a listless day, average move is barely above the flat line over the last -- since 1971 you've had slightly more up days than down -- five moves up or down of at least 1% and that's almost over the last almost 50 years and it would be interesting to see tomorrow because we're in this highly stressed position if we get this action that's for tomorrow. >> "fast money" begins right now. >> "fast money" does begin right now. live from new york's times square i am brian sullivan in for melissa lee, your traders are tim seymour, karen finerman, tim grasso and guy adami they tried to make a valiant comeback in the last hour. does that mean a comeback of trade war fears may be finally dying down or is it going to get worse from here? a top technician will be here it you think more selling is to come plus the consumer caught right in the crosshairs and the threat of rising tariffs looming and we've got a pair you've got to

hear from, former sears ceo allen questrom and tillman fertitta the dow down 450 points in the lows before racing to make a comeback we still closed down 286 points and that's down 1.1% and something, my friend, that has not happened in eight years. the market taking few prisoners today. investors in small caps and they tumbled more than 2% and the crude oil down over 5% and the ten-year yield in its lowest level since 2017 and it's important to remember the s&p 500 is still higher than it was just one month ago the question with all this information and numbers, guy adami, what do we do now >> we say welcome! a handsome man, by the way

has anyone mentioned that to you? >> thank you >> he looks in the mirror and says brian, you're a handsome man. >> and you're a good man >> the december 24th low in the s&p and the recent high in the s&p and 29.50. i'll say this, and i've said it again and a 50% correction of the move is still in order and that gets us to 26.50, thereabouts in the s&p which give or take is about 170 handles from where we are. that sounds catastrophic and i don't think it is. i think it would be rather constructive i don't think the vix is properly high enough to represent what some of the headwinds are out there and i think there's another 7% or 8% to the downside which gets us right to the sweet spot for a rally. >> we talked about the debt markets being stronger than the equity markets and let's not heap too much praise and the bottom line is look at what's going on in the bond market and we're back to essentially two years ago and it was two and a half years ago ultimately and the most important point are the

flash pmis for may which printed three-ier lows on services or manufacturing pmis and they're giving you a snapshot of just how much ceos are pulling back i think the impact mathematically on the u.s. gdp rate now is very, very small the big issue is absolutely the impact on ceos and confidence and you saw that in those numbers and those caved yields in the bond market they'll have to be forced, though, and in my opinion is they'll have to be forced to work arounds and they'll have to be forced. >> who is they >> picking up on what tim said, just follow us if they do the work arounds or they source from different areas that's a good thing, no? >> they've always been able to do that. let's go a little bit in the market and karen, to your point, to your point on bond yields, if you watch the intra-day tick, we turned around and bond yields started moving higher and stocks immediately turned around, karen. is the bond market right now ultimately in charge of the equity market?

>> i don't know if the bond market's in charge of the equity market this trade war, if the pmi date is right and it's not just oh, we had been sort of overbuilding inventory prior to the worsening trade wars, if maybe the fed is more in play than we had thought, right so i have to think that the fed now of a fed cut is going up, that would be good for the equity markets and i don't know if that means the bond markets are in front of the equity markets. i do think, though, tim is right. when credit starts to trade terribly and it hasn't yet and the end of december we saw credit markets cave and get really illiquid and wide. >> i think you do have a shot and i don't want to overstate this where brexit became just a tag line where most people understand the options throughout brexit and they're not overwhelmingly concerned

anymore as the first day of brexit and i think we're getting there with trade where people understand it and they figure it out and yes, it's impactful and it's impactful than brexit and i think people are saying now, you know what? when we figure this out, let's do the workarounds and we'll see where we land. >> there are two ways to look at this market. we've been down five weeks in a row and things are looking wobbly the other side is s&p 500 is still up 13% this year not including dividends, overall still pretty good. the market has room to drop, does it not? >> i think it does i hear what everybody is saying and i understand that if the fed is in play to karen's point is theoretically to be bullish and that's what makes a market in my opinion. with that said to your point, i think the complacency out there is at epic proportions and i don't think people believe the market will go lower which is why i think the market's going lower. you look at these companies that

reported they weren't gangbuster earnings and they were okay in an interesting backdrop, and i think this china thing gets worse before it gets better and i'll say this again and i'll say this for a while and we're further away from a deal with the chinese than 15 months ago. >> you're seeing commodities, and high beta em currencies are starting to blow out karen talked about we haven't seen the blowout yet and there's the bbb threat which is very, very important i agree with everything woe're saying on the complacence e and just -- they're completely missing that the leading indicators whether it's semis and look at fedex. fedex tells you something awful and i know fedex has had a couple of the operational issues and the bottom line is they're one of the best-run companies in the world and i think that is telling us >> if we are worried about the overall economy slowing down, there are quivers or arrows in the quiver of china and us as well china has trillions in currency

reserves and they're already beginning to stimulate to your point, retailers will be able to adjust if they think it's going to go on for a long time and they can make the adjustments we need to and we can cut rates and there's ammunition out there >> there is, but let me ask you this will the market give them a pass when they say the costs will be out of line and we're trying to change our supply chain and that will take some time and so we're going to miss? >> i think stocks will trade down >> to your point when we started off, does the fed trump all of those other worries with easier rates? it's very hard not to be a buyer of the equity market where rates are right now. it's very hard >> it's interesting because we've had people all over the place telling you when the fed starts cutting it's a great time and they've both been right, when the fed stops hiking it's a great time for equities and it actually starts cutting it's a great time for equities. you can make an argument and

i'll say this one more time, a growth scare is much more than inflation scare in an environment. >> i want to go back to karen. you made a very important point and i would like to hear everybody's thoughts on this, if big box store comes out and we'll miss the numbers for the next two or three quarter because we're permanently changing our supply chain, be patient. will the market give them a pass >> not right now we're not in earnings season yet. i think we'll start to see that in july and right now, just macro things that are making the market trade and not very much fundamental earnings >> permanently changing the supply chain is such a fundamental and that is such a huge move, and -- >> they can't do that. >> i don't think they can. >> to act like there's a work around, i don't think you're oversimplifying steve and it's crazy to decide that we're not going deal with china on a growing basis. >> this market is dominated by something other than what we just talked about, the charts.

as soon as the ten-year yield dropped off 2.3% and the s&p 500 turned around and what do the charts say about the places hiding in this market? let's go to todd gordon. >> i have an interesting chart on the next one, but first let's get the context of where we are in the s&p me in my short 20-year career i've never seen the 2 hun-day so relevant and we have a series of triple tests before we decide where to go. so we have one here, one here and we had a single test and are we in for another kind of back and forth choppy, volatile trade here around the 2800 level the actual level is 2, 7, 7, 7, and i do think that we'll get that low and are i am bearish, and i don't know i don't think the market will let go and i think it will be choppy for the rest of the summer and if you extend this out it might take us to august and september and maybe then we can take convention and let's look at yields and same thing with the 200-day, it's wanot a

definitive level and a floor or ceiling and we're up about 1.3% and i do think will come into play and that's a typical overshoot that you see at the 200 day. before we advance past this chart and you guys were talking about the top of the show and what's leading is it yields or s&ps we just made a new low relative to ten days ago in the ten-year yield and the s&ps have not yet broken the may 15th low and we're seeing starting to suggest stocks might want to continue to break down remember, that's that 2800 down to the 200 day i do think near-term you can be bearish. if you do want to get protection here, tlt is an easy stock that you can trade and it does look like we have a little bit of a head and shoulders forming here and the 200-day is shown here on the weekly i do think we'll be able to get up to the 130 mark and i would like to add kind of on a break on that level. if you do want to hide out one

sector that's shown good, relative strength as just recently here is healthcare xlv. this right here, this orange line and this is the relative strength of health care into the s&p. as that line is dropping and that first one in the equation and xlv is underperforming the s&p, and what you've seen recently over the last month is relative strength indicators are starting to move up and they're starting to outperform here as the s&p is starting to move lower. is that a long-term phenomenon and this ratio can continue higher we shall see i added unh just to throw a name in there, and maybe some safety and lack of volatility can be found there. >> great stuff todd gordon, thank you very much guy's let's trade this and guy adami. >> united health rings a bell. >> no, no, no, no. we've all been talking about it. what >> was it a fast pitch possibly of yours >> or the power pitch which i think we have a power pitch this evening, brian you'll love this power pitch

tonight. i know it's bounced basically off 220 in a straight line over the last couple of weeks and why is that? one of the reasons is it's trading at a trough valuation historically and the other reason is you don't hear these cats in the white house and washington, d.c., talking about health care very much anymore and the bulls are back and they continue to go higher from here. >> catwoman, by the way, i was a particular fan that was a power pitch of mine one of the things i talked about is the pharma pipeline has shown significant relative to the peers out in the second half of the year and the medical device is better and j & j. >> the only problem is i agree with you that they've been distracted in the white house and they've been distractioned in congress, but if they ever get back to it which they will, these stocks, and i do like unh. >> getting back to a bipartisan issue. >> because you're being optimistic, the president called nancy pelosi a disaster today.

>> not sure if they'll get back to work. >> great stuff, by the way, both of you unh -- he couldn't let you have it he had to say my fast pitch. >> i power pitch and he fast pitches and that's the difference >> coming up, the slow jam if tariffs are beginning to hurt the american consumer there is one man who will know before anyone else, tillman fertitta and tesla showing signs of life and one troubling sign things could, could be about to get worse and a top analyst is about to explain we are live in times square. much more "fast money" right after this

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access netflix, prime video, youtube and more, all with the sound of your voice. click, call or visit a store today. >> welcome back. fast money's tesla showing signs of life after ceo elon musk wrote that it's close to the production models for the model 3. tesla has a long drive ahead of it to make up the losses the stock is up 15% in the past week and has lost half its value in just nine months. let's bring in bruce clark, lead auto analyst at moody's. bruce, you have an equity threat and a death threat for tesla

how does the tesla story ultimately play out? >> look, from our standpoint the store is carried and we have a negative outlook and one of the things that's important to keep in mind that tesla has a pretty good liquidity position and after the capital raise, we think they need about $1 billion to run the business and another half billion for the convertible bond and that gives them $3 billion left over. if you assume that they beurn a half billion, that gives them a long runway. from our standpoint the b-3 rating is still appropriate and that cash position does give them -- to be fair, they can issue more debt equity and in the current credit structure and income statement you just talked about six quarters that's not that long of a runway

when you talk about a company that addresses a certain number of issues that's a long time and they needed that cushion and that's a important cushion to have. >> what do you think about and how do you value the contingent liabilities and the supplier obligations which i think are extraordinary and the excess of a few billion. there should be some argument that they are doing everything they can do to rob from peter to pay paul on the supplier side and the supplier starts turning them down and they have also liquidity issues >> i tell you, having that cash on hand makes a big difference, and i also think that the markets for the suppliers are looking very closely at what the next quarter brings, and i think that's a very important landmark for them, but if they continue to have stress, at the end of the day, whether you're a strong company or weak company, if you start running out of cash,

that's when you run into problems and i think the capital raise is very important and it's a very important cushion and having that runway gives them time to begin addressing some of the issues that people are very concerned about. >> at the end of that runway, 21, 22 they start to have major maturities due 2 plus billion dollars between 21 and 22. so, i mean -- and there's no denying there's a lot of risk in tesla and we think the risk is captured in the b-3 rating and we have a negative outlook which indicates if they don't get things addressed within the next several quarters, there's no denying. >> i know you're a credit guy, but do you look at the equity at all as a reference point, at least? that's an important source of information. we try to look at all of the pieces of information that have data in them we talk with the company and with suppliers and competitors and certainly, you have a lot of very important people and the important smart people in the

equity market. we have a different objective in doing that analysis and they have very important -- we'll certainly look at that, but it doesn't drive our decisions. >> bruce, it's a pleasure to have you on. thank you very much, bruce >> thanks a lot. to bruce's point, you look at the equities as one part of reference and the negative outlook and six quarters to me doesn't sound like that long of a runway it didn't sound like it which is a distressed credit and good for them who has been really on this for quite some time. in terms of where i think this stock is going and i'll say it again and in the end of 2016 it's a $175 stock and that's where it's headed. >> if you listen to elon musk, he himself said ten months effectively. whether this letter was leaked or not is just another form of communicating outside of the sec requirement, i don't know. when you say we're almost at 7,000 a week and that's just getting there nowand they've guided recently for 360 to

400,000. how do you do that and again, if you listen to bruce, and the bottom line is if demand is falling off, that's an issue that they haven't -- >> and another huge thing for me is when you start to see these top ten holders actually liquidating and they never liquidated before and that's a big deal because they were carved out in cement. >> karen, tesla's side, and i think there are nine analysts who cover uber are 42 to 53 and the tesla range, take out the $10 that we had the other day is 150 to 530 if the sell side community has a $400 gap and smart women and men, what does that tell you about the visibility >> there isn't any we know that and there also is the question of, all right, how much time do they have and so the debt is starting to trade very poorly. i think we have a chart here the debt is now yielded maturity

well north of 9% that gets to be very expensive debt and difficult to issue new debt so there are? who don't think it will survive. why does it start at ten it's effectively zero. >> maybe they can't put a zero on it because it says something. it's a big number for having no value. >> again, that to me is so much the story here when elon musk sends something out and lobs something out there, by the way, i don't think that that even worked today, but you can make an argument it did >> for more on tesla's troubles and what ceo elon musk told employees today, head over to cnbc.com and one of our most reads. still ahead, have the tariffs begun to hit the consumer tillman fertitta is here next. later, google shares down 10% in a month, but mr. guy adami says right now could be your best chance to buy and it is your fast pitch and you get to rate them i'm brian sullivan, and you're tcngfa meyonnbc. get it.

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welcome back to "fast money. with only retailers, costco, and autozone higher in the month is the market overreacting, and allen questrom is the former ceo of jc penney's the tariffs are getting all of the attention and the threat of higher costs on the consumers and yet companies are coming out and saying it's the weather. it's supply chains and what do you make how much are tariffs the reason why we are seeing retail underperform the overall market? >> well, certainly this last quarter had nothing to do with

tariffs or very little if they go forward with the next 300 billion. that will affect retail because it's shoes, apparel, electronics and those really would be a big deal i don't think that's the real issue and you look at companies like target and walmart. they had a terrific performance there. they're bricks and mortar stores and their grocery business has been very strong and they've worked in many, many different things over the last couple of years to make their business better including willing to say we're not going to make the kind of profit we made over the next year or two years, and that allowed them to do a lot of things that improved their business and two or three years later their business is doing terrific i think what brian connell said today or yesterday was that he really is very positive going forward even with the tariffs. they will have to make adjustments and one of the great funds about the retail business is we always have to keep making adjustments and the most important adjustment is to the customer as she changes and she certainly has changed and we've

gone from a tailored business to a casual business and now we have people doing all kinds of things and that's the fun of the business >> mr. questrom, it's karen. you have been a lower end department stores medium and high end what is the future of department stores >> i think those that execute well and create excitement and bring newness into the store and present it in an exciting way, customers want to go see it and customers do like to go into stores most few ideas come out of the stores and then they end up getting on the internet, but i think you have to come up with constantly new ideas to bring and entertain the customer when she comes in quite frankly, when you go into the stores i don't know why you would go into it, i think target and walmart, they've made their stores with more exciting with more private label and more impressive presentations and quick delivery a lot of different things that makes it a nice experience for

the customer and many department stores have not done that. so i think the opportunity for the department stores is to go back and rethink who their customer is, what the changes are and how can i better satisfy her which i don't think they've done a good job at >> you sound as if this tariff issue that what we're going through with the retailers is -- on and it's for the group when they figure out. >> and that was a tariff problem, too i don't think that's going to happen i think we have two intelligent economies and one is china and one is the united states and they don't want to see a disaster because if you start shifting your supplies to china like vietnam and cambodia, you are aren't coming back and so they need this business long term and this is who will strike first and hopefully they'll say let's get together and if they

do, both countries really benefit because they need -- both are needed in the long term huge populations in china to be satisfied. the united states economy is the largest, but china will be the largest in ten years so we need to be able to be partnered with them and vice versa. >> allen questrom joining us live from dallas it was a pleasure. thanks very much. >> nice to be with you >> no person in america has their pulse on the finger as tillman fertitta as the ceo and sole owner of landry's, he owns the golden nugget, and the houston rockets and he joins us by phone and thanks for calling in it is a 9 iron shot to six of your restaurants just from where we sit right now from where you sit, are you seeing any kind of a consumer-led slowdown in the u.s. economy >> not at all, brian the consumer is still spending

money and the problem with restaurants right now and so many other businesses is inflation is crazy and the way the fed looks at it there is no inflation and the consumer sees it they know when thai ey go buy a hotel room or buy a steak in the restaurant they pay a lot more and the government continues to say that it isn't and what's hard for restaurants right now is that labor costs are going up and minimum wage are hitting a ridiculous number with no tip credit and occupancy costs and landlords think that their properties are worth more than anything else and for the first time ever proteins are going up as much as everything else on your menu. so the consumer is spending money. what's interesting is autoings reit now and for the first time are lower and maybe that's because of the highest interest rates in a long time but you know, the consumer

adjusts. remember when their 3 gas came in. >> yeah. >> it takes time for the consumer to adjust and that's the key point. >> i worry, though, tillman. you mentioned the stuff that you face higher rents in new york city and higher wage costs and there's more than a 15% cost inflation on the restaurant side and we're talking about 15% more on the consumer goods side do you think that may be the tariff straw that breaks the camel's back or do you believe the consumer can adjust, can absorb >> well, donald trump is trying to fix the tariff inequality and everyone will have to maybe pay a little more which is still the right thing to do because the amount of dollars that will come into the u.s. and that's why he's willing to take care of the farmers because they're not going to be buying as much overseas which at the same time if that happens that can also bring our costs down which we need, but tariffs aren't a huge

positive for the country, but once again, will adjust. it's not a positive for the consumer and you have to do something with the inequality of tariffs and the other thing that's changing a lot is home delivery to help these construction costs and you will start seeing people build smaller units and i think you will see that in retail and restaurants and everything is take out now our take-out price business is 8% of the number and that's what people want to do today. they want to sit at home and watch netflix and hulu and amazon and have their food brought in >> tillman, thanks for joining us it's tim seymour i think you've answered part of the question that i was going to say of are you in favor of what washington is doing right now. the other part is you're a ceo how is this changing how you're planning for your business righ now?

are you being more cautious? >> part of that is that history repeats itself and we're at a 10-year run that's been unbelievable and there's a lot happening right now. so your guard is up and you're waiting for the consumer to just shut it down, but the unemployment in this country is amazing and the demand for employees and for the construction industry there is no employees and even for our industry, the waiters and cooks because of uber and lyft, people that are able to work their own hours, it's just amazing that in a few year period the whole employee landscape has just changed with so many different options for an individual out there, that there are so many places that they can go work and make so much more money than they did before. >> mr. fertitta, it's karen

finerman thanks for being here. when you talk about the consumer being to adjust, they're talking about each bill maybe signed a little less or how do you think they make those adjustments. they're also making more money at the same time because wages are spiking and mentally how it's going to affect your pocketbook and all of a sudden i'm paying this much for this and nobody's going to be driving any less when gas prices, outjust became the norm. we're doing as much business as we ever had in the casino and i can see the setup where all of a sudden your rent's become so high that you don't even have the money to keep the property alive and therefore you can't do the capital improvement.

so that's something that so many people are doing in the real estate industry now that i think is going to blow up that industry in the years to come, and i don't think that's right around the corner. >> right around the corner, maybe i'll convince these guys to do the landry's crawl we'll go to bubba-gump, dos c caminos. >> and not you, tillman. >> brian >> hopefully tillman will send his credit card. tillman's book, "shut up and listen" hard business truths that will help you succeed is out in september we look forward to it. thanks for joining us. this is a guy who has restaurants all over the united states and gambling and he's not seen yet the consumer slowdown and the market is not telling you the story. >> until the last couple of day, the stock market's been on a ramp to the upside and in my opinion, all consumer confidence

is an overlay of the s&p 500 so if the market were to dump you would see how quickly start spending, not least of which there is inflation that's the most interesting point. you know what. maybe the fed then has to raise rates. it's crazy >> i don't want to get into the politics, but there is a bizarre argument that someone brought it up to me and it wasn't tillman they were saying we're complaining about the 15%tarif crushing the u.s. consumer and yet people supported the $15 minimum wage, as we should you can't have it both ways. wages, if they go up, costs are also going to go up s that a bad thing? >> look, it's a great thing for people that have been living below the sustenance level and i think there are a lot of people in this country that have been i think businesses will naturally react like consumers will they'll hire less people and they'll be making shorter

shifts as long as the payroll numbers are where they are, everything is great, but it's hard to argue we're not at peak labor. it's hard to argue that the job market can get better than it is right now which means it can only get worse you're paying people more and that's a good thing and prices will adjust as well, but at least right now wages are also going up we didn't have a cell phone bill and now it's a couple hundred a month and we don't argue about it. >> there are some headwinds and right now things are good. the consumer is good and people are spending money >> and interest rates are lower, right? so if you buy a home that's a significant savings from where we used to be. i actually think the fed can cut. >> i know you were, and my point was i don't think they -- i think they're in a position where they have to go the other way. >> i think the point with wages on the rise and with interest rates down and with other things happening, we've seen the

consumer already in many ways observe a 15% tariff, not on shoes and toy, but on cell phone bills and maybe restaurant bills and whatever because of all of the things tillman talked about and we're still okay the world hasn't ended >> right we're looking at an uncertain number of a tariff percentage and, i don't know, 200 to $500 billion depending where they end up in the trade war. that's the uncertainty that's warrantsed -- >> that gives us something to talk about every day >> you'd find something. >> i think you'd be fine. >> hopefully the last time i'll talk about it. >> facebook,a amazon, sinking into correction territory or worse as the fang trade continues to get crushed, but guy adami says one of those names being make a in comeback it is shedding a billion and one

trader betting on otr ubanhedole digit drop those details when "fast money" returns.

>> you will right. welcome back to "fast money. look at all that red escalating trade tensions taking down stocks and more than half of the s&p 500 is more than 10% from its high or worse so if you are wondering what may be safe to buy amid all that red, fear not. guy adamy is at the plasma

take it away. >> i love the power pitch and a lot of people at home say wait a second you started the show saying the market is going down another 7%. why would you be pitching anything that's a fair question, but in this case i'm going to pitch alphabet and the reason why is the stock's already about 10% off its recent high. that is point number one the stock is a key support and i'll show a chart in a minute as to why that is, but remember back on december 24th that was trading $1,000 and recently traded up to 1300 and the level we're at now, 1150 and 50% correction and a 10% drop. number two, way mo's gains you know what? maybe they're not as close as we think. maybe waymo is way mo closer than anybody else. i think people are underestimating the value of waymo. and number three, karen will

love this, they have a huge cash hoard and depending on the metric, it might be better than apple. they have $168 billion or so in cash and i think it comes out to $160 a share and that's significant. now, they have been penalized for it because they haven't put it to use, but guess what? it will be a positive for them and let's look at that chart that i mentioned as they say slide it earl, brian, you remember that. recent low, that one there, recent high and right here is a 50% correction of that move and puts it at 1150 and the market is now behind google i think google is ahead of the market and i think google will sort of hang around here as the market goes down and that's when you want to buy alphabet >> i have a question nice pitch, first of all you have where the floor might be where do you think the top might be >> we have major double tops basically at 1300 and that's the case, but if we can somehow hold

here and i think despite the market going lower, and i think the next quarter if google gets their act together and i think we will ratchet right through the hundred dollar level and this will be a short-term double top and by next quarter as we get through all of this nonsense, you will see the stock accelerate north of the all-time double tops. >> all-time double tops. all right. no more question this is now time to vote, are you buying guy adami's pitch on alphabet >> tim >> i'm a buyer of guy's google pitch and to me google is one of those names where they have the recurring revenue stream effectively on a core business that i think exists in perpetuity and maybe that's a problem in itself and i'm a buyer. >> guy, you had me at tesla, and the huge cash hoard valuation, so yes that's my biggest position >> wow >> two check marks >> triple play

>> and the board i do like a 50% retracement and that was 1129 and what was the low today? 1129 what was the hundred-day moving average, 1150. you are stick right there, and i think you do blast through buy gaggle alphabet, sorry. >> the desk has spoken what are you fine people at home are you buying guy's pitch for alphabet at cnbcfastmoney. boeing falling after the faa says there is no end to the 737 max grounding in sight and we'll r e oc a what that might mean fothstksnd airlines in general when we come back. nerat. stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent. but it doesn't equally distribute opportunity,

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southern nnow this is training.ty keeping my reflexes sharp. ha, oh! you were just beaten by a rabbit. you don't even know it. [ ding ] oh, my pizza rolls. >> welcome back. boeing shares down more than two bucks as the federal aviation administration met with regulators around the worl about the 737 max airplane the grounding forcing major airlines to cancel all flights with that jet through the summer faa daniel elwell spoke with phil lebeau about this earlier today. >> there isn't a timetable for bringing the 737 max back to flight there's only one criteria, when

we're done with our analysis and it's safe to let the 737 maxfli. >> we are expecting the details of this meeting later on this evening, but with no end to a grounding in sight, what does this mean for boeing and the airlines generally, tim? >> look, i know early on in the post-script of this situation i was very clear, hey, boeing -- there's nothing, you know. i think we've seen this before, and i think you can actually own the stock. what i'd say that's different is i think this is happening in a very bad market dynamic. i actually believe that what's happening rid now with the faa is exactly what we saw with software fixes in 2013, for example. so i don't think it's any different, quite honestly, this does not show hopefully sensitivity and we dealt with the faa before it'sa i process >> boeing arguably, we don't look at the dow, but america

does and it's the most person stock in number and the number one holing is in the xli which has performed sfen% andy didn't know that industrials ask everything you're -- look at southwest. that stock is up 9% year to date that one had the largest exposure to the 737 max. this is your proxy when you start to see luv with stan level and rally and i think that's your proxy for the 737 max woes. >> watch southwest >> watch it, brian >> let me just add one more thing. boeing is a potential poster child, if china wants to hit us really where it hirts, boeing is the place to go and the stock's

not cheap aside from the issues from the 737 max and that's a bigger potential overhead. at >> reality is as jim cramer points out many times, they have to buy airplanes if they don't want to fly, airbus doesn't make enough and they're developing their own jet which looks a lot like the 737. >> go figure. >> but they need boeing. they're not going to stop buying jets what are they going to take? the bus? >> no, they to be part of the dine aim being. >> very important at $350 bucs a share. >> another point tracking for the third straight feet of losses and there's something that suggests many it's on the move and we'll tell you which way when fast western returns. here's one you guys will like.

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probably about 15% above the average volume and apple is one that saw above average put volume and one of the trades that stuck out to me was something we saw earlier and the september 160 put and someone spent $5.30 to buy 28 hun 00 ofs as a block they continue to trade close to 5,000 and ended up trading by the end of the day and it's 200 in premium and it's a decline in apple's price below the 160 strike by september expiration that would represent a decline of 14% over the course of the next few months in expiration. if you happen to own those puts and the stock declined say 10% within the course of the next three or four weeks those puts will increase in value it's notable because we don't commonly see trades on puts and apple that are betting on significant moves to the down side usually, you're looking for more

muted activity in a name like that. >> in terms of an actual impact on apple this is not as big of a deal as the market wants to play it out. if china does throw apple into the political box this is a dynamic where apple has more room to go at this point thshgs , this is e than it deserved >> analysts will have to start bringing it down and we'll see what happens thank you very much. for more options action check out the full show every friday d nt,oufil 0 p.m. eastern time anupex yr natrades (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills.

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>> all right it is time to get the results for our twitter poll for guy's pitch on google and boy, this does not happen often. but cue the dirty dancing music because it's a grand slam. not only did guy get all three votes on the desk, but he won over all the twitter people which is not an easy task because twitter hates everything >> dance for us, guy >> nobody puts guy in the corner >> wow brutal >> by the way, dirty dancing filmed where virginia tech. >> tim seymour >> delta air lines.

>> something so out of favor you have to like it. alibaba. >> steve >> tjx. >> guy >> that was pretty hokey, brian. >> google. that will get you done. >> that does that does it for "fast money." "mad money" with jim cramer begins right now my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job not just to entertain, but now educate and teach in context. call me at 1-800-743-cnbc. tweet me @jimcramer.