where they have to chacse inflation. i think it is four, four, four fed funds at four and employment above four and then the ten-year yield. >> i can't wait to have this information tomorrow mike santoli with his last word. jeffrey gun lap gives his first word on tomorrow hope to see you all there. "fast money" begins now. right now on "fast," the fed is now on the clock. just 21 hours and counting until chair powell releases his next decision on rates. how high does the fed need to go and how much pain is this going to cause for the markets plus nike just not doing it. the sneaker giant falling after a dong grade troubles in china behind that call are nike's troubles going to ripple through the rest of the retail and rolling the dice on casino stocks and the big bank ceo's making their way to capitol hill with a sobering message on the economy.

i'll melissa lee and this is "fast money. and we begin with the count down to tomorrow's later most important, most important decision on interest rates traders expecting chair powell to hike rates 75 basis points to signal they are not done yet average declines around 1% on the day and finishing off their lows every s&p sector down for the day. only boeing and apple finishing higher yields continue to decline the two-year at under 4% 3.971. it was just under 3% and a year ago it was 1.21% think about that just amazing the dollar index closing the session near 20-year highs and check out shares of ford, the biggest losers dropping 12% after the automaker warns that inflation is driving up costs to the tune of a billion dollars in the third quarter. sounds like inflation may be

more persistent and underscores the challenge facing the federal reserve today. so timothy, what do you expect >> am i in trouble when i get timothy, it is usually in trouble so going into this fed meeting, we are down 6.5% in seven days from that cpi print of last week and what was most important about the cpi print is not that inflation was getting worse, that is left little impression that it is getting better. and wee talked about it all week in terms around fed funds, somewhere around 450 and this is a case where i think markets, first of all, this is the march madness week of central banks. and they seemingly all were late to the start of the game from the fed. you have the rex bank in sweden go 100 basis points. what does it marine ean for our. that we're changing the velocity where interest rates are going we haven't seen interest

rates -- 300 basis . point move in seven months since 1982 and we're doing it from zero in 1982 and 1983 rates were at 12%. very, very different and i know we'll talk about whether things start to get broken at some point but this is to me a very different environment. >> the velocity of change is what amazing by this move. stan, what do you position for the yields are skyrocketing. are we positioned for 75 or are we positioned for 100. >> the 6.5% move lower in the last week or so is basically pricing if the fact this is the third hike and we isn't seen that sort of aggressive nature of hikes in 40 years or something like that. now obviously there is a chance for a surprise, the fact that cme fed fund track ser still leaving open the 20% chance of a full percentage hike suggests the fact that a day from now, if we have that, stock markets

would go down, probably right through the 38 lun in the s&p 500 and back to the 3630 in the next couple of days or so. that was the june low. what you said that is interesting is the two-year, again a year ago. >> it was 21 bips. >> and so think about the u.s. dollar index 95 and basically right now 110 and crude oil is still, okay, it is highs in november was 85. it is at 85 right now. so a lot of those financial conditions are still very constrained and if you want to take it back to the stock market and i know we've talked about where margins are and the pressure on margins, the ability to pass through to consumers that sort of stuff i think the stock market is in a tough spot we might see a little pressure relieved here, if they don't -- if they're not as hawkish as people think but the s&p companies are not out of the woods yet because we haven't seen the cuts yet and i think that earnings estimates are still too high so that is my stance i think we go through the lows at sp point we might go higher but we're going through the

lows. >> that is interesting exercise. to think about where things are today. where financial conditions are heading today. they're going to get worse and should valuations be where they are given what we see in the pipeline for conditions? >> yeah, i think that is the critical component of understanding where we are in this market. is thinking about valuations and when i look at them relative to other historical recessions, we're still pretty high and that is off earningsi think need to be cut fusrther from here. so we still have a long ways to go from revising earnings and contracting multiples. so to me it is hard to get very enthusiastic here. >> we mentioned ford and we know that is news from yesterday. jeff, it upd scores this notion that it is not just supply constraints that are causing costs to go higher but there are inflationary pressures that are driving just the cost from the suppliers higher which is why ford is warning and so if that is the case and you sort of extrapolate

on that to more of the s&p 500, think about the other shoes to drop potentially if that is the case >> yeah, i think that's true and that is why i don't think the fed has a whole lot to gain from backing off its hawkish tone tomorrow so i think you're going to hear very much the same i don't know how much they have to gain by being overly hawkish either but i think giving the market what it expects is probably what is gooding to happen but just to under score the point, we could argue about what is priced in and the fed is priced in and what is not priced in is recessionary growth estimates. whether it is ford or fedex. we're seeing companies come out and talk about earning in a way that i think is more consistent with reality over the next couple of quarters and into next year and we mentioned multiples in valuation. i mean, what has helped us through multiple cycles over the last years, it is tina and now there is the two-year pushing 4% and the

ten-year near the top there at 3.5% multiples are not going to save thus time. and i think that that is just something we have to realize as we go through this period of earnings growth slowdown and economic growth slowdown and the market is telling us this. the look of leadership is very late cycle we have now 65 days off of that june low and utilities have outperformed by 8% over that period of time so there is nothing within the market behavior within leadership that is telling me that the worst is behind us at this point. >> it is remarkable that people are paying up for utilities because the perceived safety in this environment. >> as they do for consumer staples and i feel more comfortable in a cargill or a unilever or palm ate 16.5 times forward on the s&p was the multiple at when rates were at zero, was a bit higher. >> so what is a recessionary

multiple. >> we could go back to the recession and do that. but we're talking about not only the multiple but we're talking about what is going on with earnings and we've said this many times on the show they haven't brought the earnings multiple back in. but if you look at the long-term average for the forward pe, that is a world where rates have been on average about 2% and that is in a world where we keep -- >> there whas a tweet by make mike zachary, of the index of 500 stocks and they're average p.e. is about 24.5 and then you take the other 490 and they're average p.e. is spare under 15 so to that point, where those ten stocks are holding the key to the entire stock market and i guess my friend danny moses who comes on show here, he's been saying and guy said this all of the time, too, this is a reflection of the this obsession

with passive investing because so much capital, when it comes into the market, it is going to the handful of stocks and they're really dictating the course of the testimostock markt and there are a lot of stocks that are priced for value that are priced in this recessionary environment but if you are long apple, microsoft, google, amazon, tesla, and a few others, you are at their mercy and i have to tell you this. google made a new 52-week low today and so did microsoft and they don't look good sand if apple and amazon play catch-up, it could be a difficult environment for stocks. >> i'm going to play the -- >> that is what do. >> why not pay a premium for those stocks, if you look at apple, they have a lot of cash on the balance sheet yes, dan makes a lot of good points as he always does but there is a -- a perceived safety if you're going to pay 34 times forward for clorox, why not pay

for apple, jeff? >> and i sort of agree with that and to add positivity to this. you you get through the next couple of weeks an over the medium term i'm not that positive on the market but the fourth quarter is the best quarter of the year sentiment is depressed especially in some of the growth names. if we just so happen to get a light cpi print, i think people will be surprised to your point about what proved safe in the fourth quarter and i think that it could be those traditional quality growth stocks, the microsoft and amazon and google. given the re-set we've seen there and given this shift in fear we're going to see between inflation and rates and then to growth and recession, i think that those names are going to be places to hide but to dan's point, some of those charts look like they're breaking right now so i think over the next month or so they could really give it up and then i think it is actually a big opportunity to step in >> where do you stand, julie on this notion of safety in the market. >> we are always trying to find the highest quality businesses

because we're long-term holders. we don't move around and i think the important thing to keep in mind when you are that type of investor, you want something through the entire cycle, even the bottom so those are the types of businesses that we're looking at and i think you have to be very choosey. to me google and apple is two different businesses consumer discretionary, a thousand doll ear phone is not the same thing as 98% of search. so i think it is really important more people to be fundamental investors and think about what is defense and protect it about their businesses they are not all of the same. >> our next guest said he if were the chairman he would make rates higher tomorrow. and so you're even going beyond

100, michael why? how much >> well, but you look at and say the fed knows they have the upper 2.5% very likely gets to 4% why not rip off the band aid and get there in one day but the fed is likely to go 75 tomorrow. >> let's play the game let's play this out. say the fed were listening right now. >> of course they are. >> i know jerome powell is a fan of "fast money." it would be much more than just sort of the -- the typical sort of correlations that you see because of the magnitude of such a hike >> i think the only way the fed or any other central bank could pull off something like that is if it really was able to get the markets to believe with confidence it was truly front loading. it would do a huge move and then stop or stop pretty soon the market would be oh, my

goodness, they have done a record size move what is going to happen next month or the month after that. we better get it out of the way. so it would require good communication and confidence for the result carnage and nobody wants that >> michael, it is tim. and your playing the role of your formula 1 namesake. and when volker did this, debt to gdp levels in this country were a generational low. they've never been higher. they've gone up 50%. isn't this a dangerous time and i hear you saying part of this is the extreme and then have a chance to pause and wait but the whole concept of breaking things to me is the credit market. and markets that i think again people that have been basically weaned on 0%, i'm not sure how this is going to go. >> that is really a good point when you consider the last ten plus years we've had incredible easy monetary policy and fiscal policy in a lot of cases

especially the u.s so doing a very quick u-turn, i expect it will be rocky. it is been rocky already and to think that it would go smoothly from here is a big leap to make a great point on credit as far as u.s. debt to gdp, that is high and interest rates are low. so from interest rates, they are far below where they stood back in the 90s so low yield on treasuries for a long time has been helping out. >> michael, jeff mills here. so you think they should go faster but you also say they probably won't so it is this slower more drawn out cycle. in that environment where do you think investors want to be for relative safety. >> i look at front end of the u.s. treasury curve. you have just about 4% it is gone up as you all have mentioned and you look at that and say well okay it is a pretty good yield in nominal terms. it yields a fair decent number or relative to inflation you think about the real --

which a lot of the people in the bond market focus on, it is not a bad place to hideout take a short duration position and sit is there for a few months and see what the federal reserve does and then react. >> michael, great to speak with you. thank you. >> thank you, melissa. >> michael schumacher. 150. imagine a world in which the fed went 150 and then said, you know what, after that we're going to stop i don't think that is is ever going to happen but that is an interesting thing to by this because that is where we will end up. >> i mean, listen, we've been doing this long enough none of us are were doing this when volker was around that debt to gdp is a different ball game right now. i've heard this from smart people, much smarter than me, the fed made their policy mistake by waiting so long, by not acknowledging some of the inflationary pressures and then whatever they do tomorrow, if it is stopped at 75 and they remain hawkish, they're likely to make another policy mistake again and the idea of threading the

needle and i see you squinting, we're destined for a recessionary environment so this goes back to the stock market because that is what we're hear to do i'm not an economist but the stock market and maybe it is the 15 stocks don't reflect that they just don't. and i could just recall every time that we've had a recession over the last 20 years or so, the s&p sold off 35% peak to trough in 2020 it sold off 50% from the highs in '09 and sold off 50% from the highs in 2000 to the lows in '02 so down 20% is where we are. down 5% at the lows in june does not encapsulate all of the things that need to happen for this only to be a soft landing. >> and here is your silver lining back in 1983, all of the debt was if the private sector. it is all been monetized and partly sunny all in the public sector that is good and bad and it is march madness for central bank this week every central bank is doing what

me need to do. and in unison it will be something that we could diesel with i look at where equities are relative to their history and this is a point that i think investors have to think about. and i think you could be patient here this market has been all about fomo we've had such extreme central bank intervention that people were left. and we're going to talk about spac tonights and i think going to be the ultimate fomo. i think patience for the market and i don't get through a recession in nine months or 12 months and this type of bear market i think is a little bit short. >> and another dynamic is once upon a case the bull case for markets going higher even in a rising rate environment was that the ten-year yield is still historically low at what point do we say the 10 year yield, if we leave it stands around 3.5% now or somewhere abouts, that is not --

that is pretty good, isn't it? >> yeah. i mean on historical terms 3.5 is not that much going back much further, it is just we've gotten so comfortable and rates have been so low for so long. it is hard to think of any time period where we've had such an extended period of liquidity as this so i think it is going to take time and i think frankly we don't know we just don't know how it is going to turn out. and i think it is okay to say we don't know and i think that is why if you're trying to position yourself, you want to find businesses that have been in very uncertain markets situations you want businesses that have lots of variable costs so that it is easy for them to adapt to a changing economy i don't want anything that is capital intensive right now. i want balance sheets that are pristine and that are going to benefit from raising rates frankly. so i think it is -- i think it is a time -- it is a time for patience and to be more contrite because i don't think we know what the level of variable is

out there. >> coming up, mr. diamond goes to washington. they are heading to capitol hill to weigh in on the cpi details ahead and nicki gets kicked after analystsg into what happe bearist go anywhere. "fast" is back in two. striving to reach the ultimate goal of zero poverty takes more than everyone's hopes and dreams.

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welcome back to "fast money. shares of nike falling 4.5% after a downgrade from barkleys, worried about excess inventory and china and europe barkleys is citing increases risk to the new year following a promo driven holiday shopping season where u.s. consumers will come under wallet pressure nike is set to report earnings next week. shareholder tim, what do you think of this? >> and the think about nike earnings, they seem to because they always are a little bit off cycle. they give us some insight and they have for the last two years, coming into covid and out of it and i think some of the china dynamics are important the most sophisticated retailers in the world and nike shares both side, the direct to the

consumer and also they are feeding in some major, major outlets. so the china dynamic is well flagged. i respect being cautious here. i'm not sure down from 180 down to 105 you haven't placed in a forward multiple where are you on nike relative to where it has been over the last four or five years. you have a forward multiple of 37 right now i'men cured some pain but i stay long but this is best of breed and i think that they priced in a lot of pain. >> it depends on your view how much of a premium should it trade to a market that has not adjusted to a new reality, julie, which is a conversation that we just had before. if valuations have to come down then what is the premium and if the premium nike trading out versus s&p 500, has that priced in the pain? because analysts said there is weakness in china and granted north america will offset that and strength in dtc but wholesale will offset that but so there is a lot of push

and pull there this quarter that do-s going to come. >> with nick, you get a good sense of the economy and read through what is concerning to me is just the level of inventory that we're seeing in wholesale channel. we have seen already specialty and front line retail take down all of their numbers because they have too much inventory this is going to kind of continue through the wholesale cl channel which i would argue is a less quality channel than in the direct to consumer business. but i think, bottom line, there continues to be so much inventory and a lot of mark down risk and that is a critical component of the growth strategy going forward is being able to expand their margins and move profits higher they're talking about you know, mid to high single-digits revenue growth even at 27 times multiple, that is pretty low revenue growth so it is dependent on earnings growth an i just think that is going to be hard with higher costs and mark down risk in the near term. >> so if you're a believer there is a wholesaler risk, let

extrapolate that, jeff mills what other companies would be exposed to that? i think of a company like pdh where the brands are sold through other channels let's trade this through, jeff >> i think that there are a lot of companies exposed to that right now and i think that is part of the issue. and more specifically to the biggest risk which i think is the consumer, the end sale point, i think to me that is the biggest risk right now and i've been talking about the risk to discretionary spending and that is why every time we talk about retail, i talk about less discretionary names like an auto zone for example. you have to pick your car -- fix your car or dollar general, more staples there so the demand is less variable. so i could certainly appreciate wanting to stay away from a name like this in the short-term. not to bring everything back to the fed, but they need to induce more weakness in the labor market right now that is the saving grace of all of this in retail demand has held up but think wage growth is far above what they're going to be

comfortable with and they're not going to reverse course until they see that cool and that will impact the end demand. the ome thing i will say that is positive, if you have a long term outlook, i think nike as tim said is best in breed. what they're doing in terms of the long-term growth story an the margins an the dtc sales increasing is helping. so i think there ais something there and the close to the $100 level, it showed resilient in july so i would watch that but near term i could understand the drown grade by barkleys. >> the stock may hold that support. so if the results aren't as bad as what people think, the stocks will pop an then break that support because these are not one quarter sort of things and to me, i think you have a real gi shot, back to what julie said, being patient you will be able to buy nike with a nine handle. >> i'm not going to get away from it. >> and dollar.

you're going to hear about 100 ba basis points of margin from the dollar dollar is like 18% in a year i don't think it is going to do the same thing next year and ultimately that is the tail wind. >> there is more "fast money" to come here is what is coming up next >> announcer: warning in washington jamie dimon set to tell congress of economic storm clouds that could be brewing the tough times that he sees ahead. plus a spac-tacular collapse the spac market coming to a spuddering halt as the free money halt dries up. a look at investors of this fad coming up. you're watching "fast money" live from the sdnaaq market site in times square. in times square. we're back right after this. finding the perfect designer isn't easy.

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welcome back to "fast money. as if a on interest rates weren't enough, tomorrow in washington the ceos of the nation's big of the banks will be on capitol hill in front of the house financial services committee. jp morgan jame jamie dividend and bryan moynihan and charlie sharp all there to talk about the economy. they're hiring practices and much more. here to tell us what they are expected to say, leslie picker >> mel, the title of the hearing is quote, holding mega banks accountable, over sight of america's larger consumer facing banks. financial services committee majority of staff say they're looking for the ceo's to address a variety of issues including consumer protection and diversity and inclusion and diversion in the banking smm the kre's adroesed those topics. many of thome touting the role

they played during the pandemic, processing ppp loans and waiving or lowerer overdraft fees an raising minimum wages of employees. they addressed what they're doing to promote diversity within their organizations and the controls they have in place from a cybersecurity standpoint now a privacy standpoint now while the hearings were called with a focus on kconsumer products, they expect the line of questioning will be in other areas as well. esg and governance and as will the regulatory environment and the overall health of the economy. how consumers and businesses are faring in the face of inflation. the hearings will be hybrid format and kick off tomorrow in the house before another one with a pretty similar topic in the senate on thursday mel. >> they're going to deliver prepared remarks, do we have an idea of what is in those

remarks? >> yeah. so all of the remarks have been posted on the house financial services committee website i've read through all of them. at this point in time, they all basically address the key points that the house was looking to -- for them to hit on for their role within the economy. they're role within making sure that their employees are paid well there is diversity in their work force. what they're doing with regard to sustainability. interestingly the house financial services committee did address topics related to abortion and some of the banks policies to pay for travel for their employees. but that doesn't make it into any of the remarks that i saw with regard to the policy related to abortion. but other social issues were largely addressed as pertaining to their work force. >> leslie picker, thank you. i think what the hearings are called is sort of key to% understanding what the gist of this is, holding mega banks accountable. it sounds like they have a

target on their backs. tim? >> don't want to touch abortion on this one. so i'll just say, when i look at banks and i look at what they might be there to talk about, that i would want to listen to, i listen to jamie dimon, the weather man and using the storm clouds dynamic and he's pointing out a couple of things. he's pointing out some of the health, the consumer balance sheet and the dynamics that are healthy and a robust labor market and also talking about the dynamics on the horizon. and you could pick different places in the road, off of essentially their greatest period of upd performance going into that period where the s&p rallied in the summer. banks really underperformed. since that point, and as rates have shot higher, banks have outperformed the s&p 500 by 12%. they are underperformed by 200 or 300 basis points. banks have never been healthier. bank loans is a place where you

worry about and credit hasn't hap happened yet to what extent are we pricing in dynamics that we haven't seen. >> and capital requirements are higher now. >> and they say that is a risk to them. >> jp morgan, they had to suspend the buy back because of higher capital requirements is going to come up for sure. >> and jamie dimon, it is interesting how important they act regarding to bank of america and wells fargo. bank of america up about 15% and then obviously the investment banks. morgan stanley and goldman, despite the fact that we know that the activity they traffic in they act well off the lows so there is some decent relative strength other than jp morgan right now. >> is there another shoe to drop, julie, if terms of credit deterioration and loans that are not paid back or have they just -- they made loans in a

smarter fashion this time around and so the banks are strong? >> i think that is a question of stay tuned to find out it is hard to know the quality of the loan book but we do know that in a rising rate environment, that is going to stress her borrowers. be it on the consumer side but also commercial loans. all of their private loans so i think there is for sure going to be risk to that and you saw them making initial contributions to prepare themselves for that and for potential loan losses. bup the -- but the level of increase is going to be substantial. and in long-term, the good news is their much better capitalized so i don't think we're going to have anything resembling a financial crisis but i still think they are liable to see some regulatory challenges because just the tone of regulators and those on capitol hill is not very positive towards them. >> coming up, talk about a spac-down. the once red hot spac seeing a

major cooldown what is in store for the space we'll break that down next and home earnings builders on the deck is this group worth a trade or will it be the wrench inou yr portfolio. the details are straight ahead

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welcome back to "fast money. the spac king has been striped of his throne. winding down two of his check firms after failing to find merger targets there are over 670 outstanding spacs in the mark. and almost 560 are sitting, waiting. maybe wishing for a deal so now that spac bubble has popped, will this back door way go away or will companies try to spac their way into the market let's ask ceo of accelerate financial financial and the etf that tracks spacs an mergers good to see you. sorry for butchering your last name it is a tricky one no excuses in terms of spacs, the heyday, would you assume, most people think it is over the heyday is gone so maybe this is the best ending for investors to have their money returned at $10 per share as opposed to finding a deal and jamming it through and losing

money on the other end. >> yeah, you really nailing it we're in a tough market with the s&p 500 down 20% year-to-date and bonds down double-digits so investors taking it on the chin and spacs get a lot of negative attention in the media but if you look at that return profile that they can produce for investors, and just about way of that redemption privilege, it is really saved investors this year. now if we rewind into 18 to 24 months back we had this massive boom in issuance half a dozen spac ipos per day raising billions of dollars and the fact that we have a way too muchishurance and now there is a tough economy and many of the spacs searching for deals having trouble getting it over the finish line and ending up having to liquidate but if you compare that to the de-spac performance or those spacs that complete their deals

and then fall from $10 to $5 or lower, perhaps liquidating is the best result for investors. >> so julian, do you say that there are some opportunities as i would think that you would say being a guy who tracks spacs for a living and in part and runs an etf, but the examples that you give are companies that have been de-spaked. and so these are completed transactions and how much is the ability -- they found a deal already. so they found a deal when things were much better than they are today. so are there opportunities that you see today in this market environment for transactions to be done and for ooinvestors to make money. >> as you saw there, over 550 spacs looking for a deal and they have the cash to complete a deal. the problem is getting a private company or a target to dance the dance with them and go public. and in a very tough market

so if we could see that and the types of deals that we're seeing work well, in the current market environment are not the hyper growth science experiment type early vc opportunities but what is working in this market is consistent classic businesses that are profitable and just more so mature than some of the earlier stage businesses or concepts that we saw going earlier. so if you're a spac that has the ability to complete a deal, you have deal and could find a dance partner that is willing to go public in the current market environment, at a good valuation for investors, then could add a lost value and that is the formula in the current market environment to get a successful deal completed and not liquidate. >> i was curious, what you think is the best use of a spac.

because it really feels like it is hard to understand why they really have a major purpose right now. i basically tried to get a spac going for my toddler just to see if i could get him in preschool to differentiate him but i'm curious why this vehicle makes sense to you long-term >> that is a pretty expensive preschool. but i digress. so you think about a spac as a one stop private equity fund or a one-stop venture capital fund. where entrepreneurs or an alternate wants to put together capital and bring a new opportunity to the market. so it is just a different way of acquiring company and bringing it public as opposed to a direct listing on an ipo. the spac structure does have certain advantages over those alternatives for a company to go public and there is different purposes for a spac if we look at the

various supply and demand equation for the supply side obviously could be lucrative, it was sponsored correctly. however if they don't, they end up losing a lot of money and then on the demand side, look, the fact is over the past 20 year we saw a passive decline in public market listings but what the spac did, the vehicle reversed the decline and we have seen a tremendous amount of new companies go public via the blank check and ultimately my thinking is that the more the better whether you're allowing investor or short investor, the more supply, the more choice for investors in my opinion is just, it is good all around. >> julian, great to speak with you. thank you. >> thanks for having me on. >> julian climoch. that is an interesting -- i was

thinking of spacs for my child's art work i don't know if you want to go into the sign of the times of the market that we're in the-n at this point. >> that was my question. i haven't done the analysis but i wonder what the de-spac or post merger performance is verse a traditional ipo. and it is a risk off thing right any. it is an investor preference i looked at the performance of broad spacs down 60% versus ark down 65% and they're very correlated much more to themselves than the broad market so i think that is a big part of it and we wrote a piece in mid 2021 saying the spac isn't going anywhere but the run rate, it was just ridiculous and unsustainable. and the biggest risk to investor was the sponsors would go out and buy companies that were garbage and stuck with those so again to underscore the point, i think some of the liquidations it is the

responsible thing for the sponsor to be doing and probably the best outcome for a lot of investors. >> so down 80% on the spac index. think there is a supply and demand for capital out there and there are good companies that need capital i think there is too much hype on either side this is an environment where good deals will come forward. >> and that is a great point, over the summer, i think it was in august, the company seek geek, they had agreed to do a spac 1.35 billion they are going to come to market and they called it off because of market conditions and then they did a series d at almost the same valuation raising $230 million so there are plenty of good companies that we're going to use the vehicle to go public but market conditions made it really tough an the ability for them to raise in the private markets and have the capital, that is why they were going to public to get capital to thing -- to do things and the fact they're taking the hit and giving the money back to investors, that is good too.

>> i sit on the board of a spac looking for a deal there are good companies out there. there is a lot of deals and a lot of things that won't goat done i want to point that out. >> coming up, home builder options and so how you should play the space and throughout hispanic heritage month we're celebrating our teammate an contributors here is the founder of zoey financial. >> i came to the united states from columbia when i was 12 years old. my heritage had a huge impact in my success and you don't have to look far than the company that are started zoe financial. my parents were looking to hire a financial adviser. the concept of firing someone and then trusting them with your money outside of the family is a big deal so i interviewed a number of advisers and kind of gave me this idea of well maybe there is millions of other families that% have a tough time finding someone that they could trust with their meyon so it had a huge impact on my career

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hitting the casino stocks lately the group seeing nice gains since the market june lows so, jeff mills, you've been watching this space? >> yeah, i have. it is interesting. i think more or less i've been looking at charts just to see what looks better than others. and for me, i just think wynn, it broke through that 68, $69 level. it certainly is testing the down trend. but would you wait on it just a little bit just because i think the outcome is more binary it is sort a speculative bet on china reopening that is so unpredictable so we'll see what happens there. the outcome to be outsides in one direction or another i prefer a name like mgm 85% of the u.s. revenue exposure some leverage to what going on in china but not dependent on it so i would be more focused on a name like mgm here. >> speaking of unpredictable ure gone from an office that looks like a desert island

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go with waste management dumpsters. >> target is breaking down on that event level and think this has another 20 points to the down side. target. >> seeou y back here tomorrow my mission is simple, 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 to cramerica from san francisco. other people want to make friends, i'm just trying to make you some money my job not just to entertain, educate, teach, put this perspective. call me 1800-743-cnbc or tweet me @jimcramer. land