legitimately makes people feel worse about themselves so if you can somehow cast it as bad for your health -- i mean, it's a long shot. >> but the momentum is building and nevertheless they didn't show any problems in the results. i'm still amazed the nasdaq didn't do better but we'll have to pick this up monday thank you, gentleman that does it for "closing bell." live from the nasdaq market site overlooking new york city's times square, i'm melissa lee with your traders on the desk. tonight on fast, bitcoin is blooming in april, up 30% this month and the chart master says there is something in the charts that has them pressing the bye button disney on track for another blockbuster weekend with marvel's latest ageneraler haves kn -- avenger movie. we'll tell you how it stands up to "black panther. plus we're starting with the "what have you done for me

lately" market, despite strong earnings and a yankees winning streak, the market has gone exactly nowhere since bank earnings were supposed to light the fire two weeks ago where is the rally if earnings are not the answer, what will take stocks higher >> why the yankees winning streak can you even -- name one guy on the yankees, quickly, mel -- >> good job. you made my point, you should not be talking about the yankees unless you know about the yankees, but i digress. >> back off and talk about the market. >> yesterday after the slew of earnings we all saw which were outstanding, i think we would agree, i would have said the dow should have been up 250 if not 300 on a friday given where the s&p is and the nasdaq should have been up more than 100 neither happened that's the bad news. good news, vix was down 5%, flirting with 15, that's encouraging if you're bullish and the 2580 level continues to

hold that's good news for the bulls but the earnings which everybody thought would be the catalyst hasn't happened yet. that is alarming. >> i think what guy just talked on is probably my take away from the week that it stopped the slide. so in a vacuum if you didn't have earnings the market would have been testing that 2585 level but the fact that you see amd pop off the lows, facebook ral rallying, you had tech come back and stabilize the market. >> today's price was terrible amazon opened at the high, closed at the lows and the report had analysts gop smacked. >> i believe we went back to guy's academic career and point out he's never had an a plus so i think the price action is awful. it's not that -- i don't disagree with steve that

earnings were an important thing to distract the market from broader things but the technicians are in charge. this down trend is very much alive. you draw a trend line down, carter can do it, anyone can do it that's why it's so easy. you can see equities are falling under technical pressure beats are outperforming messes so mr. market is saying to investors it's not enough. >> we've been talking about where is the revenue growth. we know there's been levers to work on the epf growth, buyback levels have been at record levels but i think 50% of the, is and 500 have reported earnings i think the year over year sales growth rate is 8.5%. it's the highest since 2011 and that's what people have been looking for yet obviously we have higher growth rates but investors don't care so we

talked about this last night amazon was one of the first megacap stocks to make a new high in march after the february selloff. the nasdaq is down down 7% up 3% on the year. the s&p really acts horrible. >> i think people wanted volatility we sat on this desk and said where has volatility gone then volatility came back and everyone is so shocked so no one wants to step in so we moved sideways to lower to tim's point but if tech can hold -- and next week is a huge week. china large cap tech u.s. envoy heading to china now if that stabilizes maybe -- >> this was a pretty big week. >> it was a big week but if you think about it next week no one thinks the fed is going to move, 34% of the people think the fed is going to move so you'll probably save on rates dollar sort of backed off on its

increase and if you have tariffs going to the back seam i think you're okay. >> i think the fed next week is a huge deal. people have 33%. steve is right to point out the market isn't pricing in a hike though they're not pricing in in any fed speak. that's the whole problem here and this was the week where we had anxiety on the 10% 357bd% ten year so i think the dollar picked up steam if you see slowing around the world, the dollar will pick up steam. that will be difficult for stocks. >> i have a question in terms of vol situations we're at around 14 and change forward pe we're down from something much higher from market highs is the market telling us this is where the market should be trading? >> so the valuation -- >> is this the proper valuation? >> valuation is never the -- you know if you go back to '08/'09

i'm not suggesting that's where we are but valuations aren't the reason the market got crushed so there might be other things going on i agree with im. in terms of the fed -- >> that surprising. >> you sound surprised. >> i think we were surprised. >> i'm not sure where you pulled that out. >> it causes seizures in small children. >> this fed chair doesn't seem to care as much about market impact as the last two fed chairs and i think it's there anymore. >> i want to make one point. on a forward basis the s&p is trading at 16 times or so, not crazy by any means so i don't think that the forward pe on the s&p will take it down. remember, the s&p is unchanged on the year, we're four months into it. we've had a lot of volatility. that's not disastrous when you think about the gains we've had.

>> and i think your point is two years ago or call it late 2015 we were looking at a market that had no earnings or massaged earnings but they had no top line and we were concerned and said this market is expensive. the reason is because the ten-year is at 136 you had no volatility. that's a different equity environment. equities can trade at 14 times forward on the s&p and don't have to be so cheap you have to buy time here. >> we need this caliber of earnings report because this has been a good earnings season so far, right this caliber of earnings report in order to sustain multiples with a 3% ten-year yield is that the scenario that we're in >> i think the earnings are fantastic and it comes back to fundamentals folks, when it gets dicey, you want to know the valuation your trade is at and you can hang in there through market dynamics. companies do well on a rising interest rate environment, et cetera, et cetera. >> to your point the answer to that question for me is yes with everything else

you could have stacked on of the reason why the market should have been sold off it seems as though that scenario is the only scenario in which one bounced off the 200 day multiple times around that level and we're still 2%, 3% higher. that's shocking to me with the world going against you. >> why does it keep testing it, steve? >> i don't think we're not going to break down. what i look at is that is healthy when you look at the s&p. you said it before, the technicals are driving the market it bounced exactly where a technician think this is market should bounce. >> and you're getting that down trend compressing and fighting and losing everything time. >> fair enough. >> as busy as this week was, we got a slew of earnings from mcdonald's to apple to tesla, cvs. what could lift us out of these doldrums. >> i don't know if tesla will lift us out of the doldrum bus they seem to have fought off that 280 level, trading back

through, trading 294 now tesla isn't going to drive the nasdaq or dow by any stretch of the imagination. but if you're looking at something to trade against this is as interesting as it can. >> amazon couldn't drive the nasdaq. >> intel. >> intel couldn't, either. >> if you're looking at apple, the largest market cap stock in the world that won't do it either because sentiment is poor and apple has traded so poorly you can see this stock bounce on bad news and it's not going to make much of an impact if the tone is not right. >> i think there's nothing that's going to have a change in the market bigger than what we've seen because we had large cap tech this week but it will be interesting to hear from mcdonald's or t-mobile where t-mobile is talking to sprint again so just for clarification, those names are interesting. >> they might have a deal

monday. >> let me go to midweek where we have estee lauder and mastercard we need to get reminded in terms of where this consumer is with their job patterns and i think that is more interesting on some level to get people back to the roots on what's going on in the economy. coming up, the bitcoin boom is on as it looks to get its wings in april, up 30% the chart master says the cryptocurrency is flashing a buy sign he will join us next to explain why he is so excited plus, a battle for the ages and for the box's, disney's "infinity war" making a whopping $39 million from its premier last night we'll tell you how big this movie could be and what it means for the stock. later, tesla is stuck in a bear market down more than 20% from its highs and options traders see a huge move on earnings we'll tell you how big we are live from times square in new york city. much more "fast moy"igne rht much more "fast moy"igne rht after this

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questions. i wond cher one, carter. >> i'd try the answer but let's see if we can figure out the answer.er which one, carter. >> i'd try the answer but let's see if we can figure out the answer it's the most dynamic thing in all markets and it's ruined people and made people great fortunes here is a chart for the past four or five years and i want to zero in on this volatility let's put in the trend lines and percentage declines and so forth. so what we have here again is every drawdown of import over the past three, four years and you see the numbers, down 36, down 41, 21, down 38 this is the most extreme, down 70 but we had two declines in the 90 percentile category in '13/'14. so if we put in the trend line and get rid of these draw downs what we have is the following. a well-defined moment of big

movement meaning when you have lower highs and loyer lows it represents equilibrium there's a debate some love this thing and some think it's the greatest fraud of all time but this is going to get resolved violently and if we try to get a little more let me zero into the here and now, this is important when it made its low on february 6, the market made its low on february 9, we revisited that low and held so if i put the wedge back in in this tight formation, here we've for the first time -- and this is kwies precise, we touch that line to the penny, to the penny, to the penny, again and again. right off the lines, it's all technical and for the first time we have come out through the drop i think there's more to go so if you had to be long or short, i want to be long. >> carter comes over come on over, carter. >> in '08 it just sits there. >> like a squatter.

>> he's got his summer coat on, too. >> it's silky. >> carter, in your initial chart you showed the dourawdown. does it matter in bitcoin's history the market cap was so much smaller than what it is today? >> sure, the stakes are higher now. at one point it was an unknown and a few people playing now it's considered an asset to some. some think it's a fraud or ponzi scheme or nothing. but what we know is if it were going to top, we would be forming the other side of a shoulder and that is not what that pattern suggests and the day-to-day strength in the face of market weakness is interesting as well. >> so when i look at the s&p -- >> exact same wedge. >> and do you have to believe the s&p is moving in the same direction with bitcoin leading >> no. >> are they move moving higher >> i'm in the lower camp and just to speak of that, let's

take the tech names. we've heard from all of them and we're nowhere near as high as the nasdaq 100. >> so for all the people who say bitcoin is a leading indicator for the markets, you think that's just hogwash? >> i guess i suppose don't have any accurate way to respond to that other than it seems like a stretch. >> now talk to us about past bubbles, if you will and how bubbles have behaved like if you look at the internet bubble, where would we be if this were a bubble. >> in terms of the runup from the low to the high is multiple folds over what the nasdaq was or the japanese market at the height of its thing so this is unprecedented. you can look at any other asset there is but that data is unclear. well, i have it right here in my file, really you have all the tulip bulb data so this is uncharted territory

i will just say it's acting well where you would preponderate that it wouldn't. >> can you also do technical analysis if you can, is it similar to what you found for bitcoin for other cryptocurrencies out there like ethereum or the data too as far as >> no, they're identical for the motion part. >> so all of them look like they're poised to break to the upside. >> but this is the one that will matter. >> so carter, the selloff from the highs to the february low is 70%. it was a massive volume, then you had this 100% bounce and we did that test. in some ways, couldn't you make the argument although we're above the down trend from december that this bounce is not that vibrant you know what i mean it doesn't have momentum. >> what difs you -- the dynamics of a bounce is determined by the proceeding selloff so you get the first violent selloff and then a fairly reciprocal bounce but when you do a revisit of the low because you come from a lower level, you don't have as

much of a bounce it's almost like dropping a ball from a lower level, doesn't bounce as much as it does from a higher level. >> i never took physics. >> it shows. you set yourself up for that carter, thank you. >> when your best players put points on the board and yet the score doesn't -- that's a great metaphor by the way, 9,000 on bitcoin is an important level the 200 day has held with 100 crossing, it's a powerful intersection. >> still ahead, tesla stuck in a bear market and you won't believe how big a move options traders have it. i'm melissa lee, you're watching "fast money. in the meantime, here's what else is coming up on "fast." >> the force will be with you. >> announcer: who needs the force when you have an army of superheroes. but can the avengers lift disney's stock we'll explain. plus, up, down or nowhere at all? we have a way to make money on apple earnings and we'll show you how when "fast money" returns.

breaking news out washington. >> i've learned the may 1 deadline for steel and aluminum is likely to be extended the extensions may vary in length for each country based on the progress made in talks on this and other trade issues. canada and mexico could be granted an extension because they've made progress on steel and aluminum issues. it's unclear where talks of australia, argentina and brazil stand. south korea's exemption from tariffs is permanent because it agreed to quotas as part of a new trade deal administration officials i'm told have asked other countries what level of quotas they would

agree to and one person briefed by the administration told cnbc "quotas are an active part of the discussion." the department of commerce is spearheading the process for exemptions and the national security council is overseeing the entire process the may 1 date on which the tariff exemptions were set to expire was laid out in a presidential memorandum and an extension of that date would have to be granted in the same way which means the final decision on granting an extension remains president trump's and we will see whether he makes that final decision u. ustr declined to comment, neither did the commerce department back to you. >> kayla, thank you. a lot of companies will be hanging on every single move that comes out we saw the impact of tariffs on

u.s. steel yesterday the stock got smacked. >> if you were asleep at the switch and you woke up and saw that news about the steel tariffs coming on you're like oh, wow, let me buy it today you're down 35% from this great news point for u.s. steel. why? because they like other folks throughout the industry and even people buying steel products have said we are concerned on the impact on demand so if you look at what happened with steel tariffs under the bush regime, this is what happened. it's happening faster here having said that, i think this was overdone, their die dance was week but steel prices will hold. >> shifting gears it's shaping up to be another blockbuster weekend for disney invading the box office let's go to julia in los angeles for the details. hi, julia. >> melissa, disney says that avengers "infinity war" is on track to bring in $225 million in ticket sales in the u.s. opening weekend. that would give marvel the second-biggest opening weekend of all times after only "star

wars: the force awakens. disney tells us it expects to bring in between $95 million and $100 million at the u.s. box office by tonight. that includes $30 million in thursday prev previews, the fourth-biggest thursday preview night ever and internationally the film has brought in $95 million in its first two days and it hasn't yet even opened in two big markets, china and russia now the promise of the biggest superhero movie of all time is good news for disney which spent a reported $300 million to make the film the movie is the culmination of 18 marvel films over a decade from "iron man" in 2008 through "black panther" this year. together those movie have grossed nearly $15 billion worldwi worldwide. other studios released six of those 18 films but disney is cashing in on all of those characters and its $4 billion purchase of marvel which it made in 2009. it's paid off many times over. to compare that to disney's

purchase of lucasfilm in 2011, the three "star wars" movies disney has released since them has grossed $4.5 billion worldwide. last year the u.s. box office declined 3%. analysts are hopeful that infinity war's star power and positive reviews will get consumers back into the movie going groove and get them willing to pay up for tickets. and now summer movie season starts now. >> julia, thank you. so disney stock is down 8% this year. guy, it looks like -- it looks very well positioned when you look at its movie slate. >> well positioned as a business, i agree. has the stock been particularly good not at all but you can take solace in this. they report on may 8 which is a week or so away. the last couple quarters it's has a significant rally. >> how would i trade it? there's a chance of prince 96. >> this is the first time the king of content doesn't matter

you look at netflix up 62%, disney down 8% i think there's rough seas ahead for disney. >> that does it for us on "fast. don't go anywhere, "options action" starts after this break.

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. we're live at the nasdaq market site on this friday afternoon. the guys getting ready behind me while they're doing that, here's what's coming up on the show. >> ludicrous speed, go >> announcer: except tesla shares haven't gone to ludicrous speed in months and the charts are pointing to more pain ahead. we'll explain. plus, how would you like to make money on apple if shares go up, down, or nowhere at all. it's a simple options trade an we'll teach you how to do it ahead of earnings. and -- ♪