important. used to dismiss that and laugh it them. right? 200 moving day why does it matter and more quants in the market, a focus on about secure, once obscure technical measures those things i'm interested in. >> pleasure to have you. congratulations with the book, a side project, with everything else. >> happy mother's day. >> yes >> to mother, happy birthday, if you're actually watching. >> which she always does guys, have a great weekend thank you. that does it for c"closing bell. "fast money" starts now. "fast money" starts now. looking over new york city's time's square. i'm melissa lee and tonight on "fast," a crypto crush, just when you thought it was safe to get in, the whole universe sinking. getting nervous, brian kelly says there are three things you need to know. plus the battle is heating up, snappinging back at the ex-founder of steve wynn, and

juicy e-mails. the latest details on the drama, and what it could mean with the stock. first, start out with what be a wild day for health care stocks president trump laying out a new plan to lay out the rising costs of prescription drugs. eamon javers with the details. >> the president unveil add peda plan lowering prescription drugs for consumers. the plan stopped short letting medicaid deal directory with the drug companies but key elements that the proceed rolled out. rebate sharing in medicare drug plans promoting generic drugs and requiring drug manufacturers to publish list prices for drugs in their television advertisements what the president said about all this in the rose garden today. >> we're also increasing competition and reducing regulatory burdens so drugs can be gotten to the market quicker and cheaper. we're very much eliminating the

middle men the middle men became very, very rich [ applause ] right? whoever those middle men were, and a lot of people never figured it out they're rich they don't be so rich anymore. >> melissa, a pharmaceutical middleman might be worried about this speech. one of the other things the president won't do here is allow americans to simply buy their drugs overseas one suggestion that advocates of lowering drug prices pitched the president pulling back from some of those more extreme measures nonetheless, he and his health and human services secretary saying this plan will be able to bring drug prices down in a matter of months, melissa. >> eamon thank you. eamon javers at the white house. check out the whips all day for stocks started peeking at 2:00 p.m. about drug prices they sank. as he finished, rebounded,

soared higher many to session highs. is this the all-clear signal it's safe to buy health care the sector, third largest in the s&p 500 take the market higher >> the type of thing people want to believe in, the secretator wh consistent earnings, eps growth. united health care mirrors that chart. make an argument they were i think more insulated from -- depending who the middle men really are not sure anybody really knows. bottom line, also think some of the pbms look okay here. the entire sector was underperforming because of the fact that i think there were other places easier to make an investment this makes an investment not all clear. >> i mean, look. during the day, interesting when he started to speak, bids on our desk canceled. the rollover of birs tauyers taa walk, see what he says half way through, buyers back in market turned, not said

unexpected a lot of people anticipated a benign speech. very benign in eyes of investors and generally could have been bad. could have come up and talked about the fact he wants pbms to disclose spreads a death blow keeps the looming concern in the air of what's more to come in this -- >> a chance that medicare gets involved what was missing that medicare can handle directly, he originally said when campaigning. >> we still don't know what will happen with medicare health and human services has however much time to do whatever they're going to do or congress when it comes -- >> you'll see it going back and forth. an "all clear" to a certain extent, yes. i don't know what the process will be. who are they going to hear from? from the drug companies, which are not going to lobby them to be more stringent on it. i assume unless democrats get in there and say we want medicare haggling directly, that could be

the only -- >> all-clee because clear the secretary of health and human services alex azar, has said this is going to -- what the president laid out would be the blueprint for any changes, what the president laid out was surely far short of what the worst expectations were. >> reminds me very much of the financial industry, where there was not going to be anymore regulations. wasn't going to get any worse. so even if you just had that incrementally better, president talked regulations changes so perhaps drugs can get to market quicker. very much free market thinking i do think it's an all-clear could have had the worst, didn't happen appears they're open to figuring out a market solution to this and going to roll back some regulations on these companies to make sure that -- that the margin doesn't have to be so fixed. i do think it's an all-clear and actually li the biotech. >> i agree

not for the entire space distributors probably most at risk, right? in the near-term and longterm. biotech names and big cap pharmas are more immune. >> down 3% year to date. the only one i like in the whole space, fipfizer is down 2%. chart looks great, returns great. not a potpourri of names to pick in this whole sector. >> they will smell nice. >> that's right. >> i usually buy mine, don't pick them. >> and the fact you have potpourri. >> and scented candles at best buy. listed a speech, to me felt also a lot like checking the box. the president is having a very, very, call it successful, whatever you want it, run of checking out of campaign promises and no question especially when you think about who is really in charge? mr. azar i think a lot of room for this to be a better back drop. >> break it down in terms of baskets. saw very sharp reaction amongst

the pharmacy benefit managers. middle men, whoever they are the president referred to. emx, for example, 7% from drop to peak train day. amazing turnaround we saw. would anybody buy those? >> no. coming into this, down 2.5%. not exactly -- >> if you say, okay, now you have that out of the way go back to what we were doing. down 2.5% year to date hasn't performed, so no. >> you go with the places where you have the best balance sheets and the best valuation argument. to me, biotech granted they've been the biggest disappoint over the last years think of it, companies underperformed especially at times in the tech mode well -- tell what you. if you think about gilead, a name that disappoints, looks most interesting how long have i been saying that like the balance sheet. >> helping boost overall markets. s&p 500 seeing a biggest weekly gain in two months the chart master says signs the market rally can be losing steam.

carter worth at the plaza to break it down. hi. >> hi. the debate continues range bound since high of january and worked into the apex, which anyone, and everyone, is drawing a line. let's draw the lines and talked about it a week obviously for the bulls because we did break above the -- ever so slightly, right the downturn line in effect since the -- plunge, the ricochet, the revisit of the low and so forth the question is, this is really an all-clear sign or more of the same my hunch, more of the same still very much stuck, and the highs of january 26th not exceeded soon and lows more at risk more likely to be stuck here and neither reward, anyone making general bets, only to people making idiosyncratic bets. look at this wedge and the context of the longer-term picture. been in a well-defined channel

for a decade and of course with the excess of the prior 12 months we blew out through the top. we've got our wedge. still sitting here in that now, even if we were to go higher, we're kind of stuck on the top end. people make the case, that's support. ultimately, i think the real issue is whether we come down and test the middle. and the middle, this was already down 11, 12 from the high. the middle is representative of 15% peak to trough decline ultimate, that's a better bet i think than going on to make new highs. we shall see individual securities are in much worse shape than the market itself as we know, because large cap tech names in particular are holding up the market. >> i was going to ask about that sector we've soon return to momentum names in particular, carter. did the sector overall look good can the sector go higher, continue that momentum even if the s&p 500 resumes that

channel? >> sure. it's a barbell phenomenon now. small caps came to life. the russell 2000 hasn't, the s&p 500 small cap index is making new all-time highs right now you could say expansion of breadth. the entire russell 2,000, same at top two stocks in s&p and can't help the market. super far ends, top five stocks equal to same at the bottom, 250 in s&p, and aggregate top five, new relative highs to the s&p. the dead metal, industrials, health care, financials, would need to come to life to get us to new highs. >> carter, thank you don't have time to invite you over today so -- >> ow. >> i didn't know you could do that. >> hold on stick around for "options action" carter will be back. he will be back. >> ah. okay. >> and the talk about one soaring sector he thinkless sell-off. trade this

what do you think? >> when you look at carter, said we broke out of that trend around 2783 mark in the s&p cash sorry. 2683 mark in the s&p cash. i think people that are still bearish in this market have to see the market go back to end of february highs, or middle of march levels, which is 2800. call it 2800 that's going to convince a lot of people. or else this could be a reviscid of the lows again. coming up, just when you thought it was safe to get back into the water, crushing back to a blow below 9000. how do you know when it's time to stop hodeling and maybe start foldering. break it down. plus, wind board strikes back taking aim and ex-wife founder steve wynn releasing a number of dramatic e-mails the latest details and what it means for the stock. live from times square in new york city. much more "fast money" right after thisnts cust

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welcome back to "fast money. shares of wynn under pressure fighting back against elaine wynn, the ex-wife of the founder steve wynn for more, contessa is tracking the details. >> hi. melissa, a war of the wynns. wynn resorts whipped out a new weapon against elaine wynn in the battle for the board recently launched and initiative called restore wynn, overhauled the board beginning with booting one responded questioning

elaine's motives as a director who was an integral part of the old wynn an extended period of time it's difficult to see how she will be helpful in driving our evolution. of course, the majority of the board is part of old wynn, as is general counsel kim sinatra and current ceo matt maddox, with the company since the beginning. the board went on to publicize letters to and from elaine wynn. she was trying to meet with the three women newly appointed to the board. board only wants a meeting with all directors and only after the shareholder meeting next wednesday will notably chairman boone reads rights to elaine we expect the discussions at the meeting would not be made public quote/unquote. elaine wynn's spokesperson calls the release of the letters unfortunate and points out elaine is not pushing for a spot on the board herself sent a response letter accusing the chairman of spreading around fiction and once again requesting to meet alone with the new directors. a lot of back and forth here,

melissa. >> elaine wynn is a larger shareholder now. right? >> correct. >> owns 9% of shares and an adversarial relationship. >> something she keeps pointing out saying, come on. if they had man there largest shareholder, would they be talking about and to their largest shareholder this way it's part of the problem in the way the management and board is proceeding. >> making it a gender issue as opposed to divorced from steve wynn, many board members are connected to, too closely? >> also equally concerned they are only seeing her as an ex wife and rather -- rather than, she points it out, describes herself as a co-founder who helped build this business into what it was. >> right all right, contessa thank you. contessa brewer from the newsroom. >> on top of the story talking about in terms of the operation. what's going on, mass market growing. they' crushing it. high nend vegas is working

they think this board is shireholder friendly bottom line, the company is comi coming of it well. a lot of it has to do with businesses crushing it. >> i thought a public relations problem in the past. steve wynn is out of there you don't want a board fighting in public. change the name. salsa, p.r. problem. they'll be fine after this short-term concern about a double top, a breakthrough, going there. >> sometimes no clue on how the stock or turmoil will turn out you look to the chart. when you compare -- always compare the obvious, wynn, las vegas, reverse of it, not as heavily dependent on michaeccal, it's actually, even when going through all the turmoil didn't get that damaged technically >> look, near-term, see the up and down here. the growth story is intact as far as momentum seeing in the

business model at some time a buy probably stay away a little and see how it shakes out. still ahead, three major dow components one name is about to break out's we have the draydetails. i'm melissa lee. mean meantime, what else is coming up on "fast." ♪ >> announcer: yeah what a top technician says is going to happen to industrials. he'll show you why plus, back by popular demand -- it's bitcoin week part detwo. including a rare interview with bitcoin jesus roger. deal with it but from capital one. with it, i earn unlimited 2% cash back on everything i buy. everything.

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money. bitcoin getting wrapped to south korea's largest surngs currencd accused of fraud for selling bitcoin it didn't actually hold. now down 10% since then. even though the crypto universe is hoping for a moon boom at the conference in new york, a perfect time to channel kenny rogers for a crypto class not one to hodel them, but foedal them. >> look at them with a thesis going into them. my view on the entire asset class, one, brand new emerging asset class. a descript isruption technologyh potential to change a lot of what i do every day and

financial services my general thesis. when trading, i'm looking for number one a catalyst coming up and stock or cryptocurrency is not acting the way it should or as expected, then you might say that the thesis changed. that your first warning sign number two new information comes out. we all know that stocks and currencies move on new information. frankly, really the only way they move. most things are priced in until that new piece ofinformation comes out. when the new news comes out, watch it's direction of the cryptocurrency that gives you the senate you need new information available, number two thinking about foedal. always, always when i trade, a pre-determined stock i know what my risk/reward is. risk one dollar to make three. the minimum. predetermined stop is hit and reached you got a fodl. >> held in chart is litecoin

remember them? massive run-up right? in december. or november-december then we came down, and then another little head fake here. so -- clear those out. take a look at head fake and what happened. draw a line -- because -- you had an uptrend okay a thesis that perhaps litecoin would be the test poor bitcoin a lot of additions to it and you want to be long. right here -- where you had a problem. that's where you start to need to think about fodalling instead of hodalling new information and broken a trend line a pre-determined stop area look what happened after actually pancaked there. so that's when you fodl, have those three elements going. >> p.k.,you -- risk a dollar to make thee. what about you want back in?

that can happen in three days. how do you know when to get back in >> for me, once i'm done with a trade i divorce that trade, and look at it with fresh eyes personally, i'll get back in that same day if something new comes in just reverse the process right? new information comes in changes, gives me a new thesis and then i have another three to one risk reward, i'll get back in kind of my framework how i trade. with cryptocurrencies, constantly news. bitcoin time everything is moving so fast in bit.time two, three days, the world could change. >> invite them back? >> i guess so. >> come on over. ryan will bring in the chair >> thanks for having me, guys. >> thanks. >> welcome back. >> good to have you. >> i'm up high. it's friday, a consensus, a conference we talked about yesterday as well as before. are you going long into the conference >> yeah. absolutely. >> how do you position

>> long mostly large coins and what you'll see is starting on, a little starting today, a conference in brooklyn, ether l ethereal, you'll see as people present at the consensus conference, start to see the coins of the presenters move, too. how people are trading it. consensus is a week, and lockchain a time when a lot of information comes out. >> show litecoin, looks like every coin the chart of bitcoin how aggressive are you when you see the outsized moves almost to play relative value or take advantage of something overbought how active will you be you say you give yourself a stop, but with this kind of volatility, how much rope do you give yourself before you actually have hung yourself too early. >> great question. >> thanks. >> so i would say -- in terms of all cryptocurrency is highly, highly correlated to bitcoin almost i look at bitcoin like the s&p 500. my leader. if i see bitcoin moving i want

to move into higher volatility coins,ethereal all trade together global macro has had to be adjusted a bit because of the volatility you need a strong stomach for this. >> for sure. the final trade in honor of moms keeping the world going enjoy your mother's day. everybody else, call your mom! go around the horn for the final trade. >> absolutely. happy mother's day, mom and you want to buy ibb biotech looking strong. >> tim >> mom, hate to copy brian, but -- gilead, stay in biotech happy mother's day. >> and happy etherrien conference i'm a buyer of etherrien. >> i get i have to wish my mother a happy mother's day. >> you didn't want to? i hope your mom is not listening. >> happy mother's day. >> happy mother's day to my mom, my mother-in-law all moms out there

that does it for "fast." catch you monday at five don't meove, though, "options action" starts right after this break.

hey there. live at the nasdaq market site on a pufl friday afternoon guys getting ready behind me while they do, what's coming up on the show -- >> we must guard against the acquisition of unwanted influence, whether sought or unsought, by the military industrial complex >> announcer: and according to carter worth, investors need to be on guard against the sharp pullback in industrial stocks. he'll tell you what to watch for -- plus, $1 million some cool. >> how about making four times your money in facebook i