3982 being critical support. >> 4315 is you know, like another day today. that's what i'm talking about. the story can change with relatively small changes in the price level. >> i mean, it's just been -- yeah, of course. have a good weekend. that's mike santoli with his last word. we broke that eight-week losing streak for the day have a good weekend. i'm out. "fast money's" next. >> right now, a winning week on wall street. the dow breaking an eight-week losing streak. snapping a seven-week slight every sector higher. can the good times last? plus, bitcoin breaking down? crypto currency sliding more than 50% over the past month and it could keep free falling from here and from maverick to mojitos, it has been a good week for travel stocks can you still jump in or could these names be entering the

danger zone? i'm melissa lee. on the desk tonight, tim, steve, brian will join us in moments. we start off with the week long rally on wall street the s&p surging 6.6% since monday ending a seven-week losing streak, putting in its best five days since november 2020 it is now up a whopping 9% since last friday's lows the dow and nasdaq also posting strong gains take a look at some of the individual stocks. dollar tree up nearly 30%. diamond back energy, deere, tesla, jpmorgan. strength coming across as we're starting to see signs maybe inflation's peaked can we expect this momentum to continue do you feel better about the markets, tim >> hard not to feel better from the moves last friday or 340 s&p

points first of all, just that much more clarity out of the fed. we got fed minutes we know the fed is probably looking to potentially move faster than slower, but you have a dynamic here where i think when you add in the inflation data, a widely followed indicator for the fed. 4.9% is some easing. we got more data from retail companies and consumer companies in realtime. so we got the q1 numbers, but we heard a little about april and may that said things were strong the dollar gens when we thought, okay, higher end luxury continues to be in a pretty good sweet spot what about the lower economy no, dollar gen gave numbers into may that said we're ahead of expectations and then the

inventory dynamics, how they handled that a lot of other people were quite better than walmart and target to handle that stuff >> i think the scary part is that we can rally around 200, 300 handles in the s&p and still be in a bear market. i think we'll make a lower high, slip back down, suck everyone back in again. so i don't think we're out of the woods. quantitative tightening starts next month what's going to happen at that point if we start next month and we start tightening over recession fears again? we slip back down in every shape, sector, size, anything for me >> we're celebrating what we've seen for the week, but we're still down 23% on the nasdaq are we actually feeling better some of the inning thises that tim cited, fomc minutes. do we know anything more

retailers did give us goodnews >> do you feel better >> i think i feel better but again, that's a relative term i mean, there were some pretty dark days there for a lot of us as we watched six, seven, eight weeks of continuing downward pressure so when i look at a market like this, it's the extremes that concern me so we've had the best week since 2020 after having the worst streak in a decade after having the greatest bull market in the past decade. after having oil price at the highest level and inflation at the highest level in several decades. it's all of those conflicting messages that make it very hard for me to take one data point and try to extrapolate that out to a trend and if there's one thing that i think the fed has told us, even if it's going to be at the detriment of moving too slow, they will be methodical and data

dependent. i expect that they will be very deliberate and data dependent when it comes to changing course so one pce reading, which is marginally lower to me is not enough for me to get excited about the fed pivoting from what they're going to do. for qt to stop or abate or for rates to not ratchet up by 50 basis points so yeah, i think it's a pause. it's natural technically, there were instances where we were oversold, but i have a lot of reason to think this is more of a head fake and this will not push the fed to move in any other direction than what they've told us they intend to do >> brian kelly were you doing any buying this week like the masses? >> i was -- no i was not doing any buying at all. i tend to agree with what bono was just saying. we have one data point that was maybe a little better. if i want to find the positive theme here, we have bottomed for

the time being on some some relatively bad news over the week news didn't get too much better, at least on the macro front. today, even though spending was good, in some ways, paradoxically, that's negative because the fed doesn't want that the fed wants destruction. they want the consumer not to spend. so to me, i just think you know, bear market rally. here you go. i can't say that we're in a brand-new trend again. >> i get it because it almost would have been better, retail came out and we did think that the consumer was really pulling back that perversely probably would have been better news for the market because -- >> good news is bad news now >> well, yeah, and the fed wants to work on the stock market and they want to work on the housing market and they've done a good job. but you're not going to derail a consumer and we talked about this last night. steve liesman came on and we talked about real wages relative

to where inflation is. how much has eroded in terms of spending power we agree that gas prices have been a major erosion of that spending power i get back to something anecdotal. i'm looking at restaurant sales up 22% relative to the same place in 2019 as we look off of normalized comps. ulta talked about where some of their dynamics in terms of getting back to work whether it's makeup of getting back at it >> i have a question >> you don't want to raise your hand >> i'm used to that, being in school so much if the fed wants them to slow down, the fed wants the -- >> she's pointing at me, too >> sorry so why are these good things the fed wants a slowdown of the

economy so how do you get that you have to do something until it breaks and we haven't seen evidence of that yet >> we know the fed has to go another 150 basis points they don't know what the real neutral rate is. we know they have to do something yobeyond that. i don't think they're going to be therefore, they have a job to do we want the fed to do what they can to begin to take a bite out of inflation the fact that the consumer isn't rolling over in a month is fine. by the way, retail investors, i was looking at data as it relates to the market because everyone thought, hay,ey, it's e so negative. we had retail flows, which are just below the flow of the three months previous where markets weren't as dire. the retail investor, the passive investor, that money hasn't necessarily been running for the hills yet.

that might be negative news. >> but why isn't it enough, if they're trying to push towards a recession. why isn't that enough for all of us to know that the market is not going to greet that with open arms or do you think the market's looking through that? i don't. i think the market thinks the fed's probably going to take the foot off the pedal >> exactly >> and the bond market told you that i think especially if you look at the long end two-year started to get ground >> one last thing. but to do that before qt even starts, that's a little p presumption. >> another name that had a strong week, microsoft the share's 8% gain this week. best since 2020. carter, what are you looking at? >> it was a big week for microsoft and of course the market got one microsoft chart a relative chart a ratio chart is one thing

divided by another and this chart is microsoft divided by the s&p. and what it means essentially, if the line is going up, microsoft is outperforming if it's going down, it's underperforming. as it stands, every single time microsoft's relative line has dipped to the trend line, it has bounced. you see the arrowsdrawn. so we know it's relative performance peaked december 1st and six months later to where we are now, microsoft has underperformed the s&p by 1,000 basis points the thinking is, you buy for a bounce big name at a big juncture of course the news for the week is crypto. everything is up, but the most speculative thing of all is not. if you're in bitcoin, that is very straightforward, comparative chart. you see two colors orange and blue. that's six months. look at the 12-month they are the same thing. look at the five-year. they are the same thing. we had bio tech bouncing this

week ark bouncing china share, but not bitcoin and ethereum let's look at the two charts on their own. unable to bounce one week, two weeks and now starting to undercut a break is underway. goes low as the imagination mr. will allow ethereum, chart is the same thing. well defined lows at a common low, hovering ominously and now starting to break. >> thank you we'll see you on options action and don't miss the cnbc special, crypto night in america at 6:00. bk, not long ago, bitcoin was very correlated to the nasdaq and here we are. >> i think that's the biggest news of this week is that correlation has broken and most people in crypto thought it would break and bitcoin would go up and the nasdaq would go down. didn't happen that way under the surface, i think what's happening is the luna and

st stable coin that blew up has hurt a lot of investors out there. selling off bitcoin, ethereum. until that is cleared and i don't know where that will be. maybe it's ethereum at 1500 orbit coin at 21,000 as carter says, wherever your imagination takes you, but it's clear the selling is not done yet. >> can i get a status check on your bitcoin short >> still short and short ethereum as well, but i have covered some in mid, i think around 26,000 on that dip. put them out again around 29.5 in the long run, i still think bitcoin is probably one of the best investments out there, but in the short-term, we've got to get through this kind of market turmoil. >> i'm going to pivot and

address the microsoft relative s&p performance chart. i think it's very telling. i think microsoft, if you look at fundamentals, stepping away from carter's information, 44 billion of debt versus 64 billion of free cash flow. 130 billion of cash. that's probably going to be the type of name you see people fly to when we roll over if we roll over. i will say though is that i don't necessarily think it's bullish for the market you will still see that o outperformance trend continue, but it's possible it's to the downside >> coming up, it's been a good week for u.s. stock, but are there other regions for more potential? the region that is outforming by 8% travel stocks down as the holiday mad dash begins. more "fast money" straight ahead.

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seema? >> hey, melissa. the msci latin america etf is up nearly 10.5% this month compared to the s&p 500 the standout market, the shares posting their best week in nine. one of the few markets trading higher on the year a hedge fund which manages $3 billion in latin america equities remains bullish says it's a great play on higher commodity prices interest rates climbing from 2 to 12.75% and says the recent selloff has brought valuations down strategists though surveyed by reuters are less positive citing the upcoming presidential election that could result in near term volatility they see more upside in markets like mexico. continued outperformance in markets like brazil also rests on whether oil prices continue to rise. that's according to a number of

analysts brent crude gaining 6% this week its best performance since mid april. >> thank you we've got to go to the emerging markets expert in the house, tim. >> well, it's extraordinary. she's bringing up some great points ultimately, the dynamic in latin america is different than it is in asia. it's probably less than 20% of that overall index and you're not getting the exposure in brazil, you have petra and -- which make of less than 30% of the index, but you have some consumer plays those exposed to plays that could be continuing. the dollar was at 20-year highs and yet brazil has still outperformed that's very encouraging. and if you look at where i think actually the real, most of the returns you got in brazil have been in the currency it's up 25% in local currency terms whereas the locate market is up only about six i think it's a decent time to be

investing in latin america i really like mexico here. >> i really think that fiscal reversion, that currency has really reversed and outperformed this year. the resource trade really is what it's goirng to be the only cautionary tale is that if you start to see an erosion of global credit, it will likely be emerging market that is the first shoe to drop there i still think the trend continues. i think the resource trade is still on >> all right up next, before you hit the road for the long weekend, take a look at airline stocks they are booming heading into the holiday. later on options action, is netflix about to start streaming higher a look at whether it's time to go long the stock which is down 70% over the last six months "fast money" will be back right after this

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memorial day weekend is here almost not yet. unofficial start of summer and the travel stocks are taking off. check out the moves in frontier airlines, carnival, airbnb, hilton should you pack these names into your portfolio this is similar to the conversation we had in the first block in that these names got beaten down because of walmart and target >> the reopen i think was underlooked and the dynamic, we've spent so much time talking about china's lockdown that we've forgotten most parts of the country are booming. people are going to get on the roads, they're going to be barbecuing taking out the budweisers, the hines ketchup.

airlines to me are the place i'm most excited about because i've been hearing data and getting earnings from ceos the last two months if you look at delta, you had a low in march, but for the most part, delta has traded sideways in a wide band as airlines do. i call them the greatest stocks in the market. i think they are delta breaking out here above 45 the fundamentals and profitability, they told you what consumers are seeing. >> i think you could buy every stock you just listed. >> mr. recession >> i am. >> you're the guy who says everything is over and the fed is going to break something. >> look at what stocks have done even though they're off the pandemic low, they're still low. they're still beaten up. most of the other stocks are above where the february 2020 level was. >> the sweet spot here where the consumer is ahead of -- >> i think we're in a sweet spot for technical bounces that will continue >> so technical. >> in all of these travel

related stocks that are trading around the pandemic lows i think you could still find some bargains in those names doesn't mean we're not going into a recession means that people are looking for beta to play on a technical basis, these bounces >> if you listen again to what we've heard out of expedia and vrbo, what are we calling this the revenge vacation >> revenge spending. >> people haven't taken a vacation in years. so they're tapped out on clothes. they're tapped out on sweaters and ties just look at tim they're tapped out on apparel, but they want experiential vacations. >> got to be ready to experience some nausea because i looked at carnival cruise lines last week at a day it was down 12 or 13% for me, it's expedia two times price to sales still expensive, but it doesn't

have all the other exposures of the commodity complex that's kind of roaring right now. and it still gives you the exposure to get the travel >> i hear the predictions of the consumer wanting to revenge travel so booking lavish vacations as bk is inclined to do and spending your wallet in that way, but these vacations cost more i mean, air fares are going up hotel stays are going up the cost to get there by car is going up because of gasoline that tells me they may not spend in other parts of the pocketbook on other things like clothing and goods basically, brian >> yeah. i mean, so this is the risk as you kind of have a rotation of the consumer's pocketbook. some of it still have to buy coach unlike grasso who flies first class. just saying. yeah exactly.

anyway with the airlines, here's the problem you have they have pricing power today, but i think what you're getting at is what happens in a quarter or two when jet fuel prices go up when they don't have enough pilots so it's good for a trade, but it's not without risk. >> all right time for a final trade on the friday before memorial day the show goes like this. all right. brian kelly, what do you say >> oh, for me, it's a memorial day special. cpb, campbell pork and beans >> tim >> you always have some risk in emerging markets, but we're talking about latin america. let's talk about mexico. the etf is something i think you have pretty good dynamics. i think the consumer, but the auto economy of mexico, something that's in your favor >> one of the cheapest in that space. >> steve grasso. >> other than feeling bullish on

all travel related stocks, hotels, airlines, cruise lines, despite the abyss that's going to happen in the marketplace, if that happens, if the market sells off again, utilities are going to be a place where the investor runs to xlu. >> every single airline you buy. >> yes look at the charts >> that does it for us here on "fast money. do not go anywhere a very special pre memorial weekend options action is up next thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab.

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it is friday and that means it's time for options action the markets capping off a comeback week today. the best week since november 2020 tech stocks, the big gainers, but the nasdaq is still sit l in bear market territory. so the big question to the desk, can we hold on to these gains? carter, what do you see in the charts >> i think the bounce has a bit more to go, but the most important thing is this. it is the bounce that keeps the bear alive we're up 9% this week, if we had gone down 9%, we'd be close to

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