in and buy that thing. look at what happened to apple, nvidia, tesla, preand post-split i'm definitely a buyer of amazon here >> points well taken thanks for being in overtime, dan danielle shay, we'll see you soon have a good weekend. best week for stocks since november of 2020 for the major averages that does it for us in overtime. i'll see you next week "fast money" is now. live from the nasdaq market site overlooking new york city's times square, this is "fast money. i'm melissa lee. tonight, guy adami, courtney garcia, ahead on "fast," just buy it shares of nike hit a more than 52-week low a few days ago, but is a sell-off overdone the chart master is lacing up for a trade on the name as it gets ready to report next week plus, cruise control gm announcing it is purchase stake in the autonomous start-up cruise and later, semi surge. the chip sector up nearly 10% this week, but there is one name in the group that's far

outpacing the pack we'll tell you what it is and why one of our traders would be a seller of it now we start off with a strong end to the week for the markets. major indices posting their best week since november of 2020, but can the momentum last? two fed officials suggesting that the central bank should be more aggressive. fed governor christopher waller saying i really favor front-loading or rate hikes that we need to do more now if we want to have an impact on inflation later. and st. louis fed president, james bullard, the lone proponent of the 50 basis point point hike this week, writing, raising the target range to half a percent to three quarters of a percent and implementing a plan to reduce the size of the fed's balance sheet would have been more appropriate actions so if the market needs to brace for more aggressive and faster-moving fed, where should you put your money right now do you think that's what the market is telling us, being up, the ten-year yield being pretty tame, guy? >> not quite sure what the market is telling us this week we talked about it earlier this

week, about, you know, as confused as she's been in a while. i agree with that. one thing sticks in my head. i have those little post-it notes that i use, because that's what people my age do. pete said something on monday where, you know, he was seeing people buying 70-strike vix calls in june, and i haven't heard him say something like that in a long time. and june is a bit of ways away, i get it but that sort of sits in the back of my mind. i don't think we're out of the woods by any stretch i think these fed officials are finally acknowledging what we've talked about literally for the last year and a half and i don't think the market is taking into consideration at all. >> but june takes you through the may meeting, tim i went to guy, by the way, first, because for the first time in a very long time -- >> he got haircut? no >> that too. >> we've got more than two traders here at the desk, with courtney joining us too. jim, what do you think >> it's great to have courtney here at the desk and at the nasdaq guys, before we get to the trades, can we acknowledge the fact that bullard comes out when

the fed in november didn't recognize any inflation and now says he wants to raise by 250 basis points, before year end. in the next eight months that to me is, you know, kind of a problem. i actually think that they need to front load as much as they can here too i think if we can't raise 100 basis points, this economy has no legs to stand on. i think that the fed should have acknowledged this a long time ago and i think it's good that they're acknowledging it now but look, i'm confused and a week on when the semiconductors rallied 13.5% off those intra-day lows on monday, the nasdaq off 11% off of those intra-day lows on monday, i don't want to chase anything and i certainly don't want to chase trades that that i think could be defensive in the face of fed hiking, because i think some of those are also way overbought so i think you let this digest let's see what the fed says next week >> i have to agree with you here, i think it's interesting this week, i think that the fed is going to increase rates and you saw your tech and growth firms jump on that but i think we just really needed to take advantage of the

fact that interest rates are likely going to continue to rise here and inflation is here even with everything going on with russia and ukraine goes away and even if covid cases rising abroad goes away, that's still very much a risk and your longer-duration assets will still be a risk you'll want to continue look at your cyclicals, because inflation is still going to be here, and you really can want discount that. >> you've got more than one headline facing the market you have, as she just mentioned, russia and ukraine but what look at when you look at bullard's comments, i look at what the sellside did. three hikes, five hikes, six hikes. they were tripping over themselves to be the highest on the street that's what these guys were doing. they want to say they were ahead. >> so the fed governors are tripping over themselves >> yeah. i think they're right to z distance themselves. especially bullard i love what he says. i think he's very credible, but i think at this point, it's not helping. >> or they're sending them out to jawbone the markets, which

would be an odd move, though, given the proximity to the fed meeting, guy that's what's so fascinating to me about the comments today that we're digesting, is that we just had the chairman of the fed earlier this week talking about the path of hikes. and then we've got these two other governors out today. what do we believe and why would the markets believe the two governors just days after the fed meeting, unless the fed had a credibility problem? >> we've been together 13 years now, mel, and you're starting to think like me. i agree with you it's not conspiracy theorists. they say, the markets have done well, let's trot some of these guys out and see what the market can withstand. let's push the envelope a little bit here and test the waters i don't think it's that ridiculous i think they realize how behind the curve they are they're literally three and a half, if not four years behind, without question and they've got a lot of ground to make up but i think to your point, why not push the envelope when the market seems to be on somewhat

terra firma right now. i think that makes a lot of sense. >> and the ten-year is at a 225 intra-day head on fed day. and before we got into the testimony and we were marvelled and mystified why it fell, and it fell more today, so is the market already telling you that it's concerned that this runs us right into growth. amazon is up 28% in the last eight days megacap tech weber going to talk about nvidia and have a mini debate on it, and i'll save that, but i think what the market is doing on one hand, applaud the fed for credibility and fighting inflation, because everybody knows we need it badly. it's a blunt instrument. but i think the market is actually saying, i want to be in defensive, slower growth, lower multiple tech names that we've seen are basically the new flight to quality. >> i'm sorry, but is the market actually digesting the idea that a 50 basis point hike could be coming, as suggested this morning. >> i think it is --

>> and we go higher on it. >> when you see the 7s, 5s, and 3s invert, doesn't that tell you that growth will be lackluster you said, the ten-year is doing nothing. >> yeah. >> so why not take a powder? why not overspeak and do less? >> but isn't that a market -- so, isn't that a market. and this is rick santelli. we're seeing a traffic jam in 3s, 5s, 7s and 10s, meaning the curve is getting very flat that's a market that's telling you that they're worried about growth >> that's a market that's saying that the rhetoric, i think, he's so aggressive, hawkish, that the short-term rates are really pivoting on that rising and the long-term, he's beaten growth out of it. >> here's my question, if you're worried about growth, do you want to be in the names that give you idiosyncratic growth, because that was formula for being in the megacap tech trade before courtney, a name like a mic apple and microsoft, these names have idiosyncratic growth, they will still growth even if the economy slows. >> they will, but will they have

as much growth as other sectors of the economy right now and the economy is on good footing. that's why the fed is saying they can continue to increase rates. we have really good balance sheets for houses right now. you want to look at some of those companies that have inflation power. with some inflation kicking in, there are other things that might be better than your tech firms for better opportunities i think there might be other sectors that take off further zplp meantime, online retail otf just wrapped up its best week since april 2020 and take a look at nike, shares popping 3% today ahead of the company's earnings report on monday the chart master says there is upside for the sports apparel. let's get to charter worth of wort charting. what are you looking at? >> it's a good pre-condition for a move higher, which is exceptionally weak proceeding price action z and it's not just nike, it's footwear across the board. the first, this is year-to-date numbers for crocs, p.u.m.a.,

deckers, the s&p is down with its recent bounce, now only 7, 6.8. these things are still down 20, 30, high teens percent so the first chart, nike this is the -- talk about a mathematically perfect 45-degree channel. that is where nike has lived and we've lived in that channel. now, it's pullback take a look at the next chart. we are right down to the midpoint of the 2009/2022 channel. does it mean you have to bounce here no, but i think we will. next chart this is simply the current here and now. it peaked, it dropped 34% and the question is, is this recent bounce enough to suggest noot only are those lows in, but there's upside final chart so we know the high was 175 or thereabouts november 5th.

the low 116 on march 15th. you have a four-month sell-off of 34% and right now we're trading -- well, are we going to get to 170 no but can we get to that overhead supply yes, that's at 145 right now, we're at 135 and change, 145, that's another 10 to 12%, but i think it's a trade one should be getting involved in >> carter, thank you we'll see you on option action shortly. steve grasso, is nike a buy in your view or does it have a potential china problem, a potential supply chain issue problem? >> i think that's the issue. i think all of those footwear stocks he put on the screen have the same supply chain issues as well you have to be very careful about that, but i think that's probably also in a lot of these numbers, as well so under armour looks like it might be a trade, because i think we're just going on a reversion trade for all of these names. >> during a period of crisis in a market dislocation, relocation, nike is the first name you want to buy

and it's the first name to buy in the lows of covid they were the first ones really to give you some insight into what we were seeing on china they report on the 21st of march. this is a company that will be the first to give you some sense of where gross margins are going, especially in discretionary, with all of these factors. i'm a shareholder. i expect to be a shareholder the day after earnings, but i get very concerned, even with the innovation and the tailwinds in fitness and what not so much demand has been pulled forward. there's been so much pent-up demand, so much discretionary free money thrown at the world and nike is one of the great beneficiaries, because you could be lower middle class, lower class, upper middle class and buy a $150 pair ofsneakers and it could make your day >> but how many sneakers do you need even if you don't own nike, i would imagine this conference call would be key. it talked about supply chain issues and all of that stuff back if december, courtney >> and i think it's a lot of short-term issues you're seeing with nike. the supply chain issues, the issues with vietnam.

there's now a covid increase in china. their sales in russia and ukraine are going to go down when you look at this in the longer term, a lot of these things will get resolved if you're of the view these things will get resolved, and i think we all are, i think there might be some good opportunities here and when you look at their sales abroad, about 70% of their sales in the next five years are expected to be outside of the u.s. >> quick would you rather, guy nike or -- >> we haven't done this in a while. >> here you go, more global nike or more domestic lulu? >> i'm going to -- listen, i'll tell you one thing the last couple of times carter worth has been on, he's been spot-on. look at that square call he made the other day. so 145 50% retracement of the all-time high and that recent low. i'm in the nike camp with cbws

gm just announcing it is acquiring cruz it will make an additional $1.35 billion investment in the company after the deal gm will own 80% of cruise. there's a couple of ways you can look at the story, tim, and you're a shareholder gm is increasing its stake in a very valuable component of the company of cruise or soft bank for whatever reason wants, needs to sell. >> softbank at various times, we've seen them be way over their skis on a couple of investments. we saw with airbnb, with a couple of other ones i think you've got a case -- actually, wework is the case i'm thinking of. with gm,$2.3 billion, $1.35 billion to throw into it with all the money we've heard of them throwing at ev and in this case autonomous, this makes so much sense for gm i don't think this is a game changer, except for the fact that people were looking to remultiple this company is exactly what you want to see

this is not a significant outlay next year may be a different story. >> when you compare tesla, gm, and ford, tesla is leaps and bounds ahead of them on battery, ahead of them on autonomous, but not so much -- i should have said, used to be ahead of them now gm is really making a lot of headway. and i think this differentiates gm from ford and they're hot on the heels of tesla, if you will. coming up, coin base is dropping after-hours the notable short seller just announcing a bet against the name and later, mortgage rates may be on the rise, but that's not stopping one home builder. we lay out the trade for one construction company that may be building up for big games. "fast money" is back in two. ♪ get a head start in investing with the new schwab starter kit™. new investors can open an account and get $50 to split across the top five stocks in the s&p 500®. you can also unlock short videos, step-by-step guides, and other easy-to-use tools designed for people just getting started.

plus, investment professionals are on standby 24/7 if you ever have a question. it's the smarter way to start investing. ♪ if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp, is spread equally across the s&p 500, which reduces potential concentration risk and helps keep your portfolio in balance. stay in balance with invesco's rsp. make fitness routine with pure protein high protein. low sugar. taste great. high protein, low sugar.. so good high protein, low sugar, mmm birthday cake and for a cheesy crunch, try pure protein snacks. you're a one-man stitchwork master. but your staffing plan needs to go up a size.

you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire when it comes to cybersecurity, match the biggest threatstion. don't always strike the biggest targets.

so help safeguard your small business with comcast business securityedge™. it's advanced security that continuously scans for threats and helps protect every connected device. on the largest, fastest, reliable network with speeds up to 10 gigs to the most small businesses. so you can be ready for what's next. get started with internet and voice for $64.99 a month. and ask how to add securityedge™. or, ask how to get up to an $800 prepaid card. coin base is what i'm kind of talking about coin base is what we would call one of the bubble stocks obviously, it's got a unique market niche, as pretty much the only public crypto exchange. and consequently has a valuation to go with it. but we think as competition increases amongst the exchanges, you're going to see fee compression. and as it is, coinbase will

probably not be profitable this year, with a $40 billion market cap. >> that was short seller jim shayneos a few minutes ago, announcing his latest short position in coinbase shares are down about 1.8% in the after-hours session. guy, we've talked before about this notion of sort of the robinhoodization of all trading, including crypto those fees go away, but coinbase does have other businesses, et cetera, to offset that >> jim said, you know you listened to it he said, look, if people are just going to invest in based on bitcoin, that's a very one dimensional approach i'll say this about jim chanos, i think he'll probably be right about coinbase a lot of people think that mike mahaney think about it being the bank of the metaverse, but that's probably five to eight years away it's bounced pretty

significantly over the last week or so, but jim does extraordinarily thoughtful work. go back and look at his work on draft kings when everybody, including myself, by the way, was tripping over themselves to be long the name good for jim chanos on this one, as well. >> i agree with that, certainly on jim, but i agree on the concept of this is a company that's really not going to make money. and i just don't know if i want to own stocks like this in this environment. i believe that coinbase has a legitimate business and i believe that they are certainly taking a major demographic, have an enormously sticky market. people that are going to continue to grow their crypto experience through coinbase, they're going to trade multiple currencies and begin to trade nfts i just wonder in this environment, is this a stock i want to own? this is not one of the ones, we call them the high-multiple tech stocks, that have crashed that will be any first in >> i agree it to focus on companies that have real earnings and real dividends. it's nothing i'm trying to throw my money into right now. >> it's more macro environment versus stock-specific at this point, but no one is reaching in

a higher rate environment for a quote/unquote growth stock it's been a declining trend line since november of 2021 >> inbedded in this, is there a belief that bitcoin does no go higher >> i think you have to have it the core relation of bitcoin to coinbase is over 0.9 there have been periods where it's broken down and those periods have been in the last six months. so i -- it's -- i'm not going to say they're mutually xclusive, but i would say that you have to see a major decline in bitcoin to see the stock fall out. coming up, a semi standoff the chip putting its best week in nearly two years. the name of the trade later. and shares of eli lilly having a monster march. will the love continue in this name the tiopons experts will break it down ahead. much more "fast money" in two. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine.

♪ ♪ alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league!

you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪

welcome back to "fast money. nvidia ripping higher. the chip stock up 6% today, posting its best week in nearly two years. major catalyst coming up next week, guy. one where some people are expecting maybe new products for the company, johnson phong will address investors and analysts >> and that's going to probably be the sell the news event, we talked about this on monday. obviously, we were on hiatus during the olympics, nvidia reported great quarter, better guidance, stock traded lower good news, bad price action. we talked about it subsequently when we came back, but we saw something we haven't seen for a while. the stock cratered, reverse traded higher. we pointed that out. we said it's probably significant upside here and that's what we're seeing i think there's a little bit to the upside i think the 50% retracement gets you to about 275, 280, i know

that's not a lot in percentage terms, but i think there's room. >> do you like chips, court? >> i think nvidia has been something strong -- it's something that you can't bet against over the last couple of years. they have over $21 billion in cash on their balance sheet and less than $11 billion in debt -- less than $11 billion, sorry about that i think it will be interesting to see what they're announcing next week. we could see things like buybacks and their sales in electric vehicles in china and all of those things could be a catalyst for moving forward, but we'll have to see what they say next week? >> it's hard to bet invest nvidia i would bet against nvidia more in this environment. i'm a short-term down trade, a long-term investor i would rather own marvel or one of the names that i think are cheaper stocks that's what it comes down to in a semispace where i think -- look, semiconductors led the market higher, led it lower. led it higher back this week

i don't think we're off to the races yet. it started back in november of 2021, the price breakout is right here, 265. so i think i'm going to be in guy's -- everyone's camp here. i think it's going to reverse back, probably run a little bit and high growth stocks are probably not going to be where you want to be >> in this environment -- i did it again -- >> can we get a graphic up there? >> maybe intel, value, turnaround, embedded here, you know >> i could get buried in this grave at some point, and at times felt like i have but the $35 billion infrastructure spend, what we're doing in terms of all of the infrastructure build out, where i think taiwan semi is a naught word in this industry despite their dominance, i think this is a case where intel, the valuation, the expectations, and i don't think the bar is extremely high it's certainly not high on valuation. >> taiwan semi, guy, it had been

a desk favorite, but there some sort of, i don't know, discount that should be embedded in its multiple because of potential china risks? >> discount is there without question i think it needs to be further discounted, but at a certain point, taiwan semi, five or six of the most important semis. maybe enough to start dipping your toe >> final trade, time to go around the horn. >> eli lilly you've got to stay with the big cap pharma >> i think xl energy is a really good sector to play right now. >> southern corp., ssco, you could go freeport or southern copper, but commodities pulled back, they're not pulling back much more here inflation means re-inflation >> i think you want to be -- i should say, do you think where

you should be? it's value i don't know, but i'll take two. >> you want to be in value, not high-growth here and it's a name i've been in, trinseo, tse i would be a buyer, i would be loading up here. i think value is going to be where we're going to be running to >> do i know where i would want to be? is that what you asked initially? >> i want to be right here >> i want to be a philosophyer >> do not go anywhere. "option action" is up next merip. i'm sam morrison, my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors the garcia's, love working with you. because the advice we give is personalized. hey john reese, jr. how's your father doing? to help reach your goals with confidence. my sister told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial.

♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

it's friday and time for "option action." i'm melissa lee live at on times square >> carter continues his offensive/defensive series with another health care haven that just hit a 52-week high. then, tony is looking at a home builder that could be a discounted catch-up to a larger macro rotation finally, not everything that bounces back is worth holding on to mike is hedging one specific sector that's traveling out of