tv Fast Money CNBC October 29, 2018 5:00pm-6:00pm EDT
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have been saying no one company is going to turn this thing, but they refer sale >> facebook wiped out 120 billion in market cap its last earnings let's hope that's not the same way tomorrow >> i will be covering coca-cola tomorrow the feel of this market is going to be interesting. let's get over to melissa lee with more on the sell off. >> we sure do. fast money starts now and we start off with the market sell off. what a sell off it was the dow was up as much as 352 points before falling 556 at the lows, ending the session lows down about 250 points. look no further. the fang inferno when the stocks turned, the rest followed suit. they lost a combined market cap of a half trillion this month alone. has it lost and how much worse could the selling get?
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>> yes, the markets lost you lost facebook and google over the summer. google goes from $1300 to where it's trading now facebook goes from 205 to 165 in seven minutes. it's much lower than that. netflix today and amazon over the last couple of days. 100% how much worse can it get? the s&p was down and there was another seven or 8%. i will stand by that we have 2.5 or 3% left it doesn't end -- today was not the crescendo it ends on >> you need fear and panic for a bottom i don't think you have panic >> we have fear and panic. >> i haven't seen panic yet. >> i have seen guys where they step in and buy. you don't want people asking where they buy >> the last half hour or 15 minutes. >> starting to get there >> what was that like on the
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floor? >> a little panicky, but not sell everything, panicky you want to get a flush where they dump everything >> it all turned out kind of happy by the end of the day. we had a v-shaped recovery why were we rallying so much we should get into that. i don't understand where that came from. bottom line is i get a sense by 2:30, 3:00 in the afternoon, trading floor is all over the city or the world and they were saying oh, my god. it's happening because we don't see that as insdrdiscriminatinde they push around to a point that i don't think people were reacting that they might have on a day like today, two or three years ago. in 2007, first quarter levels and some back to 2016. it's a lot uglier before the
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surface than on the indeces. >> they are also not going to value yet. industrials were having a hard time followed by this is after a month of difficulties faced by the sector at what point do we find the leadership we haven't gone to that point. >> you have to be at 25-32, at that level to see what people are made out of. you don't want a little buy off the bottom and the interday basis. you want to see them close on lows and think overnight, what am i going to do tomorrow morning. that's panic >> maybe that's a good sign. we are seeing it to some degree in auto makers and home builders in the financials. >> sure. at one point, i started doing the numbers. it was up about 17% and i don't know where we closed, but they gave a lot of today's move back. not the three days before, but i
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just think when we saw the market turn, we saw every sector break down we saw retail and financials which even after rallying 2%, we are 10% below the 200 days. technically the market does have a basis in fear right now. i don't think there is any technical support. he is talking about a real level. that's a level we probably have to test. people are kind of like hey, let's get it over with a day like today, people don't know where it's going to land. >> that level that they said give or take is about 3.5 or 4%. that lines up with where my head is at. when the machines take the market higher, the market is going up for fundamental reasons. i have no idea when the same machines sell it off and things go down faster than they go higher, there is panic. i said it many times and i will say it again you have panic buying as much as
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you have panic selling you never put the word ahead because it makes sense whatever it is my point is, maybe the market is going down for the right reasons. we outlined the right reasons there for months finally the market is trying to take a look. the fed is one of those reasons. again, a lot of them talk. >> then the question is, is it a buy at the 25-32 you want to see people say okay, now i'm going to get back in just to say i tested that level is not good enough you want to see all those reasons. is it going to hold and is that pricing it in? i don't believe it's priced in the worst. >>. >> i hate coming into a monday when it's up it feels like that's not going to be able to hold we did have a little bit of merger with the deal, but nothing else beside that to me it was interesting the
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trump administration and i wonder why they did that >> i don't know where it came from it was interesting to me that this president has chosen to use the stock market and knowing that the stock market hates these discussions was surprising to me. especially nine day or however many days before >> he is just playing poker. it's another shot at trying to game it to let the president know he is serious >> i actually think that some of the fear for this market is the fact that nobody sees an end to this what came out is oh, wow, not only will we slap 25% on these guys, but they are trying to come up with another list. for the administration that
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seems to be very proud of itself as it relates to trade tariff, the president has done everything you asked him to do they feel like they actually could be vindicated no matter what happens look at the stock market which is part of where the score card is i point to the small cap stocks again. >> there is a bipartisan issue the only issue with that -- >> my point is, is it a win or not and why isn't he pushing it? i don't think it's flat out mid-terms. >> from the score card, my conversation was going through the iwms up 45% off the election. up 22% annualized over two years. score card is that the best score card. >> annualized? >> annualized. cumulative about 11.5, 12% annualized
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it's nothing extraordinary and after the pull back, there was a lot of stocks that they would not say things are going well from the performance of the stocks >> let's bring in rebecca patterson. thanks for joining us. i want you to weigh in on what we have seen not just today, but the past seven or trading sessions >> i think you guys are giving a lot of good color on the technical parts. let me try to pull it back to what i say is the fundamental. when president trump got elected, we got a lot of stimulus and deregulation. in april of this year, trade went from little pieces and especially with china and the u.s. outperformance really started then here we are now and inflation is
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coming through from a tight labor market, but now the potential for the trade to also cause inflation increases on top of the stimulus created inflation. the fed is on a course to raise interest rates and keep inflation under control at the same time that the rest of the world is getting hit more by a lot of factors, including trade and slowing down they have gone from reflation to fears of stagflation the markets have been over the past couple of weeks pricing it in a very violent way. directionally it's founded, but the magnitude of this move, we can discuss whether this is panic or not, but a variety of metrics, we are seeing some of the sentiment metrics back at levels with a debt crisis of 2011 or even in the aftermath of 9-11 in terms of risk appetite with
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investors, some of the levels suggest a huge dislocation global growth at 2.93% doesn't add up with risk appetite. that's down to crisis level. i think the market technically short-term oversold versus the economy. directionally to have it reprice a bit is not as shocking given what's going on with trade and the impact on the rest of the world that is feeding back to earnings guidance. >> what we saw about the trump administration possibly putting tariffs on the remaining goods from china, that really helped feel the market sell off does that change your view if that comes to fruition in terms of where you see the markets and where they should be going >> given the magnitude of the sell off versus where the u.s. and global economy are, a lot of bad news on the china trade war is sdoudiscounted if we saw president xi and
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president trump have a constructively dialogue and avoid this getting worse, you can see the market really love that if you got a slightly softer tone from the fed, we are watching data and aware of the markets and anything of that ilk, but it's something to watch for. if you got that and china not worsening. maybe not getting better quickly, but not worsening from here, i think you have a stock market that is significantly higher it's not the base case going into next year, but we still don't think the sell off is the beginning of recessionary sell off. the economy is doing too well for that they suggested a slightly more aggressive path. you buying the pull back >> no, we are not. we are staying with the equity exposure and neutral what the clients consider a long-term benchmark and whatever the allocation is, we are not
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reducing risk. we have all of the portfolio managers looking for opportunity if things sell off and there was a great company that they thought was too expensive before we are not looking to add risk we don't think this is the end of the cycle >> appreciate it rebecca patterson of bess mer trust. >> and also that the bad news is priced into the market >> i agree i agree. there is an a sim etry there >> the feedback loop that is coming back actually we are getting a response in u.s. earnings, even if it's just on guidance. that is a leading indicator that feeds in and the pmi last week was awful. germany printed a 52.7 this is the best economy in europe
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it hasn't been this level since the china reports on friday. expecting 50 below that is the contracting economy and something that people will be concerned about >> she said trade and softer fed, but she didn't name the mid-term elections if the house and senate doesn't flip, that could be huge >> the republican holds on both. >> people are just starting to say or chatter about that that might be a possibility all the polls have said the opposite >> do you think the markets are reflecting a democrat victory? >> no, they are reflecting the house. out of the 24 seats they need, they are protecting 12 i don't think there is a chance of the senate flipping >> they set up potentially losing one of the houses he said and i'm paraphrasing, but your beautiful 401(k)s are going to go away if you don't vote republican.
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now two fall guys or gals. in the form of the fed and the other will come in the form of the mid-terms. do i think it's over no, i don't think it's over. >> the trouble is only getting started for the markets. carter worth is over at the plaza to break it down >> i thought it would put it in historical context all the opinions we have heard thus far and at the facts. markets have sell offs just as in downtrends they have rebounds try to put it in the context of fact here's the current sell off and the january-february sell off. the current sell off is a total of 11% this was about 12. these happen all the time. in fact, here's how often they happen since 1927, there have been 259
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259 -- 218 5% plus corrections the average magnitude is 11. this is the current sell off the average is 12% look at the duration they last about 40 sessions. this is 25 the word yawn comes to mind. this is totally average. we are coming from all time highs. are we going to skate away with an average sell off? i don't think so there it is. 11%. put it in the context of the entire decade. we lived in this channel if you can see this accident we bounced off and touched it again when we got the debt and when we blew out and sitting here on the top of the channel, can you drawdown to the middle or could you drawdown to the bottom put that in context.
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yes, a decade up, but we endured two. one is down 21.6% and 15.2%. drawdowns are a part of the process. this is a major sell off 21%. this is 16 i think we have the prospect of doing this kind of thing let's look at levels the middle and the bottom of the channel. first start with the lows of february 9th which you all were talking about earlier. were we to get to 25.32, that could happen on the open tomorrow that will represent a 14% decline. what if we go to the mid-point that's 7% and take us to 2500. these are the numbers that are perfectly reasonable people say how is that possible. forget about what you call it, here is the long-term channel.
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let's look at the levels if we go to just two, the february low we are looking at this that's nothing we go to the mid-point of the channel and looking at this. 2500 just again, living within this channel until they blew out to the top. all that would be. it sounds like a sort of armageddon, but it happened before and happened twice. it's perfectly likely to happen this time as well. >> we need carter to come on over come on over thanks for bringing the chair in in terms of deciding whether you think it is likely to be worse in terms of the span of average versus not as bad, what are the characteristics of this particular market that make you think it's going to be worse >> so, the drawdown started months ago that's the first thing
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this didn't happen out of nowhere. se semiconductors have been declining. many peaked in january the key industrial and financial stocks the bifrication starts, but you are being held up by a few super cap stocks that's the weaker they do shocking things which we are seeing the chemicals and the stocks have a super leg down while the fang start it is to stumble. that process is as you get closer to the midway point ultimately we have a lot of big stock that is sitting not far off the highs. i suspect when it's done, you have much more deterioration at the strong end and expansive visas and health care and things like that. at the weekend, you have real capitulation that's the problem when you are done, you don't get balances out of ford motor
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doesn'tlingner a four or a seven. the fact that we have gotten rallies out of the dead names, that means hope is still alive and this is the final crime or sin. every time we rally the way we did today. >> it was a sin. >> people trapped at the top you know, anything you read, we are going to bounce. why do we have to bounce everyone is playing for a bounce that's 10% that's nothing >> per since we live above the channel for quite sometime now, do you lean towards the 7% mid-range 2500 or the lower range? we lived above the trend >> it sounded like a 2300 kind of guy >> we didn't even talk about breaking it. >> save them for the sin show.
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>> you think below 2300 is a likelihood >> that's a normal 20% decline happens all the time i can show you all the 20% plus declines if you want to look at those. >> what are has overshot amaz amazon, netflix. >> the things like black rock, down 39, 40% the reciprocal of capitulation orring is panic buying that's what happened we had the highest reading ever recorded and the s&p in january never were we that overbought. >> and it's simultaneous that's what the panic buying is. this is the beginning of the other side >> i can listen to him talk all night long >> certainly >> he's above that >> the parthenon and the
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pantheon >> carter, thank you coming up, much more on the wild day on wall street and as the sell off turns into a correction, the traders tell you where to hide out. the trade war skpps ns and we a from times square from new york city much more fast money after this. for your heart... your joints... or your digestion...
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welcome back to fast money seven out of 11 closing in correction despite the chaos and a number of stocks are still holding up breaking down the sell off survivors hey, bob >> survivors is what we all feel like it was a late day sell off and a split tape cyclical names were down big, but consumer names were mostly in the green johnson & johnson and coca-cola remained in the green even during the midday sell off other names and pharmaceuticals and stocks like home depot and general mills and keg ol's were all up in terms of sectors, consumer staples and utilities. remarkable given that industrial and technology, the two groups most sensitive to global growth
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and trade-related issues they were both down double-digits. for investors on broader themes and growth versus value story. mostly tech down notably about 12%. down, but not as much. about 7% and it would be a lot better if not for the fact that there was a heavy weighting and energy value tends to outperform in periods when growth is stronger. traders argue it may or may not be the market we are in. my feeling is the jury is very much out on this debate. back to you. >> bob pisani. where do the investors hide out. turks ilities are up
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>> mcdonald's while the bar is always low for the guys and it has been on same store sales, they are continuing to innovate and just where the millennial group is going this is still a global story mcdonald's has been very defensive and rallied about 5% in october and starbucks was so overdone, they had a major rally back they might be a victim of technical construction i think it got oversold, but now is a little lofty. >> these feel like they have the head winds and mcdonald's it great earnings and starbucks is a turn around story. do you see value in these stocks >> mcdonald's has done great, but it's not so cheap to me. it is insulated from the things that are spooking the market
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i probably wouldn't buy it >> nice word spooking with halloween >> you don't do the costumes >> we talked survivor. do you have an opinion >> the band survivor didn't they do that horrible hockey song, eye of the tiger? >> we digress. >> it is probably one of the worst songs. >> back to mcdonald's and starbucks. >> so where is my -- i'm not big on the phrase, but i will say big cap pharma has done well eli lilly. they had every opportunity to get that way off an all time high and pfizer drug has done really well. ever since president trump tweeted about basically i'm paraphra paraphrasing, but big cap pharma ripping us off they make sense in this environment. >> how do you think about places to hide out?
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>> the least problem children in my portfolio anthem comes to mind this is not in any way a china trade story and in terms of rates, they would do better. they have a tremendous float from the insurance business. it's not super cheap, but the business is doing well and they are grinding it out. i think we get a report on wednesday. this is the kind of name that is insulated and tied to employment i like the fundamentals here it's not rock bottom cheap >> still ahead, we will have much more on today's big reversal the s&p closing in a correction. we will break down the three tips for telling when a sell off is about to get worse. first in business worldwide. much more fast money aerft the same iot technology on the ibm cloud
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live at the white house with the latest >> they saw the bloomberg this afternoon that spooked the markets about the possibility of the president going all in on tariffs from china and imposing tariffs on all of the remaining imports if he doesn't get what he wants from the negotiations of the chinese over the next month or so. officials here insisted that there was nothing new in the president's thinking, emphasizing he has been effectively a live threat since july or earlier in the summer when the president talked about imposing additional tariffs. take a listen to what the president said back in july, especially the same thing. >> would you ever get to 500 >> we are ready to go to 500 >> with the mid-terms on the horizon. >> if it does it does. i'm not doing for politics we have been ripped off from
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china for a long time. i told that to president xi. >> he is saying he is willing to go to 500. $500 billion worth of imports from china to the united states. he said back in july he was willing to put tariffs on. here's what he said in september. >> if there is a retaliation against our farmers and our industrial workers and our ranchers, if that goes on, we will kick another $257 billion and that will be at 25%. we don't want to do it, but we probably will have no choice >> the white house saying today there are no new developments in the president's thinking there is a live threat to go to $500 billion in tariffs and they continue to be a live threat right now. the question is whether or not he is ever going to execute. it has been pending for several months what is the threshold in which they make a decision that is an unknown >> the market got scared by
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something out there since the summertime but at the same time as we draw closer to the end of the year, there are fewer and fewer opportunities for the u.s. and china to talk. the next one could be the president trump, president xi meeting next month are we getting developments if there are talks going on between the two countries? >> this is just an assumption. they wouldn't want to make any moves before the election. they wanted to see if the president would be weakened politically. the assumption was they wouldn't do anything before november and now the focus is really on that end of november time frame at the g-20 and argentina the two men are likely to meet, but we don't know are inially what the status is of negotiations behind the scenes whether they are prepared to unveil the concessions on either side at that meeting we will have to keep an eye on
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that one should be a fascinating session. >> sure will thank you. reporting from the white house for us i think he laid it out really well this was a live threat since july and we are having the debate about whether there is fear and panic in the markets. as soon as the headline hit, there was fear about this becoming not a threat to an actuality. >> right i hope this sort of plays out like nafta or usmca or whatever they call it now he was a tough negotiator and ultimately worked it out this is a more complex and a bigger deal, but i don't know. his interest in having the market do better and the economy do well will be very penitentia important in the long run. >> this is about technology
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transfer and theft and global security and who is going to control the internet and who is going to control cyberspace for the next century i don't think we will give a lot of ground on that. i'm not sure we should therefore i think this was something that gets uglier meanwhile, i point to the macro data around the rest of the world that we are seeing an impact from trade and not really in our data yet. that's the big concern >> we had the story where they scoured through the conference calls and mind% mentioned tariffs negatively on the conference call. if you said a fifth of companies reporting had a conference call in earnings season said that tariffs were negative, that's a big number >> the president may be correct. we have been getting ripped off blindly and it might be true there are ramifications for that maybe with the market going lower and i'm not suggesting this is what she meant, but if
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president trump wants to make a deal, there is a deal to be made why would the chinese make a deal now our market is going down as well the mid-term election is coming up listen, we know they are the same as us and wie look at winning and losing the same as we do. i don't think they do. >> they have a lot more leverage to come. >> the s&p down more than 10% from the late september high the sell off is about to go from bad to worse general electric touching the shwest level with the earnings ould investors fear more pain ahead. more fast money still ahead. my name is chris hughes
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welcome back to fast money the embattled industrial giant gears up for earnings tomorrow hi, morgan >> three big things in focus want to report the results before the bell. first public comments from the new ceo. the first outsider to run in its 126 year history he took over abruptly and highly respected ceo due to the high returns. expect an early outline to accelerate a turn around details are probably not going to get those until early 2019. number two guidance more pain and power means ge will fall short.
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the street has already priced in an eps miss. 88 sencents. cash is key. that is shrinking over the past two years. that brings us to number three potentially the biggest. the dividend are they going to cut or suspend it given the laundry list of charges and issues and a fresh cut under a new ceo. that might be welcomed the details are going to matter. the shares are widely held this may be less about the quarter and more about the future another 36% down this year melissa, it reversed course and ended down 1%, hitting lows we haven't seen since july of 2009. some of it might be gearing up for the earnings report tomorrow morning and some of it is the china trade headlines. we saw a lot of those big
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industrial juggernauts trade lower on the headlines back over to you >> north an brennan from new york city. tim, you are a shareholder >> near term clarity on these numbers. the market needs to know what the cash flow looks like there is an argument and jpmorgan make this is very well. the bulls still have an unrealistic goal and the dividend cut is not a silver bullet i think right now they understand the viability and the near to medium term. i care about the balance sheet >> most concerned about ge capital. i don't think they are concerned about granular numbers the strategy and the power unit. this is flannery's that sunk they will give it a pass this time not so much micro this earning
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season around. >> the worse, the better it cut the dividend and it's free to him. you can pay for this dividend. i don't think he should be giving guidance. he has a lot of work to do he just took a job >> clearly he has been on the board. it's not like he is coming in right fresh, but i don't know why he needs to do that right away, especially if he cuts the diffident. the debt might be spooked accident w, but why not take your time >> the seeds for this move, this was created 10, 15 years ago that's a longer conversation flannery had nothing to do with it he was culpable and not 100% to
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blame. what happens tomorrow. there was a chance that if you do see the flush and again, morgan mentioned it, that might be your opportunity, especially if it has one of the three or four times normal volume >> what are to expect from ge, look at the options market hey, mike. >> hi there. the options market is implying a larger 10.5% move is what it's implying on earnings the percentages mean less and less that's not that vising the november 10.5 and we saw over 26.5 thousand trade ge could fall below that price by about that 50 cents into the single digits that comes two weeks from this friday i would add this the options market gives guidance on what it is
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expecting. right now, theres no bid for a dividend next year that suggests that options markets are not confident that there will be any substantial dividend which is in february. >> for more "options action," youcan check 5:30 eastern time spiralling into a construction after stocks saw a huge midday revers reversal things are bad, but how do you know if it's going from bad to worse? doubling down on the cloud with the $34 billion acquisition that the ceos have now. jim kramer was there moments ago and we will bring u l osyoalthe comments much more fast money on. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman?
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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. step-by-step options trading support from td ameritrade and everyone i've ever opioloved away from me.thing everything. i blew my ankle out and i got prescribed pain pills by my doctor. if making my detox public is gonna help somebody i'm all for it. i just wish i would've had a warning. the meeting of the executive finance committee is now in session. and... adjourned. business loans for eligible card members up to fifty thousand dollars, decided in as little as 60 seconds. the powerful backing of american express.
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welcome back to fast money the dow seeing a more than 900 point swing. ending the day down nearly 250 points it has been a brutal month for the markets. down nearly 10% in october alone for the worst month since photocopy 2009 7 out of 11 are in a correction or worse with all the crazy moves, how do you know when the selling is going from bad to worse. we have the more you know. >> i started at the smart board because i'm moving slowly. how do you know when it's going
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from bad, which you can say we currently are, to worse, which maybe we will, maybe we won't. this is what i think fundamentals no longer matter. whether it's markets or people or machines and selling stocks we saw a little of that today in a name like boeing, for example, down 7% and down 15% since making an all time high. maybe you start to see that. number two non-correlated asset spike any magnitude whatsoever things are about to get worse and number three, latent complacency still exists i will try to show you on a chart. what does it mean? although the vicks have spiked and we got up to 28 or 29 today and you can see the speak over
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the last month or so, we are nowhere near the levels we saw last year. i would submit despite the fact that they are higher and moving to the upside, there is still a latent complacency because investors and machines have been conditioned to think every dip is a buying opportunity. if we see market sell off regardless of fundamentals, woo f we see gold start to spike and get up to that level, maybe the worst is in and maybe we can have a conversation about buying opportunity and still have what seems to be now a selling opportunity. >> it's tim. how are you? you seem to have the eye of the tiger tonight. i'm curious why no concern about credit deteriorating >> i will tell you the answer to that our crack crew called me up and said listen, we would like to do
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a more you know. the first three were the three i outlined you make a great point if we see a deterioration in credit, that clearly is a sign that things can go from bad to worse i appreciate you bringing that up, tim. i am certain there are three or four other things we discuss this small mind won't wrap it around >> i answered the question >> do you like the color blue? >> it's funny you say that my personal favorite color is between a green and an orange? >> what? what is between a green and an orange >> say you got a new dollar in today with the mandate invest in the market what would you do? you can sit on it, but what would you do >> a new dollar to invest in the market that's a great question. if you have a time horizon of the next 60 days or six months they are getting interesting
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when i say some of these names the name like cater pillar from t down to a month, month and a half it's not going out of business any time soon. global growth would come back. i would look to the beaten up industrials and stay in health care which has done pretty well. >> thanks for that more you know still ahead, it is the biggest tech deal of the year. $34 billion and all the details. we will hear from the ceos we are live at the market site times square. much more fast money in a few minutes. i'm tecky. i can do it all. go ahead, ask it a question. tecky, can you offer low costs and award-winning wealth management with a satisfaction guarantee, like schwab? sorry. tecky can't do that. schwabbb! calling schwab. we don't have a satisfaction guarantee, but we do have tecky! i'm tecky. i ca... are you getting low costs and award-winning wealth management?
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if not, talk to schwab. and award-winning wealth management? it's not what champions do. it's what champions don't do. they don't back down. they don't settle. and they don't quit... except for cable. cable? oh you can quit cable. because we are cougars and we don't quit!! unless what?!?!?! [team in unison] unless it's cable! quit cable and switch to directv and get the most live sports in4k more for your thing. that's our thing.
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i thought this was a great acquisition. i would like to congratulate them and they made a fabulous move they are fantastic and they have a world class product. we use it in sales force everybody said they are the heart of the cloud today they are the heart of ibm. congratulations tow ibm. great job. >> talking to "mad money's" acquisition of red hat this marks the largest deal ever as one of the biggest mergers in tech history the investors didn't echo the enthusiasm the shares surged 45% and still below the deal price you have been red hot. it was a fast pitch or power
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pitch. >> i love the power pitch. >> the stocks going from 175 and the levels sought prior to this going down now a straight line over the last month and a half when i made that pitch, i didn't see them paying a 64% premium. this is where the stock was trading. we were closed today it's a huge premium on friday's close. why is ibm lower they are grasping for growth in an environment where they shouldn't be grasping for anything no more buy backs. which by the way, one of the unintended consequences made corporate america lady i would submit they are absolutely point a for that argument number three is i know he would wax poetic about it and why? it's his company now and worth a
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lot more than it was on friday's close. i love the company, but i think ibm is stretching here >> it's interesting because it's not as if ibm was being rewarded for no growth and paying a diffident. making an aggressive move is something that perversely the market wanted them to do and maybe they overpaid. if this was about the price and how much they overpaid, this is the space that they want to be paying a smart move at what price seems like it was expensive. >> catch the full interview on "mad money" tonight. this is at the top of the hour up next, final trades on this wild day on wall street.
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>> guy. >> impervious. not a great haiku word because it's only four syllables but big cap pharma has been impervious >> see you back here tomorrow with more. "mad money" starts now madmoney.cnbc.com. 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. 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 isn't just to entertain but to teach you put it in context. call me at 1-800-743-cnb or tweet me @jimcramer. has this market become a slow motion train wreck
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