>> i think that might help provide some kind of short term -- >> we're all going to be watching over the next hour, fast money which is about to start. brian sullivan with us today the shocking oil move down 25% >> yeah, you guys have noted the biggest one day slide since 1991, again, not to be little it or be labor it people say who cares about oil that's good, right gas prices are cheaper the problem is, as you've talked about. it's really a debt and a credit story, it's an oil story as well, oil -- a small part of the stock market, but a much larger part of the credit markets >> absolutely, brian it could become a debt and a credit story, that's the key question for the banks they fall sharply like the oil companies. as yet, unclear whether they

warrant that level down sharply today we know you have all the analysis covered >> we'll try to get some rest tonight guys see you tomorrow morning thank you very much. welcome to fast money, i'm brian sullivan and your traders on this very important night tonight are tim seymour and guy adami. we'll get to that in a second. a record day on wall street, and for many a day to forget all three major averages plunging more than 7%. the dow the biggest loser, falling 2,013. that is not a misquote, that's the largest point drop ever in one of the top ten biggest decleanings on a percentage basis ever the transports crushed, falling nearly 0%, their worst day since all way back in september of 2001 on 9/11. today's losses fueled by that crude crash we just discussed.

the snrg sector having its worst day as well. oil losing a quarter of its value, crude is trading below $31 a barrel many oil and gas stocks down 30 and 40% today. as the market assesses many of these companies ability to survive in a lower oil priced world. one more incredible stat for you on this incredible day interest rates continue to collapse the yield hitting a new low of nearly .03%. following yesterday's selloff or today's selloff, s&p 500 have lost a total of 5.7 trillion in market cap since the record high on february 1st. we are commercial free through the entire hour. this is a night where we don't need to be complicated it's a question of what

happened, and what do we do now? do you believe the drop in oil is what triggered this market today? >> it's obviously a big part of it, you can't discount the fact that crude discounts the move it obviously had a lot to do with it, that stoked the fears as well a lot of it has been in place for quite some time. bond rates, the bond market shouldn't move like it's moved in the last year and a half. the volatility in the bond market was striking, nobody really talked about it, because it's not equities. if we had that kind of -- it would be front page news every day. currency is the same thing now it's finding its way into the equity market after a long period of time i happen to think as painful as this is, this is really a good thing. the market needs this, i'm not suggesting it's over, i think you know when it's over, it's my opinion. when you see some big hedge fund

or derivatives book with some sort of bank, when they blow up, when that happens, we're close, it hasn't happened yet >> i saw some data that in some ways average volume was higher than during the peek of the 2008 collapse the action was fast and violent. >> dollar volume certainly would be the asset class, every single one. to the entry day load on the s&p we were down about 19% in 12 days, guy mentioned the reference to the dollar being down, about 5.2% in 12 days, the yen strengthening which we know, is this unwind of carry trades part of the dollars move by the way, without getting too lost in that that yeng move is a massive risk off move that's almost 10% move in the yen in 12 days, so there's

different fires going on around the world and in different asset classes frankly. oil over the weekend was the latest black swan in the middle of what might be a group of fowl there is a credit dynamic that is emerging out of the understand space that we all knew was there if you talk to credit traders in energy and in high yield, they'll tell you that actually, you know, where they're seeing the market right now is inside of the lows of 2018 december and more likely nearing the lows o . >> we'll get to more on energy with mike bradley, one of the best in the business, i want to start off with you we had a circuit breaker hit >> right >> fell 7% it was three minutes after the open stopped for 15 minutes what was that like you're on the floor. >> it's not every day you deal with a circuit breaker >> when you have a telegraph,

last night we're limited down on the futures. that was a big deal. everyone's waiting for us to get to the next level which is down 13%. we're starting to see shades of panic. i'd rather have this panic in the oil market than the financial markets in the banks >> i think there's a stock price panic. i think we have a graphic on this, goldman sachs put out a note late today that i got, and it's basically energy's exposure to the banks and it's small, i think city group was the highest, at about 3% you have bank of america at about 2% on an absolute basis, we're talking about a fairly small portion of the balance sheet >> i don't think that's really what's going on today. >> i think it was more this idea of rates, of course, that always

is difficult for the banks this idea of a recession and credit quality, what does that mean to their entire book of lending, forget oil. they have a very big consumer book, that's what i think aside from the market, aside from -- it's the smallest element of the move >> take us into that, this is a really important point to make, it's not just about the move today it's about what happens going-forward. according to goldman sachs wells fargo. those are small numbers relatively, we're still talking 15 and $16 billion in the case of city group or maybe jpmorgan chase. is the idea karen what you're talking about if those things start to suffer, the chance of them giving you a mortgage, all that stuff starts to shrink a bit. >> not because of the oil

exposure, i don't think. because the rest of the book is so much bigger that if you're going to have businesses that start to have trouble. that's -- you know, i know jpmorgan, they want to be a good partner, but at some point you don't want to extend credit you don't think you're going to give back that's what was weighing a lot plus rates and the market. >> everyone felt afraid. i think when you hear governor cuomo, we're battling more fear than the virus i think we're not scientists, we're not md's, but to me it seems like the market's trying to factor all of this in, and i don't know where the chips finally fall, but it seems a little over done to me >> listen,steve, fine. but we just had -- you heard wolf and sarah say it, the prime minister of its aly is trying to

shut down the entire nation. it's the ninth biggest economy in the world >> countries are trying to outdo each other with what they're shutting down, the same with s&p 500 companies, they're shutting down visitors, cafeterias, if you don't shut down, you seem like you're being cavalier, and god forbid something happens and you're to blame for it i think we're in a race to shut down the world right now >> fair enough, that's not for us to judge. if we see a significant reduction in travel, driving, commuting to work, and economic slowdown we have no idea what growth rates are going to be, if we have growth and what corporate earnings are going to be maybe this is a stock market that reflected the idea that simply, they don't know anything

>> i hear what steve is saying 100% i think the coronavirus, a lot of people say it's the cause, that's fine. everybody's entitled, i think it was the final match on what's been a tinder box, and that set it off with that said, you know, the s&p 500 today closed down 19% from the recent all-time high. people will say the market's cheaper now, that may be true, i would push back and say, i can make an argument that stocks might actually be more expensive today than they were at the all time high. >> we don't know any of the -- >> how can you possibly. >> i'll say this quickly 73% of the economy is driven by people buying things, going places people are not going places, listen, i want to go to my conference in chicago at the end of the month, it got cancelled, that's real, it's happening. i don't think we can sit here and say. we have no idea what's going to

happen to earnings >> 165, 166, which is where we were last year first of all, i think we're lucky if -- i'll leave it ultimately to the strategists that are making a call you can't tell me we're going to be going 3 or 4% in a revised downward. >> do you think we contract? >> that's even in the construct we are in now. we're all talking about the lack of uncertainty about the duration of this the other thing about the market what is notable to me, what's implied on coronavirus here, i don't think today's move in the markets felt very coronavirus at all. we weren't talking about politicians around the world yes, italy took northern italy and basically quarantined it schools are closing, but the

markets move was set in motion by opec and saudi, playing russian roulette and i think putin's got an ability to play this game longer than the saudis do and this is the construct in which the markets came in today, and then it's the credit and dynamic that we're all talking about. yes, corona of course, but what was interesting to me about today, as we get deeper into news flow, the market wasn't trading on corona ace today, it wasn't >> let's talk about today's big selloff. joining us now is tony dwyer was today the bottom >> i think it's close to a bottom i think to capitalize on what tim said, the yen was extraordinary if you look at the u.s. dollar yen relationship, it

matches the worst of '08, and it happened on october 27th of 2008 that wasn't the low, the low it was a low you had a significant rally off that level as i wrote last night, the market is set up because of how wild the movement is in the various asset classes. matches the worst of '08, not the low, but a low simm thing with 10 year note yield. and, of course, the s&p. there is, there has been a significant drop, but it also isn't historically unique. >> connect the dots between what happened in the yen. >> people tuning in were fast money. we're talking about the stock market here we are talking before the yen seven times in two minutes >> it's a risk off trade, think before the sentiment, when we young graded on the show, we

downgraded on january 20th, we have yet to upgrade it because of the issues the folks on the desk have talked about think back then, the sentiment was so potstive, there was noll currency issues, the 10 year note yield was grinding lower, and the s&p was making a new high by about a half a% every day. and sentiment was far too extreme. that's one of the reasons we downgraded think of last week, people were thinking the market was going to correct. they weren't bearish the movement into these issues, suggests that now they're getting bearish. let me give you the data investor intelligence had 41% bulls. which is where it was in prior weeks. they're only 20% bears still as of last week, twice as many bowls as bears. in 2011 it was 45% bears

and 2018 35, this week it's flushing to the point where you're going to get this wicked reflex rally >> i'd like to see them do that questionnaire today right now. >> when you look at this i get the pressure on hotels, i get the pressure all around it, but are we going to make up for it in other segments of the economy. what do you think earnings are going to be? market is a forward looking price mechanism, what say you on that >> earnings are clearly -- i've been below the street for the entire year. i think it's -- i'm going to be too high but it's really -- i'd love to make it a fundamental issue. and credit is always a fundamental issue. this is a human nature situation, that's how you create tops on human nature and intermediate term bottoms on human nature the fundamentals shake themselves out, to put the fundamentals into the bottoming

process, human nature gives you the whoosh the oversold condition and asset class volt untilty creates what is typically a vicious multiweek reflex rally this has been our playbook for the last couple weeks, the reflex rally fails because you start to get that negative economic data, the negative corporate earnings revision data it's that demoralizing test of the lows that you want to throw offense aggressively back on the field. that's our playbook. >> quick question in terms of the other sectors that -- we talked about transports, retail if you take this back,the xrt isn't a perfect measure, it's one measure of retail. you're back to april 2013 if you drew a line. is there any part of this, that you think is getting -- there are certain things that have been beaten and they were beaten

coming into this, is this a capitulation moment? >> i think it is to me look at the retailers, the banks, the stocks, all the semis, the philadelphia semiconductor index. all of these areas, kbw bank stock down 35% since late february that's been since years ago, this is what unfortunately severe whoosh's look like, to put it into a context so we can try to get them into what it could look like in coming days in 2011 we had an 18% drop in a few days, that's when greece was going to fail, an 18% drop in a straight line over a few days. my friend walter gave some context on that, on how volatile it got then. 56 that, you had 70 -- i'm sorry, you had 7 90% upside

days in other words, all the volume was up, you had nine more, 90% downside days in between that whoosh lower in august and the final low in early october which was down 19.4. so we're set up for a ramp that could be in the retailers, the banks, the semis, all those areas that nobody in their right mind wants to touch right now, you get that demoralizing test of the low, it's there that our game plan is to get more offensive. >> but not yet tony. >> not yet >> on the macro market, the advice of the viewers do not get aggressive yet, correct? >> it depends. >> yes or no >> i love you, but we have to move on. >> no, i'd wait until the test from an investment standpoint. >> we are commercial free, we have a lot stacked in here.

>> in your mind when the data comes out, are we in right now a recession -- will we go into a recession? >> well, i know we have a lot of time what causes a recession, in my world, my crazy world, a stock market selloff causes a recession. why? because people get spooked, they stop spending money. we're down 19%, with this coronavirus, people are spooked, are we is there yet? no, we're on the cusp of one i don't think a recession caused the stock market itself. i'll say this quickly again. i'm with tim on the coronavirus thing, go back and look in september when this whole fed overnight repo thing started we talked about it on this show, no one heard the term coronavirus back then. yields were falling

precipitously back then. gold was going higher back then. we tried to point some out it fell on large part on deaf ears, the market went up every since el day the absolute breaking point for me personally, was over that weekend when apple said, things in china are bad, we're not going to meet our numbers, the stock was at an all time high on friday, traded down $6 the next day, nothing the following day was macon an all time high, you think that made any sense whatsoever? as crazy as you think this might be, that was equally nuts. >> if you think about something like the walmart which was up -- eked out a heroic gain today, and certainly has been trading very much close to all time highs, and yeah, i get the panic buying, the stocking, the pulling forward. my view on walmart is, this was an expensive stock three weeks ago. it's only a much more expensive stock relative to the market

now. friday we all universally shrugged off a payroll that had 275,000 jobs added everybody said that may be the last number you're going to see like it. ultimately walmart to me is one of the great conduits of some of that job market being so healthy, and one that would be the first to suffer from it, i think you have to be careful about chasing these stocks that have been defensive because of the environment, that has made their business model in the short run seem interesting when they're very reliant on the consumer, and the multiple on the stock is well past its five year average it's about 25% expensive to its five year average. >> i want to talk about the auto parts industry for a minute. or it could be gas prices are going to plummet, people will drive more, maybe if they're not

flying they'll drive not really sure. maybe their supply chain is better than some other industries it is interesting to me, that that space, which is very consumer driven did seem to have a decent day >> i don't know how the rest of you are gauging this, when i look, i go on the cdc website, i look last week or a week and a half ago, 1600 people died from the flu. 80,000 died from the flu a couple years back. i'm not belittling any of the deaths, i think this is an over reaction, because we have no idea where this is growing to go i agree with guy, the market wanted to sell off, it wanted to sell off on impeachment, tariffs, everything. >> i think i'm saying the same thing. i don't think the market was pulling back on corona today i posed this question on friday. is the move proportionate to the change in fundamentals

where were fundamentals and were they at 33.89 on the s&p, were they in the right spot >> yeah. >> i think we can -- well, i would argue, and i think there were a lot of folks looking at price of sales price to earnings, and able to draw comparisons to times when the market has been bubblish i think part of this is where we came from. that's why the velocity of this move is so extraordinary >> i think coronavirus had a fair amount to do with today, for somewhat of a different reason new york is starting to feel the effects of maybe not coronavirus, but of the reaction to what do we do new york is the psychological center of the financial markets in the u.s., right and i cannot help but think that people involved with the financial services industry, now feel this is coming to their doorstep and it feels so much more dangerous than a -- >> a hometown over reaction. >> i don't know if it's an

over -- maybe. >> a hometown reaction >> they're working from home, they're split into teams you go into work today, you go into work tomorrow everybody's doing that our audience probably doesn't realize that >> splitting the trading desk to keep 50% of the people healthy, where you're spending the money, yes, the cruise lines, the hotels, the airplanes, those are going to be impacted there's got to be an over flow that goes into other sectors that somewhat makes up for it, people are not stopping spending completely >> government agencies are saying, maybe you should reconsider taking a cruise that major drop in oil fueling the massive selloff today, crude down 25% biggest one day drop since 1991, the energy stocks, obliterated is that too strong >> you had ox dental losing 52% of its stock today you name it, let's bring in mike

bradley, he's been on the front lines of this, we've been talking for two years on this debt issue out there, mike so tough day to have you on, but we appreciate it, you know, and did the market deserve -- terrible word, i guess should the market have sold off the way that it did? did occidental deserve to lose 52% of its value today >> you know, i don't know. i mean, look, i think the biggest issue with today's market was not only crude oil prices, but the debt markets really came apart today, you're seeing some high quality e & p names where the debt was par 2 days ago i think that was the big driver. liquidity took this down anyone that has anything on the system, just got destroyed today. that's probably the main driver. it feels like q 1 of '16 when we

saw high yield books blow up that's what today felt like, a lot of illiquidity and less about crude oil and more about fundamentals, financials and debt for these guys. >> we asked this on a macro market level, mike do you feel like today was the washout? nobody seems to have agreed it is for the macro market, but for the energy stocks. was today the worst it gets? >> it was pretty bad we got some of these things that are so technically oversold here the one thing we would say, we did not see a lot of these guys stepping up to these names today. is this going to be a two or three month issue with opec? and with the coronavirus or is this going to turn into a 12, 18, two-year type event. i don't think a lot of people are falling either way at this point in time. i think it was warranted, probably oversold today, but i don't see many buyers come into the stocks at this point in

time >> mike, it's tim, thank you for joining us crazy markets, what does it take to be a hero in terms of doing the balance sheet work and assessing some of these first lean loans our viewers aren't trading in this stuff, but you are, and at some point valuations matter, and things get kind of -- credit can be qualitative, it's a numbers game, what do you need to see >> we don't see a lot of people buying these stocks on valuation, it's certainty. and you saw it today, a couple of these came out, they cut spending pretty aggressively, and you're going to see a couple of these are not going to grow this year, they're going to decline. that's what people want to see you're going to see a massive amount of announcements over the next two weeks you're going to see production and cap ex-coming down 30, 35,

40%. it's going to be the first time we've seen this in 4 or a5 years. that's what market participants want to see. it's getting washed out, valuation will matter at some point, we have to get the coronavirus uncertainty, and the uncertainty on opec, what they're doing right now. >> we know what they're doing, which is, they're fighting, and they've all retreated, it's every country for itself if we could, guys, can we bring up as on this, mike. i mean, the xop, it's a widely traded etf it's down 89% from its highs of just a couple years ago. 89%. the market is predicting that many of these companies. and i don't think this is hyperbole or fear mongering statement. are going to go out of business. is it that bad >> you're probably going to see 15 or 20% of the companies will go out of business, but i think

what's going on right now, it is uncertainty. people are scared. everybody wants to see the companies on a $35 strip for -- into infinishity you don't usually see that at tops, you see that at bottoms, when you start dialing $35 oil flat for two or three years, the valuations don't look good, we don't think oil is going to be at $35 a year from now, we think it's going to be higher. so yeah, we are in the 7th or 8th inning of this, it doesn't mean it can't get worse, we're telling people to stay in the high quality names, that hasn't worked up to this point in time, everything's getting thrown at it discriminately. i think the industry is going to be healthier here, and i think that's going to be enough to bring generalists back to the group. they did not want to get into the group because companies were spending wildly, they're going to be generating better returns

and when oil goes back to 45 or 50, the returns on capital are going to be pretty significant >> one quick final question before we let you go, i know we have to get to bob pisani in a second hedging. a lot of people coming at me today saying, you're not counting the hedges, the market over reacted the hedge books i get it for this year. a lot of them have done well what about next year, the data i'm seeing shows that hardly everyone anyone is hedged at any limit for next year. >> we lost mike bradley. or he didn't hear the question >> we are coming up on 5:30, split down the middle. if you're just joining us out there. a lot of people are stuck at home, or working hard all day. they're not just watching the market let's talk to bob pisani

you're not trying to date yourself how long have you been down there for us >> 34 years. you don't see many days like this, thank heavens. it was a double whammy, the inability to figure out the economic impact of coronavirus on corporate earnings. then you throw in a sudden price war between the russians and saudis on oil, and you have the makings of a very ugly day and a particularly ugly open within three minutes of the market open at 9:33 a.m. eastern time, the stocks were halted system wide due to circuit breakers that kicked in when the s&p dropped 7% that triggered a 15 minute trading halt this is the first time the modern circuit breakers kicked in the job was to pause the market and create liquidity stocks rose when the market reopened 15 minutes later. we ended right near the lows for the day. energy stocks in particular were

clobbered. it's the lowest close since 2004 for exxon. if there is a poster child for the woes for energy, halliburton, three trading halts, one for the s&p 500 and then two individual trading halts at 10:00 a.m. and 10:22. you see halliburton closing down about 33%. other groups got hit hard, particularly banks and industrials. that was the worst decline since the financial crisis in march 2009 in a single day industrials like boeing, caterpillar, united technologies, all down 9 to 13%. this wasn't a complete blood bath, we finally saw some differentiation in the marketplace. some stuff held up a little bit better than others they were consumer names, not just walmart walmart is the only stock that was up for most of the day, defensive names, pfizer, united health down, but out performed the broader markets. same with procter & gamble, all

down 3 to 5% far outperformed the broader market down 7.6% only good news here today is the circuit breaker did serve to sort of halt the horrible sentiment at the open. the vicks did drop after we reopened >> bob pisani, never flustered, thank you. if oil helped drive us down, okay here's the thinking, i wrote about it this weekend. i think it's still on cnbc.com the russians wanted to punch u.s. shale in the face because trump put sanctions on rozneft, it's a big russian oil company, who is putin's former employee and ostensibly best friend >> trump didn't put sanctions on russia those were leg as acy sanctions. >> if the two can talk, do you

think there's any chance there's anything we can do to get russia back to the table with the saudis and get the opec deal done which might stabilize oil and thus the market. >> you have to ask what is negotiating tactic, and what are they trying to achieve my view, having spent a lot of time in russia, i can tell you, the oil and gas industry gets more profitable as the rubel devalues and we get in crisis moments. the oil prices are higher levels of taxation, higher levels of oil, more importantly, they are a -- they have local rubel based costs which get cheaper when the rubel devalues, they're much more profitable in this kind of environment, russia doesn't mind this environment, they have a budget which fiscally breaks even at $43 a barrel saudi's at 85 a barrel who's got more pain on the budget side. and saudi's been clear about

their move away from oil and their 2030, and the che oos in saudi arabia right now that we're hearing anecdotally, i think is something that putin is seizing. this helps him in the middle east, he has a game plan other wounded opec players had is part of the whole tactic. i don't think putin needs to rush to the table here frankly it's a view i have that this volatility doesn't serve anybody. u.s. shale is free cashflow positive above 50 and putin knows that >> i thought we wanted lower oil prices i thought we wanted lower rates, i thought we wanted a lower dollar now you're getting everything you want and look what's happening to the markets sort of be careful what you wish for thing. i don't see any compelling reason for anybody to go to the table. it is economic warfare, and it painsny to say it, right now we appear to be losing. >> 42 used to be long term

support. it's what we've been saying for a couple weeks now i never expected it to break down this precipitously. once you break down and you're at $30, you're in a world of hurt i don't know -- i do still think that people for the most part want lower oil, they don't want it for this reason, but ultimately a bunch of companies are going to go out of business, it's going to be survival of the fittest if anyone's left, we'll recoup, regrow, and until that, i think you're going to see longer for longer. >> 20% of the equityies can go down is there any support anywhere out there cornerstone macro's conner worth over at the plasma any support anywhere

>> let's use that. if the russell 3,000 is the broadest investment aggregate we have, covering the entire universe, which is the s&p 500 plus the next 2500 stocks. these are the numbers, 2467, 80% are already down 20. let's go a little further, how about 30 it's a bear market, you can call it what you want where can itgo, it's anybody's guess, let ace look at some lines. so actually same deck here for the s&p and this is the point, right? 20%, i mean, 66% more than half are down 25 we have a few marquis names that are coming up. in terms of levels, here's the long term chart, this is the financial crisis low, the sixth of march 2009. this is the u.s. debt downgrade

in 2011. right here, the 2016 industrial earnings position. right here, the plunge low of december were we to come down to trend which is 2500. that's another 7%. perfectly reasonable the real question is, could we get to the december lows i mean, could we get back this entire ricochet of the last year the transports have already taken out the low. the russell 2000 and the energy. the s&p were to get down to its ricochet low of christmas of 2018 would be another 15%. the russell 2000 on the other hand would be a mere 4 just 4 that could happen at 9:32, next week but the point is, that's a forgone conclusion and here's the real issue, look at some of these other aggregates, what we have are the transports, they've already taken out their christmas low. and the key here is, they never could make a high, never

confirming what the s&p was doing, and finally, take a look at the bank index. never confirming the s&p 500's new high and taken out a low none of this is good, and sure you can get bounces along the way, but bear market, a lot of problems and let the dust settle before getting excited about buying >> if you look at carter's chart there, i think i did the math a little bit, maybe we could have a 7 to 9% down to hit the 25 hundred super -- nice elbow. >> those are pretty important reference points the u.s. debt down in 2011 the 2016 low and 2018 low. were we to touch that, that's 7% from there, it's anybody's guess. the real issue is the market which made a new high, was never confirmed by most global --

>> you talked about the russell being 4% off of that >> unbelievable plunge low, itself it was down 30% >> does that make it more attractive to you relative to the other ones or on a relative basis >> it's because it's got so many things at play >> it's waiting in financials is almost double that my hunch is, it's a preview of coming attractions for the bigger indexes >> it sounds like the coming attraction of a bad movie. the bottom line, you see more down side likely ahead >> i think that's the message i would convey it's also this let's say we never go lower. there's always down side investing. it's not tidally winks

it's about the up side the up side is capped. how long it takes to recover from a 20% decline, the median takes about 2 years. >> that's a problem. >> this may be where you're getting to, but let's cut to the shape of these charts. investors have come to expect a v shape recovery is it going to be a v shape recovery from the coronavirus? the charlottes themselves, that's a big ask >> especially since we have the v off the december. >> that's what you expect, right. >> it's tricky to pull off a v, they're rare you heel, you cure ricochets are impet uous, impulsive and rare >> carter, good stuff on those charts the russell chart was incredibly dramatic thank you very much >> president trump meeting with his team about the coronavirus

the stock market in the past hour, let's get to ayman jafr r javers with more >> the meeting began shortly after 4:00 p.m. this afternoon, note sure if it's broken up or not. the vice president's press conference on coronavirus has been pushed back to the top of 6:00 p.m., and they have replaced the vice presidential seal with the presidential seal at the podium. it seems likely we will hear from president trump at the top of the hour now. >> they're going to present the president with a list of options to the coronavirus economic damage we've seen so far as you take a look at that podium, we expect to see the president there shortly here and we'll also have a chance to ask him about those meetings upcoming with the wall street ceo's, that coming up on wednesday.

the vice president will be meeting here tomorrow with health insurance executives. we should have a little bit more news for you here in 20 minutes time 12k3w4r i don't want to put you on the spot, with rumors and speculation, i know you're there, you have your ear to the ground, you're literally seeing some of these folks walk around is there -- do you think there's any real shot of some kind of massive stimulus package i mean, sending a $1,000 check to business owners >> they're skeptical of that idea here. we heard larry kudlow dismiss that as helicopter money george w. bush tried something similar, they don't like that idea here, on the other hand that was about 3,000 points on the dow ago that larry kudlow said that. my sense is. a largely protectionist

president of the united states those two things are not always on the same page, the president is definitely one for big gestures he's one to go for the moon shot solutions. you could see a scenario where the president looks at that menu and says, we'll go for the biggest possible option here i don' >> it was unusual. that was the hhs secretary alex aczar who came out on the drive way behind me this morning he was doing television interviews he came over to where the press was gathered, he came over to the microphones and gave a prepared statement about the stock market the president has delivered the best economy the fundamentals are strong, he rearktsed to the stock market.

it's been very active today, the economy is strong. that's not a message you typically here from the secretary of health and human services at the white house, usually that's a treasury secretary message. presidents typically don't talk about the stock market much at all. but in this case aczar clearly felt like he wanted to deliver that message he came out, delivered that message to the microphones, turned and walked away and didn't take a message. it's a planned thing, but it's an unusual thing for them to do that way >> thank you >> ayman javers, at the white house, we're awaiting that press briefing as well if we got some kind of fiscal package, literally stimulus. >> i don't know the answer to this, steve does are there circuit breakers on the way up >> which is fascinating to me. >> which used to be, there's 11

different stock markets. stuff on the way down. you don't have that methodical >> absolutely. now, quickly if you can remember back -- i think it was february 8th, 2016. market traded down, the s&p traded down to 1810, if you recall, august of the previous year, you had the china yuan deval and it cratered that day, in the aftermarket that day, you saw jaime dimon buy a significant portion of jpmorgan stock for himself, when it was trading 53, you had a deutche bank bond offering as well, and some sort of opec news the market never looked back, if we get a hint of that to your point. >> casinos were buying their stocks too >> absolutely. >> you had a hint of that, then yes is the answer. that's what the market wants i'm not sure it's going to get it we'll see. >> i think it's a case where --

all you're talking before tonight is uncertainty fiscal path forward can give you confidence that politically we're able to get things done at a difficult time which is in the best interest of the country i think right now, this is the issue with stepping in on multiple fronts. it doesn't mean that assets have to get cheaper, but the grinding around in the sense that equities are going to v shape and get away from you, even on a fiscal package, when you don't know the credit story of a number of companies. and again people are starting to talk about big industrial companies. go through those transports, and i don't want to name companies at this point. i think there are -- >> fiscal would help more than the monetary would help. >> the stimulus package under obama was passed february 11th, 2009, the market bottomed a week later. if you're looking for any kind of stimulus, whatever it is. today's big selloff, tried to send some investors into

gold, not as much as you might think. gold ticked higher a little bit, certainly not the move many may have brought >> really, even if you look back at 2008, gold sold off in 2008, it wasn't until the aftermath when it went to 1900, it went down to about $800 in 5 years, you don't want to be buying gold when everyone's screaming for it i think gold is struggling around 1700 right now. today you would imagine it shouldn't have gotten above there. the high in gold came in the open on the s&p. i think you don't want to chase gold up here, it's already up 11% this year. you look at that standpoint it's not the time to be buying, it's wait for a pull back here.

>> look at all the metals, they got creamed, platinum was down $30. silver can't get going, that's another thing you want to keep a pulse on, because when silver finally turns, that could be the really great breakout that would send gold to new all time highs. another thing to keep an eye on, watch treasuries, the yields, one thing that concerns me a little bit in the near term, when we've seen -- yields bottom within a month of that every time that's not supportive for gold the aftermath is what will help gold break up. >> i've been a gold -- i never got it i thought a lot of the fundamental story was an inflation hedge. we couldn't be moving toward a more deflationary scenario how is it that that doesn't undermine the gold -- >> it's a narrative that's

flipped upside down. and really i think gold is going to be driving off the dollar, the dollar's weak. and again, dollar was down a whole percent the dollar index today. gold couldn't break out, i think you have to -- you have to kind of forget that narrative a little bit if we get an uptick in inflation, you see support for gold that day or that week >> when you look at bitcoin, has it helped or hurt? >> it feels like it's helped the movement of money back into gold and if you want to make a headline here, people talk about $5,000 gold. what's your upside target long term do you have any multiple thousand dollar target range, you hear it could be the 5,000 range. >> i don't put those really absurd or outlandish targets out there. i think it is realistic to see gold above 2,000, 2500, in the aftermath of this. speaking of bitcoin, i took that off my radar recently.

i think you have to keep a pulse on it, bitcoin down 10% today. it's not a safe haven, where gold is -- you would think it would be a safe haven capitalizing on a day like this, it didn't. it's the aftermath >> we'll get you back on, talk about the industrial metals as well, all these companies, the most valuable commodity in the world, we know what it is right now. >> i have no idea. >> thank you very much it's not gold. >> let's talk about this -- >> i was working in 1987, i remember the day, market was cratering much percentagewise, much worse than we're seeing over the last couple weeks, gold quite a bit and then it cratered there have been periods in history where you say gold should go higher and it doesn't. it makes sense for a myriad of reasons not the least of which funds. i happen to think gold, the story is not going away.

don't @ me, the next big problem is not going to be when the rates go down, it's when the genie is out of the bottle and you get this inflationary period where nobody thinks it's coming. first of all, there is inflation, the fed chooses not to measure it. the turn is going to be so violent the fed is going to have no bullets there will be a time this year in my opinion, why you walk in, it's up $200 people are walking around, and the next day it's up another. >> gold? >> yeah, you request time stamp that sucker for me >> guy adami with the bold prediction today's selloff drawing huge moves in the options market. they told me what you were going to talk about tonight, i said, that's no write it's true. based on the stats, but apparently it is >> we were looking at hyg which is the high yield bond etf it's nothing like what we saw is

this morning the put volume was out pacing calls by 50 to 1, of all of the etf's, this was the second most active in terms of its put buying, the only one that was higher was spy, which is a much more heavily traded instrument implied volatility, which was right now we're looking at the price of 90 day at the money volatility in hyg, it's basically a 10 year high right now. the activity that we were seeing, does the march 81 put nearly 40,000 of those they're making barrish bets that we could see in 2016. that's an interesting point, the 2016 lows, we're seeing stress, but we're not seeing a crisis necessarily in these prices, a lot of the issuers as you know, in the energy space for example the equities are trading like grim death this could potentially go a lot lower if we take a look at where yields are, which is still under

6% i think there is room potentially to the down side that seems to be what some people are betting on. >> really some unbelievable numbers there, mike thank you very much. tim seymour, honestly, i'm not the pro you are, i just don't know if i've ever heard of or seen those types much numbers. >> you are a pro, let's look at hyg. this moved down to those deck 24 2018 levels where high yield was hemorrhaging what happens is, there's no bid, there's no one to step in, and what we heard from mike on the energy side, what i was hearing from high yield and distress traders i speak to this is where we are, and there's no sense assets have found a price. these things have gapped wider

you can imagine as you gap further down the curve options traders or people that are plays in the high yield space. this move is set to break those december 2018 lows 24 is a move that i think is going to be equity negative. >> that index also down, with rates lower, goes higher today >> we are coming up at the top of the hour. several key markets. bill >> we saw the nikkei coming off 5% yesterday, it's looking like an implied open of around 800 points down. it is interesting because the u.s. dollar yen cross,

australian markets are expecting another considerable selldown as well we're showing around a 4 and 8% dropoff, when it comes to the australian markets i suppose the one saving grace is we've taken our licks when it comes to the energy sector, they did see their worst day ever perhaps they will be a little bit of easement when it comes to those energy plays as well the australian prime minister is speaking right now the hope is, we might see a little bit of a turnaround in the australian markets moving forward. >> circuit breakers there, we have breaking news right now from wilford frost about this meeting with wall street executives in the white house tomorrow, wilford, what can you tell us? >> not tomorrow, but on wednesday. the white house meeting with

president trump will go ahead with the bank ceo's wednesday 3:00 p.m. eastern time the biggest banks from jpmorgan to u.s. bancorp and all in between. those seven have been invited. i know at least two of those will send their ceo, i would imagine. all would send their most senior executive and ceo, other than jpmorgan with jaime dimon out of commission this is shaping to be a large meeting. wednesday 3:00 p.m. eastern time >> will these executives be able

to do anything about what happened in the stock market it will be a calming force, we're not here to hype up when it's hard to scare everybody when things are going lower, it is what it is, people getting together, it's not a bad thing if something comes out of that, that's fantastic we spoke about this earlier, it's going to be a day where the dow jones is up anywhere from 2500 to 35,000 points. quickly, if you want to look at something, carter talked about it before, that 128 level or so, in the iwm, the russell is a huge level if we can hold there, the russell never verified the move up in the s&p but if it can hold 128, maybe it will lead us back to the way up to the s&p 500 for me, the most important thing today at least is the 128 level on the iwm so we have about 90 seconds left, we have been commercial

free for the last hour, let's figure something out for tomorrow not really a final trade, tim, but getting texts like -- is the market going up -- >> a dos and don'ts, and sort of -- my view is, there's been extreme selling and many things that are oversold, as much as i've harped on fear of credit, here's what i think you should do you need to have a plan. don't not have a plan, forget the double negative. have a plan on stocks you want to own requiring a little bit of work, requires having a bottom up view on things. but also i think that's really -- you have to be without emotion. >> i think you have to look at what today's lows were, whether it was a single stock or whether it's the overall market index. that's where you start to look for a bounce wait for the panic to subside a little bit the more we learn, the less panicky we'll be >> you don't have to do anything what i'm looking to do, add to positions i love like google

as it gets cheaper every day i'm not looking to buy protection here. i think you've missed the boat, it's too late. >> it's always painful but necessary. this one doesn't feel good, but i think it's the best possible thing, we'll gets through this as well. >> great show. thanks, guys [ music playing 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 kram america. my job is not just toer tain and teach. so call me at 1-800-cnpc o