people think the month and the market can open in okay condition. april is seasonally strong there hasn't been an april recently that has had a big downside maybe that's a benefit i still think the market has a 2 or 3% upside before you can say this is more than a bounce right here. >> enjoy your time off that does it for "closing bell," everybody. "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 -- pete najarian, tim seymour, brian brian, and guy adami tonight on fast, it is crypto hell with bitcoin having its worst quarter since 2011 there is one coin brine kelly says is going to the moon. it's not bitcoin he will tell us what this is. >> the top analysts on wall street coming out and saying this might be your best chance to buy facebook, the social media giant despite the controversy. first we start out with the

market rally the dow surging. the dow and s&p managing to end in positive this week. even the most hated stocks this week had a reversal fortune, amazon, tesla, netflix even bond. do you trust the bounce? do you fade it or trade it >> i don't think you fade it i don't necessarily trust it but 2585 held up it sold off late any day month end, you can give a lot of reasons, quarter end if nothing else the last couple of weeks gave me something steadfast to trade against in terms of the s&p at the 2585 level. in terms of individual stocks last night we said there was a chance amazon would trade down to $1300 down to 1365 today the reversal on amz to me was impressive i said it last night i think they will report a great quarter because they can out of all the names you can

mention in terms of do i trust it that one sticks out to me the most. >> how much was this quarter end? or a schenn an began. >> i think there were schenn an begans volume was light things were oversold frankly, momentum in markets, especially this market where we had a record up day or the third best point day on monday a tuesday a death defying fall the point is markets have gotten to a place where technicals have been foreign and oversold conditions led to places where there was relief there was nothing on the political calendar, there was little that could have gotten in the way in terms of washington although that is something -- you asked the question do you believe this is the bounce to buy? the good news here for me is i think market participants have become much more negative. that's what i think we have needed to see. i think there was too much complacency two months ago no i don't say monday morning you come back in and buy with two

hands. i think it's going to be quiet next week, too. >> what bounced? we were up today but for four days we were in a huge trade range. on a one day basis, wow, what a big day. two days ago we had a huge down day. i don't think there is any bounce, so there is nothing to trust. i don't think you have to buy into this market until it proves itself, until it wants to go and do something this is the deep end of the pool had he it come to trading. we have a lot of cross currents. bonds are rallying what if they reverse what if things get better? what about south korea what approximate north korea we don't know. why would you take that risk when you are having days that are going up and down and up and down >> are you negative. >> neutral >> it sound negative, frankly because when i look at what rallied today it made sense to me what rallied today. some of the technology names, particularly the names that were not in the high multiple category, we talked about it yesterday had an impressive day, intel or microsoft or some of those names moving to the upside we got earnings that almost got

overlooked by everything pvh and constellation crushed it as we get closer to closer to earnings seasons, financials kicks off in two weeks that's when the focus comes back on the fundamental story, which is is there growth my answer is bakecally yes is this something that's going to accelerate through the rest of the year? my answer is yes i don't know this wasn't a little bit about painting the tape going into the end of the quarter. but i think there were names out there and segments out there in the market that were bought for the right reasons. some of those were financials as well. >> let's look at some of the individual moves on week they have been extraordinary in terms of the volatility that we have seen. and part of this bounce that we saw in today's market has a lot to do with the bounce we saw in today's session in amazon and facebook is some of these tech names that have been dogged slaughtered this week. amazon we saw that bown today. it opened poorly and managed to turn thing around. >> traded down to 1365 on the

hos. last night we were talking about a 50% correction correction from the levels we saw in july. got you to 13000 1365 is chose enough for government work and gives you something to trade with. i understand what bk is saying if you look at s&p technicals where we stop and bounce off of, that was expressive. we had every opportunity to bludgeon it but they were in the able to. again we are at quarter's end. but it wouldn't surprise me on monday to see the market higher. >> you trade amazon? that's the bottom line or fade it >> i think the low might have been put in. earnings -- i think earnings on april 20 helicopter will be very good because they can make them very good. >> i'm not negative on this market if anything i'm looking to buy but i would rather have the market prove it to me after we have had those down days or down month or so before i get in. the other thing is if we welcome back lower then i would be a big

buyer. >> guys, you no you appropriately brought up the story stocks, tesla, networks, amazon. >> i am sitting at home, seen a crazy volatile week, bounce in today's session, i'm thinking do i buy it or sell it? do i trade it or fade it, what do you say amazon. >> amazon, the story stock at least has hair on it the hair on it is egulatory, whether it is legit or not, there are reasons why people are somewhat fearful of washington two you should be fearful of the valuing a. people are unwilling to look past multiples anymore for companies that don't have free cash flow. >> tesla, we will get the delivery numbers in the next few days. >> honestly, i still don't think those matter i know there is zbreelt, i know you and i disagree on that but inthe reality is the financial issues and can they go back to the capital markets? those are a bigger concern for

me production numbers, how many times has he missed on that? countless times. that's less of an issue. they need to raise money. >> hasn't the environment of the margaret, the conteb of the market changed this week to where people are looking at fundamentals, right, they are scrutinizing, looking at valuations all of a sudden there have never been fundamentals in the amount story in terms of valuation or the netflix story in terms of valuation. but this week there was. you are still saying people will forget about the dhifry numbers. >> there is never been numbers there in terms of what they are making that's the fact. they have not been there but it's not been about the productivity it's about the dream that's what peep have been investing in forever in tesla because what else has there been every time he has done a fund-raiser -- >> you want to buy the capital rates on tesla, with both hands.

>> this time, too? >> absolutely. >> i would imagine that you would trade the bounce that we saw on today's market. if you are a buyer on the capital raise, i'm assuming you are talking about if they did an equity issuance. >> even a bond issuance. either way they are recap talizing so the story that they have to raise capital is done. >> it is a in the done, not done until the next one, are you kidding me. >> there will be another one >> maybe they are going to tell you it's 750 but it's going to be 25 in three weeks. >> this is venture capital deal. that's the way you look at it. >> why you have have major turnover in the c suite. where you have a ceo whose behavior is more erratic than every. >> not any more erratic than normal. >> i don't know if it's more rerattic. >> that's the tesla story right now. >> you trade tesla you fade what do you say, guy >> i would say this. 280 was my number. a close before 280 get back in the pool

i thought today's reversal was impressive but not as impressive as some of the other names i would buy above 280. >> the reversal in amazon was almost identical. >> it's the same looking chart they all did that. i think that's the mark. that's the point here. when the market -- the tidal wave of capital and bullishness falls over the market it's all fine when it comes back. >> you see what's left onthe sand. >> it's a dave edmonds song, mel, 1980 -- >> i have no idea what you are talking about. i want to talk about the week we have seen in bond. the stolkt finished basically flat for the week. bonds finished higher. what does that tell you? which market do you believe? >> again, we have had this massive volatility in the equity market so it would be natural to say hey i don't want the volatility in the equity market bonds are offering a relative value at these yields. why wouldn't i reallocate to that area? you don't even necessarily need

to have a big equity market selloff to make bonts more attractive therein lies the issue let's say the economy starts -- everything gets going again, right, and we are not worried about anything then you have to be worried about higher rates, how much are they going to take away from equity i wouldn't be buying bonds here at all if anything i would be fading bonds. >> fading them how about you guy. >> tim said it for a while people are on the wrong side this bond trade. it was unanimous that rates weri going higher clearly that's not the case. i don't want to pretend i know the yield curve, when it matters, if it matters it's getting interesting the one rate that does matter, libor, goes up every day for the last two and a half months that at a certain rate is going to pose a problem. >> i think there is two things the bond market needs to think about. this was a record week in terms of u.s. treasury issuance. bonds effectively rallied this week although on the shorten they gave a little ground. the ecb has been dovish this

week three weeks of macro data around the world that hasn't been terribly good. confidence data is betting weaker i think there is ammunition on the economic side. we are getting great tunes in my ear. >> stop talking. >> wrap it up. trade it or fade it? fade all right. >> coming up, speaking of reversal, nvidia rally back hard today. jim cramer just spoke to the ceo. he had something fascinating to say about bitcoin. speaking of bitcoin, it's been a quarter from hell for the cryptocurrency down 40% from the december highs. it's about to break below $7,000 but brian kelly here says a bitcoin res reduction is ahead we will explain why he is bullish. >> it's opening way. guy ami adtoadrey step up to the plate. the one controversial stock he thinks is going higher

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recapitalizing recaps retail having a red hot week that kicks off our top trades. check out the srt, the retail etf gaining 3%. >> reporter: in this short week.

is it time to go shopping for those stocks. >> it does we talked about the breakdown of that etf before. it is a smattering of those. but the diplomat store names pete talked about earnings being a catalyst the department stores are going to show you first quarter numbers i think are impressive came out of holidays something like macy's has done a defensive job during a big pullback xrt traded down to 42 and change, $41.50 very strong support. i like retail. >> i like some of the discounters. tjx is going to come up. i see under armour is in there, which is why i fade that all the time target is interesting as ever. it's at 69 it was up towards 80. >> it was one of your pitches. >> it's been a pif i think they have the growth going forward.

>> is that shirt from tj max >> i would like to say he why. i would have gotten a better price for it >> it is a great looking tj max price. >> target has shipped, and it's made a difference in how they are going forward. >> i still think you are spot on i think target is is in the same place walmart was almost a year ago. they have the potential to turn around e-commerce and awful of these thing. in the he radio tail space i'd rather be in target than walmart which i owned much of the year don't own anymore. >> self would would you rather. >> can he do this. >> he does it all the time they do it left and right. i have no control. they do what they please guy, whatever you want to talk about. >> we are all sitting right here macy's listen, we talked about macy's don't report until may it is a name like do you want to be short and watch this thing continue to grind hard

no a lot of 31 price targets. i think it is goes higher than that >> are we going to hear about the tax refunds in the next quarter? is that going to help? i think it certainly should be something that helps these guys. when the tax rates come through, these guys are as well positioned as anybodian their tax rates to get a benefit i think it should be about their consumers benefiting their customers. >> it's been a wild ride for nvidia jim cramer sat bown with the ceo moments ago. we will hear some of his comments i'm melissa lee, you are watching cnbc first in business worldwide. in the meantime here's what is coming up on fast. i am mad as hell and i'm not doing the take this anymore. >> bk says there is one cryptocurrency that's about to moon he will tell us what it is plus, guy is bringing the heat pitching one stock that's olympic over 6 in 0%the last year when you hear the name

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it is indeed bitcoin's quarter from hell. the cryptocurrency down a whopping 47% so far this year, on track to close its worst quarter since 2011 what is behind this epic plunge? bob pisani is at the new york stock exchange with the details. bob? >> hi melissa with bitcoin down quarter i guess you could call it the quarter from hell bitcoin fell 6% on big concerns that crypto investors will have big capital gains they need to pay by tax day and are selling to pay those taxes still we are closing the quarter at the lowest level since early february for bitcoin

what else went wrong this quarter? we had regulatory pressure from the s.e.c. which said not only icos but also crypto exchanges should register with the s.e.c then social media platforms like twitter and facebook and google banned crypto ads. it was no better overseas. a defunct japanese sold $4 billion in bitcoin cash and has $1.5 billion more to go. interest in bitcoin is also way down google searches for the term bitcoin peaked in mid december and fell 75% since then. bitcoin started the year with a value near $300 billion. now it's down to $127 billion. all contribution are down to half where it was at the start of the year.

fund trat's tom lee says he is keeping his year end price target at $25,000 one of the widely cited reports came from goldman sachs analyst steve stralman who says most contribution won't exist in five years but that doesn't mean blockchain won't play a role in the future >> so, as bitcoin's hell rages on, is there a resurrection ahead? bk is at the plasma. >> i love the timely seasonal references let's look at bitcoin first and see where are we in this char. this is last year going back to may of last year we started to get that real ramp up blue line is the price of bitcoin. the orange line is our proprietary fair value that we have come up with. that's basically based on transaction. you can see back here, beginning of the year be the blue line was below the orange line. that meant that bitcoin was

undervalued. up here, when we got to $20,000, blue line above fair value that meant that bitcoin is overvalued here we are today. this was done a little earlier today. you have the fair value of bitcoin now, about $7385 my finger pen is not, woulding but about 7385 dpl when i walked over here bitcoin was around $7100. et cetera a slightly undervalued at this point in time. now i also want to look at ethereum as well ♪ this is the dawning of the ag of aquerreyous >> fun music there fantastic stuff. let's look at ethereum as well again, back in may you had this big undervaluation versus the fair value on line is fair value.

in december you had massive over valuati valuation. what is going on here? ethereum down at the $400 valuish is the most undervalued of the coins ethee yum trading around $400. fair value is $400 we will go to the next chart if i hit this button we'll go to the next chart or if i hit clear. all right. this goes back to april, may of last year. that's $400. it was resistance, resistance, resistance we had the big run up. what happens when resistance is broken it becomes support here we are at that level again. i have got technical support i have got undervalued asset if there is a crypto i want to buy it's this right here i did so today. >> would you rather, ethereum or bitcoin, what happened with the

centralized platform over the last couple of weeks with facebook as the poster child great news for ethereum? >> fantastic news for ethereum exactly what you wanted. ethereum is the new internet where you control your own data. i don't think until you had a crisis like facebook had that the general public would under it >> do you have a price target in mind >> listen, these things are wild 485 is fare value. we are at 400 now. i would certainly except it to get to 485 it will likely i don't have shoot of the north of $500 i think would be easy as long as we get the bull market going again. >> thanks. >> i got in to ethereum yesterday. i am long term holder here

it's not to say that i ethereum is the horse that rides to victory but i believe in the platform i believe in -- to me i'm not making as specific of a bet. i'm making a authorityic bet of what's going on if crypto land which i am in pave of. >> it's important for you for the coin to have a platform which is being used. >> yes. >> what would have to happen for you to say i was wrong, i should g -- i got in earlier than i should have. >> this was at least the platform of choice for developers that could change quickly. and i think that would be the news >> speaking of crypto here, the nvidia ceo sat down with "mad money's" jim cramer moments ago and said something interesting about the cryptocurrency cramer will be here live to share those comments with us later this mound. it is baseball season. guy adami has one stock he is

calling a home run in q 2. will the other traders agree find out when he delivers his fast pitch money.

despite the semis bouncing the group is hovering near correction territory down just

about 9% from its highs. look at some of them nvidia closing shy of correction territory, down 9% are these once high flying chip stocks turning into a bargain buy pete >> i think they are an opportunity. intel, i know you are in intel. >> yes. >> i love that name. i think they are doing what they need to do at all the right times and they have prepared themselves going into the future micron as well acquisitions in the space. they have done it and positioned themselves well for cloud and mobile and everything else i love the chips, most of them trade at an extremely cheap valuation. great cash flow, cash on the balance sheets, i think m&a is going to persist >> a lot were hyped up because of the promise of autonomous drive. >> let's be clear, micron and intel, those valuations are arguably very cheap relative to their peers. what's going on in the space is