on. >> although fed rate cut odds have been rising and the market has been falling. >> that's true, yes. i think the stock market is catching up to where the bond market was for a long time, and that is very rue yes, we rallied from a rate cut, but for how long is the question >> do we trust if the fed will follow the market? >> mike, as always, thank you very much. >> "fast money" begins right now. fast money starts right now. live from the market overlooking new york city's times square, i'm melissa lee. your traders on the deck are dan nathan, brian kelly, karen finerman and guy adami tonight uber higher after its first earnings report since going public it has been a rocky start for the new company. gene munster, the earnings machine, will be here in a few minutes to break it down the dean of valuation is here and you will not believe where he is finding the best deals in the market he starts naming names a commodity crush. crude is now down 12% in the

past month and copper, typically a leading indicator is down 9% that stock is down a whopping 32% hitting a fresh low. is the commodity market sending a warning season and are we living in a slow-growth reality. >> first i answer the question, welcome back you've been missed. >> it's good to be back. >> what was the question i know what the question was commodities move lower and is it a slowing growth absolutely it is if you say otherwise you're not paying attention and you go to u.s. steel, you want to talk about steel stocks u.s. steel in march of last year was a $45 stock headed to 50 easily before president trump started all of this tariff talk. rightly or wrongly, that stock and tim seymour said it the other day is trading like it's going out of business and sub-13 on an s&p 500 that's basically around all-time highs and that's telling you something. the move in crude oil despite

the noise around it is a significant move that's telling you something that central banks will think by lowering rates that somehow magically will help and that will hurt, in my opinion, so they're doing it wrong when 24% of global sovereign bonds have negative yield, that's problematic. >> right of course, in the commodity crush we haven't mentioned bond yields which the commodities market is telling us >> i agree with everything you said, if the fed cut, a lot of costs and people would go down, but commodities are just that, they're commodities and when the supply demand gets out of whack this is big news this is as bearish as i've been in a while i am concerned about the economy and i am concerned that a trade deal is not happening in the near-term and so ceos and consumers pulled back because of uncertainty. the market hates uncertainty more than anything else and more than bad news, even.

if they have dumpy earnings and even if they have steady earnings, the company with steady earnings will trade better just because people like certainty. so i'm really not liking this market i'm always long, and i will stay long i try to think about how can i hedge the vix ticking up here. the one thing i did was sell some hyg short we have not seen the credit markets get nervous, and i think that's coming. >> and that could happen with oil. remember, a lot of what's in ayg is related to oil and oil looked horrible today i do think that's a leading indicator of the economy what i think is happening here is the market, globally, commodities, equities and bonds are all pricing something that traders have talked about for a lock time. the tread war isn't going to take any time soon that's what trump said weir concern. >> he said china mate wait until

the election to see if terrorism gets voted out. >> the begger question is if the trader goes awayor they seeing the global economy. >> my view is that's what the ten-iary yield refles. if you look at what we've had over the last few months and the act that the s&p decline from those reese efsht, all-time highs then you're booking at the wrong guy that blew the top on u.s. treasurys we had a rally in yields back above 2.25 what did they do they closed on the low what happened after that oil started accelerating lower and your copper trades like garbage. so when you look at all those things together and you say to yourself, lower yields, that

should mean a lower dollar, but the dic the dixie, the u.s. dollar doesn't budge. you are seeing u.s. treasurys and you're seeing the dollar and that combination, that's your point if we have a rate cut that we might see equities rally. i don't think so and i'm not certain the dollar comes in and that combination comes in. >> there was a scramble for short-term dollars right now and it is difficult to borrow dollars in the short-term market just remember, even in the last qe, the dollar actually went up and even if we had massive qe, the dollar will go high are. >> you sound the same way. >> i am relatively bullish all year and once trump said it might last until or the chinese are waiting until after the election, i think that changed the game. >> so what does your portfolio look like now?

are you short anything >> no, i'm not i'm not short anything i did sell a lot of my equities and i sold out of my oil and i even sold out of some gold at this point in time there will probably be a point to short something very soon here >> health care is the place to be, but if you look at names like lil lil and pfizer and i think that's where you want to be, and unh sold off over the last week, week and a half with the broader market and if you look at it in reality terms and in terms of valuation historically, i think unh is a buy and i will say this, technical, a dozen times, at least the fact that the s&p traded back at all-time highs 2245 and technicians will say we have a huge doublea tack and it didn't come close to chesting his all time full. the vix that came down is still

a 17 handle and in my world that's too much. >> you mentioned u.s. steel and it's trading at multi-year lows where it bottomed out in 2016, but equity-implied volatility is still starting to tick up and it is still well below where it was in 2016 when it was going out of business and that's the credit default swap on the debt it's actually blowing out right now. it's not blowing out to levels where it was in 2016, but these are the sorts of things you kind of want to start thinking about and that start about hyg and then we have on this thing, but i think it's important to of it. you mentioned one hire, in 20 -- it is down 75% since then and then i see a post on the wall street journal daily shot saying that the tariffs have not been good for steel jobs in america

so you put those tw things together and you say to yourself, oh, my goodness, steel is not doing well and these companies are not doing well and the people that use steel for imports are doing well we're not adding jobs and things can get really, really hairy if no one is wing tning the trae war, you are looking at the winner of the trade war altogether wrong. >> investors at home are in your position, karen where they will always be long in their portfolios and what do you do in this market environment? >> i say when things trade buy when there's blood on the street even if it's your own. i'm not guying anything right now because i think it would take aprilly worse pld it wouldn't me to see it, each time before we're to have

less and less confused and tentative isn't a good thing for the economy. so i don't really do a lot i don't panic and sell thing, but i'm going to wait and sit on cash i think we will see a bigger downdraft to employ that cash. >> quick point, i think this is really interesting to net. we had two high growth, high valuation names and we talked about it the other night and the stock sold off 5% and it bounced a little bit over the last day or so. >> like a lot of these new issues that have come to mark and have done very, very poorly if you think about some of them. there was an awful lot, that people were dismissing valuation and dismissing gap losses and that sort of thing and that's what you don't want to see when you see the s&p 500 which looks

like it made a massive double top or head and shoulders or whatever you want. you don't want to lose those high sentiment kind of names and we may be starting to lose those. >> where can you find value in today's market who better to ask than the dean himself, asrath. he joins us from san diego. >> thank you for having me. >> you say go to the stocks that have exposure to china which is the areas people are fleeing >> i think you have to make a choice do you want value or do you want safety there is no safe place you can buy high cash dividend stocks and the high cash flow stocks and they're not going to provide you the protection and if you want value you have to go where it's darkest and the companies that are most exposed to china the boeings, the nvidias, the apples and i agree with everybody on there which is that

the market is pricing of in an extend war and you're buying them for the long term and i don't know how much of a strong stomach you have, but that's what i look at. >> when people talk about the market they talk about not just value, but safety. do you mean the dividend payer the consumer are those stral you in your view, or no? >> if you're collecting the dividend and not looking at the price. you might collect, but the price will be affected about what's happening in the overall market. it takes a very special personality to not think about the price and if you have that, you can collect the dividends and come back in 2021. >> hey thshgs is brian kelly i want to follow on that you're thinking that we are in a multi-year bear market to come back in 2021 >> not necessarily a bear

market, a market where prices will not be protected. to the extend that this trade will continue to inflict damage stock prices can go anywhere and it doesn't matter how much of a dividend yield you have, what cash flow protection you have i think prices will be impacted across the board if you're looking for safety in that i'm going to collect my dividend and my stock is propekted, this is's, and i think pollic and there will not be a yik resolution to tquick rh problems hanging over the market. >> the balance sheet and how much debt companies have how do you think about that in doing your analysis? >> i worry about companies like tesla who in a sense have boried money to the hilt and if there is a downturn they are going to feel the heat.

to that e tents i'm looking for cash flow coverage in terms of can they serve as the debt and some companies have overreached and in a sense they've used the good times as an excuse to borrow and to be quite honest, i don't understand this focus on borrowing given that the tax benefits from drcompanies. it seems they're on autopilot when it comes to that. >> a lot of people feel if the fed does cut that will somehow get the market back on solid footing. i take the other side. where do you see the fed cut. >> i think the fed is a follower and not a leader in this game and the market is setting the tune and saying we think the message will be low. i think the fed at best can follow along it can't do much to change the course of what bond yields are doing. >> professor, always a pleasure speaking with you. thank you for your time. >> thank you >> anyone buying these

>> no. the question is xhecoming >> i think what karen said earlier is long and she's not panicking. that's very important and we've seen what can happen in early 2012, we had 12% on the line and then we had a 20% one in q4, 2018 and we've come back and now we're down 5%, but things as we push this thing out and as the fed has fewer options things get dicier to the down side we know that there's $23.50 and that's where they could go. if you're not thinking about this as that being a possibility you're doing this wrong. none of us at this desk at 2350 were saying to there though, underlying this sort of thing, and my other guy does -- you may

get a short squeeze and it's in the throes of a crisis. >> if we get this sell-off that we've been relatively bearish here coming into the june fed meeting. i'm not saying the fed will cut them, but the market might try to price that. maybe it's a short squeeze and a tradable bottom and this is in the have very short term and let's call it in the short term. >> probably a month or so ago at 370, and 365 and 70. that was clearly wrong and obviously a double whammy, china and self-imposed mistakes that we've made and with that business of boeing and you factor in the defense business and it's remarkable. in terms of valuations, it probably hit a historical low. if you can have vision for the next six to nine months and i tried to do that before

unsuccessfully, and boeing is interesting right here uber reporting earnings and that conference call is here as we speak. plus, we have a slew of retail reports after the bell as it has been a rough earnings season for the group and we'll bring you details as the conference calls kick off later, facebook ceo mark zuckerberg facing the music at the annual shareholder meeting and we'll tell you what he said that has you will of wall street talking live in times square in new york city. much more after this - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

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[ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. welcome back to "fast money," uber jumping after its first report as a public company and let's go to deirdre bosa >> lots of questions so far on driver incentives and market share of the eats food delivery business, he was talking about how the competition and the market in the u.s. is changing have a listen. >> in the u.s., if you listen to the lyft conference call, for example, they talk about competing more on brand, and i think that competing more on brand and product is a healthier mode of competition than just throwing money at a challenge.

so we have seen that pencil out into the market. will things get better or worse? i can't predict, but i think that sitting here today versus where we were three months ago we're always uncomfortable in our chairs and we're less uncomfortable and we have more of a handle on the comp at the timive situaticompetitive, and a be worse or better >> excuse me, that was nelson chai the team was a lot more direct on its first quarterly call and they said this year 2019 would be peak losses and uber is far more global and diversified and his team hasn't said anything like that and they did say that adjusted revenue would improve and nelson chai giving guidance on the rest of the year which could be lifting the stock in the after hours and in the back half of 2019 it's adjusting the negative growth rates as the

markets become more rational and we're not seeing major moves in the stock and still below the ipo price and we haven't heard much regarding that path to profitability that investors want to learn more about >> deirdre bosa in san francisco. for more, let's bring in gene munster outside of minneapolis good to have you with us it sounded like they're not giving much guidance at all. have you heard anything? >> well, they kind of give a general direction, melissa deirdre's sound bite was spot on it was 4% based on that comment. if you want to call that guidance, that's about as close as they get and i just want to emphasize this point is it the critical question for lyft and uber investors is will this be a friendly duopoly or some aggressive competition that will drain their war chests and

the commentary from uber today was much more in the friendly camp and while that's not guidance per se, i think it does change the near-term tone of how investors will think about this story. >> that's true, but when you're talking about the rivalry between lyft and uber, you're talking about 50% of uber's business, right? so you have 50% and that's not the u.s. ride sharing market how does that part of the business look? i mean, half of the business can become more rational while the other half of the business -- you know, could go to hell in a basket for all we know >> we're definitely not in the clear. we are far from that we are probably a couple of years away from really being in the clear here, and i want to emphasize that point that yes, there were positive comments about being more friendly at least in the u.s. and this is a company that is a an aggressive pipeline in terms of the

advanced energy group around autonomy and they have different products and eats and freight and they need to expand and grow that so we're a long way out. the core of foundations of how investors are thinking about this haven't changed meaningfully despite that positive commentary and that's just that. to your point, is that this is a story that is still in transition and the business is going to look very different a few years from now than it does today and that's hard for investors really to give it its full vote of confidence. >> gene, it's karen. it sounded like uber eats was really a part of their story on the roadshow and that's going to be -- that's evolving, but not without competitors door dash and, you know, grub hub and postmates and how do you think about that part of the story >> so my bet based on the commentary is they'll acquire some of the other ones as they mentioned in the last year and they talked about investing in uber eats and it's 13% of

revenue and it grew at just over 100% it was 150% growth and it accelerated a little bit and they're also experimenting around basically riders and promoting and they say in a friendly way, non-invasive way for uber riders to try uber eats and there's only a 50% overlap and they see an opportunity there. i think you're picking up on an important point and eats will be a part of an important story and still fall under the context of investment mode and doesn't give a lot to the investors along the path of profitability. >> gene, we normally ask you to grade a quarter, but because it's uber, we'll ask you to rate uber on a scale of one to five stars. >> melissa, i'm giving it three three.5 stars, it stabilized from 70% to 22% and it was more

or less at 20% this quarter. they're losing market share in the u.s. and uber grew at 15%. so 3.5 stars. >> that's a pretty terrible -- >> that's enough for a user to get dropped from the platform. gene, thank you. we appreciate it gene munster of luke ventures. all right. dan? >> i just don't like hearing all of this stuff about moon shot and that's for a company that's expected --? karen made a point that the whole company is a moon shot >> we thought about this as google and there were call options and at any one point it would be a huge thing and there was a company that was tremendously popular and investors had to trust them that they were doing it with uber, we all like dara, he will be a great ceo for the company, but it just seems that this is a tough name to own at this sort of time. i will tell you this, the

options market was implying a 70%, we know it's been banking around, ho-ish >> it feels pretty stable. >> so 3.5 out of five, that's 70%. >> it's failing. >> it's failing to you >> to me it doesn't sound particularly good. gross bookings were 35% year over year and not commensurate with the gross booking right, and maybe they started to figure it out i could in terms of the path to profitability, but that was true for amazon a decade or so ago and i'm not trying to compare, but this is a revolutionary company so maybe it's time to take a look at uber and lyft here. >> for more on uber head over to cnbc.com i'm melissa lee. you're watching cnbc first in business world wide. in the meantime, here's what else is coming up on fast. >> i lick we dated my 401(k) for

this >> what's a transport stock? >> great question, sort of if you're wondering what to do sehexpt r nest egg, as stocks ri t eeris joining us later this hour. there's much more "fast money" after this ♪ ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. thank you. there is reward. beyond the classroom... there is inspiration. ♪ ♪ beyond work and life... who else could he be? that's what i say. there is the moment. (laughing) beyond despair... there is hope. ♪ ♪ stay safe. i love you mom. i love you too, sweetheart.

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welcome back to "fast money. we have breaking news out of the white house. kayla tausche has the details. >> the white house is kicking off a process that would set off a potential vote on the new nafta, the usmca some time as soon as this summer. a letter was hand delivered by trade representative ambassador robert lighthizer to the top members of congress that would essentially allow the white house in about 30 days' time or after that to submit the implementing legislation, the

crux of this potential treaty up to congress this it then could vote on within a 90-day period and this is an essential procedural part of this process so that this vote could, in fact, be set up. the white house said it would hope to have this vote by the august recess. that is an optimistic time line especially because democrats have released statements upon the reception of this letter saying it is not a positive step it is not a final deal yet and they still want to make a lot of changes to the text. melissa? >> all right kayla, thank you kayla tausche in washington. so no deal with china. no new nafta >> the one thing it does from the market's perspective it creates that political uncertainty and the fighting back and forth of the usmca and wharf we want to call it it's certainly not a positive and at best it's a negative. >> a slew of retailers out

reporting after the bell, gap, ulta, costco, let's go to courtney reagan at headquarters. >> costco shares have been flat to slightly down after hours here after holding relatively steady for the last two months they did surge following the previous earnings report and haven't done much since and earnings are stronger than expected and revenues in line and the wholesale club posting strong comps more than 5.5% and the u.s. division the strongest. membership fees $576 million, a bit below estimates and above last year and there was a negative drag from foreign exchange and membership renewal rates still strong at 95% from the u.s. and canada. chief financial officer richard gallanti spoke about tariffs before going to questions and answers. >> as you might expect it's all over the board in terms of every item and vendor is different in some cases it's being passed

on and in some cases we were able to work to move merchandise and in the impact and it does go through and it has a different impact of how it affects sales we think that we're in a good position in terms of our size and our ability and our relationships with our vendors and we'll keep you posted with how it goes. >> top categories in the quarter, electronics and health and beauty furniture and automotive and optical ask it sounds like all of them and it wasn't quite costco sold a $400,000 diamond ring during the quarter and a $14,000 golf simulator melissa, back over to you. >> one single $400,000 diamond ring >> yeah. they sold more than that, but one was $400,000 >> i wouldn't have even thought they would keep that i wonder what it would cost without the membership discount. that's crazy courtney, thank you. courtney reagan. >> you went to costco.

>> the little blue box >> you buy the golf simulator and a diamond ring. >> $400,000. that's crazy anybody like costco here >> carter worked there a couple of weeks if you recall i think the reason why they're selling the stock is people are looking at valuation 29 times forward earnings saying this environment is too rich, but if you look at the quarter and the business model it is more intense so i'm more inclined to have the stock than short it >> they deliver value to the customer it should trade like a great kospi and delivers value to the customer and it's 29, 30 times i don't own it, but it's not a crazy price for it here. >> what they said about the tariffs and completely give me confidence that they be able to hold the price. >> yeah. i guess the best you can say is they will handle it the best that doesn't mean it's going to be good. so for me, in this environment

why would you touch this thing it just seems like, i don't know i'm out. sold to all of you >> i would mention for the high single digit eps in sales they're trading at 29 times forward you say to yourself what were a couple of things in there that would cause me to take pause? the membership renewal thing is fantastic and if you start to see that trend lower in a difficult environment, that's why it trades at 29 times and they have the recurring revenue model and if it's making a dent in that, that would be a reason to exit the stock from the 22-week lows >> fedex announced it will ship serve days a week to keep up with demand. facebook ceo mark zuckerberg mpy'shehhe music today at the coans arolder meeting. we'll tell you what he said that's got all of wall street talking when "fast money" returns. [ grunting ]

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welcome back to "fast money," facebook having its annual shareholder meeting let's get to leslie picker in menlo, california. >> that meeting wrapping up just a few hours ago here at hotel nia. all four were approved, the

director elections, compensation and reaffirming their auditor ernst & young and alleight shareholders proposals were rejected and that includes doing away with the structure appointing an independent chairman above and beyond mark zuckerberg, of course, who is currently the chairman as well as pursuing or exploring a potential breakup of the company and those proposals did not pass because zuckerberg himself controls more than 50% of the voting power in this company however, zuckerberg did give remarks related to his priority which is he said have shifted away from things like growth which had been priorities in the past he wants to focus more on social issues which he defined in his speech in content saying regulators should help define what is acceptable speech. >> there needs to be an updated regulatory framework around each of these issues, and it's not just one thing it's on content regulation online to limit the spread of harmful content. on elections and basically

governing in each country around the world and what should be political speech i don't think that our company should be deciding that for democracies around the world >> in addition to prioritizing those social issues, he's also focused on safety as well as election interference and privacy and said that facebook is actually focused on creating what he calls private platforms. >> when we look back five or ten years from now we're going to have private platforms which are as rich and as developed as the more open platforms in the digital town squares that we have today so i think that that is both a very important product opportunity that people around the world want a company like ours to deliver. >> now he didn't define exactly what private platforms were and insinuated during the q and a session that it could have something to do with

cryptocurrency and potentially bloc chain, melissa? >> leslie picker >> more on that block chain in a moment, p.k. it sort of is quaint that facebook can hold a shareholder meeting and mark zuckerberg can meet in a room and decide on every proposal put forth >> you don't need to listen to them if you're mark zuckerberg and so, yeah, it's sort of a farce. >> it's like in my marriage. i get it [ laughter ] >> that's not nice, come on. >> i'm just saying what's interesting is all of this stuff that they talk about remedies that if someone else had control of this company and you talk about fines they have $45 million in cash. fine, whatever break the company up my gnd, a $495 million market cap so regulation, it just actually puts a huge moat around their

businesses and it would be a sustained downdraft in the stock. so i don't love hearing that they're want focused on growth anymore and they're focused on social issues. >> and their earnings report was solid. >> outstanding >> before they're leaving the platform and all of the metrics were extraordinarily good and the stock traded at 205 and you wake up and it's a $183 stock and it gave up a significant portion of those gains, if not all post-earnings and this is a $5 stock or so and people are calling for the head of mark zuckerberg i think late last year or early this spring. i still think the stock is ahead of themselves and there's a real good chance to test 165. >> now for block chain >> so they're talking about it and we talked about it a bit and having a cryptocurrency and they might call it global coin or facebook coin or something like that, and it will help them in terms of reducing the fees in a payment system and they might be able to make some money off that

so that would be helpful and i don't think it's a bigger picture change the company type of thing it will improve the bottom line and that's probably about it >> you don't look at it as an entry into much bigger payments? >> that's what i mean. >> it's a banking relationship. >> if they can get it done, it is an entry into pages in general. they've been wanting to do that for a long time. this is one way to do it. >> would that be a part of your bull thees snis. >> it's not priced in there, and that would be great. >> that would be a kicker? >> yes >> fedex down 40% over the last year and there's something in the charts that suggests more pain could be ahead. we will explain. plus as volatility royals the market a top retirement expert says to avoimangd ki one key mistake with your 401(k) she'll tell us what that is when "fast money" returns o you look r when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those.

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welcome back to "fast money kwot ", fedex announcing today it will start rolling out delivery seven days a week beginning next year in order to keep up with the demands of shipping partners like amazon and walmart. the coo speaking to squawk alley this morning >> what we can say right now the

situation is very fluid and very dynamic. it will be very hard for me to talk about what the economy is going to be doing in the future at this point. perhaps we will talk a little bit more about it on june 25th on the earnings call, but i have to tell you one thing. it doesn't matter what the economy is doing, and what is growing is the e-commerce market and like i said, the partial business is growing substantially and driven by e-commerce and our investments in this space are going to be what makes a difference. >> he mentioned the company reports earnings next month so dan says the options market has improved between now and then. >> we can look out about a month and look at the june 28th weeklies and the call premium and the put premium is implying about an 8% move and $12 in either direction and listen, it's great to get an update from the president and coo a few weeks out of their earnings. i think what the message was there is that things are in flux things are fluid and their guidance will be important as we

exit q2. a couple of charts to look at. the stock is down 40% from the 2018 all-time highs and look at that right there it's down about 20% just in the last six weeks alone it's kind of getting toward as it really important low from just about six months ago and it's about 150 bucks and look at it on a five-year basis and you look at the 150-140 range and it is big support here and it's trading at ten times earnings and we know the earnings growth has ground to a halt right here and very important, look at the price of options and we are starting to get to a level where levels are getting a little nervous here about pretty much a potentially outsized move and i would say a miss and a guide down for the second half of this year and it's going back to those lows >> they have an extra day of use out of them if they go seven days a week so they can get

efficiencies out of this and leverage them. at the same time serving the e-commerce market has been a difficult market for them to serve particularly because of the last mile of shipment. >> you're typically the ones that ask the questions on this show may i ask two questions? you'll know the answer. >> is it safe to say, melissa, that since 2018 the e-commerce business has increased in the last 18 month sfs. >> is it also fair that the s&p 500 is within 5% of the all-time high. >> then why would fedex be a $275 stock be at 150 can you explain that one to me and to dan's point, i have to tell you, we are now trading where we traded on christmas eve and this is one of the few stocks that went back and tested that low so if we don't hold 155, despite valuations, tim seymour, if he were here you would check it out to the 2016 low which is 1 too

25. >> worried that the recent volatility could put a dent in your wlealt. a top retirement expert will here to tell you how to manage it more fast money coming up. oh, wow. you two are going to have such a great trip. yeah, have fun! thanks to you, we will.

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hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. welcome back to "fast money," the market's wild swings are scary as you're saving for retirement and there's been key to make sure it's paying off in the end and here's a tip for

maximizing, jean thompson and workplace investing at fidelity. welcome back to the show great to have you back. >> thank nice to be here. >> if investors are looking at volatility, you should make changes to your portfolio. you say no go. >> no. >> when do you do it then? >> sometimes the best move is no move at all especially in reaction to market volatility. typically, best time to do it is when you have a change in your own life, whether you're going through a dwrs or having a life event. those are times when you may want to change or your time horizon changes, if you want to retire earlier or want to retire later and those are great times to make a change and not a reaction to what's happening in the markets. >> if the market that we saw in december or the market volatility right now what is the advice do you use this opportunity? do you use down days in the market to add to your 401(k) that's not what people want to

do usually >> no. it feels counterintuitive to continue to contribute as the market's going down, but the beauty of the 401(k) is that with every paycheck that you get whether it's weekly, bi-weekly or monthly you are contributing in and over time those balances and your money can really grow we looked back to 2009 and 10 years ago when the market really hit bottom and now we can see how much those accounts have grown. back in 2009 the average 401(k) balance was 52,000 and today it's close to 300,000 and you can see the long-term groenth and for millennials it was 7,000 in 2009and now it's almost $130,000 so staying in and keeping with your plan is really where we see the legal growth for most people >> karen, let me ask you something, does this move in rates make you change anything in your plan allocation or anything else? >> you know, given that it's such a long-term proposition

most people are in for 35, 40 years investing in the market and even if the rates move they'll probably move again and what we're finding is in 401(k) plans most people are investing in target date funds and now more than half are in target date funds and for millennials is over 70% and so many of them are using that professional management to ensure they stay on track because they don't have the skill, will or time to do it on their own or to follow rate, bond market as closely as they should if they were going to do it on their own. >> it's right to think of your retirement as a long-term investing process, but what if you are more than five years away or ten years away from retirement and should it change when you see a market downdraft? >> you are five or ten years away, you want to keep tabs on it and the key thing to remember is you could be in retirement we find most people underestimate their longevity. they don't believe that they'll

live until they're 90 and many will you want to make sure that you're not too conservative and if you are getting closer to retirement you do want to keep tabs on it to make sure you are not taking too much risk or too little risk because you do have a ways to go >> jeannie thompson of fidelity. guy, which piece of advice do you like >> slow and steady wins the race you cannot let the noise get to you and this show is now 12 1/2 years old and we've probably been a difficult show for the industry to stomach because they heard goal, i heard dan nathan say this and it makes it very difficult, but i will say this, and we've raised the bar in terms of the questions that people ask although we can be painful to the industry, i also think we've made the industry better. >> interesting >> i think the important thing that gene said is it depends o when you will be retiring, right? so your timeframe matters a lot when it comes to investing

we talk a lot about relatively short term trading and investing on this show, but if you're a millenia will you have 35 years and who cares what rates it will do, if you have five or tern yeate years you have a ways to go. >> she's 401(k) investing and people are not in the industry and don't watch fast money, surprisingly, they don't look at their balances too frequently and that's probably the best thing you can do over the long haul because you will noget t freaked out in the near-term volatility and make a mistake. >> up next, final trade.

my degree from snhu has helped me tremendously. the flexible class schedules allowed me to go to work full time, run my catering business and be a mom and parent. when i reached this accomplishment, it was like, it's here, it's happening, it's now. we at southern new hampshire university are the ones who succeed. we are the ones who break through.

time for the final trades. xlf at 2640 and i think it sees 25 before 28. >> brian kelly oil looks just terrible. it's got a cough due to cold sell xop no time to panic, but i am concerned that the debt markets are going to be in for some trying times short hyg. >> a lot of rain >> torrential rain but you know, a lot of things are trading in chicago and the

mercantile exchange and dan nathan made fun of me for bringing that up >> here's the stock at an all-time high and cme will get you done. >> that does it for us thanks for watching. see you back here tomorrow for more fast. in the meantime, don't go anywhere "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 people want to make friends. i'm just trying to make you some money. my job not just to entertain but to educate and teach, put it in context. so call me at no. or oh, yes, tweet me @jimcramer. every day i come out here, the checklist gets a little longer the checklis