. >> that is highly ambitious. >> day three of phil lebeau here on "fast money." a record what was the coolest car. >> i liked the audi rs 5 sportback. when you talked about the new york auto show you are talking about your luxury models that -- look, there are limited numbers that are built you are not looking at mass market numbers and that's one of those that's pretty darn impressive. >> and your. >> caller: >> what was so cool, so impressive >> first of all, i think audi has it rye now in terms of the styling and the performance ask. the rs 5 sport pack, i haven't

had a chance to drive it when i do, it's going to be great. >> always great to have you here phil fill lebeau. final trade is up next 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.

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like a movie >> brilliant. >> you know what else is brilliant. big cap pharma names, pfe. >> i'm melissa lee see you back here tomorrow at 5:00 for 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 other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. you can't just go back to a stock that you hated for