on revenues. micron, too, on the semiconductors. >> everybody is now focused on the risk to grow that seems like the supply chain is at least not getting worse. you could probably hang your hat on that. also, don't overlook the fact that we got a decent intraday rally over the course of the day. maybe the market is saying that's where we get traction. >> mike, thanks for being with me for the two hours that does it for closing bell. "fast money" begins now. this is "fast money. i'm melissa lee. tonight's lineup tonight on "fast" we are charting the sell-off. chart master says a key level of support. is a turnaround coming in what he is sig seeing in the charts all over the afterhours shares of micron and micron, on the move, strong moves higher. we will break down the big headlines from the quarter later carnival cruise, out with

a bullish forecast heading into next year. is it smooth sailing for the trade? we will find out a rough kickoff to the week. s&p, dow, nasdaq dropping 1% as raising cases of the omicron variant spook investors. markets closed well off the lows of the day but nine of 11 sectors still lower with financials and materials seeing the biggest losses markets continue to digest last week's fed meeting are we in for more pain wrapping up the year? i noticeed this. when the ten-year yield bottomed intraday, the markets turned around guy. >> yeah, and brian kelly who is a visionary, he brought up the fact that turkey was imploding i think a lot had to do with the commentary from the government there. i don't want to make people's eyes glaze over on a holiday week a couple of encouraging thing. the vix reversed all day still closed higher but with a

22 handle. iwm defended the 210 level that's key support and 4530 in the s&p, a prior all-time high on september 1st, i believe, traded down today, bounced off god things i think the market can bounce from here. >> yeah. tim? >> well, the case where we had three different things to digest we had certainly omicron we had build back better or build back bad or whatever it is but i think growth dynamics are the biggest issue. and then some of the broader fears related to the fed and i think that's the stuff that the market is more worried about than the virus i don't mean to be insensitive and it's a tough time for the world to be hunkering in on the holidays, but this isn't where the market is cautious the growth scare in the ten-year yield which intraday touched at least the bottom end of that uptrend from the july or august fourth low in yields is something that bears watching.

i think guy mentioned the vix. a i vix at 22, 23 is too low given the environment and that has me a little bit concerned. a day when equities did rally back from the abyss we're down 5% or so if you look at the high growth parts of the market whether you are looking at the nasdaq 100 or qqqs or looking at the semiconductors semis are down 5% relative to the s&p in the last month and i think that's something that still continues to bear watching a chart we have to pay attention to and i know we will talk micron and other earnings in a second but the markets growth handles have been things struggling of late and today was another one of those days. it's not the virus as much as it is interest rates and government stimulus >> yeah. tom lee had an interesting call out today. it was a very tactical call. we will have him on tomorrow basically, to paraphrase, the market is going to discount the peak of omicron in advance he is predicting we will see some sort of bottom equities

between december 22nd and december 24th. extremely tactical call. dan, do you buy that notion that here bsh we are getting concerned about this variant, the impact on economy, growth, et cetera, et cetera the markets will bottom before we actually see the peak. >> yeah. i guess that's if you decide that the volatility, the down volatility has had to do with the variant that's now been around with us for over three weeks here i think the guys laid it out there is a lot of different things going on. we have the s&p 500 up 21% the nasdaq up over 16% the problem that i see as relates to the market here is that there is technology and then there is everything else. and within technology there are two markets. there is the data. remember last week when carter came on and gave us some stauts out of the russell 3,000 there were 35% of stocks down 3% or more. there was 26.5%.

we are down 40% or more. so if you think about that, there is just a handful of stocks doing the heavy lifting they can only really bottom the big names that have outperformed actually hold on here and start to move back towards the highs to me i don't think it's a particularly constructive environment for stocks when you think about how much we are up right now given where valuations are, the concern about yoelds and what the fed may or may not do and the uncertainty coming from the virus nobody thought in december of 2022 in the beginning of this year that we are -- excuse me, december '21, we'd be dealing with this fits and starts as it relates to the pandemic here i don't think it's a constructive environment heading into january no matter whether we bottom on the 23rd or the 28th or january. >> unless you believe that the big cap names, mostly big cap technology, dan, is what i think you are referring to, actually

provides some defense. there is that school of thought that be cap tech is your shelter in the storm, jeff i don't know if you buy that if you do buy that and enough people do, maybe that part of the market can actually hold up. >> it certainly has been the case in recent years, but i'll just go off what the market has been telling us lately, that that's not necessarily going to be the case. i think you are starting to see cracks in that area of the market usually for the market to bottom you need to see the strongest stocks fall first. i would be in dan's camp there is probably more to go before we find a bottom. and i think there were some confusing signals in the market. josh brown put this out earlier today. you have pfizer and clorox up today by a pretty good amount. that's covid is a problem. and then carnival cruise lines and american airlines up by a pretty good margin that's the everything is fine camp nobody agrees on much these days the market seems not to agree either if you full it back to sector level, i think things -- so what

worked today, it was stables, utilities, health care, and i do think that covid cases are going to start to look scary over the next couple of weeks i don't know that cases are the right metric now, but i think that the market could react to that in a meaningful way given the fact we have a few other names propping up in the market now. watch the 50 day i am looking to 4300, the delta low. that's also now the rising 200-day moving average keep an eye on that level. >> dan at richard bern steenl advisors put this out, a note. it's called defensive bubbles. defensive bubble stocks are like umbrellas in hurricanes. so basically the notion that even in defense of sengters, they will go down if the entire market is going to go down guy, would you agree with that take >> steve russell talks about that all the time, the number of stocks whose correlation is one to the s&p 500 on meaningfully

up or down days. the take is absolutely correct but i think dan's point and then carter's point prior to that about beneath the surface, you know, that's one thing we have been talking about despite the fact that the s&p is within earshot of an all-time high, you have seen stocks major market cap names down anywhere from 30 to 70% over the last month and a half, two months that taj hdamage has been done it's a matter of time before the broader market catches up. i say we bounce. if you look at today's action, in the short term we are due for a significant bounce we have absolutely seen that movie many times before. >> yeah. and to jeff's point, tim, you take a look at what went up today, it's all over the map there is not a clear message from the markets when you see lyft up more than a percent, walmart ending positive as well, and then clorox, i mean, it's sort of -- you don't really get a clear direction one way or another it wasn't a risk on risk sort of

day, i mean just, you know, across the board, clear cut. >> no. and i think it's, you know, the market is being smarter than just one beta to growth whether it's omicron or fear of the fed moving too quickly but you are seeing the stocks that also have had a lot of pressure because no one believes of the valuation or the valuation is a function of a company that makes no money. a lot of those stocks set fresh lows today, names we have been talking about. then you have names. i believe walmart, and i talked about it. >> i am long walmart, so i think they can be defensive in this environment. i think that there are names we see that are a function truly of fundamentals in an environment where the fed is going to be more aggressive. investors have to get comfortable with the concept and the strat banks are reeling in where they can give or take a few trouble spots around the world where they have to throw liquidity, and that even includes china so, yeah, interesting day. nice to see that everything moves in the same direction or they move in the same direction with different arguments for why

they might go higher or lower. but i still think that the markets had a major move this is what guy said. this is what dan said. already, even if the headline hasn't done a whole lot. some stocks reacting to fundamentals i think is good news for investors. >> our next guest, senior managing director, joe, good to see you. you are forecasting a fed course of rate hikes that will be quote-unquote aggressive what does that mean exactly? aggressive inappropriate aggressive unnecessary >> thanks for having me. i think aggressive and necessary. if you look attake on the officer-involved the past couple months, it's starting to really acknowledge that inflation, i think it's going to be a lot more persistent. so if you go back to the beginning of the fourth quarter, the market was pricing in maybe one fed hike in 2022 today the market is pricing in basically three full hikes

so i think it's going to take that and it may end up taking even more and if you think about the market since september, it's roughly been flat. vix went from 15 to, say, 2 # a over that period so i think the fourth quarter is giving us a preview to what we might expect in 2022 when the fed begins hiking rates. >> joe, it's tim thanks for joining us. the question around rates is how do you gauge you guys are fixed income investors as any in an environment where equities struggle with the fed and so will fixed income. can you help investors that are concerned on both sides of the balance sheet? >> sure. i think it's going to make for a challenging environment, especially in traditional forms of fixed income. i think investors ought to be considering alternative forms of fixed income where you are the ability to reset rates higher, things like floating rate, as well as generally shortening duration i think that's going to be important across other asset classes as well.

real estate can serve as a form of an alternative form of fixed income in that you can get a pretty good income streams and have the ability to grow income at the same time so i think in an inflationary b backdrop with the fed is hiking, the ability to grow income streams will be critically important and churned cash flow will be king, out performing the future cash flows. >> hey, joe, it's jeff so i'll take a question on the equity side of the equation. thinking about the natural tension between a more aggressive fed and potentially a slowing economy into those rate hikes, how do you think about equity market leadership rising interest rates potentially bad for tech if you have a slowing economy, that's potentially a tailwind for tech as investors look for growth wherever they can find it how are you thinking about the push and pull there? >> yeah i think there is going to be some tension in 2022, but i think there is another scenario, and that is an economy that continues to boom at the

same time rates are going higher the difference between what the fed is doing now and what it did in december 2013 when it last tapered is that back then in december 2013 households and corporations were very much on their heels. consumer net worth hadn't recovered at the point which the fed was tapering before, and corporate profits hadn't fully country covered. if you fast forward to today, consumer net worth is a record high and today not witwithstanding straight up since covid and at the same time corporate profits are likely to set a record as well so i think the alternate course here could be an economy that continues to boom in 2022 in a self-sustaining way as policymakers transition to the private sector, but at the same time inflation moves higher. there i think the tug-of-war is going to be between those companies that have high current cash flow or the ability to grow

that cash flow versus the more speculative companies where those cash flows are weight today the very distant future. and i think the more cyclically or cented companies will be the outperformers. >> all right and joe, by the way, likes housing and cyclicals as well as value into 2022. great to see you, joe. thank you. >> thank you. guy, i know, you like to say, you dig joe do you dig what joe wants to buy next year? >> and i congratulate him on his hall of fame induction long overdue cyclicals, yes if you mean cyclicals in terms of resources, i think you have to be in those names they have been volatility. look at alcoa the last couple of weeks, fits and starts but i think if you can stomach -- if you have the temerity to stomach some of those moves, i think that's where you want to be in the resource trade. >> you congratulations him because he is j.z. i want the viewers to connect

the dots. >> they know that. come on. it's "fast." >> we have got an earnings alert on nike shares of the company jumping after reporting earnings >> well, the ceo of nike kicked off the conference call with a nice tribute to the late designer virgil ablo, who did work with nike on important claprations. also talking about the strength in the business. a strong holiday sales period, for instance, and said that the company is in a stronger position than 18 months ago, speaking to the continued trend in athleisure and people's in healthy lifestyles as far as the quarter, supply chain issues are still hurting nike sales overall, the company did better than expectations though these were widely known going into the quarter $11.4 billion in revenues, 1% growth from last year, better than expectations. if you break it apart though, there was a big difference in north america, which was strong, and china, which was waeb. china was the low point, down 20% revenues from last year.

and that was even worse than analysts were expecting. but the company is chalking it up to temporary issues like supply chain, low inventories because of the fact shutdowns in places like vietnam and also rolling shutdowns in china as well as far as the stronger points of the quarter, nike direct, which goes direct to consumer, continues to grow 9% digital, still growing double digits, 12%, and north america was particularly strong up 12% as well so that's what the bulls are hanging on to at this point. so far, there is no sign that there is any brand momentum or issues in china which is really the growth market for this company, but that's going to be a key question as we await earnings guidance which comes from the cfo on the call in a few moments. the other thing i will be listening for will be the tech strategy he came from service now and ebay and nike digital has been a differentiator for this company. it helped it outgrow a lot of the competitors, especially

during the covid pandemic. what is it thinking about next last week it pa made an undisclosed terms deal for artifact, a little startup that makes nfts for sneakers and other collectibles want to know what's going on as far as the strategy and how big this is going to be. they also filed trademarks that indicate they are going to be getting into into nfts and other products with the nike symbol. and the metaverse as well. so i think that will become an issue and a point of interest for investors. so far, though, the stock is up 3.5% after hours on the idea it was better than anticipated. we will wait to see what guidance looks like in a few minutes. >> the china decline seems eye-popping. how does it stack up to what analysts are expecting is? wondering why the factory shutdowns wouldn't have impacted north american sales as well as china. >> it takes a little bit longer and also china's been much more strict as you know when it comes

to the covid-19 lockdowns, local restrictions as soon as they get a cluster of cases, they shut it down that impacts the stores and fact reese in china and makes for a difficult environment. analysts were worried about china going in they were expecting it it to be down but it came in a little bit worse than expected on that front. they were expecting around $2 billion it came in slightly worse on the numbers. but it's key to see how long that's going to be so far nike has indicated it's trans sorry. donohoe on the call said they continue to be number one on t mall and other sort of anecdotal reference points indicate that the brand strength is still there in china they are just going through some difficulty around covid. >> all right sara, thank you. tim, to you as a shareholder here, what did you make of the quarter? >> well, i like the quarter-over-quarter single sales up 12% the gross margin up 250 basis points to 45.6%. these are things you want to see from nike.

china was well flagged i think this is why the market is looking past it 1.8 versus 2.2 on the billion side and the expectations we knew we were going to see this weakness what's interest about nike investors for the overall market is at various touchpoints, and this another one of those times, nike has been an important lighthouse i think in the storm of uncertainty or the fog that is supply chain, that is just growth and to what extent, remember when asia closed down first, nike was the first to give sense of where it was starting to see recovery in terms of inventories, up 7% on inventories to where they were a year ago is some sense of that things are starting to ease up nike a very important tell overall i think for demand, but also what's going on in global supply chain. >> agree with that at the same time, coming out of the difficulties in the supply chain issues it may be the strongest who recover first. so the overall recovery and supply chain issues may not actually take place for all. jeff, i'm wondering what your read on nike is and how much of

a bellwether it is for you whether it be for supply chain issues or for other, you know, cohorts in the sector like a foot locker or democrick's or whatnot. >> i think it's very important tim touched on the positives for the quarter. i won't about back to that i like the idea it held 152 that upward sloping average i have been bringing up nike in talking about this low end versus high end consumer discussion that we have been having and i actually think that -- i have been talking about nike in the high end and being better suited for the environment we are going into. i think the developments with build back better play into that so with build back better passing, you were going to have $100 billion of additional child tax credits. you would get a higher salt cap, additional $50 billion in payments that's gone. so i think further focusing on these high end brands, companies with specific growth stories, nike is always in the top five in all of these surveys. you want ubiquitous brands i still think nike has that.

the quarter was strong in terms of a relative play in retail, still very much in favor of nike. >> dan >> yeah, i think that, you know, tim highlighted that direct to consumer, that tech aspect, and i think that's important, especially when you consider what some of these retailers are dealing with we have had big moves in dick's of late. down 30%, but still up 90% on the year foot locker has been volatility. i think that that direct channel will be more important if there is any -- if there is ever a brand that create community, brand affinity, it's them when you talk about some of the things they are doing as it relates to the acquisition that this made for this company to have digital goods in the metaverse, that fits into nike's play that's going to be something i think people will keep an i creased view on. >> coming up, the chart master will join us to break down today's sell-off where are the markets heading from here? the key levels ahead. first, all over the afterhours action in micron. just out with earnings in the conference call underway

the stock is up 6% we have gotht e details next "fast's" back in two

welcome back to "fast money. an earnings alert on micron.

shares surging in the afterhours seema mody has the break down. >> micron's revenue guide for next year enough to send shares of the chip manufacturer up over 6% in afterhours trade here. ceo the ceo says the secular demand for memory and storage along with micron's focus on building our technology and product leadership and deepening our customer relationships continues to strongly position us to create significant shareholder value in fiscal year 2022 and beyond. on the chip shortage, micron entered into strategic agreements to secure supply of certain components that we need to manufacture our products. as a result, the current tight splay of these components is expected to gradually improve throughout 2022. also dropping a line on the metaverse, saying the build-out of immersive virtual worlds will offer more opportunity due to the intensive use of significant memory and storage and these

applications now, as to where he sees growth going forward, micron sees automotive and industrial to be the fastest growing memory and storage markets over the next decade executives say it's well positioned as with over 10% of its revenue coming from these specific end markets we are looking at shires higher by 6%. it lagged the broader s&p 500 semiconductor index this year. >> thank you i mean, the stocks, guy, up 33% this year. micron is a laggard here they are saying all the right things automotive, metaverse. >> yeah. well, the hope -- look, this is the way i look at it the hope with micron is you took the cyclicality out of the name. that's why, by the way, it stopped going up in april and just got lambasted into the fall now it's off the mat this quarter should be the one that gets the stock back to t97 in my opinion. look at operating margins close

to, i think, 35.5%, twice of what they were last year and better than what the street was looking for this quarter this should be good enough i hope it takes some of the cyclicality out of the name and i think it could trade close to 97 bucks the next couple of weeks. >> dan, nvidia or micron >> the first thing you said, it's been a laggard, right cheap relative to some of the stocks like nvidia driving the performance in the smh or in the stocks, right. so to me i guess i am probably more inclined to go with the val auto with micron than i am with nvidia right now nvidia is in the midst of a big correction while micron is coming off the mat and it's up about 25, maybe 30% with these games in the aftermarket here. i would rather play for micron to 100 than nvidia back to the prior highs. >> we are just getting started on "fast money." here's what's coming up next. >> coming up, charting the

sell-off where are markets going from here the chart master joins us next to break it all down plus, despite covid fears, one travel stock sees smooth sailing ahead. should this cruise be in your portfolio? stick around for that trade and more you're watching "fast money," live from the nasdaq market site tesque. we're back right after this. what if the next big thing was nothing at all? fivver freelancers turn nothing into something everyday, in over 500 categories. designing, writing, coding, creating. nothing. nothing. nichts. meiyou. today i recommend you nothing! (laughs) (phones chimes) turning any business idea into the next big thing. let me get this straight. now i gotta buy nothing? (phone chimes) (typing) (music)

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. welcome back to "fast money. markets dropping more than a percent to start often the week. the s&p the lowest close since december 3rd we could be bumping up against a key support level. let's bring in carter. what are you looking at? >> sure.

i mean, you know, tremarkable thing is how little damage there has been done at the index level, the russell 3,000, effective lie 98% of the investable is down, and half of stocks have lost 20% in the index. let's look at a couple of charts the first is the s&p what we know, of course, we sold off to that september high so what is the concept of support? well, we are just now down to support, but support is not a concrete floor it's a mattress top. support begins at the 45 level that's a september high. it goes down to the lows of october. you can see that's there at the 4280, 4300 level the third short. i got to put this in context we are at support. but the principle is often you sink into support, down into the mattress, until you ultimately

bounce i don't think we are finished with the sell-off. where could we go? you could go anywhere. let's look at the last two charts were we to go to the midpoint of where the support is in play would be a 6.8% drawdown from the peak the last chart to the bottom that would be a drawdown of about 9.5% it's important to say the last time we had a 10% peak to trough decline was exactly a year ago and so this kind of thing used to be ordinary, but in the markets of late it's not i think at some point it will be ordinary again >> are there sectors, carter that offer some, you know, defense amidst this potential sell-off, even if it's just a sinking into the mattress top sort of sell-off >> sure. it's the playbook is quite off the playbook from history. things that are lower beta defensive in nature. staples of course act well utilities act well

highly defensive marquee large cap certain tech stocks act well, et cetera, and so forth. >> okay. carter, thank you. always good to speak with you. guy is chuckling about the mattress top, is my guess. >> i mean, carter should do commercials like casper. he is a genius he is a marketing genius he doesn't realize it. i want to be his act i will quit everything and be his agent. >> is that all the commentary you have >> listen, i agree i don't know if it's a mattress top or a firm mattress or water mattress for that matter, but i think where we traded down to today in the s&p 500 should provide short-term support so although i think the beginning of the year will be challenging, i think the next couple of days is going to be good for the broader market. >> jeff, do you go by that old playbook that seems to be working or have worked looks like it's relative

strength here? >> yeah, i think so. carter glanced across two things that are interesting number one, sort of the average stock down 20% i looked to 1980 through today if you look at 10 to 20% corrections for not bear market the average stock falls 30% before the bottom. we are getting there we are not there yet i think we kind of push into that mattress as i'm looking to that 4300 level. i mentioned this friday. there has antone change in the market and a lot of that has to staples over discretionary that has been a beacon for risk on/risk off since the bottom this 2020 with discretionary beating staples week in and week out. that has reversed. i will be looking to that relationship to see when that tone changes and the market can go higher. >> dan >> yeah, i'll just say keep an eye on a few things, okay? to me the s&p 500, it broke that uptrend that had been in place over a year. that's important j.p. down 11% from the highs,

broken up trend. that had been in crude oil, broke its uptrend. so when i here utilities are acting well, staples are acting well, i don't get particularly bullish. my call would be let's get oversold let's not bounce off a really soft mattress here let's put a little fear in the market is what i'm saying because that would be the best setup for 2022 when you consider the fact that growth is likely to disappoint and inflation is likely to come in. that's my take those two things you might say, oh, that's not so bad, but if you want to set up for constructive things where rates are going higher like jay-z just said next year, you want fear in the market here and that would be a great time over the next few weeks and then my take would be get back into that growth at a reasonable price, the apple, basically the qqq for all intents and purposes. >> if russell 3,000 is 5% off the peak, maybe a feather bed would be the best medicine in terms of sinking deeper than the

mattress top feather bed offers not much support. there is a little in there tim, where to you say we go? >> well, so if you lie on a bad mattress, you can get a pretty stiff neck i think you have a situation here where if you look at the s&p, we've only tested down to the 100-day a couple of times and really since the covid so through the downside of the 100-day, we did that back in the september to october period and we -- in early december. that was a nice postpedic mattress that was a play where you rested nicely i think the market want to test through the 100 day. it goes back to the last place we really did that was through to the downside of covid with the fed, with some other uncertainties possibly some concern that the government's not throwing money at you, yeah, i think this is not, you know, not the softest presidmattress world. maybe it's too soft. how about that >> like goldilocks here.

coming up, the ev stocks losing power today. what is shutting these names down plus the holiday kreps might be a little less delicious due to the latest goble supply chain issue. the all-important issues and much more when foreign"fast" res we love our new home. lots of windows, great light-

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welcome back to "fast money. ev makers losing power as president biden's build back better plan hits a roadblock on capitol hill phil lebeau has the details. hey, phil. >> remember what this build back better ev incentive plan was all about as part of the overall bill, if you bought an electric vehicle depending where it was built you were going to get 12,500 at a union shop or 7,500 for a ev built at a non-union shop the important thing here, it could be applied at the dealership why is that important? the current incentive is a federal tax credit many people do not believe it's effective to say, next year when you file your taxes, take off $75,000. not the same as saying we are going to knock 15,000 -- sorry, $12500 off the prize of an ev at the dealership despite this bill apparently

being dead, it won't change for ev sales the next couple of years. i have checked around in the industry and most believe that the pace of sales at least through '22will stop $2 millionb 2025 tesla, gm and ford have set up when they are planning on building the next couple of years, and they have strong demand for the models whether it is a model s or a model y, a model 3 in the case of tesla, whether it's the mach e or the lightning coming from ford, and then gm's got the e silverado in the next couple of years they also have the hummer that rolled out they believe that the demand is going to be strong with or without an expanded ev credit. for the startups, remember they have more orders and reservations than they can account for the next year. so it's going to take time to fill that out. and one last note, melissa remember that the charging

station, whether it's charge point, blink, ev go, whichever one you are interested in, the charging infrastructure, the money that has been set aside in the infrastructure bill, that still goes through it's $7.5 billion. so i saw some of the these stocks moving lower today and i thought to myself, do investors realize this doesn't change for those charging company stocks. they still will have that $7.5 billion that's part of the infrastructure bill. >> yes, phil but if there are fewer cars that charge, does that ultimately impact them? >> well, if theoretically it would. does it change the growth projection the next couple of years? in most that i checked with today, probably not. >> that's a "fast money" take. phil, thank you. phil lebeau. >> you bet. tim, would you take a look at these charging stations i mean, phil brought up a very good point >> i tell you what the valuations across the space

are something that have caught up to them and playing a bet on the future for some of these names is extraordinary i think it's not a question of the number of stations to me at this point or whether you are going to see an ev it's game on in a big way. i think a lot of these folks become almost commoditized stories. they are trading that they have multiples to growth that i think is unlimited and that's just not the case that's the problem here. then back to erivian, down off of its peak coming through that ipo. it's a valuation story there is nothing wrong with them it's a well run company. first ones to come to market with an suv. beat tesla beat ford. beat gm. but not a great valuation. i think the charging stations look the same way. >> it wasn't just ev makers hitting the skids so to speak when the build back better plan stalled. jeff, we saw also the solar stocks really take it on the chin i am wondering are there

opportunities here in the sector , reactions on the back of build back better being stalled? >> i think ultimately there are. and i will back to what elon musk said. he said don't pass the bill. so he thinks longer term he doesn't i that the incentives will have an impact on tesla i think it's overblown and there are going to be opportunities. so whether it's a ford, whether it's a gm, whether it's a tesla, to your point, whether it's some of these solar names, i think it's a knee-jerk reaction that might not necessarily hold i think you could also see some short-term extensions for some of these credits you could actually see separate climate legislation come to the table here we are assuming build back better is dead maybe in the current form, but maybe it comes pack in a form where some of these things find their way into the bill. there is a lot of unknowns now i would not take too much out of one day's moves here. >> coming up, in today's sea of

red we found a stock cruising higher should you jump onboard this name. plus, a bet on the banks one options trader see the regis moving hire. details when "fast money" returns.

welcome back to "fast money. check out this green spot. carnival shares climbing higher. they say advanced booking and ticket prices for the second half of 2022 are levels compared to 2019. so pre-pandemic. so as covid cases explode once again is it really smooth sailing for this travel stock? guy, what i thought was remarkable was that investors -- why are you laughing investors want to believe and do believe this forecast despite what is going on right now >> yeah. well, if i want to get nauseous, i will watch some of the garbage on daytime tv. i don't need to go on a carnival cruise i think it's interesting these stocks were higher the airlines, i think it was phil, maybe jeff mentioned, they topped out march, april, and went down from there they topped out when the news was at its best in terms of the vaccines and those types of things

now when the news is at its worst again, the stocks in the bottom i think that's interesting tim says it all the time you buy these things when the news is just getting incrementally better i think that's what might happen here i look at expedia today and say, wait a second. that stock off the map from 154 to 162 that's telling you something i like some of these travel names. airbnb as well. >> american airlines up 2% tim, what do you make of these specific moves >> well, guy said you make the most money when things go from terrible to just bad carnival, they are 23 ebidta is 15% north of where they were in 2019 so by the second half of this year, sorry, of '22, and into '23, the bookings will be, i think, getting back to normal if not, you know, through some of those numbers as just said i think you have to a dynamic with the stock it's interesting be careful we have also said this many

times. the ev is different than it was going into the pandemic. so the balance sheet is different. the dilution but again the stock took 130% move higher to the area essentially that it's hovered back to, and think i there is decent support here. i am not worried about the short-term headwinds i think they have plenty of liquidity. we heard that from the ceo there is 7 billion in available liquidity. the question is what do you pay for a company that has a different balance sheet ahead of 2019 ebidta. >> jeff, in your view, too early for some of these stocks, or is it time? >> well, not too early for a trade. i think could play it for a trade. i think about banks after 2008. >> tech after 1999, these sort of eye of the storm trees that have been impaired from a balance sheet perspective dealing with the aftermath of the troubles you have this exuberance about the recovery and realty sings in and they could be laggards for a

long time as banks and text after those two periods. i think you could have an issue in terms of these stocks in the m medium term. if i am looking for pure reopening plays, i would rather look to live nation or mgm. coming up, regional banks, a options trader sees highs ahead. we will break that down for you. you are watching "fast money" ckghafr sqre ba rit tethis

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a sneak peek at the cramer cam jim is talking with the ceo of ftx. catch the interview at the top of the hour on "mad money. and you can have cramer delivered to your in-box sign up now with the information on your screen. check out the kre etf getting hit hard an options trader is making a multi-million dollar bet that the worst could be over. >> this thing saw ten times the average daily call volume today and puts by over 10 to 1 a lot of that was a result of a purchase of the march 7476 call spread we saw 46,000 of those trade for

approximately 45 cents buyers of that call are betting that the regional banks could test the highs we saw just over a month ago. >> all right thanks, mike for more "options action" tune in next friday, 5:30 p.m. coming up, a schamere shortage for cream cheese. hazelnut spread being added to he hard to find list. weave the important details next, plus your final trades i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪

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money. as if your anxiety isn't at an all-time high, a nutella shortage is looming. turkey is in a currency crisis the lira is collapsing, which could put a sweep on it. this is an example of how international events really impact us here at home dan, are you worried about this shortage >> oh, um, no, i'm not. >> that's gross. he had -- by the way, he had his finger in a nutella jar. not even using a spoon which is a whole other story.

>> that's the way we do it in our household here. >> i hope you label your jars so you each have one. guy, are you concerned about this potential shiortage around the holidays, people may be craving chocolate hazelnut spread on something or other. >> it's the best story i have heard all day. you took it as a negative. to me that's a positive. this is all you need to know about nutella. once you open it, you don't have to refrigerate it. i mean that speaks volumes as to what's going on there. i mean, no thanks. just say no, nutella >> such a grinch final trade time around the horn. tim? >> i can't believe we are talking about nutella tonight. and we talked about feather beds tonight and i think i look at car max kmx touching down on the 200 day is a soft feather bed, 17 times trailing. it's value country. >> jeff mills, the general.

>> boston beer this is a stock down 66% i still think it's pretty attractive business. looks like the tides are turning. sam. >> sam. >> live nation at 100. >> guy >> nio sister. >> thanks for watching "fast." my mission is simankevicius principle. 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 my job is not just to entertain so call me the market got decked today. dow plummeting 433 points, s&p