you don't want to take the multiple down too low even though you may be inclined to do so and maybe erarnings won't be as bad as every one suggest. >> if that matters anymore, i don't know it's worth keeping them on >> i'll see you back here tomorrow everybody will see you tonight on shep. i'll see you too "fast money" is now. right now, dow falls pe low 30,000 the nasdaq down almost 35% since peaking last november. tonight, slow money trade as the dig through the market for long term buys. shares of tesla, ford and gm tum tumbles. fears grow the industry will not be able to resist big sales in the economy slows down bit coin battered again. crypto currency falling over 30%

this month now down almost 70% since last fall should traders expect this slide to continue. meta losing a combined $250 billion in market cap just today. the pain was widespread. 215 stocks in the s&p hit 52-week lows today that's more than 40% of the index. what does this tell you? >> it's interesting, the only panic i've seen for last couple movants has been on the unside days when the market goes higher and the down days have been

orderly. it felt a little panicy to me wh which i think is a good thing. this market is doing everything we thought it could do the months leading up to this. valuations are coming down the market readjusting to a federal reserve that seems to be getting discipline around it i happen to think that's a good thing as well. >> as you've been pointing out for months and month, to volatility in the treasury market has been out of control there's times i would say it's not that it is liquid but the volatility we saw today from 3.2 to almost 3.5 back to 3.2.

you have the large cap names in tech are gett t ting bludgeoned. attract large integratives in the oil services down a lot. >> i agree i think it did start to feel pa panicky. that was elevated today, for sure we come to cross currents. we're fighting inflation oil equities coming down oil itself, not a huge move.

doesn't really matter what oil d does that's an interesting call the ten-year, today. coming down. the hedges work some, which is nice they go down much more long, which is not nice.

>> everybody thought the fed is behind the curtain now they are so far behind the curve and it's exactly what they wanted they wanted the economy to stall, get slower so prices came down, labor supply increased that's what they wanted to see they're seeing it. it's awfully painful but i think if you look at the price action in bonds today, to me that was one of the most interest things. yields going down and the stock market going down.

it's this fight to quality finally. >> finally in the form of ten year yields which makes since. just my last word on the subject, the policy era by the fed, is not being made over the last couple movants. the policy error was made years, if not decades ago.

they thought the 75 basis point hike was very well telegraphed in a very short period of time before it. i think that sort of level of uncertainty. the fact it showed the feds hand like all of us i think the fed is also. that will add to the problems we're feeling now. your question about a 3.2% yield, if you think the front end is trying to influence with fed funds it's the ten year, the one reflecting the growth.

>> well, it seems like, not speaking for the market but it seems like right now the scen scenario, the odd of recession are climbing sticking the landing of exactly threading the needle and we come to that realization. >> right i'm not seeing a kerri strug happening from whatever olympics that was that may be what the markets need.

>> if you think 2018, we did not have the pressures maybe there's valuation concern and my point is that if the market bottomed down 20% and we're down 23% right here, i go back to what you were saying the last time we had a recession after a huge asset bubble, obviously the financial crisis but go back to the dot com 21 or 22 years ago that was a protracted bear market we were worried about double recession. i don't think there's one point in time you'll be able to point to in 2022 and say this is done. i think we're in it for bit. >> that may be we talk about the market as a monolith, which it's not we have seen these rolling

corrections and then crashes i still think we have some ways to go. >> 2002 was the worst possible y year. >> in the tech market. if you look at some of the value stuff that was completely left for dead during the '99-2000 run up that nobody wanted to touch >> there were no value the only values were energy. they blue out and just came in 10, 15%. i hate to say it's very

different but the circumstances going to this period of time are different. if you take look at trading across wall street, you know any of the firms here, how many people were trading this market or conscious to the point of knowing how markets reacted in 1994 to a 75 basis point hike. not many people have that experience with that, let alope the circumstances right now. you've had it be blown to the moon why wouldn't it take a long period of time to work off that

excess to me that's the big line scenario that you have to be with probably the only person who could remember all the way back to the 20s and 30s is guy. >> can i just one sles interesting to the 1930s was bringing everything back >> i do remember that. it was difficult to go through but some of the best years of my life we learned how to be together as family and all those things you read about in your books why is it different this time? i'll tell you why. you have central banks where global debt to gdp is probably approaching 125% or so which is ridiculous on sustainable here in the united states higher higher if you're playing it's insanity if you think about it that's why it's different.

>> 300%. wow. it's an everything bubble, bk that has to work it through globally >> that's what i think i think that is the scenario that has the highest probability, as we just discussed. >> how do we find bottoms. we need sentiments to shoot the other way. we had multiple years of you just called it the everything bubble i think that was the term a strategist bullish oen a lot of things physical you see people like that capitulate on that sort of thing, i saw a report from fact set today about the number of buy ratings still on s&p 500 stocks that have been corrected 30, 40% or so. i think sentiment is really important.

there's a lot of components in both of those. if you're watching this show and you did trade through those periods, you will understand what's going on right now is very different because of the inflationary environment back in 2000 it was easy to lower interest rates they can't do that now it's why you'll have all this volatility and 30% low in the nasdaq will not cut it this time, people >> where do you think we go >> i think we round trip to the pre-pandemic highs and if you look at the nasdaq it probably round trips that 40% the s&p will be down 30% all that being said, depending on what your time horizon is, you have to start thinking about

dollars cost and really good stories or sectors where you think valuations have over shot to the downside. some of these most innovative names that were trading at december connected levels, once they come into single digits, they're like a hat size. >> this show is called fast money. we thought we would go into slow money mode today since the markets are selling off. we want to know what the traders are looking at here in terms of attractive buying opportunities for the long term. guy. >> health care is not going away this is going to be here for the foreseeable future, if not forever. hca, which is a company everybody loved in march when it was trading $279, an all time has fallen down a cliff, 40%

these things start to make since. trading less than nine times next year's numbers. i think it's really interesting. >> karen >> i thauought we were doing a slightly different segment i thought we were doing so bad, it's good. am i the only one who heard that >> we changed it during the day. it's still the notion that it's worth loing at >> so bad it's good which is s&p calls. with the vxx -- vix, the market seems to think that's a temporary bottom we had a giant boost down

regardless of what one thinks a month or two or six months out to me it's quite possible. we see a significant bounce. 5 or 6% wouldn't be shocking at all by june 30 i wouldn't be surprised at all i expect a big bounce in the short term that doesn't mean anything for longer term. just over sold very much in the short term >> i think there's some unusual values to your point, you're talking about 2,000. there are stocks i'm looking at snap. it's down 85% from its all time high just last year. it was a stock people didn't care about valuation on the upside when you look at a company that's doing $5 billion, add sales and you think of the opportunity they have and the user growth, really been punishing. it's small piece of pie they

have but the attention capital that doi have now it's trading below four times sale. stock down 80% >> no. i don't think it's an environment to do anything in. talking about what will happen over the next six months or 12 months i've got maybe a shot of them sticking the landing and getting us slow, a soft landing. the other is long term stagnation trend like we had in the 70s. in both of those scenarios, i don't want to buy anything this is not necessarily go do cash that type of thing but

asking me if i have cash today, what do i want the buy i don't want to buy a thing because if i'm wrong and sometimes i am wrong but if i'm wrong, i'll have all kinds o of time to get back into this market >> if you had cash, just to clarify this because we've come into different periods of time where we said it's great to be in cash. we have gotten a lot of flak but if you have cash, you're saying don't deploy it? >> right market is down 20, 30% it's hard to tell somebody dump everything and don't wait for that big rip your face off rally. i do think karen is right in that sense we know from history that the largest market rallies happen during bear market it's hard to say dump everything if you have free kcash today, if you buy something today, maybe you'll be in it five or tep years before it comes back even. >> five to ten years before it comes back to even that's pretty dire

>> you got to start picking out some things if you have investable cash. you that's the sort of thing bk you're not going to love this or maybe you will. i started buying over the last few weeks ago. i bought some at 2100 and today it's 1100. i'm figuring out if i have a time horizon, i'm not going to pick a bottom. i have to work my way into some of these things. >> that is right art work you bought will go back to the value you paid for it. >> 1 of 2,000. coming up, we're digging deeper into today's market sell off and honing in one on part of the market seeing particular pain first, it wasn't just stocks in the red

bitcoin dropping to the $20,000 mark and there may be even me or pain ahead we're breaking it down when "fast money" returns if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though.

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ether sits nearly 80% below its record high. where is the bottom line we have to go to bk on this. you have been short bitcoin. where do you stand now >> i am still short. not as short as i used to be very similar things that happened in crypto what we still have is collateral that was pledged in multiple different areas that's now impaired leverage upon leverage upon leverage, distressed buyers and that combination has not opinion cleared yet. until that is cleared, it's going to be hard for crypto to

bottom i just don't think it's here >> there's also, i don't want to say implosion but contraction of the money backing up cryptocurrency firms there aren't as many developers, maybe developing platform, developing applications. using these networks and these platforms and maybe that doesn't the cryptocurrencies themselves. >> yeah, when i think about cryptocurrency, it's network effect that's what you're buying here similar how you buying facebook early and thinking they will have a billion users you're buying crypto and thinking it will be billion users. if you get it in an environment like this where everybody has been hurt during this downturn and you have people being laid off and not venture capital money to have the new products that will hurt your network effect to be clear, i do have a very bullish view over the next five to ten years on bitcoin.

it's we have to get through this period of time before we can say, all right, all clear. > >> he is clearly forgotten and thought it was created the central banks run amuck and right to create it bitcoin topped out the same time our federal reserve pivoted. raise rates and global central banks raising rates. that speaks to them trying to be responsible. >> that will be the green light to get it into bit coin. >> he revealed he bought ether what will make you bk.

them doing something that just breaks markets then you need an alternative currency what they're doing now, the bank of japan is choosing, to fight inflation at the expense, flight inflation at the expense of their currencies to panic and say we need growth. number two, i need this leverage to and we see that

the leverage gets flushed out the central banks panicking. >> based on my particular valuation model between a fair value, a cheap value for bitcoin based on the network effect. coming up, making waves. what he said that had workers fearing the worst. more on that straight ahead. come car troubles. auto deep in the red we have the details next

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. welcome pack auto makers sinking today. all u.s. materials cost surge andinquencies are on the rise seems like the head winds are mounting >> they made big investments

a lot of people are saying what can we expect. not a surprise they are doing this higher pricing for raw materials for ev batteries has anything green related. prices are moving higher there's enough demand they can pass this along. speak of ev, yesterday's gm cfo was talking at the deutsche bank conference he mentioned they are noticing a change in terms of what happening with lonesans for customers. now it's to the point we're looking at a 2008 situation. they will monitor that

one of those signs -- out there in the market right now. also let's take a look new vehicle prices they are record high the expectation is that will remain for some time to come there's demand out there not enough supply. some of it will go away and they were starting to see that at the lower end of the market. at the upper end, i talked to deal who are are saying nope, still have slew of people coming in 52-week lows >> phil, are consumers leaning

on auto leans to buy these higher priced cars >> it does you know what we're seeing what we have seen for some time and it's going to be accelerated. people will stretch out their loans. more than a third of the loans in first quarter were for six and a half or longer basically seven year loans that was unheard of five years ago. experiences 36% of those loans written in first quarter were for longer than six years. it continues to grow people want the low monly payment, as low as they can get it and yet monthly payments are at a record high i think 550. thank you. >> clearly negative. i'm wondering where the used car market is now. has it rolled over yet i'm guessing not quite yet

that bodes poorly for all the auto makers. the interest for suvs. a lot of that at one time. sd >> wondering what point are these stocks discounting all that ford this time, may of last year, ford was 11.50 stock i thought into the fall it was up with to have best plays out there. that proved to be true but i never thought it would get back to levels this time it was last year you start to play the game and look at ford trading south of five times really need to look at enterprise value it's 165 million that's what they do in revenue so the math, you say to yourself, at a certain point, just on some of these metrics

you got to take look at the equity, i would think unless you think ford is going out of business, which i don't think. elon musk addressing twitter employees. what he has to say about the company's future, that's next. home builders getting hit hard in the back of the rate hike how options traders are playing move the details ahead when fast money returns. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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welcome back to fast money twitter well in the read as elon musk all employees on hand his goal of reaching one billion daily active users the importance of free speech and a brief diversion to the topic of aliens. it does seem having this meeting

in and of itself makes it more likely that this deal does go through. >> i think it's fairly unusual i understand why twitter management wanted to do it that's why stock held in there really to play this one because could it go down 15 bucks if he leads. i can't handicap it more than 50 50/50. i'm out of this one. >> a billion daily active users. >> it will never happen.

it's just not going to happen. here is the other thing, the likelihood that he is speaking to the employees, these are employees that he is just, you know, derided the product. derided the management, derided everything like that there's nothing good going on at that company right now think about that if you're employed by that company, you feel like you were sold out by jack dorsey. he's been all over the place this quarter will be a disaster. unmotivated work force here and to karen's point, the lower tesla goes, the less like lip it -- likely it is if you hope this trade ons deal greater than now by the board and the company speak to their

employees is it maybe makes the likelihood of a negotiated deal at a lower price higher. >> i agree that a billion is quite lofty, shall we put it he wants to make this platform more like a tik tok or a wechat. that he have many users. if that's the case, isn't it possible he could accomplish closer to billion than what dan which she has is not >> yeah, i would say under the current platform, the way it looks, i would agree with dan that i think probably a billion users is not i think it's possible. i don't think it's very likely though i do think it's possible

i think elon is the alien and spacex is his ride home. >> he can't take back what he took here. >> you ever heard of area 51, just saying. >> news you can use. the more you know. coming up, with markets in turmoil, the chart master is here to watch. etf getting absolutely ham erped. one option trader is betting to continue the trade is next. you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. when hurting feet make you want to stop, it's dr. scholl's time. our custom fit orthotics use foot mapping technology to give you personalized support, for all-day pain relief. find your relief in store or online. (vo) this is more than just a building. find your relief it's billion-dollar views. perfectly located.

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the fed 75 rate hike drives mortgage rates to the highest level since 2008 putting downward pressure on home prices one is betting today's wash out is the beginning of today's pain ahead. mike with the action >> xhb, the s&p select home builder etf traded over five times the average daily put volume the trade that stuck out to me was the purchase of the july 50.45 put spread we saw paying about 4,000 of those paying about 1.15.

you'll realize the buyer is targeting move of 7 to 14% to the downside over just the next four weeks >> thank you, mike for that. >> i do think it's a good sign that housing is starting to slow now we saw the new home sales and building permits were atrocious. it's so bad, maybe it's good maybe i would agree with that on this >> all right

for more option action tune int the full show. coming up, the june swoon with investors hitting the sell button this month. the chart master will join us with a read on where we're heading and throughout june we're celebrating pride month. >> making sure that people never feel alone is so incredibly important. it's something when you're growing up and in the closet you're not in an environment that's supportive of you, it can be really lonely i'm really proud of our community for being so inclusive and so warm to all of us because we all need each other at the end of the day

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since january of last year with all this red, what can we expect next? who better to turn to than carter worth what you watching? >> i think the sequencing here calls for a bounce it's nothing to do with your long term view or your view of earnings or multiple contraction. just hear and now seems over done let's look at a few tables and charts and try to figure it out together there's opinion four distinct sell offs and three rebounds let's examine those. the next slide depicts if four very clear sell offs from the high their three plus, minus weeks and down 10, 15% look at the rebounds also, they are shorter duration but have been 10% plus or minus. here and now, let's look at the chart of the s&p with those

annotations drawn in basically sequencing, if you will, will call for a rebound. doesn't matter if you call it a bear market rally or a ricochet. throughout history, when ever you have a primary trend, you have counter trend moves just as you have counter trend moves when you're in up trend, pull backs. my thinking is this is what is due. it's beautiful, not because i made the chart, it's just a beautiful 45-degree angle. it is the 2009, 2022 bull market wii now precisely, to the penny at the midpoint of that channel. exactly down 24% my thinking here is this is where sequencing calls for a bounce i would just point out one other thing, at the end of last year in december, that's six months ago, the broadest thing we have was down 1, 2%

yet, you're talking about the internals. at this moment in late december, half of all stocks in the index had already lost 20% now, we have 35% of the index down, 50%. just as there was no worry in the market in december now almost ef one is mistier yy - his yste hysterical >> what kind of bounce should we expect >> that will be getting us close to highs if you were to just continue to sequencing of these very distinct sell offs and rebound, a 10 to 12% rebound is what would be in order. >> okay. kr carter, thank you. guy you agree? >> i do. there's some unfilled gaps on

the upside which will be felt. i think to karen's ermier point as well and bryan mention as well, some of the most mind numbing rallies take place in bear markets we are statistically in. i can use that term. i think we go down that 33, 3400 level but first i think you have this 8 or 9% to the upside >> what sort of sectors, bk, do you think could rally in this mind numbing, within bear market rally? >> maybe you look at tech or something like that. that clul could happen this is a market you want to play with options. even if you're wrong, you're not going to lose 10%. maybe you'll lose 1%. that's how you play the market we are down, 20, 30% we are do for some kind of a

bounce you done want to be short when that happens >> tomorrow morning, karen we want the see what the follow through is to today's big sell off. what are you looking at first in. >> i want to see the vix and the ten year this sense of panic and we all call the vix the fear incaditor. i'd like to see that i would probably buy more calls. up next, final trade and shows me how to get the most out of my workplace benefits. voya helps me feel like i got it all under control. voya. well planned. well invested. well protected. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network.

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final trade time >> so for me, you can protect your portfolio or make a bet, spy puts >> karen >> you got to go to me right after that you can do the opposite of that. i think we're in for a bounce. i'm buying spy calls and call spreads. both >> nathan. >> i think it make sense you don't want the press lows like this. you will get those rallies you'll never nail a bottom >> melissa, if i had so you in april that -- the 15th -- >> 16th. >> on june 16th the yankees of

new york would be 46-16, 30 games over 500, what would you have said? >> no way. >> no way. yet here we are. 30 games over. can you believe it you can't. you can't. i can't believe the black stone is training where it is. my mission is simple, to make you money. i'm here to level the playing field. there's always a bull market summer and i'm trying to help you find it. mad money starts now. >> hey i'm kramer, welcome to mad money. i'm just trying to save you money. my job is not to teach but to entertain, educate, call me,