best week for gold nothing compared to doge coin. still nonetheless. >> exactly you know, maybe gold was created as a joke, who knows dollar down and yeel yield down give a bit of a bump to gold. >> i think mike just said doge is the new gold. >> meme me on that >> we're out of time on "closing bell." have a lovely weekend. "fast money" starts now. >> i'm melissa lee this is fast money tonight's trader lineup -- hidden gems as stocks hit all-time highs plus pinterest with worse day since november how are traders playing the pull back later, tiktok pull down, what we spotted that's a fresh sign of the times in the retail trading boom record rally on wall street, s&p climb 1.4% boosted by strong

start to earnings season closing at new all-time high massive moves, one up 12%. p prks g tesla, wells fargo also leading the pack as we wrap up a big week for stocks how do you set up for monday on the eve of a very big week in earnings tim? what do you say? >> well, one of the keys to this week effectively we've had a 25 basis point pull back in bond yield. in a week we also had incredible economic data. we had retail sales numbers significantly stronger than expected initially jobless claims, the new york empire survey, some other ism numbers. so i think investors need to look for the cyclical stories. the nice thing about is this market is the blreadth has been as strong as we've seen at any point of the rally and i'm not sure where you say the rally began. but certainly over the last year

and half at different times we've struggled with rotation and which sectors cyclical versus growth versus value, et cetera the exciting part of this week is as we got economic reinforcement on the economy we got at least a sense that some of the cyclicals could rally and meanwhile mega cap tech might have been the biggest month of across the world. >> yeah this week calipari cats >> yeah this week cats and dogs can live together thanks to new ten year low. >> that's my point i was nodding in agreement when tim said the breadth of the market we look back to where the outperformance of value has outperformed the mega cap tech or growth complex. it's interesting look at the chart, green light actually put out a chart with their holders, their investor letter, that showed the

outperformance of the mega cap tech or growth has outperformed since the financial crisis now you get a blip where value has outperformed but it's just that, melissa, it's a tiny, not even a hockey stick, it's the beginnings of a hockey stick, which means to me there's much more of a runway for value to outperform. but to tim's point if everything is working now then the most non-consensus view is that, i said it the other day we were talking about tony dwyer taking chips off the e a a little bit of a strategic move, i think the thing that screws most people up or upsets the cart is if we go much higher. i'm looking for the s&p to go to 4500 about 7% higher. >> wow. >> if it didn't back check to the 50 day moving average we're looking at a drop i think risk reward stay on market. >> we have brian kelly and james

mcdonald on the same night and james has surpassed in owner of bearish, you predicted deline in markets and here we are at record what happened are you loaded for a pull back. >> thank you for the question. it's an honor to surpass bk in anything good news honor. what i underestimated was the power of the fed and power of economic empowerment for consumers. when we look at data over decades and decades and compare where markets go there's a presumption of normalized monetary policy and evaluation of risk with regard to earnings, debt and employment. we saw an eviscerateration of earnings and increase of debt to all time records and a catastrophic blow to employment. what we did not calculate is the

power of the government to provide paychecks to people, to provide income, and to provide comfort that whatever it took to do to protect the economy and to propel our ability to go to work at some point, they would do so we far underestimated the power of the government. >> sorry to interrupt, we are going to go to the white house to the rose garden where president biden and prime minister of japan just had a meeting. let's listen in. >> the prime minister brought the sun out. mr. prime minister thank you for being here it's been my plk -- pleasure to welcome prime minister suga to the white. yoshi, thank you for making the long trip to washington. we already met several times virtually on a g7 meeting and

quad leader summit but i greatly appreciate the chance to spend time with you in person and exchange hidias face-to-face exchange ideas face-to-face. there's no substitute for face-to-face discussions we're still taking covid precautions, being careful, but our commitment to meet in person is indicative of the importance of the value of the relationship between japan and the united states, this partnership we had a very productive discussion today when nations as close as ours get together we always look for operations and opportunities it to do more and today was no exception so yoshi, you will probably be seeing a lot more of me in the future, and today prime minister suga and i affirmed our iron-clad support for u.s.-japg together, to take on the

challenges from china, and on issues like the east china sea, the south china sea, as well as north korea, to ensure a future of a free and open indo-pacific. japanned the united states are two strong democracies in the region and we're committed to defending and advancing our shared values, including human rights and the rule of law we're going to work together to prove that democracies can still compete and win in the 21st century. we can deliver for our people and the face of a rapidly changing world so today we're announcing a new competitive and reliance partnership core between japan the united states that will enhance our ability, enhance our ability to meet the pressing challenges of our time, together meet those challenges. top of our agendas of course is getting the pandemic under

control and helping our friends and neighbors in the indo-pacific region to recover earlier with india and australia we launched the land mark quad vaccine partnership to expand the manufacturing of covid-19 vaccines and assist countries throughout the region with vaccination efforts. and we agreed to enhance our support for global vaccination efforts through the act accelerator and covid facility we're also going to do more beyond this pandemic to advance longer term goal for health security, reformalitiesle of reform of the world health organization and establishing a new partnership on health security to build better preparedness for the next pandemic because there will be others secondly, japan and united states are both deeply invested in innovation and looking to the future that includes making sure we

invest in and protect the technologies that will maintain and sharpen our competitive edge and those technologies are governed by shared democratic norms that we both share, norms set by democracies, not by autocracy. so we will work to secure 5g networks to increase our cooperation on supply chains for critical sectors like semi conduct y50rs to driving a.i., genomics, quantum computing and much more. thirdly, our eliminations are committed to take aggressive action to meet the threats of climate change next week i'll be hosting the climate change leader summit which prime minister suga plans to attend thankfully to rally key nations in the world to make

ambition climate commits to the lead up to the summit later in the year japan and united states are committed to achieving net zero emissions by 20250 and we know to do will require setting and meeting our 2030 goals and we'll work together to advance clean energy technologies and help nations throughout the indo-pacific region especially developing countries to develop renewable energies and decarbonize their economies. finally, both prime minister suga and i value the incredible partnership that exist not just between our government but between the japanese people an the american of them last month we jointly marked the tenth year anniversary of the earthquake, tsunami and nuclear disaster that cost so many lives in japan i visited the area shortly after

it happened and the prime minister and i talked about when i was vice president visiting the families in the region, to show support of the united states, we continue to mourn the loss of all those folks and to honor the extraordinary joint effort between japan and the american people in the wake of that tragedy to recover and to rebuild. those personal bonds of friendship and connection, they're the ones that will keep this alliance strong and vibrant for decades to come. i'm especially proud that today we agreed to resume what we call the mansfield fellowship program. to promote people to people connections between our countries. people mike mansfield who was a beloved ambassador to japan became ambassador he was a mentor of mine when i came to senate after my wife and

daughter were killed and he helped me along in ways i can't even explain in the united states senate and i'm proud, i'm proud that this legacy continues to be honored as part of the close enduring partnership between our nations. and yoshi, i know how proud you are of the people of japan are and you got a japanese boy coming over here and guess what, he won the masters he won the masters he won the green jacket. and hideki matsuyama was the first japanese player to take home that green jacket the a masters tournament this week so let me say congratulations to japan as well on that feat mr. prime minister, thank you for making the trip, i look forward to all that japan and united states will accomplish together in the coming years it was a great honor having you as the first head of state in my administration floor is yours

[ speaking foreign language ]. u.s. government who had worked to prepare for this -- the united states is japan's best friend japan and the u.s. are allies that share universal values such as freedom, democracy, and human rights our alliance has served its role as the foundation of peace and stability for the indo-pacific region

and the world. in light of the current regional situation and the severe security environment, the importance of our alliance has reached new heights. based on such common recognition at today's senate we engaged in far-reaching and candid exchange of views on each other's political principles challenges faced in each of our nations, our common vision, and other matters. president biden and i reaffirmed the recognitions confirmed at the japan-u.s. 2.2 held last month and agreed to engage in initiatives for the region based upon such recognitions we also discussed the free and

open industry o -- indo-pacific -- we will cooperate with other countries and regions including asean, australia and india. we also had serious talks on china's influence over the peace and prosperity of the indo-pacific and world at large. we agree to oppose any attempts to change the status quo by force or coercion in the east and south china seas and intimidation of others in the region at the same time we agreed on the necessity for each of us to engage in law

with china and to pursue stability of international relations while upholding universal values on north korea, we confirmed our commitment to the cvid of all weapons of mass destruction and ballistic missiles of all ranges and agreed to demand north korea to fulfill its obligations under security council resolutions on this year of abduction we reaffirmed it is a grave human rights issues and our two countries will work together to seek immediate resolution by north korea. encountering north korea and nor

the peace and prosperity of the indo-pacific both of us recognize that trilateral cooperation including the rok, has never been as important as today and agreed to promote such collaboration. noting that the regional security environment has become increasingly severe, the de deterrence and responsible capabilities of our alliance must be strengthened i conveyed my resolve to reinforce japan's capabilities while president biden again demonstrated america's commitment to the defense of japan, including the application of article 5 of the japan-u.s. treaty of mutual cooperation and security for the san kaku islands and agreed to accelerate the means to strengthen

out-rebound alliance -- our alliance at the same time from the perspective of mitigating the immunity pact on local communities including first and foremost okinawa we agrees to promote the realignment of u.s. forces in japan, including the relocation of air station fatima to handiko, the only solution to avoid its permanent use. in responding to the unprecedented crisis faced by the international community such as covid-19 and climate change japan and the u.s. are mutually indispensable partners president biden and i share the recognition that our two nations bear significant responsibilities to lead multilateral initiatives towards the resolution of such issues. in this context we agree to

respect international order based on multilateralism and rule of law while exercising joint leadership to build back better our global community based on such outcome of our meeting today we are releasing the japan-u.s. joint leaders statement, global partnership for a new era. which will serve as the guiding post for our alliance in the times ahead. which strongly demonstrates our solidarity towards the realization of a free and open indo-pacific from the perspective of our two nations leading efforts to build back better president biden and i agreed on the japan-u.s. core

partnership and confirmed to promote cooperation in common priority areas, including promotion of competitiveness and innovation in technology, covid-19 counter measures, green growth, and climate change >> competitiveness of innovation under the recognition that digital economy and new technology in particular will bring social transformation and huge economic opportunities. we have agreed that japan and the u.s. will work together on the promotion of rnd in various areas -- regarding response to covid-19 from short-term responses to longer term efforts. including the preparations for future similar incidents we will work on the promotion of

multi-layer cooperations, regarding the overall supply of vaccines and the reinforcement of japan-u.s. public and private cooperation in the area of global health. we confirmed that cooperations between our governments will continue in order to ensure equitable access to vaccines including access by developing countries, multilateral and regional cooperation will be promoted on the matter of climate change, at the upcoming climate summit to be hosted by the u.s. next week, or 26 and beyond, we confirmed that japan and the u.s. will lead the global decarbonization in order to further strengthen corporation in areas suchas purse agreement, green technologies and decarbonize transmission in

developing countries i agree first for biden to launch climate partnership on ambition, decarbonization and clean energy under these initiatives i wish to give impetus to concrete and comprehensive japan-u.s. corporations i discussed the increase of discriminations or violence against asian people across the u.s. with president biden and agreed that discrimination by race cannot be permitted in any societies. we agreed on this regard president biden comments that discrimination cannot be allowed and he firmly opposed was extremely encouraging for me and

i have renewed my confidence in american democracy once again. i told the president about my determination to realize the tokyo olympic and paralympic games this summer as a symbol of global unanimity as a symbol of global unity. president biden expressed his support. japan is listening to and learning from the experts that are doing everything possible to contain infection and to realize safe and secure gains from scientific and objective perspectives utmost in our preparation, freedom, democracy, human rights, rule of law. as we firmly defend and uphold these universal values that

japan and the u.s. share i look forward to the actual implementation of the outcomes of today's significant meeting and to realize a free and open indo-pacific by further collaboration and deeper cooperation. with joe i once again express my heartfelt gratitude and for the kind invitation. thank you. >> now we'll each take a few questions and i will begin by recognizing the associated press. amir, you have the first question there you are. >> thank you, mr. president. and thank you mr. primet minster mr. president you said successful presidents prioritize and you are focused on one

agenda at a time what would you say to americans who voted for you on gun control and police reform having to wait while we pursue infrastructure given we continue to see these incidents with mass shooting and also police-involved shootings including the incident a lot of us saw in chicago most recently. do you feel the need to reprioritize your agenda >> i've never not prioritized this no one has worked harder to deal with the violence used by individuals using weapons than i have i am the only one to pass an assault weapons ban or to have a ten-year ban on assault weapons with clips more than ten bullets, immediately upon us becoming office, i asked our attorney general to put together things i can do by executive order including new guns you can make in pieces and put together and other initiatives. i strongly support, i strongly

support the universal background checks, which i continue to push congress has to step up and act. senate has to act. and i strongly support and continue and never stopped supporting the ban on assault weapons and magazines that hold more than ten bullets. it doesn't mean i can't also be working at the same time on the economy and on covid but it's not a question of my being able to set the agenda in the senate as to what they will move to first. and so, i continue and i strongly, strongly urge my republican friends in the congress who refuse to bring up the house pass bill to bring it up now this has to end. it's a national embarrassment. it is a national embarrassment what's going on. an it's not only these mass shootings that are occurring, every single day, every single day there's a mass shooting in the united states if you count all of those who are killed out

in the streets of our cities and rural areas. it's a national embarrassment and must come to an ends one last thing, the folks who own weapons, the folks who own guns, they support universal background checks, majority of them think we shouldn't be selling assault weapons. who in god's name needs a weapon that can hold a hundred rounds? or 40 rounds or 20 rounds? it's just wrong. and i'm not going to give up until it's done. you have a question you want to offer, not a question -- recognize someone mr. prime minster? >> [ inaudible ] [ speaking foreign language ]. newspaper the senate, i believe that china policy was one of the central agenda items so my question is

on china policy. both governments consider that peace and stability of taiwan is of great importance and that had been the agreement between the two countries. what kind of exchange of views were conducted on this matt erat today's meeting? matter at today's meeting. in order to ensure contingency in the straits what can japan do when contingent occurs in the taiwan straits did you explain to president biden what japan can do in these circumstances. also discussions on the autonomous region human rights issue, grave concern by two countries but japan is only g 7 country that hasn't imposed sanctions on china were you able to gain president biden's understanding towards such position. >> as we engage in exchange of views over the regional

situation we also discussed the circumstances in taiwan and the autonomous region as well. i reframe from mentioning details since it pertains to diplomatic exchanges but there are already an agreed recognition over the importance of peace and stability in the taiwan straits between japan and the united states. which was reaffirmed on this occasion i also explained japan's position and initiatives regarding the situation in shin ought -- autonomous region to the president who i think understood my points. >> next question to trevor from reuters. >> thank you

mr. president, it's been a while since we heard an update from you on how the talks are going with iran. how are they going and do you regard their decision to enrich to 60% as a step backward as saying they're not serious about those negotiations and for the prime minster just a question on whether it's irresponsible to move forward with theolympics when you have public health experts telling you that japan is not ready to do so. thank you. >> let me respond to the iran question we do not support and do not think it's at all helpful that iran is saying it's going to move to enrich to 60%. it is contrary to the agreement. we are, though, nonetheless, pleased that iran is continued to agree to engage in discussions, in direct discussions with us, and with our partners on how