they go down 50% for three months, they won't come back it's money lost. even if they come back, you won't go back to your favorite restaurant and eat twice as much. >> right tonight a special report 7:00 p.m. "markets in turmoil" be sure to join us. that does it for "closing bell." "fast money" begins now. >> "fast money" begins right now. it was certainly another brutal day for stock investors dow falling nearly 1,500 points. welcome to "fast money" i'm brian sullivan dow falling, small caps down again. benchmark dow index down from february 12th record high. outside of the one-day plunge of nearly 23% this is fastest slide to 20% down ever over multiple

gaze portfolios were slammed but perhaps good news, bonds rose. maybe the bond market may be suggesting worst of the selling may be over? we'll find out meantime the banks despite the yields, battered, even as top ceos wrap their meeting with president trump at white house, we'll get more on that in minutes. perhaps the biggest shock is boeing shares down another 18% today. boeing, really one of the bluest of the blue chips, now has lost half its value in just six months time. we'll dive into why. joining us to walk through all of this, karen, dan, tim and guy. welcome everybody. another big night, difficult night for a lot of people out there. pension funds, state pension funds, companies guy the question to you and everybody on the panel and lot of viewers what may not be

market pros, tuning into cnbc first time, do you sell now if you own stocks, ride it out? see any sign of a stock market bottom >> maybe the bond yields when let us down in s&p, maybe rising a little bit will lead the s&p 500 up now is not the time to do a lot of anything. now try to understand what's been going on in the world last six months, get up to speed as to the reasons why a lot of people, correctly, maybe not correctly will say obviously guy this is all coronavirus. i would say that's not the case. coronavirus was the match that lit the tinder box this has been sitting on last year or so try to understand the reasons why. to trade the market here, even the oldest pros were having

difficulties traders have been trading to varying degrees of success but try to understand why, see where the companies you own are and understand if their business is going away, probably aren't, or just another 20% downturn over the years we've seen three or four times last decade or so. >> couple of things worth noting in the market. mildly complicated don't want to make it too complicated. if you're concerned about exposure what doesn't work is index shorts at this stage after extreme selloff, index shorts stop working and you need to find single stock shorts to match your volatility with the long side of your book something to throw out there when you think about what the market has done, today we closed below the lows of two days ago this is a case where markets are trying to find that level.

no question the velocity of the move makes this extraordinary. i go back to -- reminds me of 2011 analog, first seven, eight days of august, went down about 9%, chopped around, then down 4%, up 4%, went on until the markets started to see -- but still had a growth scare after oversold markets rallied hard, confronted with macro setting that wasn't so good. >> it's not just the velocity but the aggregation of all of the moves. when you look at -- talked about rates. ten-year treasury yield just under 2% start of the year and down to 31 bips on monday, that was a crash, probably most shocking thing that's happened this year in risk assets globally then what happened with crude, crescendoing yesterday, still going lower. dollar move was significant. that was a crash of financial

markets. there's no way to sugar coat that but getting back to single name, there's going to be amazing opportunities. guy mentioned you have to focus on the companies that will be around will be companies just not investable cruise lines one of them >> don't think so, not yet, not ever >> going to take years talking about over stored in retail, department stores, macy's becoming a distressed balance sheet, why would you buy that could be the final thing focus on things like disney, will be around, down 30% and leg into something like that parts back online, movies back in stores and consumer is back >> i agree with what everyone has been saying. when i try to figure out what do i own, balance sheet first debt situation, how long can we ride it out? google, bought some friday,

obviously that was too early balance sheet is probably premier in the world right now same for facebook. then targeting the retail space. they have debt but this is not a concerning amount at all that's important to me disney has some debt i do love the name am waiting for big down disney day but -- >> this is not -- does anybody around the table believe that what has happened the last couple of weeks with equities is an overreaction? >> if you look at bond market, it's not credit markets last three weeks, last ten days, it's not. if you look at where valuations were before the selloff, it's not. prospect for earnings, not how overbought we were as function of central bank googs monetary policy -- it's hard to

say. doi don't want to be perversely negative starbucks was done, getting to numbers of people not going out, getting morning cup of coffee, going to work. where do you get your first -- on the way to work, grab your starbucks, that's a great company i want to own, one of those names, didn't think would see at these levels. >> it's a reaction, i don't think overreaction we've said this a long time on this show, plays out over and over again markets go down faster than go up and now even faster than historically, that's the way the market's built feels bad but if it happened over three-month period, would we have the same conversations, no what level makes sense, i don't think we get there, but 2410

level we saw in december, that's the level we have bull's eye on. and the russell, now it's below that 128 level we talked about forever. that's something you need to continue to wax. if the russell were to turn with the bond market, maybe assuage concerns. >> hear what you're saying and believer in technicals that's for pros and semipros wonder if mom and pop gives up on equities like in 2008 cash out done, can't stand the pain they won't care about the technical, i don't know. >> except late 2018 destruction, 20% in two months or so. if you're looking to put cash to work and in no man's land right here, okay maybe we have a crescendo

towards the low at 2350 where the market stopped going down and launched epic one-year or 18-month rally or so one more point to question whether it's overreaction. s&p is back to january 1st, 2018, year that the tax cut went into effect. money borrowed from the future and handed to corporates next two years they bought their stock back, $1.5 trillion worth of stock seeing unwinds here in a way not too different with rates everybody wanted low rates and commodities. then wasn't good for risk assets across the board >> back to boeing. highlighted that top of the program and nobody is trying to dump on boeing, but karen you mentioned something important about balance sheets here's the thing about boeing.

all this news about the max, order cancellations, we understand that. pension obligations that when you do actuarial tables, gains and interest rates, they destroy them companies with real obligations. boeing fell 18% today in depth of the financial crisis had negative book value $1.2 billion. stay it's negative book value of $8.6 billion >> i mean -- balance sheets matter. >> they do we heard about boeing drawing their revolver down. smart to do. ge, all the companies have the same issue ge's pension obligations on paper just got higher as interest rates went down >> all the top, huge fixed,

defined -- by the way, there are companies with pensions still, all positive book value. say something about the bottom boeing or something more to worry about? >> i don't own boeing. i think, even having come in this much, what's happened to the airline, what's happening in economies around the world, there's more downside for boeing at some point it is cheap but everything is getting cheap. boeing is cheap relative to where it's been last year and a half but everything is getting cheap. >> throw a comment in here peak earnings $16 a share and went down dramatically last year but next year -- right now expected to maybe -- this is consensus, and it could be lower to your point we don't know. no visibility. but company that people would say -- tim you would have said it a year ago, take it to the bank right

if company like boeing can get back to peak earnings in out year, you can start valuing. say it's trading 11 times that this is when i start dipping my toe in the water that's how you buy a company like this that just seems the perfect storm. above $300, down 50% in short time boeing is going to be around and orders will come back one way or another. that's how you have to think about it you're going to have to take risks. that's what the whole game is. >> sorry >> go ahead. >> boeing is where we went into the downdraft and reality they went from free cash flow machine to quickly levered up. i have to check the number, it's around there they have to issue and will be issuing massive debt this year when they start generating free cash flow, priority is going to be debt paydown.

but gearing has changed almost overnight. company that was extremely cash flow positive. $25 a share, to one that's changing to close to 2 1/2 times. something the market doesn't like. >> and bought back stocks, changed book values. but number getting attention on boeing nobody's picking on the stock but given it is still the highest value dollar stock in the dow, it does have outsized impact on -- and i know the dow is not what we should be looking at as pros but it is what is making the headlines and now it's dominating the general news 6:30 news is leading with the stock market and dow is what the american looks at. >> i totally get it. and quickly, this is important s&p 500, dow jones industrial average is probably down from recent all-time high 19.5% or

22%, thereabouts people watching, 20% cheaper market dow jones you mentioned, it is doesn't mean that stocks are cheaper. they're valued price to earnings and nobody out, and i can't, tell you what earnings are going to be. i can make an argument, said it a few times that stocks today might be more expensive than 2 1/2 or 3 weeks ago you have to get your head around that what's happening is market is recalibrating at extraordinarily fast pace. but i know as painful as that is, it's not necessarily a bad thing. >> at some point there will be buys and you'll find companies that fell more than they should have and generational wealth lob recreated because wished they bought then. we don't know that time. bring in head of u.s. equity and

quantitative strategy at bank of america. good to see you on another difficult day for majority of investors and your clients now the time at all to buy any stocks out there >> yeah, from a stock perspective there are a lot of good companies with maintainable yields discarded with the bath water. one of the things we saw with the selloff, been one of the most uniform we've seen since the financial crisis stocks have been less differentiated in downturn than in prior downturns feels like derisking institutional and individual investors shedding exposure to all stocks those environments generally lead you with great environment for stock picking. i don't know if today is day all

stocks bottom, probably not, probably gets worse before it gets better but being selective, looking for stocks -- what i thought was interesting in our client flows, we found that are buying stocks, we saw that last week keep in mind this is an environment where passive etf investing might not be most prudent way to invest. historically after big selloffs tend to see investors reduce etf exposure but buy single stocks might be in that today >> couple of things. number one, is that because -- let's bring up xop i know you're not individual oil

stock person. >> that's fine. >> only mentioning it because etf is trading at $9 like if oil was $5 a barrel because clearly some of the members of the etf as equities will not exist in a few years. that's how investors are starting to think, don't buy etf because some of the things in the etf, whichever one it is - >> absolutely, are going to go away, literally going away >> is it exacerbating the market moves? >> absolutely think that just last few weeks, this has been the most uniform selloff we've seen in the history of our data a selloff driven by summarily discarding risk assets think about energy what's interesting there is that we've got an environment where energy we are under way, this is a sector where a lot of companies are about to or have

recently cut their dividends what happens then, doesn't just bottom and come back up but companies that cut their dive decade tend to underperform, don't find bottom until on average ten months after that cut. areas of the market feel perilous, unless we see covid containment. doesn't seem like will happen for another quarter or two canaries in the coal mine like hotels and early cycle stocks are still telling us things are getting worse rather than better name of thegame right now is b very selective my recipe for what you want to buy or own in the market, companies that pay a dividend because income is the scarce resource had treasury yields test all-time lows. but they have to be sacrosanct way to figure it out, low payout

ratios companies not paying out all earnings or dividends, energy right now. look for companies with stability of earnings. staples company rather than retailer and companies that don't have demands on cash flow from short-term debt becoming due that's where the bbb minus rated companies, with lot of short-term debt that needs to be financed, potentially higher spreads, be mindful of avoiding. i think this is a particular stock picker's market. liquidity but safe yield matter. >> two names that fit a lot of that criteria are apple and microsoft. two of the largest micro cap companies in the u.s still up significantly year after year apple up about 50% from march of

2019 and microsoft about 35% look at those two name and relative performance, you said before, don't know about the bottom, probably see lower lows, is there risk to those names both pulled earnings guidance and likely to see downgrade to that are they too expensive >> i would stay away from tech for the time being because of the supply chain disruption and global nature. i see opportunities in domestic area sector that's done poorly is financials it's a domestic sector but payout ratio is incredibly low relative trading at low multiple because people think yield curve will never widen again. this is a sector, dividend yield

is higher than s&p 500 if you look at active managers out there, 50% of institutional money managed in the u.s. is in an income fund 50% of institutional investors are looking for safe yield i actual little think that financials might be the best buy in this downdraft we've seen of all the sectors. >> wow >> these are companies that have reduced leverage ratio to a sixth where they were before the crisis not saying go to grow like gangbusters next cycle but in environment looking for quality yield, low leverage, safety this is almost a regulated utility sector but trading at half the multiple of regulated utilities, and by the way maybe buy regulated utilities as well, at least there you know what you're getting and valuation looks attractive relative to

other fixed income options until we see signs -- sorry. but to say here, until we see signs of stabilization in the credit market, key market i watch for sense of it's time to think about bottom fishing or putting a bottom in the markets, until we see signs of stabilization is there, my mantra is safe yield. >> we could do an hour with this saf eatta, we appreciate it. thank you. maybe look at that and karen says come back to the credit markets i was looking at closed in funds. dsl, dhy that reflect the credit markets. those we should be watching right now. >> yeah. i don't even think we've seen the bulk of the pain we're going to see yet hyg, asked does it trade below

nad. i think it did today >> right on the edge of low net asset value. >> investors are selling even though theoretically the holdings are worth more than the price selling. lqd was slapped. investment graed indgrade indexa hurt worse any investment grade etf must sell if not investment grade >> and wonky -- if you've not been in the market for 12 years, may be new to you. nothing but upgrades for a decade what you're saying is investment grade gets whacked down to junk. junk into more junk and firms that have written abilities to own certain things and not, they have to dump the worse things. >> market context, if credit is continuing to deteriorate or

don't have read where it will bottom, major issue for equities financials are great i agree with savita. if you look at financials etf, not a perfect proxy because some insurance and berkshire in there, but it tracks the sector. and if you think about it, it's at december 24, 2018, low, gone down it 30% in 15 days and back to where it was after the election in 2016 when banks had the target taken off their bank. that's part of the reason you want financials with this administration continuing coverage, selloff, where we've been, where we may be going. special report "markets in turmoil," 7:00 p.m. eastern time tonight. more fallout from the coronavirus. l.a., what is being canceled

now. >> late night shows are canceling live, in-studio audiences. going to start this weekend or monday depending when they air just got the announcements at the same time in conjunction on guidance from new york city officials. press releases from "tonight show," stephen colbert, and "last week tonight with john oliver" saying no reason for concern in studios or reports of covid-19 among the staff but taken as precaution. if you're just joining us here on cnbc, another major selloff, dow falling nearly 1,500 points dow down more than 20% from

recent high. bank stocks as we mentioned are part of that despite the fact that nation's top bankers and ceos all met with president trump at the white house today. and that's where we find will fred frost with more on what they talked about today. >> reporter: rare gathering at white house with leaders of the biggest banks and private equity companies. had 2008 financial crisis feel about it, though the comments that came from the bank ceos was decide decidedly different in tone. >> we're strong and capitalized. great position in liquidity, capital and strength >> this is not a financial crisis, we're in sound shape and here to help >> echo what's been said, banking system in good shape, virus poses unique challenges for policy makers and businesses

large and small across the country. all businesses are focused on taking care of their people. as part of the banking system looking to help small businesses, individuals. whatever we can. >> reporter: also got specific lending numbers from j.p. morgan coo and president jordan smith, extended $26 billion last days in loans to small businesses and ceo jeremy diamond is recovering from heart surgery, expected to be out of hospital soon and appreciates all the warm wishes. back to the meeting, tone from the bank ceos was encouraging, but that's what we would have expected coming into the meeting. no specific policy announcement to stem the slide in markets or bank stocks specifically perhaps that comes tonight from

the oval office at 9:00 p.m. wasn't enough to stop the banks closing down 5% or 6%. index down some 38% from the january high >> wilfred, thank you very much. >> i think you can be cynical and look at meeting, say what the heck is going on or say to yourself, yes, banks in much better place than 12 years ago in throes of the financial crisis and whatever mnuchin or the treasury puts in place to help businesses right now, it's going to be a private/public partnership that gets it done. i think will instill confidence in investors once we get plans on that, maybe stop seeing extreme volatility in stock market.

and it's encouraging it found a floor. not much above zero but a floor. i think everybody would be happy stabilized around 1% bring in the ceos, have them be confident, make commitments to help out and stem the tide before it becomes a financial crisis. >> this is what he does here, find a bright spot with the ten-year yield good to find any glimmer in the market more out of d.c. kela >> spoke with people familiar with the conversation that took place after the cameras left the room and whether the president gave any indications about the economic and health measures he plans to announce tonight. described them as unprecedented and signaled he had difficult decisions to make. but repeatedly in the course of the conversation he said highest risk for the virus in the u.s.

still remains inflows from overseas, italy and europe he wants to specifically find a way to address these inflows how he plans to do that, he did not make clear to the people in the room today whatsort of economic fixes wer discussed, brian payroll tax the white house officials brought up bank ceos nodded head but not necessarily in agreement it would be all that effective. one specific fix discussed was unemployment insurance package for four to six weeks. that's the time frame i'm told was discussed in the room to cover the length of time people are expected to be out of work for some quarantine or self-isolation periods whether the white house team took that into consideration and will be part of the package tonight, we don't know but that's how the conversation played out once the cameras left >> big stuff there, kayla, we appreciate that.

go around the table and talk about this guys. all of us were in the markets or covering it in 2008/2009 we had measures, all the acronyms guy, is there a fiscal measure, n not monetary policy but fiscal measure to stable the markets and everything else. >> no, just stabilize the markets. anything they do won't have people running to watch the knicks or rangers game that's not going to happen. >> markets then. >> that's the main concern, i think that's what they're concerned about. i do think some fiscal package could stem the tide in terms of what the market's doing. without question going to change consumer behavior overnight absolutely not there's nothing they can do. difference is exactly that that was fiscal thing.

this is emotional, consumer driven potentially thing i can't tell you what's going to change that. what i can tell you quickly is if stock 20 from $40 to $88 in three days, would be like what a move that's effectively what's happened in ten-year yields in this country mind-boggling, volatility we've seen, not just last week but last few months. bond market in a word is broken. equities are scary - >> what are you saying why is it broken >> excuse me you think that the ten-year yield in united states going from 3 1/4 to 1 1/2% back to 3%, back to 1 1/2%, in year and a half, that's not broken? >> mechanism of debt is broken, around the world, $15 trillion having negative yield is broken.

no doubt about it. japan last 30 years, tell you whole story. what was your question >> going to say -- >> fiscal package -- >> i'll be quick. >> target the market >> i think you wrote op-ed on this that was fabulous throw the book at it already in deficit spending. just go at it, go at it hard, keep going at it i remember back in 2008, every one of those announcements, what happened wasn't enough, sold the market off and just time it took to get to a low. >> i'm saying -- >> well, if you could go to that room, tim and advise the president and say this would be the best fiscal policy to mitigate the market damage, it would be >> i may be in minority here, this is a health crisis, not a financial crisis part of the reaction that the market is going to respond to is a health response and one that makes sense and shows

leadership, authority, shows we're most sophisticated health care and you know medical resource company in the world. that's what i want to see. also don't want to see this as opportunity to bail out every single person in the world that raises their hand. this isn't a financial crisis. if you're over your skis going into this moment, unless a strategic industry, you have to be careful about that. energy sector is strategically important for our country and we'll doe what we have to do no wholesale band-aid on that. but no question a lot of companies are important to what we do. but in terms of fiscal band-aid, this to me is not the time to take an opportunity to opportunityistically change tax policy in the country for good >> oil >> i don't know.

facing economy now are things we haven't seen before. but we know if we solve the health crisis, consumption is going to roar back doesn't mean won't be businesses taken out in its wake. why not deal with that at that point? >> i think we need a multipronged approach. micro level of paying for people to have health care. paying for unemployment insurance, those kind of things. i think a temporary, focus on temporary payroll tax could help in addition to longer road, more difficult thing to do, those things together in conjunction might be helpful and i think the president as much trouble as he's had dealing with the democrats, i think will be a lot of bipartisan - >> there has to be >> this is not the time. >> absolutely not the time for politics. >> to retreat in red or blue teams.

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welcome back to "fast money" another major selloff, coronavirus being officially named a pandemic by the w.h.o. one group of stocks hit especially hard, julia boarsteen in l.a >> social stocks are suffering more than the market on concerns will face first ever downturn on advertising. more than 2/3 of ad selling from sectors at risk. more than 21% past trading days and suffering from news that nbc universal sold its stake in the company. twitter shares down more than 9%

today, more than giving up gains earlier in the week after struck a deal with investor that keeps ceo in place also concerns about the ad market in japan, twitter's second biggest market in terms of revenue pinterest off nearly 8% on concerns of brands and retailers who invest in building followings on pinterest. facebook is suffering least, down nearly 5% moody's does say coronavirus's impact will be brief and will normalize after the threat passes. >> julia, thank you very much. those moves in facebook and twitter are bizarre. all our kids stuck home from school, going to be on social media, snapchat, moms on

facebook, all on twitter, looking for news updates do the moves make sense? >> i think snap and versions of facebook, snap valuation is crazy right? talking about market where earnings are really important, to me -- >> won't their audience go up, everyone sitting at home >> missing the point, it's not the audience but what companies are spending on digital advertising. if companies have less sales, going to cut back. >> but if audience goes up, have more >> maybe, sully. but advertising is one of the most cyclical things that exists in entire economy. >> what? >> these companies haven't seen recession yet, only google, they were around. others haven't we just don't know, makes sense to be prudent. especially if they have to do paid sick leave and all this stuff. pressures they may have to stick

it out may have to reduce advertising >> that's fair viewership drives ad rates and pays the bills except the dynamic of the economy and what companies are willing or can spend for the consumer right now is part of the assessment the companies are making today facebook is one of the biggest advertising and media companies in the world for reasons related to our concerns about privacy and things the company's been embroiled in has not affected advertisers, no falloff at all held steady. this is more to the consumer and recessionary outlook not happening tomorrow but part of what prices in on day like today. >> good point. if we have longest term chart, all an audible longest term chart for google, splitting shares but it fell 60%

from 2008 to bottom in 2009. >> at the time they were getting lion's share of digital advertising and all the growth there. but my point is my point >> what's your point >> get in there? >> get in there guy. >> kidding twitter to me, fascinating "wall street journal" article, obviously going after twitter, stay of execution they called it for jack dorsey. if you want a level. held right there again moves in twitter have been astounding but asking for name to survive and actually thrive, twitter could be one coming up, looking for more safe haven stocks? five name they're advising clients to take a chance and bet on five stocks we're going to name and debate

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comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. hi there. how are you? do you have any lollipops in there? (laughing) no, sorry. we're helping all kinds of businesses go beyond customer expectations. how can we help you? welcome back, we've got a news alert on amazon, the

company could start delivering coronavirus test kits to certain customers. cnbc.com's chrissy farr broke the story. what do we know? >> what's happening right now with amazon, they're thinking what can we do given that coronavirus has just become a pandemic one idea they've had they've talked about with gates foundation and number of other hospitals in their local seattle, can we deliver testing kids to the home, that way don't need to tonally come in, see a doctor in person less exposure. also don't have to deliver in the mail amazon has thrown up hand, we'll do it for free, use our drivers to come to the homes starting potentially as soon as tomorrow. >> that's a big deal chatting with er doctor, said i got people in car wreck, gunshot, somebody comes in with

fever, got to put on hazmat suit, take temperature, take it off, they're fine, send them home anyway, real triage and trauma i'm dealing with, eating hour or two of my time because people are so paranoid rushing in with small fever. this will help alleviate the burden on the doctors and nurses out there. >> hospitals are just overwhelmed, you're absolutely right. in some countries some hospitals had to call back doctors from retirement talking to hospitals running low on surgical masks. people outright stealing them. even hand sanitizer. anything the big tech companies can do with all the resources they have to hand is a positive step and amazon said we want to help with misinformation, price gouging on our marketplace but to see them going a step

further, let's do what we can. in seattle, it's a hot spot already for the coronavirus and physicians are overwhelmed they want to do their part even if just logistics and delivery, it's something, i think. >> anything we do to reduce the burden on doctors. thank you chrissy farr, read more on cnbc.com if you're just joining us, another bill selloff on wall street going to hear about bear markets but that term doesn't matter 20.01%, 19.9% down, probably irrelevant but if you're looking for opportunity, cowan thinks they have five name ulta beauty, elf, walmart,

target and costco. agree, disagree? >> i'm long target >> so agree. >> and target and walmart are similar bets target less expensive. costco, talk about not wanting to buy a company just because they're getting a huge rush of business because of the coronavirus, but costco is outstanding operator anyway, i feel like i missed that one. ulta, probably wait. >> anybody else? >> ulta, epic blowup in the fall, cratered down, no reason to believe can't happen again. i think entry is $30 from here, 12%. that's entry level coming up, looking for other macro protection we're going to dive into the options market and set you up atth a trade that does exactly back after this.

welcome back. another day of mayhem rocking wall street. dow, second biggest point loss ever just out of the top ten in percentages but huge point loss

nonetheless. volatility index, today. there may be option strategy you out there. mike has way to use options to counter this incredible turbulence. >> one of the things we can use options for is get a sense on what the market is doing options are bets on what is going to happen. can look at prices and flows to get a sense, essentially the wisdom of crowds what next 30, 60, 90 days may look like. volume has been extraordinary. we have a chart of the put volume in spy back about a year here prior to the coronavirus emerging in december, average was 1.5 million contracts a day.

now closer to 3.25 million material uptick in volume and material increase in price of options. look at straddle for example out to june, that was nearly $50 in s.p.y. what that's telling us is implied market move is something in the neighborhood of 17% next three months when these options are set to expire. other things options can tell us see more downside bet on versus upside also taking look at. if you said what are the chances we're going to recover back to prior highs, right now options market is saying 5% chance or lower that we get back to the february highs by june on the other hand, chances we decline about 17% and end up there as of june, that's about 20%. what you can see four times

greater chance of downside move than the upside move as far as the options market is concerned. quick point i would make, options provide insurance so people tend to buy that downside protection and they have been vigorously but what we're seeing is maybe more volatile times ahead. >> mike khou in san francisco. 5:30 eastern time. there are final trades and we've got them for you next on "fast money. ♪ ♪ ♪

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